Blase Blasio and other links

New York Mayor decides to sue oil companies for climate change. Seems like a publicity stunt to me.

Stephen Gandel points out that Intel CEO’s share sale – in the context of the problems revealed with computer chips – does not pass the smell test. Quite. Do not miss the chart on Intel CEO’s shareholding before and after the revelation of problems with computer chips.

A Social network company in  China for Truck Drivers decides to slip ‘blockchain’ into the conversation and the stock jumped. Well, it is almost two decades since companies pulled this trick on financial markets. What would poor investors do? They are rational, at one level. They are not buying because they expect this or that company to pull it off. They simply hope to be early buyers so that they stand a very good chance of finding someone else to dump the stock on them, at a higher price, of course. What about the last guys who hold these stocks before they go down? They just happen to suffer from amnesia or they were born after the year 2000. In this context, Roula Khalaf has a good piece on millennials and the crypto-currency craze.

Eastman Kodak said that it would use blockchain to help photographers protect their copyright. The stock jumped 119% during market hours and more after.

Citing precedence from the way that stocks that had dotcom in their names jumped from 1998 until 2000 before the bubble burst, Andy Mukherjee thinks that the collective market value of the stocks of companies using ‘blockchain’, ‘crypto’, etc., may still go up before they go down. But, he does not advocate betting on it. Good for him.

Jamie Dimon says he regrets calling Bitcoin a fraud. May be, JPM wants to facilitate trading in Bitcoins.

Madan Sabnavis has a useful table on how much interest rates had come down in India and yet how little credit growth to industry has revived. But, no amount of evidence would persuade believers that, in the presence of balance sheet constraints, lower interest rates do zilch to revive lending and investing. They may help create asset bubbles and make some richer.

In economics journals, papers written by women authors are more readable. The review process for their papers is longer than it is for male authors. Women authors become more readable as they age. It is not so, for men. Well, damning evidence that male economists-authors are undeservedly privileged. But, will it change things? Unlikely.

MINT has a good Edit on how China is ‘bribing’ its way to superpower status. May be. But, it won’t be the first time nor the last time. There is little outsiders can do about it except to whine. They have to grow their own financial muscles. Is India doing enough on that? I doubt. India, by and large, has retained the control mindset rather than the enabling mindset.

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