STCMA – 20th June 2017

Consistent with this blog’s tagline, Niall Ferguson raises an important question but does not provide an answer – he cannot – on whether political polarisation can induce more violence in America.

Public protests force HK Government to drop the arrest of a 75-year old woman who was hawking cardboard boxes without a hawker’s license.

Australian housing mess is about a decade later (or longer) than that of US housing. But, it is big or bigger? Two important articles from Bloomberg with useful charts. Here is the press release from Moody’s downgrading Australian banks. Key sentence:

The household sector’s resilience to weaker employment levels and/or rising interest rates has materially reduced.

MINT has some good charts on India’s declining computer services exports. Of course, that is not the same as IT Enabled Services.

A ‘European Central Bank’ working paper gives the ‘thumbs up’ to its Asset Purchase Programme. While one thought sclerosis was a European problem, in recent months, it has given way to hubris.

In an article purportedly about the effect of demonetisation on inequality, the author makes the breathtaking claim that unconventional monetary policies of advanced nations have reduced inequality. He cites no evidence. He cannot, because there isn’t any. Bank of England discussion paper, Andrew Haldane’s speeches, John Kay’s articles argue the opposite case and present evidence.

Sundeep Khanna offers a bizarre logic to resume cricket matches in Pakistan:

Terrorism looks constantly for the next soft target and if we keep on declaring every new target as out of bounds for normal life, very soon, we will be left with only the playing fields of Siberia. [Link]

Did ICC stop awarding cricket matches for Pakistan to host because it was a target of terrorism or because it was a hotbed of terrorism? In any case, what connection does it have with Pakistan’s victory in the Champion’s Trophy? Read my take on the Pakistan’s victory here.

Former HSBC Economist Stephen King has a new book out called, ‘Grave new world’. Interesting title. His conversation with BBC’s ‘Hard Talk’ is here. This book title has been used, it seems, before. I do not know if anyone would sue him for the title.

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