Hey, you made it to midweek. Here’s what you should read: (Continues here)

• Does More Money Mean More Happiness? (Time)
• Those who forget the past… (FT Alphaville)
• Japan’s pension fund is set to splash cash (WSJ)
• Gold is Manipulated Down, but when it moves higher its righteous (Kid Dynamite)

Continues here

Category: Financial Press

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

16 Responses to “10 Midweek AM Reads”

  1. rd says:

    My nomination for “Stat of the Year” is Eric Cantor’s losing campaign steakhouse bills which were about the same as his winning opponent’s entire campaign expenditure. There is so much information about modern politics in that one little juxtaposition.

    http://blogs.marketwatch.com/capitolreport/2014/06/11/cantor-spent-nearly-as-much-at-steakhouses-as-brat-did-on-his-whole-campaign-and-more-must-reads/

    • Low Budget Dave says:

      The main stream media already has a meme that this an unmitigated triumph for the Tea Party. Considering that Virginia primaries are notoriously poor sources of public opinion data, the consensus seems more like marketing than actual fact.

      Virginia has open primaries, and the Democrats did not have a primary. Democrats could have voted for Brat simply because they assume he may be easier to beat. In fact, Cantor was unbeatable in the general election, so even if Brat is only 1% beatable, that is still better odds than previously.

      Although Brat is more extreme than Cantor, he might be easier to dismiss in the long run. It is still not known whether he would be better for Democrats or worse.

      Since Cantor tried to portray Brat as a “liberal”, it may have given the Democrats the justification they needed to vote for him. In any case, the “liberal” ad backfired in a big way.

      • rd says:

        The primary voter turnout was apparently quite low, so who knows how this translates into the general election.

  2. hue says:

    Sitting Is Bad for You. So I Stopped. For a Whole Month. (NYMag)

    The Emerging Science of Computational Anthropology (MIT Tech Review)

    Kawhi Leonard’s quiet drive (ESPN)

  3. rd says:

    The good news is that the retirement confidence of Americans sucks less than the rest of the developed world. Only urban China, India, and Brazil are ahead of us for confidence about retirement.

    The bad news is that only 28% of Americans are confident about retirement.

    http://www.marketwatch.com/story/retirement-us-versus-the-world-2014-06-11?dist=lcountdown

    http://www.transamericacenter.org/retirement-research/global-retirement-survey

  4. Low Budget Dave says:

    It is surprising to me that anyone might believe that the price of gold on exchanges wouldn’t be manipulated. For a big player to be involved in a gold market based on nothing but gut instincts would defy Economics 101, common sense, and history.

    Since the invention of banking, speculators have been engaged in a high-stakes game of poker with central banks to see who can burn the other’s fingers. The banks can’t even get out of the game, because deep down, they all believe that their currency is tied to gold.

  5. RW says:

    The Downward Ramp

    With the bursting of the tech bubble at the start of the 21st century, two decades of growth at the high end of the job market — once the province of college graduates with strong cognitive abilities — came to an abrupt halt, according to detailed studies of employment and investment patterns by three Canadian economists. We are still feeling the ramifications.

    …The U-shaped pattern of job growth characteristic of recent decades – strong at the top and bottom, but weak throughout the middle — has now become “a bit more like a downward ramp,” …

    NB: The trend seems clear enough but accurately identifying a trend and appropriately assigning cause(s) to that trend are not the same exercise and the article spends far too much time on the opinions (and I use that word advisedly) of the experts WRT the putative cause of ‘abrupt’ technological change ca 2001 …or was it the ‘abrupt’ maturation of IT? Incoherence in the morning is so upsetting.

    IOW once it gets past the facts a big hunk of this opinion piece is little better than a non sequitur. It is understood there is a fixed column length to these articles but fixing on one, undemonstrated cause requires at least a mention of other undemonstrated but equally plausible factors; e.g., slack consumer demand, corporate bargaining power vs domestic labor, government guest worker policy, corporate liability and/or tax dodging, etc.

  6. rd says:

    Apparently Ted Cruz has finally figured out that Canada is not a US state or territory and has now completely renounced his birth country. I expect that this will be (not) a big issue with Donald Trump and others who believe Obama is a foreigner and shouldn’t be President.

    http://us.cnn.com/2014/06/11/politics/ted-cruz-canada-citizenship/index.html?hpt=hp_t3

  7. ilsm says:

    Japan public pension fund balance is $1.26T, US’ federal civil service has only $.8T and that maintained by congress depositing ~.1T in cash each year.

    US military system has ~$.3T and is totally funded from appropriations to pay out, and (no cash) obligations to add assets.

    US’ exposure is huge compared to Japan’s.

  8. Jojo says:

    So, do we have enough angst yet to attempt to delete the 2nd Amendment from the Constitution?
    ============
    Obama slams Congress over gun law failure after latest school shooting
    In impromptu remarks, president calls US ‘only developed country on Earth where this happens’

    June 10, 2014 8:57PM ET

    President Obama slammed members of Congress for being “terrified” of offending the National Rifle Association on Tuesday, just hours after two young people died in a shooting at an Oregon high school in suburban Portland.

    Speaking in stark terms about the need to take action against gun violence and stem the rising tide of public shootings, he lamented what he sees as a growing public complacency, especially on Capitol Hill, about mass killings being the price to pay for the 2nd Amendment.

    “We’re the only developed country on Earth where this happens,” the president said. “And it happens now once a week. And it’s a one-day story. There’s no place else like this.”

    Since the tragedy at Newtown, Connecticut in Dec. 2012, where one young man carrying an assault rifle murdered 20 children and six educators at an elementary school, there have reportedly been 74 school shootings, including Tuesday’s.

    http://america.aljazeera.com/articles/2014/6/10/gun-obama-rights.html

  9. ch says:

    The amazing thing is not that the price of gold goes down. The amazing thing is that it goes up, ever. Think about what you are buying: a 100-to-1 leveraged piece of paper that says you can exchange it for gold but in reality you can never exchange it for gold. And the paper tracks the price of gold that is established by the same exchange selling the promise that it is gold. what a great business!

    The above is why Soros called gold “the ultimate bubble” in 2010. The gold derivatives with nothing behind them should eventually return to their inherent value, the same inherent value the housing bond derivatives had – $0. That is why it is so incredible that anyone actually ever buys gold.

    But don’t ask me – ask China, Russia, South Korea, Germany, EU, Vietnam, etc. Think they own COMEX futures?

  10. ch says:

    “…ever buys gold futures in the US or London or GLD.” above

  11. rd says:

    The biggest issue with government is when it is working overtime to regulate non-issues while standing by and watching necessary regulations be flouted with impunity. The FDA is taking on cheesemakers and their long-standing tradition in North America and Europe of using wooden shelves to age their cheese. Apparently the lack of illness and deaths due to cheese-borne illness is not evidence that these practices don’t appear to be an issue. Meanwhile, the financial industry fluted real regulations and just about took out the world’s economy while the regulators thought the industry was doing a fine job of self-regulating.

    http://www.syracuse.com/food/index.ssf/2014/06/should_cheese_aged_on_wood_be_banned.html

    http://www.marketwatch.com/story/why-artisan-cheesemakers-are-worried-2014-06-11?dist=afterbell

  12. intlacct says:

    I always wondered about this:

    “Social Security is a perfect example. Why make misleading claims about unfunded liabilities while ignoring the revenue that will accompany those liabilities? To push for Social Security’s dissolution or to confuse the public?”

    Are they really ignoring the future folks paying in? Quite disingenuous.

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