Best of the Web: 16-03-07, nr 1402

Good morning. Debt, booms and busts….

https://www.economist.com/news/finance-and-economics/21693963-china-cannot-escape-economic-reckoning-debt-binge-brings-red-ink-rising

Just wanted to show this picture on Brexit…
SLAMt_akz1otEgVz2wbyCvDG_4slY9N9dGHoJDdwTVoYtOwlhps7_mkuRUp1XIMDPCPyZ4JQG3khSTVFKxAbcZ2XzFg_wA-h-OWinOIp14whHMfiA8yPvhdYFLcroqZtDFidv7fd
http://www.voxeu.org/article/brexit-euro-ins-and-euro-outs

And here is Buiter’s ten cents worth on the subject
Vf5ATv8uh8QeVgnhnpnrLFKWEuGNcYhsSwY-s8oqGfKKD4pTqm6l2B4ubY6jkwaa3sNigSY38mDP53Cozi4X26Ue2zgFJR2youS2mvuYlWpRcyjbe8tJFjQUABNkKdMagOhExX8p
http://www.voxeu.org/article/implications-brexit-rest-eu

Big study by Credit Suisse on the Age of disruption
pZkLEXyR4WD9Go5q5WrM_lEOEp0vHw924x2HYu41vbmN-uan4pxA1hq5sG0RmyDU57hYjBRuM6YvWYMliygdt1m2ZWa4P-ExjNHJkp9Pcge0p0l9xJZIFczLm0u-Sz6iCwfy_gm2
http://discussions.ft.com/longroom/tables/equity-strategy/the-age-of-disruption-2/

Not very important, I would say, but here you go.
IpUjGF_x_A9QLd7HVd6PKgY8oi1bJxShPiMExV99Dv8p_ZEELnp-8T7yqtF7CAiUM84d5jKz7n_gg-8kXgo6NTsEkEHi6yHGKz91YttxtkxrQ8IzTFX8jE1CJsAjc2wskb1QwJOc
https://www.bespokepremium.com/think-big-blog/one-percenters-on-the-rise/

Stocks do not show the same regional split as HighYield…
n20kSRvWbT7tx0HNK3AbPOqdf07CsmMAcnxLo2TIHBXoyq4DfE_1aSzszt6eqt_LQX23TWYScKEUq6OKG6g_8zZb3OIIPzu9w2TDbc3HWQFQFOqqq0SrryR3xBBJgpD5O2-Do4bC
https://www.bondvigilantes.com/blog/2016/03/04/growth-fears-deflation-rising-defaults-tricky-markets-a-good-time-to-buy-us-high-yield/

From the BIS: “Wealth inequality and monetary policy”
ioO-pT-ChavCF-TDL8IEzV5yH65e6Ew908fyyQ3Wpyin_vD3Lharw-ULB2mC315jKb9dl1OlG9OKn9bmj9OvmOGsnd5R5pfsZzsdV9jlMKy0GCZLh9jPCzgxsB-ros1aOj3Lk7ls
http://www.bis.org/publ/qtrpdf/r_qt1603f.htm

“If no March miracle GPIF must tap reserves big to pay benefits”
kl0pkNvrtG_mXey3qxsAHX0WwMgP7s0E5f6MglCDRNvfvIbPyd2kV928MN-wSwraiLlhEuAJHOWfxVv34l4zgonTqx4Vkpb7vMlkYzhpPCwjq9mDgTX7v4FDopAl-pOVKy7RbzUD
http://www.ijapicap.com/blog/2016/03/if-no-march-miracle-gpif-will-again-tap-reserves-to-pay-benefits/

The spread of economic activity throughout the US
yOU7Z_d2LRDl8hMpzKQLpbLi1YOyi_SwQAHb3UgSWSg6mqEeJ_yhhCeCEBNfcvzhuAlNuRrVjQe4jRdw64ZA6GTJn2bMsXFJ6s2LyuJeQiQsfzuY99dGdWDh4UXyD0TDWCOEblA0
http://ritholtz.com/2016/03/157193/

This should not come as a surprise…
vWlpWChQIGi_rGBZthe_BKzJu7MaRU6QTqxFMuL3f5LhDmHcLpTW8v9U0jXzfcSfU5KwiGLvwjRAKp6plnbmjuGFkW327ZhsPjjdQefEgIagjHMWb9hZGTGQtWdqmP8QIsyEhLeJ
http://uk.businessinsider.com/high-yield-credit-defaults-for-commodities-soar-2016-3

