1
Business Day
Yanis Varoufakis Abruptly Resigns as Greek Finance Minister
The combative minister had threatened to quit if voters approved a referendum on a European bailout, but his resignation after a “no” vote was unexpected.http://yanisvaroufakis.eu/2015/07/06/minister-no-more/
"Father forgive them for they know not what they do"
2
N.Y. / Region
Greeks in New York Talk and Cheer, Then Debate Future After Referendum
As word spread in Astoria, a Greek enclave in Queens, New York, that their countrymen had rejected the terms of the rescue package, many people in the neighborhood cheered the vote.http://krugman.blogs.nytimes.com/2015/07/06/scattered-notes-on-the-euro/
Scattered Notes on the Euro
Wolfgang Munchau has a perceptive analysis of the utter disaster of the Yes campaign in Greece, in which he says
What I found most galling was the argument that Grexit would bring about an economic catastrophe, as though the catastrophe had not already happened. If you have been unemployed for five years, with no prospect of a job, it makes no difference whether the money you do not get is denominated in euros, or in drachma.
Wish I’d written that. But now what?
It’s becoming hard to
see any path that doesn’t lead to Grexit; it is also, although this is
still something few want to accept, becoming increasingly obvious that
Grexit is Greece’s best hope. Otherwise, where is recovery ever supposed
to come from? Even with massive debt relief, Greece will be forced to
run huge structural primary surpluses — that is, pursue tax and spending
policies that would produce huge surpluses if the economy were anywhere
near full employment — and in so doing keep its economy depressed for
the foreseeable future.
Or to put it a bit
differently, what would be a straightforward policy problem if Greece
had its own currency becomes an almost insoluble mess because it
doesn’t. At some point the argument that the costs of a transition are
too high wears thin.
Now, I get interesting
mail when I say things like this — much of it along the lines of “I
can’t believe that a far-left-wing type like you got a Nobel”. Because a
lot of people seem to believe that real economists believe in sound
money, preferably gold, and that only socialists believe that there can
ever be any advantages to currency depreciation.
Socialists, that is, like Milton Friedman. But of course modern conservatives get their monetary economics from Ayn Rand, not the Chicago School.
Anyway, this isn’t anywhere close to over."
3
World
Pope Francis’ Visit to Latin America Will Test His Ability to Keep Catholics in the Fold
The pontiff’s roots in Argentina and his championing of the poor are considered vital to stemming the decline of the church’s vast base in the region.The Catholic hierarchy lives in a fantasy.
They are engaged in testing the power of their fantasy.
4
World
Video: Greece Rejects Austerity
Greek voters rejected an international bailout deal for their hemorrhaging economy.http://www.nytimes.com/2015/07/06/world/europe/greek-referendum-debt-crisis-vote.html
Greece has declared effective bankruptcy.
Greece will not allow receivership or any further "Fire Sale".
Greece will build a new currency.
They may have to attempt it more than once.
The U.S. tried several times. (Not worth a Continental.)
When that has happened I will be a small investor.
5
World
Security Law Suggests a Broadening of China’s ‘Core Interests’
The term, used by Beijing for subjects it considers nonnegotiable, once was reserved for the issues of Taiwan, Tibet and Xinjiang. But no more.http://www.ianwelsh.net/meanwhile-in-china-theres-a-huge-stock-market-crash/
http://krugman.blogs.nytimes.com/2015/07/06/delusions-of-control/
Delusions of Control
David Keohane
has an informative post on the China stock crash, which is among other
things revealing that the Chinese government has much less ability to
control events than legend has it. And that brings back memories.
You see, when the
Japanese bubble of the 1980s began deflating, there were many people
insisting that the Ministry of Finance had it all under control. In
fact, years into the Lost Decade you would still read articles and books
claiming that Japan knew exactly what it was doing, even that it was
all a cunning plot to lull the West into complacency while Japan took
over the world economy.
The general point is
that if you believe that officials have the economy — any economy —
under control, you’re setting yourself up for a big disappointment. And
in particular, it’s invariably a very bad idea to assume that officials
know things that outside economists don’t. When it comes to economic
policy, everyone has pretty much the same information, and holding
public office, whatever its other benefits, does not improve one’s
analytical skills.
Those of us who have
been warning about big trouble in big China might be wrong. But we won’t
be wrong because Chinese officials possess secret information or secret
levers of control."
