Dear patient readers,
There have been serious nasties in the bond markets in the US and abroad. Contacts who are neither alarmists nor pro bank (as in not sympathetic to Wall Street whining) are troubled. Because I’ve been traveling I have not been able to get enough readings but this could be a harbinger of serious stress.
Antarctica is melting faster than ever before — and the result will be devastating Business Insider (David L)
Savings groups allowed on mobile money platform ITWeb Africa
China Exports Unexpectedly Fall in April Wall Street Journal
The Chinese Art of the Crowd Atlantic
Investors hit by eurozone bond volatility Financial Times
Bill Gross Wasn’t Short Enough German Bonds Matt Levine, Bloomberg
Conservatives Set to Win Largest Number of Seats in U.K. Parliament, Exit Polls Say Wall Street Journal. Live blog.
Results point to Conservative election victory Financial Times
The queen of Scotland Politico (Richard Smith)
Greek bailout talks near ‘drop dead’ moment Financial Times
REPORT: Putin says Russia may fund Greece’s energy projects Business Insider. Note this won’t affect the bailout negotiations.
Latvia, the miracle of 10 per cent population shrinkage Bill Mitchell (furzy mouse)
Ukraine SITREP May 07th, 2015 Vineyard of the Saker (Chuck L)
Syrian rebel training has started in Jordan Associated Press (Carol B)
Big Brother is Watching You Watch
N.S.A. Collection of Bulk Call Data Is Ruled Illegal New York Times
A Trade Pact in the Corporate Interest Huffington Post (Bob H)
Ex-military chiefs press Congress on trade Financial Times
Obama Is More Hostile Towards The Press Than Any President In History George Washington
We Don’t Know Jack About Joe – and for Good Reason Gawker (Gabriel)
House Oversight Committee asks for FOIA horror stories Politico (TF)
New York Gov. Andrew Cuomo Gave Bond Deals To His Wall Street Donors, Despite Federal Rules International Business Times
Advisory firm ISS attacks Jamie Dimon’s cash bonus Financial Times
The tremors from the US tight-oil boom Financial Times
Los Angeles sues Wells Fargo over opening extra accounts to hike sales quotas Los Angeles Daily News (Harry Shearer)
How’s a $16 minimum wage sound? Reuters
Debt hangover ruins the American dream Gillian Tett, Financial Time
Are Rising Home Prices Leading to Greater Inequality? Wall Street Journal
The Price of Nice Nails New York Times. Solid investigative reporting. The super low price of manicures, combined with the price of retail store rents, has been a long-standing indicator that the wage rates are below minimum wage, either explicitly or by being piecework based. But this is even worse than I had imagined.
Antidote du jour: