Recovery Not Really, Italy’s Turn, Shrinking Italy, Fear, A Rose, Marketbergs, Judenpoliti, Leakers’ Light Sentence, Rich Reads

Gloomy tidings today.

Martin Wolf details the recovery risks in the global economy, Italy slides into irrelevance, Roger Cohen’s fearful world albeit written from Happy Montreal. China’s naming warning, Charlie Fell on stock markets and icebergs, and rethinking the Holocaust.

Also a light sentence for a whistler blower and rich summer reading ideas.

Martin Wolf details the bumpy patch that the developed economies have fallen into and warns against worrying about the wrong things.

Financial Times – The Road to Recovery Gets Steeper
What is one to make of recent economic data, particularly in the advanced countries?


Italy the world’s 7th largest economy, and 4th largest European economy, is shrinking, endlessly.

Economist – Oh For a New Risorgimento
ON A WARM spring morning in Treviso, a town in Italy’s north-east, several hundred people have gathered in the main square, in the shadow of a 13th-century bell tower, to listen to speeches.



Economist – World’s Worst Menu
VIENNA’S glories are largely faded but its name is being mentioned with increasing frequency by the euro area’s policymakers.



Seeking Alpha – Greek Default Within Hailing Distance
We're not sure if the markets have interpreted the noises surrounding the Greek bailout correctly.

Uber-globalist Roger Cohen compares life in Montreal to other places he knows well, happy and sad.

New York Times – When Fear Breaks Out
Whenever I come to Canada I think the world should be simple.

Quote worth quoting.

“Freedom is a bless that deserves fighting for.”

A rose by any other name, and China’s new aircraft carrier is named after the 17th century Chinese hero who conquered Taiwan …

Yale Global – Chinese History and Reality
As China pursues rapid economic growth and increases military spending, the government insists the ultimate goal is a peaceful rise.

Charlie Fell argues caution.

Charlie Fell – Iceberg Ahead!
The Cunard liner, SS Slavonia, became the first ship in history to transmit the Sierra Oscar Sierra (SOS) distress signal, as it encountered difficulty in the deep waters off the Azores on this day in 1909. 

Can the Holocaust’s causes be re-thought, apparently yes.

New York Review of Books – A New Approach to the Holocaust
It is fruitless to reduce the manifold evil of the Holocaust to a single cause.

Thomas Drake gets off lightly. Thanks to Simon of Victoria for sending this in.

New York Times -- Ex-N.S.A. Aide Gains Plea Deal in Leak Case; Setback to U.S.
A former spy agency employee agreed late Thursday to plead guilty to a minor charge in a highly publicized leak prosecution, undercutting the Obama administration’s unusual campaign to prosecute government officials who disclose classified information to the press.

Morgan Stanley’s top 10 summer reading list sent out to its high net worth (aka rich) clients.

Wall Street Journal – Here’s What the Rich are Reading this Summer
Every June,  J.P. Morgan Private Bank sends its rich clients its official “Summer Reading List,” a collection of 10 books specifically chosen to appeal to the tastes and preoccupations of the wealthy.

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Twin Virtues: Inequality of Outcomes & Equality of Opportunity©

Twin Virtues

Ultimately, the most successful societies find the balance between the twin virtues of inequality of outcomes and equality of opportunity.

The new politics must marry the twin virtues of unequal outcomes and equality of opportunity.

When too few get too much everybody loses.

Feminism is about women living their lives on their own terms, marshalling the resources of the society to make that possible, and men embracing this as vital to a successful society and their own liberation.

Can it be that striving for equality of opportunity however imperfect the process not only benefits the individual but also creates benefits for the society that are unintended but wonderful?

Economics must be a 'moral enterprise' as much as politics claims to be. Economic outcomes need to be framed in terms of right and wrong not just efficiency if only because these often align in surprising ways that are good for society and the economy.

My vision of Canada is that any Canadian child from a family of limited circumstance can expect to have a chance at lifetime of unlimited opportunities.

Free trade is a wonderful thing. Time and time again economists have proven that free trade creates enormous wealth for each country 'on the whole'. Historians have shown that free trade is usually associated with rising political, social and cultural liberty. The perennial problem is that free trade always creates tremendous disruption for thousands even millions of individuals often concentrated in one geography, and where the state is idle, not investing in best in class instruments of social justice, free trade can be a permanent ticket out of the middle class, down, not up.

Tax policy should be founded on the principle of generating steady tax revenues sufficient to maximise environmentally sustainable economic growth in order to fund fair government.

Public policy should be designed to decrease inequality before the law and increase equality of opportunity.

Capitalism is not the problem; the problem is what we do with capitalism.

Content is always more difficult to argue than conspiracy.

Let the state regulate and the market operate (most things).

Welfare strategies are best designed as a hand up, not as a hand out.

Political debate should not be fact free fighting.

Explanation lasts longer than eloquence.

Always favour empowerment over dependency.

The most enduring public figures are embraced for the causes they fought for and not the concept of themselves they hoped others would remember them by.

Find your voice and don't be the echo of somebody else.

It is possible to operate on two different levels: the practical, cautious and conservative; and the realm of ideas, open, free, and radical.