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Deep-Sea Cameras Reveal ‘Sharkcano’ National Geographic
When You Give a Tree an Email Address The Atlantic
Queen Elizabeth and Her Corgis: A Love Story Vanity Fair
I’m ‘Quite’ Worried About a Bond Market Bubble – Greenspan Wall Street Pit. Well, that’s a relief.
The NYSE got off easy Business Insider
Greek Bailout Deal Remains Elusive Wall Street Journal
It is a document that shouldn’t even exist. But it does, and is kept hidden behind the gray door of a safe with a black combination lock. The paper, around 1,000 pages thick, is stored in the presidential offices of the European Commission in Brussels and contains plans for a situation unforeseen in European Union treaties: the insolvency of a euro-zone member state and its exit from the common currency regime.
Greece news live: Germany readies five-year temporary Grexit plan after finance ministers fail to reach agreement Telegraph. Here is an excerpt said to be from the “time-out” plan, via German Green Sven Giegold (PDF):
This is Germany's plan—all of it—to make Greece sell €50bn of "valuable assets" or leave the euro for at least 5 yrs pic.twitter.com/bDODJ7VX83
— Matt O'Brien (@ObsoleteDogma) July 11, 2015
(“Hospices” for “auspices”?) But yikes! This plan, however, was never actually presented to the Eurogroup, merely leaked.
Down and Out in Athens and Brussels Jeffrey Sachs, Project Syndicate
Friday lay day – Surrendering to the Recession Cult Bill Mitchell
Greece: Past Critiques and the Path Forward Oliver Blanchard, IMF Direct
Revolution by proxy Ekathimerini
What will happen to Syria? LRB. Long-form on Syria.
Bernie Sanders Has a Secret Politico. Here we go….
How long will the Bernie Sanders bubble last? Raw Story (furzy mouse).
During Honduras Crisis, Clinton Suggested Back Channel With Lobbyist Lanny Davis The Intercept. Ewwwwww!
Trusted Hillary Clinton Aide Has a Full Plate Wall Street Journal. With list of economic advisors. Ugh, Jacob Hacker, whose book on the so-called public option did so much to help “progressives” cut off all the oxygen for single payer.
Modern campaigning: The Hillary Quilt Project CNN. “Micro-organizing.”
Poll: Jeb, Trump in virtual tie The Hill. From the Department of Schadenfreude.
Puerto Rico Debt Crisis: US Commonwealth Announces Bond Buyback Effort Ahead Of Meeting With Creditors On Monday International Business Times
Moldova: Pondering Unification With Romania? Value Walk
Black Injustice Tipping Point
Check The Police Check The Police. Collection of police union contracts.
Doll Parts The New Yorker
The Dueling Weathermen of the 1800s Nautilus
The Origin and Development of Markets: A Business History Perspective (pdf) Business History Review. From 2011.
Historically, market behavior has always been governed by rules, although they have been more intrusive for some commodities and in some localities than others. These rules relate to pricing, quality control, freedom of entry, and so on. They are enforced by law, by agreement, and by social convention. They provide reassurance to customers and help to maintain the reputation of the capitalist market system. Today, these rules are most apparent in the case of regulated natural monopolies, such as utilities, but in fact they apply to all markets.
I grant this paper is limited to “product markets” and not “factor” (capital, labor) markets. But really. Can anyone read Bill Black on the ginormous LIBOR bid rigging cartel, and not wonder whether fraud, in markets, is not a bug but a feature?
The Defenestration of Search Digitopoly
Antidote du jour:
Beautiful blue eyes!