Farm Felons Pick Off California Crops New York Times
Tony, the last pit pony, dies aged 40 Independent, (hat tip Buzz Potamkin)
Rescuing One Japanese City’s History Wall Street Journal
Probe of Ex-IMF Chief Is Widened Wall Street Journal
Eurozone leaders hail leap towards economic union Ambrose Evans-Pritchard, Telegraph
Some useful steps but not much of a strategy Wolfgang Munchau, Financial Times. Munchau IMHO has got the correct reading on this one:
Those who are in the thick of it are running the danger that they got so obsessed with the formidable technical complexities that they lose sight of the bigger picture…the survival of the eurozone depends on whether its leaders will be able to take decisions that would allow Italy and Spain, and everybody else as well, to remain inside the eurozone on a sustainable basis. Greece is now just a side-show….the ceiling will not be big enough to bring in Spain, let alone Italy. To do that that the ceiling would have to be doubled, or trebled. Without this increase, it is inconceivable that the eurozone can get through this crisis intact…
This will not be agreed today and this alone is why the summit will fall short of what is required. As it stands, the eurozone has a mechanism that can deal with Greece, Ireland and Portugal, but no other country.
I can’t imagine Germany and the other surplus countries are prepared to fund a facility two to three times as large as their current commitments. Even if their leaders get their minds around it, I doubt they can bring voters along with them.
Euro Statement Translated Macro Man. Funny and useful.
EU agreement on Greece – no solution at all Bill Mitchell. A more sober translation.
George Marshall turns in his grave MacroBusiness
Democrats in ‘volcanic’ mood Financial Times
House votes to overhaul consumer agency Washington Post
Why Cenk Uygur Left MSNBC – Part 1 You Tube (hat tip MBH)
Is There Something Worse than Despicable? Lambert Strether
Questions on Holdings at the Fed Wall Street Journal. Why is it not surprising that the Fed does not seem to understand conflicts of interest?
The Fed Audit Bernie Sanders. Aargh, I need to read the report (the WSJ story above is one of its findings, as is the to-be-expected “even more loans to even more unlikely parties than you possibly imagined”).
Understanding the Federal “Debt Crisis” CounterPunch (hat tip reader Bruno)
The Lesser Depression Paul Krugman
Antidote du jour: