2--Economic Policy Turned Inside Out, Stephen Roach
3--PAYROLL REPORT IS A DISASTER
If you were wondering why I refer to the Obama jobs recovery as nothing but low paying service level shit jobs, here is your proof. Manufacturing jobs paid a wage that could support a family. We’ve lost 1.4 million of them since 2007. They have been replaced by fry cooks, waiters, bartenders and dishwashers. These jobs have no healthcare, low wages, and can barely support one person.
Hourly earnings were flat in June.
4--How Putin Forged a Pipeline Deal That Derailed, NYT
For years, Mr. Putin bullied and cajoled Bulgaria, one of the European Union’s weakest nations, into doing Russia’s bidding on South Stream. And he seemed poised to succeed, but for one fundamental miscalculation: He underestimated the West’s response to his aggression in Ukraine. Faced with punishing sanctions, a petro-economy pushed to the brink by plunging oil prices and the wildly gyrating value of the ruble, Mr. Putin this month halted the project....
In desperate need of the European funds, the prime minister announced the next day that South Stream would be halted until it had full European Union approval.
At almost exactly the same moment, an unexpected panic swept through bank depositors in Sofia; a mysterious bank run had started at Corporate Commercial, the bank that had partnered with the Russian investment firm VTB Capital, and the financial institution of the state holding company overseeing Bulgarian involvement in South Stream.
Some speculated that VTB Capital, with its nearly 10 percent stake, would join other shareholders in riding to the bank’s rescue. But after Mr. Oresharski’s decision to halt the Bulgarian leg of South Stream, the Russian bank declined to participate in a bailout. Corporate Commercial collapsed, and in the ensuing crisis so did Mr. Oresharski’s government