46 Months Of Accelerating Deflation Mean Beijing Is Now Trapped [1] – JFJ
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Apple has dumped $100B in market value in past month [2] – RBS
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Items from Mr. Econocobas:
Study Finds Higher Minimum Wage Hurting Youth Employment [3] – Not sure why they needed a study to realize this….
Puerto Rico Defaults on Debt Payments [4] – Not sure how, but this news seemed largely ignored probably due to such market volatility
Items from Professor Preponomics:
US News
End Injustices Now, Not Later [5] (Mises Institute) Excerpt: “We’ve been robbing from Peter to pay Paul, and Paul’s taken out a mortgage based on income from the theft. You don’t want Paul to lose his house, do you?”
If You Think Oil is Cheap in Dollars, It’s Even Cheaper in Gold [6] (Market Watch) Excerpt: “Things could get worse before they get better, of course, and there is historical precedence for a longish spell before things get back to normal. On the flip side, that precedent was a public mania for stocks akin to the Roaring 20s. We don’t seem to have that level of enthusiasm at the moment.”
Rail Shipments Point to a Recession [7] (Business Insider) Excerpt: “…the big ones got crushed: carloads of coal, the largest category – done in by the low price of U.S. natural gas emanating from the collapsing natural gas industry – plunged 27.9%; metallic ores, the second-largest category, plunged 39.1%; and petroleum and petroleum products, the third largest category, plunged 20.5%. The commodities rout is tearing into railroads with a vengeance!”
International News
World Could Faces Months of Chinese Market Aftershocks [8] (Associated Press) Excerpt: “The latest trigger was currency jitters, but Thursday’s plunge in Chinese stocks was just one in a series of aftershocks from last year’s boom and bust that could shake markets for months to come.”
Brazil’s Economic and Financial Meltdown [9] (National Review) Excerpt: “We shouldn’t be surprised by the collapse of Brazil. For years now the government has been growing faster than economic growth, which is a formula for disaster. And we shouldn’t be surprised that a country that models its labor laws on those of Mussolini’s Italy ends up in trouble.”
Iran to Receive Major Economic Windfall as Nuclear Deal Begins [10] (Washington Free Beacon) Excerpt: “Kerry might as well have wired the money directly into the Revolutionary Guards’ bank accounts…”
Personal Economics and Household Finance
How You Can Save Your Family $6,700 This Year [11] (Clark Howard) Excerpt: “…the real problem is that Americans are racking up so much credit card debt that they can’t make the payments fast enough to keep interest costs down – and that’s costing families a whole lot of money.”