An interesting bit of reading on US productivity: “Does the United States have a productivity slowdown or a measurement problem?”
MNLjbKJLZw7S69v35svAAuwPXtxLGpXnqKrk9D8d0HwhcJ7PXQSg3B2iDxcM5Ud7YVJa3qy-UWm9Vemv26hzNoMKaRKYImKuYAOXq3i22pde5nx11m5qOz9-dpCDt3I7lfvX7cRU
http://www.brookings.edu/about/projects/bpea/papers/2016/byrne-et-al-productivity-measurement?rssid=LatestFromBrookings

And related to that: “Silicon Valley Has Not Saved Us From a Productivity Slowdown”
http://www.nytimes.com/2016/03/06/upshot/silicon-valley-has-not-saved-us-from-a-productivity-slowdown.html

And the final one.
DjaLfkPyjQc4wtduoHfAtIGKh2uFnbjyjTpgX367XUCAu7GGSvzbuQbMS2YkNy-Snpb0LiiuQ5NeYKRMkgNEHnGCy8WRP_5KNUfqNeIcT3Go_KYo6serY1WnxpA97ciOH5Cx2l1f
http://www.thirdway.org/report/missing-the-juice-whats-happening-with-us-productivity-growth

Country report from the IMF on India
93yrsQTRXPKPZKPc8GBxsRgBeGygudEGsS0UnCBB3gHFDZ5VXNckEIK80KMuyLtQVXKgjBkqwIVv4HiLN9-AVkzcqGzJM5UOKEJX2MkZAy0IXd7zXODj5DZcooimJjyx_1ZrsAew
http://www.imf.org/external/pubs/ft/scr/2016/cr1675.pdf

Interesting visualisation on chess opening moves
7Dgr19Jjm6DI4Xpftig3l4Vj86_JN_FRp4PP6dcpoMrqK5eOYAm1345r_bXQjqncsHo5r3f5N4gCd-GPzJmmy5h3L1hXrZ0O61_2CyT9dys0yupHJQ0DGtvvNFmTmgLm7s_FrsG4
http://blog.ebemunk.com/a-visual-look-at-2-million-chess-games/

Android, the winner on the 1 billion mark
PctBpUxj_X1en7mDCAlG6B9v948vkOibc-xKM1x6Emth_9NwOZm_6YJI3stCYXlHxU6AKjT-jhMMYDjhHkrSLRR8_hwbpBlTNwHlTL5rsOlnRSMzC3e2rGuQfOU6dL8myHytTnsL
http://ritholtz.com/2016/03/the-march-to-a-billion-users/

The Barclays Gilt study, 2016
t4C-pWVDxnt7eCSy_MiSt9lypPEG8oegjxAzFlKJ42Ct6POdbQFFwh-WQ7uF9AFAbi4_jaN_MG96Ys86DKC4Yi_cwW4o-b0T_0T-xS03IbhnFQP8jJaEojHZE20xOYPHRTILb4T4
http://discussions.ft.com/longroom/tables/equity-strategy/the-seriously-long-view/

Some pretty good photo’s, one click away.
f6gc42VOORnSA0UOI_CR1-sIro_EcO3yvb5x7KryhBS7xr14dxV8lJfdbSFaG33u-AbJlLkC4HDftB405jfEQcRGvDYWmY0YdFqkdhM-roVk-g56zk-n7RdPpc3DRtVSK1qBW0ci
http://www.bloomberg.com/news/photo-essays/2016-02-29/see-the-world-through-smithsonian-s-staggering-photo-competition

And, as ever, the US schedule for the week to come. Light schedule.
http://www.calculatedriskblog.com/2016/03/schedule-for-week-of-march-6-2016.html

 

A complete overview of all previous editions of Best of the Web can be found herehttp://tinyurl.com/c8ge4c5. All links provided are collected from public websites, unless otherwise specified. I have not checked the data or information for accuracy used, and therefore do not guarantee that all data provided will be 100% correct. The links provided do not necessarily reflect my personal opinion and should be seen as general interest: oftentimes I do not agree with arguments presented, but nevertheless think it is worthwhile to read them. It is up to the reader to make up their own mind. Suggestions or discussions are more than welcome. Do not quote unless specifically cleared beforehand!

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