Weekend reading links – 21.05.2016

Europe

An analyst thinks that Deutsche Bank’s problems are insurmountable

In Florence, Italy, the top earners among the current taxpayers were found to have already been at the top of the socioeconomic ladder six centuries ago.

German law professor suing ECB to stop QE; warns of legal surprises in coming weeks

Western nations realise that low rates do not create inflation. Some of us understand why but most don’t want to know.

Britain/Brexit

Former London Mayor Boris Johnson invokes Hitler as debate over Brexit debate heats up. David Cameron invokes Churchill in arguing against Brexit.

Allister Heath of Telegraph on why he would vote for Brexit. A good read.

India

Andy Mukherjee questions India’s myopia in blocking foreign banks taking stake in Indian privately owned banks.

MINT writes an edit on the shifting balance of power in favour of judiciary in India. Not a good development.

Janmejaya Sinha suggests a roadmap for creating a globally weighty banking system

Mukesh Butani in MINT calls the Modi government glass more than half full, at the end of two years.

MINT uses statistics to show that fewer A-rated movies are made in India but that censors are still demanding ever more cuts. Is that so?

A new Little India in New York.

HSBC to cut branches in India almost by half.

Anil Padmanabhan in MINT questions the Election Commission’s show-cause notices to the two major political parties in in Tamil Nadu on their populist poll promises. He is right.

Tunku Varadarajan makes a brave attempt to understand a Supreme Court judgement text in India. But, Andrew Haldane of Bank of England at least, admits to the problem of verbosity and incomprehensibility (oops! That is quite long)

America

Rana Foroohar of TIME voices her concern over financial engineering by US corporations

U.S. Senate passes legislation that would allow individual families to pursue Saudi government officials for 09/11. America revealed that Saudi Arabia holds about USD116bn of U.S. Treasuries.

Life expectancy for top 1% and bottom 1% diverge greatly in the US (news from April)

Only one tech. company has done IPO this year in the US.

U.S. corporate balance sheet concerns – a good read

CIA ‘mistakenly’ destroys copy of a 6700-page torture report.

G-7

Wall Street Journal says that the US and Japan are heading for a stand-off on yen devaluation. America’s objections are hard to fathom

G-7 disunity over a country that was not present in Tokyo

Is there really someone in charge in G-7?

Global/General

World Bank decides to abandon use of the distinction between ‘developed’ and ‘developing’. Plus, lots of other useful information

‘Atlantic’ magazine discusses if there is free will. No mention of Lord Krishna who resolved the dilemma neatly several millenniums ago.

Google’s AdSense places advertisements of multinationals on a jihadi website

This says it all: “Not only did we just experience the hottest April in 137 years of record keeping, but it was the 12th consecutive month to set a new record…. So far, 15 of the hottest 16 years ever measured have come in the 21st century.” – so, it is not just about El Nino.

Martin Sandbu on the Western double standards on corruption in developing economies. He gets it right.

Entries for this year’s photographs of the year contest for the National Geographic magazine.

One macromolecule to kill all viruses – in the works

Michael Lewis reviews Mervyn King’s book – both are MUST-READs.

Gold and Oil

Goldman says oil glut has vanished (for now).

Bloomberg says that gold surge signals waning confidence in central banks

China

Chinese banks operate at the margin between regulated traditional banking and lightly regulated financial services.

China City Construction Holding Co. wants the People’s Bank of China to provide debt guarantee.

China’s industrial production, retail sales, fixed asset investment for April miss analysts’ estimates. How can it be?

Zhang Dejiang assures Hong Kong it will not be absorbed by mainland China

The US has paved the way for the imposition of duties of as much as 500 per cent on Chinese cold-rolled steel, used to make cars and washing machines, as a backlash escalates against a glut of Chinese steel flooding global markets.

A ‘Global Halal Park’ in China?

The European Parliament passed a non-binding resolution urging the European Union not to grant market economy status to China. China, by no stretch of imagination, is a market economy.

Apparently, China creates 488 million fake social media posts a year to distract critics of China.

China’s desire for headline growth may hide longer-term risks, says Moody’s. Phew! We did not know that.

China is ready if the United States stirs up conflict in South China Sea. Earlier, Pentagon reported an unsafe China interception of a routine air patrol in international air space and Pakistan’s General Sharif visited Beijing during the week.

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