How hedge fund wives are learning to cope Times Online (hat tip reader Laurie). It’s even worse than you might think.
Solving the Peter Principle? One Word: “Darts” Paul Kedrosky
How Bureaucracy prepares for Social Collapse Brenda Rosser, Econospeak. Wow, now I feel like a Pangloss.
July 4th: CANCELLED Clusterstock
A theory of Fed announcements Tyler Cowen
Bankruptcy Filings Decline 6% in June Bob Lawless, Credit Slips
Asian Officials Push Back Against Savings Glut Theory Wall Street Journal
Japan Calling: A Little More Local Color on the Japanese System Jesse. Informative.
On Wall Street: Banks no longer so lucrative Financial Times. Everyone thought the Ripplewood investment in Shinsei was so heavily subsidized by the Japanese government that it was a sure winner. Perspectives have changed.
China joins carbon tax protest Financial Times
European Commission Sees Permanent Decline in Euro Area’s Potential Output Eurointelligence (hat tip reader DoctoRx). This is a real news item. But if we were being honest with ourselves, we’d probably also ‘fess up to a permanent decline in potential output. That is the typical price of a severe financial crisis. We are still operating under the fantasy that we dodged that bullet.
Antidote du jour: