Wolf Street. Bold call. Yves: “It’s only a one shot repatriation. But they may spread out the purchases. The market in 1987 was fueled by ‘buybacks’ of a different form: hostile takeovers. 3/4 of the stock price appreciation in 1987 was due to that. It still crashed. People in Japan also said the stock market would never crash, the capital flows were too large. Never say never. Tail risk is bigger than you think.”
WaPo. A charming story, but let us remember AirBnB’s real business: A platform for regulatory arbitrage by property owners who want to go into the hotel business without being regulated like a hotel.
Orange County Register
BBC. Wilson is a DUP MP, Coveney is the Irish Foreign Minister. Wilson: “The fact is that the border issues can all be dealt with by technology but Coveney and co have stuck their heads in the sand, refusing to even consider this solution” [waves hands]. It seems that elite collective delusion has reached cargo cult proportions.
London School of Economics
Dani Rodrik, Project Syndicate
Moscow Times. Interesting.
The American Interest
New Cold War
NYT. A Times : “Funny how CIA sometimes is willing to step out of the shadows, or at least part-way out of the shadows….” Indeed.
WaPo. In WaPo’s Style section, therefore important (really). Not only is this a puff piece for the at the The Atlantic Council, it erases the role of liberal Democrats in rehabilitating Bush. Grim hilarity: “The [Atlantic Council] has considered giving Bush the award for the past few years, but the Iraq War was always the stumbling block.” I can’t think why. Hillary voted for it, after all.
Editorial Board, WaPo. Another marketplace! With “skin in the game”! But different and better subsidies! Please kill me now.
Kaiser Health News
A Journal of Musical Things
The Hill. A party with no core principles casts about for an issue. Not that there’s anything wrong with that.
Big Brother Is Watching You Watch
Australian Competition and Consumer Commission chairman Rod Sims said he was briefed recently by US experts who had intercepted, copied and decrypted messages sent back to Google from mobiles running on the company’s Android operating system.
The experts, from computer and software corporation Oracle, claim Google is draining roughly one gigabyte of mobile data monthly from Android phone users’ accounts as it snoops in the background, collecting information to help advertisers.
A gig of data currently costs about $3.60-$4.50 a month. Given more than 10 million Aussies have an Android phone, if Google had to pay for the data it is said to be siphoning it would face a bill of between $445 million and $580 million a year.
OK, Oracle wants to stick the shiv in. That doesn’t mean they’re wrong on the facts.
Independent. “The 16-digit cards will allow browsers to avoid giving personal details online when asked to prove their age. Instead, they would show shopkeepers a passport or driving licence when buying the pass.” What could go wrong?
Hawaii News Now. .
Stumbling and Mumbling
WestWorld. Nice to see Sirota coming up to speed on private equity.
NBC. So, go long pharma?
The American Conservative
Harpers. Read all the way to the end.
Antidote du jour:
See yesterday’s Links and Antidote du Jour here.