Articles on how the collapse in the cost of human genome sequencing will change how we think and pay for health, the utility of a financial transactions' tax, carbon trading dying a slow death, business people size up the cost of inequity, China’s rapidly shrinking property market prices, Basel II and III, women in Saudi, rocky times in India, and the battle Mark Carney is likely to win.

Like communication technologies have completely altered our economic and social lives, so advances in human genome sequencing will completely alter how we think about good health. Welcome to genetic screening. Thanks to Andrew of Singapore who understands how this translates into investment opportunities.

TED -- Welcome to the genomic revolution
In this talk from TEDxBoston, GenomeQuest CEO Richard Resnick shows how cheap and fast genome sequencing is about to turn health care (and insurance, and politics) upside down.

John Pender makes the case that it's time to introduce a tax on global financial transactions.

Financial Times -- Long-term investors would benefit from Tobin tax
When the European Commission recently proposed a sweeping new financial transactions tax, the British government’s response was to threaten a veto unless Britain was allowed to opt out.

Playing bingo with the environment.

Financial Times -- Carbon markets: Towards a standstill
A scheme that enables rich nations to offset emissions by funding ‘clean’ projects elsewhere is falling prey to global politicking.

The case for a citizenship wage.

Peter Frase – The Basic Income and the Helicopter Drop
I haven’t been a regular reader of Steve Randy Waldman, which I now realize was a big mistake. I just discovered a post of his from last year that relates to one of my political preoccupations: the idea that everyone should receive a “Basic Income” to which they are entitled as citizens and which is not in any way conditional on whether or how much they work.

A shrinking middle class is bad for business. Thanks to Nevin of Saanich.

Globe and Mail -- When business talks about inequality, it’s time to worry
The world is marking the third anniversary of the biggest global economic crisis since the 1930s by staring down the imminent possibility of a second global downturn. Virtually none of the conditions that triggered the first one have been addressed.

Related.

The Conference Board on income inequality.

Conference Board -- Hot Topic: World Income Inequality
At the 2011 World Economic Forum in Davos, income inequality and corruption were singled out as the two most serious challenges facing the world. Zhu Min, a special adviser at the International Monetary Fund, told delegates that “the increase in inequality is the most serious challenge for the world. . . . I don’t think the world is paying enough attention.”

 

Meanwhile the Chinese property market gets slammed. Thanks to David of Victoria.

Business Week -- China’s Squeeze on Property Market Nearing ‘Tipping Point’
The squeeze on China’s property market may be reaching a “tipping point” that drives growth lower just when exports are under threat from a global slowdown and investor confidence is plunging, said Zhang Zhiwei, Hong Kong-based chief China economist at Nomura Holdings Inc.

A useful explanation of the new capital and liquidity rules for banks (Basel III) and the new capital requirements for insurance companies (Solvency II)  to be introduced in January 2013.

Pdf below – Solvency II and Basel III Reciprocal Effects Should Not Be Ignored

The New York Times wonders about the lot of Saudi women.

New York Times -- Saudi Arabia and Its Women
King Abdullah of Saudi Arabia deserves credit for his long overdue decision to give women the right to vote to run in municipal elections and to be appointed as full voting members of the Majlis Al-Shura, a government advisory group.

Protests in India question the legitimacy of the state.

Project Syndicate – India’s Wounded State
The September 7 bomb blast at the entrance to the High Court in New Delhi was a macabre finale to a summer of crisis. Previously, weeks of anti-corruption protests launched by Anna Harare, and supported by the country’s rising middle class, had brought India’s government to a virtual standstill.

Mark Carney has become the flag bearer for restraining financial market capitalism.

Globe and Mail -- Carney v. Dimon a clash of world views
The clash of financial titans Mark Carney and Jamie Dimon works on so many dramatic levels: The plucky upstart vs. the King of the Mountain; Good vs. Evil (assign the role of white knight and dark as you see fit); Us vs. Them.

Related.

Financial Times -- Towards a more resilient financial system
Our response to the financial crisis will be as important as the event itself. We can never eliminate financial crises, but we can reduce their likelihood and severity. By taking a macro-prudential approach to capital and committing to continuously open markets, we can both limit the downturn and build a more resilient financial system.