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Climate Change Means Shallower Great Lakes and More Expensive Goods

160 million tons of goods are carried on the Great Lakes each year, keeping our nations industrial belt supplied with raw materials. Climate change is affecting water levels on the Great Lakes threatening shipping routes and making goods more expensive.The... (read more)
 

France Private Sector Implosion Continues

Here's some news that caught my eye earlier today when I was on the road: The Markit Flash France PMI shows French private sector output continues to fall at marked rate in May. Key points:Flash France Composite Output Index unchanged at 44.3Flash France Services... (read more)
 

U.S. Public Schools: Unequal Spending Across States

Mark Dixon of the U.S. Census Bureau has authored  Public Education Finances: 2011. The headline finding is that in 2011, per capita spending on K-12 education declined. The drop was a small one, only about 0.4%, but it's also the first and only drop in... (read more)
 

After Slow 2013, NY Fed Sees Growth Picking Up Next Year

Economists at the Federal Reserve Bank of New York expect slower, trend-like growth this year due to the drag created by government taxation and spending policies, and project things will speed up next year.... (read more)
 

10 Thursday PM Reads

My thunderstorm afternoon train reading: The Uncertainty of Risk (n+1) see also Adaptation (The Reformed Broker)Jonathan Miller: Home Supply Limited by Americans Lacking Equity to Sell (Bloomberg) Greenspan’s Market Persists (Alhambra Investment Partners)... (read more)
 

Fed Watch: Bernanke Saves the Day

Tim Duy: Bernanke Saves the Day, by Tim Duy: There was some initial consternation yesterday after Federal Reserve Chairman Ben Bernanke gave the clarity we were hoping to see. From Reuters:"If we see continued improvement and we have confidence that that's... (read more)
 

IRS "Scandal" Turning Out to be Less Dastardly than Conservatives Think

Over the weekend, the New York Times published a comprehensive, deeply-reported look at the Internal Revenue Scandal. Far from finding evidence of a White House aiming to undermine its opponents, the Times uncovered a much more banal storythat of an understaffed... (read more)
 

10 Thursday AM Reads

My morning reads: Japans mini crash: Blame China(FT Alphaville) see also Dumb money returns to Japan (ft.com) Extreme Fear (Joe Fahmy) Bernanke to Congress: Im Not the Problem. You Are. (The Fiscal Times) see also Wonkbook: Bernanke lashes Congress (Wonkblog)... (read more)
 

Face It: You're Crazy

Flickr/Mark TurnauckasCommonly referred to as "the DSM," the Diagnostic and Statistical Manual of Mental Disorders is often referred to as psychiatry's "Bible." If that's the case, imagine the outcry if an overzealous publisher merged the Gospels of Luke and... (read more)
 

Look Out Below, Japanese Black Wednesday Edition

click for updated futures  US futures are down following yesterday’s intra-day reversal after the FOMC minutes were released.Nikkei is down 7.3%. Japans Topix index tumbled the most since the aftermath of the March 2011 tsunami and nuclear disaster.... (read more)
 

Implications of Chinas New Path for Zambia

Martin Feldstein has some interesting reflections on Chinas new strategic direction under leadership of President Xi Jinping , Premier Li Keqiang  and Finance Minister Liu. He observers that recent appointments signals a shift that may be less favourite... (read more)
 

Philly Fed: State Coincident Indexes increased in 45 States in April

From the Philly Fed: The Federal Reserve Bank of Philadelphia has released the coincident indexes for the 50 states for April 2013. In the past month, the indexes increased in 45 states, decreased in four states, and remained stable in one (Minnesota), for... (read more)