What Money’s Made Of #122

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Deepnews Digest #122

What Money’s Made Of

Editor: Christopher Brennan
Even as the pandemic continues in many parts of the world, some countries are entering a new world of recovery, with new issues to tackle from alleged labor shortages to inflation to international tax reform to worries about evictions as benefits end. It is a lot to take in or make sense of, so this week we used our algorithm to pull in pieces you might have missed that are worth considering as you figure it all out.

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Published every Friday

The Economist ($)

Rishi Sunak is worried about rising interest rates. He should relax

Pandemics are an expensive business for governments. In the past year the British state’s borrowing came to more than 14% of , the highest figure in over seven decades. All that extra borrowing helped push the ratio of government debt to from around 80% to nearly 100%.

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Score: stars image Confidence: 82%

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WHYY

‘We gotta run around like rats’: Jersey Shore businesses still struggling to hire

The display case near the entrance to the White Dolphin Restaurant in Wildwood is usually filled with a variety of pizzas waiting to be sold by the slice.

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Score: stars image Confidence: 82%

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Spotlight PA

Internal PSERS documents show how Pa’s biggest pension fund got key financial calculation wrong

After Pennsylvania’s biggest pension plan botched a crucial financial calculation, the FBI launched an investigation, the fund’s board began its own probe, and 100,000 public school employees suddenly faced paying more into the retirement system.

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Score: stars image Confidence: 76%

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Big Think

Humans aren’t overpopulated. We’re aging and shrinking

Too few babies — not overpopulation — is likely to be a major problem this century.

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Score: stars image Confidence: 99%

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Haaretz

Why Turkey’s lira is collapsing again: Erdogan’s back to his tricks

Briefly, the Turkish president seemed to be surrendering to orthodox economics. This week, he made clear the flirtation was over.

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Score: stars image Confidence: 99%

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Salt Lake Tribune

Salt Lake City’s new airport encounters new kind of turbulence: a severe worker shortage

Kym Buttschardt, a founder of Ogden-based Roosters Brewing Co., has spent the past two years planning to launch a satellite restaurant at the new Salt Lake City International Airport.

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Score: stars image Confidence: 99%

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The Telegraph ($)

Global house prices soar at fastest pace in 15 years

Average prices rise 7.3pc in the year to March – the sharpest pace since late 2006 – stoking fears of a post-pandemic housing bubble

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Score: stars image Confidence: 99%

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NJ Spotlight

Trying to forestall evictions in NJ

As lawmakers vote to end Murphy’s emergency health executive orders, they work to forestall what’s expected to be a massive wave of evictions

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Editor’s Note:

A pillar in many economies is housing. This article from New Jersey and the one above from the UK show two sides of the issue, renters who face potential eviction and buyers who have seen prices skyrocket. – Christopher Brennan, Editor


Score: stars image Confidence: 99%

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Prospect Magazine

The philosophy underpinning how money works

Whether it’s bullion or Bitcoin, its value always comes down to trust

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Project Syndicate

From California capitalism to Bidenomics – Laura Tyson and Lenny Mendonca

The US labour market is producing too few jobs and those it is producing are often low paid and of poor quality. This is exacerbated by the fact that workers do not have the means to fix their problems at work because of a precipitous decline in union membership over the last half century, particularly in the private sector.

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CBS News

What’s behind the push for a fourth stimulus check

The IRS has issued almost 167 million payments in the third round of direct stimulus aid, with another 1.8 million people last week receiving the $1,400 checks. But some lawmakers are pushing for a fourth round of stimulus aid that would effectively send recurring payments until the pandemic ends.

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Score: stars image Confidence: 99%

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McKinsey

What we lose when we lose women in the workforce | McKinsey

The IRS has issued almost 167 million payments in the third round of direct stimulus aid, with another 1.8 million people last week receiving the $1,400 checks. But some lawmakers are pushing for a fourth round of stimulus aid that would effectively send recurring payments until the pandemic ends.

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Score: stars image Confidence: 99%

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Australian Financial Review ($)

Australia’s two-speed wages recovery

A two-speed wages recovery is emerging, Jarden chief economist Carlos Cacho says, with higher margin businesses better able to lift wages and prices to compete for skilled staff.

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Score: stars image Confidence: 99%

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South China Morning Post

China taps financial tools to slow yuan’s surge against the dollar

The yuan-US dollar exchange was 6.39 on Thursday afternoon, weakening from 6.36 on Monday, putting the brakes on its recent surge

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Editor’s Note:

Countries individual economic recoveries also exist in relation to each other. Here our algorithm pulled in a piece with the view from Beijing on phenomena like the weakening dollar. – Christopher Brennan, Editor


Score: stars image Confidence: 99%

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The Conversation

Book calls for a rethink of capitalism amid the ravages of COVID-19

Instead of being the great leveller, as pandemics have been throughout history, the coronavirus pandemic has revealed and compounded pre-existing inequalities in wealth, race, gender, age, education and geographical location.

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Score: stars image Confidence: 99%

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Washington Post

Pandemics have long created labor shortages. Here’s why.

Our present debate over labor supply and the social safety net harks back to another post-pandemic employment crisis: the worker shortages that followed what is known as the “Black Death” of the mid-14th century. In England, the crisis led to the introduction of the first national labor laws, a response to worker demands for higher wages and better conditions after enduring dangerous work during the pandemic. In response, the elite found new ways to repress workers and maintain a class hierarchy, reminding us of the stakes of the conversation about labor today.

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Score: stars image Confidence: 99%

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New Indian Express

India’s dreams of being a developed economy set back by an unknown number of years, say experts

NEW DELHI: Indian economy’s hopes of a double-digit growth in 2021-22 are slowly withering away. This after Reserve Bank of India (RBI) governor Shaktikanta Das in his policy statement projected the real GDP growth at 9.5% for the current financial year, revising downward the central bank’s earlier estimate of 10.5%.

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Score: stars image Confidence: 98%

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RFE/RL

Central Asian Migrant Workers Choosing Kazakhstan Over Russia Despite Lower Pay

Dilshodbek, a migrant laborer from the eastern Uzbek city of Qoqand, has worked in Russia for more than a decade.

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Score: stars image Confidence: 98%

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Southerly

Biden vows to support struggling Appalachian counties. But residents are weary of failed promises.

Coal communities in Kentucky, Virginia, and West Virginia are struggling to support basic civic services as coal disappears. Federal funding to boost local economies and jobs is closer than ever before.

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Score: stars image Confidence: 98%

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The Devil Strip

Here’s how Akron is planning to reach 250,000 citizens by 2050

Since its peak at about 290,000 residents in the 1960s, Akron has lost a third of its population. How will it bring people back?

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Editor’s Note:

Several of the articles this week deal not just with economics but with demographics. Here our algorithm highlighted a local news piece from Ohio about reversing population declines. – Christopher Brennan, Editor


Score: stars image Confidence: 97%

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