Grapes of Wrath
OK, is Eric Asimov doing international finance now (and scooping the rest of us, too)? His wine of the month
is from the Greek island of Santorini, which is the remnant of a bigger
island destroyed by a huge volcanic explosion. This explosion seems to
have played a central role in the collapse of Minoan civilization, and may have given rise to the legend of Atlantis.
Eric, are you telling us something?"
http://www.smh.com.au/business/comment-and-analysis/greece-debt-crisis-china-is-the-real-elephant-in-the-room-20150706-gi65mk.html
6
U.S.
Teenager’s Jailing Brings a Call to Fix Sex Offender Registries
Many people hold up the case of Zachery Anderson, who at 19 had sex with a minor who lied about her age, as a reason to rethink who’s registered.There must be another solution to these problems.
The registers treat the communities but not the participants.
7
Real Estate
Home Renovation: Time for a Hotel?
Few spend much time thinking about where they’re going to live when the demolition crew arrives.It is not time yet.
A tent in the garden would work for three seasons of the year.
8
Business Day
Hopeful Start to Greek Debt Negotiations Quickly Soured
The Greek debt negotiations will go nowhere.
9
Health
More Caregivers Are No Spring Chickens Themselves
It’s another rising reality for an aging population: people over age 75 providing care for partners, siblings, friends and even parents.These are all real concerns.
They deserve careful consideration by both of us.
I hope that by the time they become immediate either I won't care or
we will have solutions.
there will be great pressure to generate a general solution if democracy endures here.
10
Opinion
Protected Consumer Data
The Future of Privacy Forum writes that the law “requires consumer consent if personal data will be used in new or different ways.”I trust only corporate ignorance.
If it is known the salesmen will know.
11
Science
Should Swimmers Worry About Sharks?
A rash of shark bites in North Carolina has raised concerns. Here’s what you need to know to stay safe.If you are worried swim in freshwater pools.
12
Sports
Australian Sets Record to Capture First Stage of the Tour de France
Rohan Dennis won the first stage of the Tour de France in record speed in the individual time trial on Saturday.Rohan Dennis pedaled 34.5535 mph in the time trials.
13
N.Y. / Region
Helping Immigrant Farmers Sow Seeds From Home on American Soil
A farmer’s program in New York City instructs immigrants with agricultural backgrounds in the industry by offering classes and providing land.We will have to do it with help from the extension service (county agent).
14
Opinion
Giving Consent to Sex
Readers discuss an article that was critical of requiring affirmative consent as part of an effort to reduce rapes.I hope it is not our special concern.
I will leave it to the adolescents to work out rules acceptable to them.
The legislatures cannot help.
15
World
Francis, Hailed as ‘Pope of the People,’ Arrives in Ecuador on 3-Nation Tour
Francis brings his message of a church in transformation to a heavily Catholic region, and is expected to address the themes he wrote about in his encyclical on the environment.If he is kind and honest he should disappoint his faithful in his audiences.
16
Opinion
Interns, Victimized Yet Again
A federal court ruling makes it harder for students to challenge exploitative work programs.Labor is in surplus.
17
The Upshot
Now Europe Must Decide Whether to Make an Example of Greece
The Greek public has said no to more of the same austerity, and Europe faces a difficult choice.Greece will exit the euro.
The only question is when.
Germany will tell us.
18
Science
Reaction to Smells May Help Diagnose Autism, Study Suggests
In a small study, researchers determined that autistic children did not make the same responses to pleasant and unpleasant odors as their typically developing peers.I am sorry that the normal children will suffer for science.
19
Sports
Dustin Brown, Ranked 102nd, Has Nadal’s Number
Brown, 30, who grew up in Germany and Jamaica, has a knack for beating Rafael Nadal, which he did Thursday for the second time in two opportunities.http://www.nytimes.com/pages/sports/baseball/index.html
Boston is not playing.
http://nytimes.stats.com/mlb/standings.asp
20
Sports
Thriving in a Barren Land
Sports, like most aspects of life, are not easy in the Canadian Arctic. But a major youth tournament recently revealed soccer’s importance to the area.The U.S. team beat the Japanese team by three goals.
http://www.nytimes.com/2015/07/06/sports/soccer/womens-world-cup-usa-defeats-japan-to-win-title.html?ref=soccer
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