Spotted in Kenya: A Baby Zebra With Polka Dots Smithsonian (Dr. Kevin)
Death and the Labyrinth MS PAINT HELP
Choking and gasping in Indonesia’s noxious haze Asia Times (resilc)
The Crisis for Birds Is a Crisis for Us All New York Times. Resilc: “Big falloff in my Vermont pasture.” Moi: Now that I think of it, fewer crows in Maine in the last two years…and they are omnivores and even eat carrion.
Hurricane season: Humberto, Jerry, Kiko set record for most storms USA Today (resilc)
Your Navigation App Is Making Traffic Unmanageable SpectrumIEEE (David L)
Why Prescription Drugs Cost So Much More in America Financial Times. Reminder: Try Googling the headline.
Trump ends US China trade war; swaps Hong Kong for California in unprecedented deal! GeniusUSTimes (furzy)
Trade War Farm Bailout Big Picture (resilc)
Russia seizes North Koreans after firefight Asia Times
PROGRESSIVE REGRESSION; Metamorphoses of European Social Policy Wolfgang Streeck, New Left Review. (Anthony L). I’ve only started it, but this is a terrific piece. Full of observations like “In practice this means that in public debate, anybody can imagine ‘Europe’ to be whatever he or she likes.”
UK Brexit plans fail all basic backstop tests, warns EU Financial Times:
“Things are going backwards,” said one senior EU diplomat. Another official described the state of talks as “horrible”.
Raising the White Flag: Banksy’s “Brexit” Mural Gets Painted Over and Proves Its Poin t Juxtapoz Magazine (resilc)
On Iran, Trump Is All Talk, and Thank God for That Matt Taibbi, Rolling Stone (resilc). “… he has tiptoed away from full-scale invasion scenarios in Syria, Venezuela and other arenas that might have tempted other presidents. Nobody really knows why.” I was struck during the campaign how Trump seemed to have a strong visceral response to images of bombed-out Middle Eastern cities. It was a departure from his blather. My take was as a real estate guy, he knew how much work these homes and offices represented, and how easy demolition is and how hard it is to rebuild, and that this registered with him in a way that accounts of personal suffering didn’t. Or it may simply be that too many people are trying too hard to muscle him, and he senses their over-eagerness.
Barely 1 in 5 Americans view Saudi Arabia as a US ally — as Trump weighs military action against Iran over attacks on Saudi oil facilities Business Insider. Resilc: “Nobody cares what we think, it’s a cash flow expo in DC.”
Big Brother is Watching You Watch
Facebook Suspends Tens of Thousands of Apps Following Data Investigation Washington Post. Sounds like shutting the barn door after the horse is in the next county.
Your smart devices listening to you, explained Recode. What corporate flack placed this piece?
Trump Repeatedly Pressed Ukraine President to Investigate Biden’s Son Wall Street Journal. Alternate report: Trump’s reported urging Ukraine on Biden probe ‘a staggering abuse of power’ DW
Trump: I Cannot Be Criminally Investigated While In Office Jonathan Turley
The West Has a Resentment Epidemic Foreign Policy
Elizabeth Warren Is Betting Young People Hate Corruption More Than Capitalism Vice (UserFriendly)
UserFriendly: “Does she not have advisers telling her this was stupid?”
— Sameera Khan (@SameeraKhan) September 20, 2019
Investors and Bond-Rating Analysts Are Working to Quantify Risks from Climate Change Urban Land (Kevin W)
Crash Course: How Boeing’s managerial revolution created the 737 MAX disaster New Republic. By Moe Tkacik!
Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership University of North Carolina Press (Kevin C)
NY Fed examines banks’ role in money market turmoil Financial Times. Short version: excess reserves concentrated at big banks (like JPM, Citi, BofA). Fed assumed they would lend it out when other banks. They didn’t:
A person at one US bank said that while it been “net lenders into the market” this week, they “have to make economic decisions for the company”. That means that the cost and return of deploying cash in the repo market is assessed relative to the cost and return of using funds for other things, like investing in currencies overnight.
So a reader yesterday was on the right track in wondering about the distribution of reserves but looking at the wrong actors. He thought the big banks might be short on reserves when it was the reverse: they were holding them back! And Nathan Tankus below explains why:
There was obviously a ton of discussion of liquidity this week after repo rates rose a lot and the Fed conducted the first large scale repurchase agreements since the Great Financial Crisis. To explain what’s happening, we need to properly discuss Basel 3. THREAD 1/N
— Nathan Tankus (@NathanTankus) September 20, 2019
Uber Sues New York City Over ‘Cruising Cap’ Rule Reuters. Haven’t read it but this claim sounds weak.
Antidote du jour. Tracie H: “For some reason, this little butterfly reminds me of someone licking their fingers after a tasty finger-food snack.”
See yesterday’s Links and Antidote du Jour here.