The leverage ratio has clearly dropped and the impact on the real economy is limited, Zhou said. He said there is no basis for long-term yuan depreciation and the government’s determination to deepen market reforms hasn’t changed, while economic fundamentals are substantially unchanged.
Europe’s Deadly Denial (jdargis)
It gets worse: The law says refugees should “declare themselves in the first European Union country they enter” and then apply for asylum according to EU law. That’s all very well for, say, Ireland. But what happens when tens of thousands of people board boats in Tripoli, Libya, and start heading for Italy or Greece? Now we know: Those two countries have been pleading for assistance from their neighbors for many months, to no avail. And when Hungary can’t cope with the numbers? We’ve just learned: The refugees become a prop for Viktor Orbán, the Hungarian prime minister, who has a fondness for dramatic scenes.
Accenting that criticism are the deep but shadowy roles countries like Qatar and Saudi Arabia have played in Syria by bankrolling rebels fighting President Bashar al-Assad.
Migrants aren’t widgets (jdargis)
Greece and Italy have weak economies and weaker asylum systems. So refugees continue to risk their lives and conceal their identities until arriving at a chosen destination, which means some European countries are getting far more refugee arrivals than others. In July, the Luxembourg presidency of the EU tried to get member states to pledge to relocate 40,000 refugees throughout Europe. While that would be a small fraction of asylum seekers, governments agreed to take in only 32,256 “redistributed” refugees.
It is important to recognize that what Edin and Shaefer call $2-a-day poverty doesn’t mean that their subjects really survive for long periods on nothing but $2 a day, and I fear that too many readers will be thrown off by this distinction. Do not go there, as it’s an unnecessary distraction. The authors explicitly acknowledge that no one could survive in this country if that was all they had to live on over an extended period. What they call “$2-a-day poverty” means spells of scraping by on almost no regular, reliable income, though many may be able to access the dicey income sources just noted above.
In the summer of 2012, the authors also began ethnographic studies in sites across the country: Chicago, Cleveland, a midsize city in the Appalachian region and small rural villages in the Mississippi Delta. In each of these areas it did not prove difficult to find families surviving on cash incomes of no more than $2 per person, per day during certain periods of the year.
Self-Healing Plastic (jdargis)
This self-healing “skin,” funded partly by NASA and developed at the University of Michigan, is composed of two polymer sheets with a reactive liquid between them. When the sheets are punctured by a high-velocity projectile, a chemical within the liquid reacts with oxygen to seal the hole in a matter of seconds.
Major oil-producing countries—that list includes Venezuela, Libya, Russia, Qatar, and Iraq—are all taking a hit. Each of these countries have a different threshold for how low prices can go before their budget goes into deficit territory, but according to calculations by the Wall Street Journal and the IMF—only Kuwait can break even at the current prices. (In Deutsche Bank’s estimates, no one survives.)
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