Professional services: Accounting for change FT. “[S]ome fear audit quality is at risk amid potential conflicts of interest.”
One of the Most Popular Doom Scenarios for the U.S. Economy Is Fizzling Out Joe Weisenthal, Bloomberg
Is the unthinkable becoming routine? Bank for International Settlements (June 2015). When you’ve lost the Bank for International Settlements…
Welcome to a wild world of robot investing Gillian Tett, FT. Finally, somebody mentions algos and HST!
Stocks Crashed the Last Two Times This Happened Wolf Street
Friday Thoughts on Crazy Nonsense Baldings World. Things to watch…
China’s Stock Market Tumble and the Outlook for the Global Economy New Economic Perspectives
PBoC uses complex tool to tame yuan China Spectator
China’s Meltdown Goes Deeper Than the Stock Market The Nation (Re Silc)
China’s workers abandon the city as Beijing faces an economic storm Guardian. Who’s gonna move into all those fancy apartment blocks?
China Falters, and the Global Economy Is Forced to Adapt New York Times. “The leadership, concerned with maintaining social stability, has been quick to act.” Sounds like the Chinese Communists are more scared of their people than the Demopublicans are of us.
There is only one way to China-proof Australia Macrobusiness
Heard of China’s Fake Rolexes? Now There’s a Fake Goldman Sachs Bloomberg. More like meta-fakery, isn’t it?
The unfortunate case of Malaysia’s prime minister Asian Correspondent
10 excuses for being absent from Bersih – Edward Beruang Malaysian. Big demo against President Najib, the guy with the mysterious $700 million in his personal bank account. Note that a Najib government would have had to sign TPP.
SYRIZA bubble ready to pop Ekathimerini
European Commission signs three-year ESM stability support programme for Greece Hellenic Shipping News
European bailout fund chief upbeat on Greece Deutsche Welle
Update Coeure: EZ Needs Reforms to Affirm Euro Is Irreversible Market News. If you have to say it..
“If the agreement goes into effect, it would write off 20 percent of the country’s foreign debt and go far to help Ukraine avoid a drawn-out, Greek-style negotiation with large bondholders… bondholders including the giant California-based Franklin Templeton fund – Ukraine’s largest lender – would accept an immediate loss on the principal.”
William: “Those in a position to open up new markets for the atlantic ruling class get special treatment…”
America Is So in Play Peggy Noonan, Wall Street Journal. I’m with Nooners on this one. Clinton isn’t. Bush isn’t. Sanders is. Trump is.
#BlackLivesMatter disrupts Clinton rally to demand she cut ties with prison industrial complex Fusion. Hit ’em where it hurts: Disrupt the ka-ching.
Insurers Win Big Health-Rate Increases Wall Street Journal
The Case Against Cash Bail The New Yorker
Officers remove activists’ tent after clash at Denver courthouse Denver Post. “[Civil rights attorney David Lane’s] motion accused Denver police of confiscating 1,000 jury-nullification pamphlets that the federal judge had approved in his injunction. Police also took a shade tent, a table, four chairs, buckets, a cooler, signs and other items, the motion said.”
Ex-Cop Who Killed Six People Now Teaches Other Officers When to Use Their Guns Gawker. Well, he’s the expert!
Tipping, power, and the gig economy mathbabe
What Amazon Didn’t Understand About Overwork The Nation
George A. Akerlof – Phishing for Phools Chronicle of Higher Education
Who Hacked Ashley Madison? Krebs on Security
Estimating the reproducibility of psychological science Science (Allan).
Retrotopia: Dawn Train from Pittsburgh The Archdruid
The day macroeconomics changed Mainly Macro. “[I]f I cannot understand something, it is best to assume it does not exist. [Not.]”
Antidote du jour (via Jason Gordon):
I was at the UCF campus in Orlando, Florida a couple of days ago and I saw this owl sitting far up in the tree, looking down on the students walking under it. Of course I’m the only one weird enough to walk around campus looking straight up, so no one else saw it.