News
Bloomberg | Oil Drops to Four-Month Low, Trades Below 200-Day Average on Europe Crisis
Oil fell to the lowest in four months in New York, bringing its loss from this year’s peak to 20 percent, on speculation a weakening global economy and Greece’s debt crisis will lead to reduced fuel demand.
Market Watch | How the Greek debt crisis could slam U.S. savers
Rioters demanding an end to Greek budget austerity programs pushed global financial markets to the brink of disaster last week — but only the brink.
Fox Business | Japan More Optimistic on Economy, But Trade Disappoints
The Japanese government upgraded its view of the economy's performance and outlook for the first time in four months on Monday, but disappointing report data showed that the recovery from the March earthquake and tsunami would be anything but smooth.
Reuters | OECD's Gurria sees no global double-dip slump
The world economy is slowing down due to a combination of factors such as the euro zone's debt problems and a weak U.S. housing sector, but it is not headed for a double-dip slump, the head of the OECD said on Monday.
Econ Comments
Politico | Sprucing up our energy supply
If you were enraptured with the cap and trade debates in the House Energy and Commerce Committee two years ago, you're likely already familiar with my passion and advocacy for energy produced from woody biomass.
Financial Times | America flirts with a fate like Japan’s
The stalling of the US recovery raises big scary questions. After a recession this economy usually gets people back to work quickly. Not this time. Progress is so slow, the issue is not so much when America will return to full employment but what "full employment" will mean by the time it does.
Washington Times | YOUNG: It’s the recovery, stupid
Republicans can saddle Obama with failure to jump-start the economy.
AEI | Gangster Government Attack on Oil Companies
As Carney points out, the main feature of the Democrats' bill, which was defeated in the Senate but which we probably have not heard the last of, was to deny five major oil companies the domestic production tax credit that is available to all manufacturers and mining companies, including oil companies.
Blogs
Mercatus: Neighborhood Effects | New Jersey’s pension reforms
While these reforms were politically difficult to accomplish they are also modest relative to the magnitude of the problem. The legislation includes a provision that allows contribution rates to be lowered by a pension oversight committee when the fund hits 80 percent funded. The problem is what they calculate to be 80 percent funded is closer to 40 percent funded.
Cato @ Liberty | This Week in Government Failure
Over at Downsizing the Federal Government, we focused on the following issues this past week:
Econlog | Market Discipline vs. Regulation in Finance
Ask a lefty what caused the financial crisis, and the answer will be that there was too little regulation and too much reliance on market discipline, which did not work.
Reports
RCM: Wells Fargo | Weekly Economic & Financial Commentary
The U.S. economy got off to a rough start in the second quarter, but just how rough is only now emerging from the economic data.
