The global economy is coming to grips with some nasty realities.

The Euro is on the verge of being restructured, inflation in the low income countries is a serious threat to their economic and political stability, and the United States is in the first stages of a long structural economic redesign.

Lot’s to think about.

Articles also on legalising drugs and decriminalizing prostitution, Prince Phillip’s strange thoughts, Japan’s curious ideas on love and sex, a thoughtful way for students to pay for college debt, maybe China already is the world's biggest economy, and the story behind Day of the Jackal.

Charlie Fell on the attraction of low income country bonds relative to high income countries.

Charlie Fell – Think Emerging Market Debt
The global financial crisis and the great recession that followed have exposed the developed world’s fragile public finances. 

Partly because it’s free but mostly because it’s good John Mauldin’s frequent commentary on the global economy is becoming a constant source on this site. This recent tome is full of worry.

Pdf  below – Economic Whiplash

Followed by some levity. Prince Phillips’ top gaffes. Thanks to David of London for sending this in.

Independent – Ninety-Nine Gaffes in Ninety Years
From Papua New Guinea to Stoke-on-Trent, Prince Philip has left his mark around the world. As his 90th birthday looms, Hannah Ewan recalls the sound bites that could only have come from one man.

Quote worth quoting.

"You bloody silly fool!" Price Phillip to an elderly car park attendant who made the mistake of not recognising him at Cambridge University in 1997.

‘We continue to believe that inflation will remain contained in China’ from various investment banks who depend on the Chinese economy to make a living. Really?

New York Times  -- As China’s Workers Get a Raise, Companies Fret
Wages are surging this year in China and among its main low-wage Asian rivals, benefiting workers across the region.

Some of the conclusions from a book about love and sex in Japan should not be too surprising given that you can buy women’s used underwear from vending machines. Still the conclusions are well, wierd.

Economist – Japan and Sex
ON FEBRUARY 19th 2006 Kimiko and her married lover Tetsuo checked into an Osaka love-hotel, swallowed sedatives and slit their wrists.

The case for legalising drugs.

Financial Times – We Should End our Disastrous War On Drugs
The global war on drugs has failed. 

Related.

youtube – Legalise It

And while we’re at it decriminalize prostitution.

Globe and Mail – Why the Courts Must Decriminalise Prostitution
Want some action?

A thoughtful way to help students pay for college without burdening them with debt.

New York Times – A Way to Pay for College, With Dividends
If you were a student looking for financing to pursue a degree in social science, would you accept an offer of $16,000, in exchange for paying 4.5 percent of your income for 10 years after you graduate?

Moving into first place.

Project Syndicate – When Will China’s Economy Overtake America’s?
Is China poised to surpass the United States to become the world’s largest economy?

Another 40 year popular culture anniversary, this time, Fredrick Forsyth’s Day of the Jackal.

Guardian – The Day of the Jackal – The Hit We Nearly Missed
In 1969, a young British journalist returned to London after spending 18 months reporting on the Biafran war.

Related.

The melon scene.