Euro falls to lowest in a month as Angela Merkels win shakes investors confidence
BHP, worlds largest miner, says 2017 is tipping point for electric cars
CBO: Millions of people will lose health insurance under Graham-Cassidy bill
Goose bump moment: I am the ONLY person at magnificent #Edzná #Campeche (aka get up early) #LPinMexico #Maya
#Gold down in European trading today (Sept. 26, 2017)
Trump once won a lawsuit against the @NFL — but the result was an embarrassment
Norway elk hunt threatened by wolves: hunters
U.S. companies urge EU to refrain from unilateral moves on Web tax
#Chinese ‘office chef’ becomes an internet hit
Scuffle Breaks Out At Parliament, City Hall Over Age Limit Debate: #Uganda
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Want to understand the future of design? Read these books:
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Quick Take: Hong Kong Monetary Authority to Invest in ‘Belt and Road’ #BeltandRoad #HongKong
Mario Draghi: European Central Bank Has No Power to Regulate Bitcoin
AIG assets surge by ‘billions of dollars’ with digital effort via @sonalibasak @julieverhage
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34 most disruptive technologies. #blockchain #4dprinting #machinelearning #AR #VR #robotics #IoT
North Korea moving airplanes, boosting defense after US bomber flight: Yonhap via @Reuters
Trump policy shift leads U.S. to seek closer India defense ties
Swedish Judges Arrive to Hear Testimonies in Genocide Trial: #Rwanda
Quick Take: Mainland’s IPOs Soar #IPO
Iraqi soldiers join Turkish exercises near shared border: witness
Bank of Japan wants to stick with current policy, faces growing doubts via @Reuters
Foreigners residents in Japan are starting to slow the overall population decline
What you need to know about the far-right party that’s made gains in Germany’s elections
In Ivankas China, business ties shrouded in secrecy via @AP
#InternationalRabbitDay - September 23, 2017.
Apple shares flirt with correction territory
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#Cuba | Cuban Regime Profits from Hurricane Irma Relief Donations
Only Steelers player who came out for national anthem: I made my teammates look bad
Obamacare repeal on the ropes as pivotal Republican rebuffs Trump via @Reuters
VIDEO: Newmont CEO Goldberg on Royalty Hikes, Strategy
#Honduras #InterestRate at 5.50%
Lot of technology companies in the @Interbrand Brands Top 100
Beijing’s Existing Home Market Loses Momentum in Third Quarter #realestate #beijing
North African pipeline volumes up by more than 9%
US rejects North Korea war allegations as absurd
Alibaba Takes Control of Logistics Unit #alibaba #logistics
China says war on Korean peninsula will have no winner via @Reuters
S. Korea says winter Olympics will be safe despite nuclear threat
Solar-Panel Makers Move Further Into Plant-Building Orbit #SolarEnergy #SolarPower
Women not being warned of epilepsy drugs risk to unborn children
Oil near 26-month high as Turkey threatens to choke Kurdish exports via @Reuters
McDonald’s Steps Up China Super-Sizing With New Partners #McDonalds #realestate
Will the splintering of Frances National Front help or harm it? @YasmeenSerhan reports:
5 useless human body parts left over from evolution
Puerto Rico power grid rebuild after hurricane faces big hurdles
Spurs coach Gregg Popovich: Our country is an embarrassment in the world under Trump
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The EUR is back to ECB staff assumption against the USD (1.18), and below that level in trade-weighted terms.
US keeps up diplomatic efforts to deal with North Korea crisis via @Reuters
The Hydraulic Press Takes On an Over-Inflated Tire
Rowan linked with $4bn takeover of Maersk Drilling
Hapag-Lloyd sends three boxships for scrap
US environmental lawyer wins Swedens alternative Nobel Prize
Lets keep the good things wild and free:
Julian Assange’s strange new obsession
Piracy Worsens On Nigerian Waters, Two More People Killed: #Nigeria
What Diamonds Dad Wants Zari to Know About Hamisa: #Tanzania
Survivors Vow to Keep Up Fight as France Steps Up Inquiry Into Bank Genocide Links: #Rwanda
The euro hits a one-month low as investors confidence is shaken after the German election
Zanu-PF Wars - VP Mnangagwa Threatens to Sue Rival for $3 Million: #Zimbabwe
Jonathan, Is Perhaps, the Most Abused in Terms of Hate Speech - Okupe: #Nigeria
Coronation Street legend Liz Dawn passes away aged 77
Putin and Merkel hold phone call after German polls: Kremlin via @Reuters
Western Digital to seek injunction to block Toshibas $18 billion chip unit sale
PE firm Brookfield completes investment into Teekay Offshore
Cape Town Gets Tough With Delinquent Water Users: #SouthAfrica
Our quote of the day is from English author T.S. Eliot. Download our Espresso app here
#Silver Currency Index (Top 20 GDP Weighted) vs Silver in US Dollar (Sept. 25, 2017) - via
How to make sure global companies pay their taxes via @petercoy
Road rage parent drives into teacher
Wildfires Seen Burning by California Highways
Africa needs infrastructure, China wants to build It. So what’s the problem?
Why new U.S. sanctions on North Korea could actually bite
Worth looking at that gold move again. #METL
LBMA #Gold Price (AM) is USD 1,306.90, EUR 1,105.38 (Sept. 26, 2017)
#Gold Currency Index (Top 20 GDP Weighted) vs Gold in US Dollar (Sept. 25, 2017) - via
Maybe it sounds more family friendly with an American accent.
Coronation Street actress Liz Dawn has died
World in Pictures
Botanic gardens across the globe should work together to preserve plant diversity:
Doing business in Iran? Then you must still cross a minefield of US regulations #OOTT
Mattis seeks deeper ties with India amid China assertiveness
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On eFinancialCareers: Andrea Orcel on the boringness of banking and rehoming staff
Option traders arent buying the yuans latest pullback
Wild and wonderful trips to take this October
Sterling hits 10-week high against weakening euro via @Reuters
#teamE17
Japans Abe may perform u-turn on tax hikes for snap election
Peak gold via @daniellebochove
Roger Stone Picks a Fight with Intelligence Committee Ahead of Testimony
Congress Is Broken. Bring Back Pork.
New aid plan needed for South Sudan, writes @samueloakford
If You Blame Hillary Clinton for Benghazi, You Probably Couldn’t Serve on This Jury
Maltas Government May Test Cryptocurrency in Regulatory Sandbox
Euro hits one-month low after worst day of 2017 via @Reuters
How to pack for months of endless daytime
North Korea war cries stifle stocks, euro still groggy
Qatar-Gulf crisis: Read all the latest updates here:
Brazil Sugar Raises Kenya Stockpile to Cover Five Months: #Kenya
#Digital transformation is the way to go for the #shipping industry
Marc Anthony to Trump: Shut the f-ck up about NFL and do something for Puerto Rico
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People in Lewisham are sad.
Hipsters are sad.
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Tensions rise as Iraq Kurds defy Baghdad in independence vote #AFP
Republicans revolt again, seemingly doom Trump’s latest effort to repeal Obamacare
Goldman is pretty bearish on iron ore
Police Chief Orders Removal of Roadblocks Nationwide: #Nigeria
Civil Servants Get Pay Rise: #Zambia
Chief Justice Maraga Draws Cheers in Tanzania: #Kenya
Venezuela: Trump’s travel ban is “political terrorism”
How many refugees will Trump allow into the U.S.? @kcalamur looks at the debate:
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The biggest diamond found in more than a century has finally sold (for $53 million)
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@queenofchartz could b worse
Should #cash be abolished?
Polls Body Promises Transparent and Accountable Poll: #Kenya
Balis menacing volcano puts some tourists plans on back burner
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Holidaymakers warned of flight disruption amid fears Bali volcano will erupt
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Rival automakers are ticked off that theyve helped fund Tesla via electric car credits
Discovery is a Star Trek series for the Trump era
Trumps state-tax plan could cause headaches for 52 Republican lawmakers
Amid dismal ticket sales, Pyeongchang 2018 gets help from South Korean banks
British Airways Probes Racist Comments About Nigerian Passengers #Nigeria
Trump Foreign Policy Still Being Driven By Fox Friends
Bali’s menacing volcano puts tourists’ plans on back burner
Tomorrows agenda. #macrothemes @SarahRapp
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West Wing actor: Trumps rhetoric goes against the values America was built on
London luxury home values are set to rise by 20% over the next five years via @sharonrsmyth
SP: #highyield default rate in Europe might hold at ~2% for near year or so; Avg is 3.2%
I reviewed @Richard_Floridas book on the New Urban Crisis for the NS
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Oil demand may exceed supply by up to 4 million bpd by 2019: Trafigura
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Debt Rattle September 26 2017 | Puerto Rico goes cashless. Let it be a wake-up call for you
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Nigerian President Returns After London Stopover #Nigeria
Kamaru Usman Knocks Out Sergio Moraes: #Nigeria
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Euro slips as Angela Merkel faces tough coalition decisions #BTW17
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Mike Shedlock

Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. He operates the blog MISH'S Global Economic Trend Analysis and believes in the Austrian School of economics.


Another Reason Men Don’t Work: Imaginary World More Enjoyable than the Real World

2 months ago




President Trump, like President Obama before him, point out the low unemployment rate as a measure of success.

What they don’t point out are masses of people on welfare via fraudulent disabilities, people in school wasting money in dead-end retraining exercises, people who have simply given up looking for a job, and people in forced retirement needing Social Security payments to survive.

A team of researchers from Princeton, the University of Chicago, and the University of Rochester discusses another class of individuals who are not working but are not counted as unemployed: People, primarily young men who are addicted to games. For such individuals, games provide a fantasy world that is far more enjoyable than the real world.

Please consider their report on Leisure Luxuries and the Labor Supply of Young Men.

Between 2000 and 2015, market hours worked fell by 203 hours per year (12 percent) for younger men ages 21-30, compared to a decline of 163 hours per year (8 percent) for men ages 31-55. These declines started prior to the Great Recession, accelerated sharply during the recession, and have rebounded only modestly since. We use a variety of data sources to document that the hours decline was particularly pronounced for younger men.

Not only have hours fallen, but there is a large and growing segment of this population that appears detached from the labor market: 15 percent of younger men, excluding full-time students, worked zero weeks over the prior year as of 2016. The comparable number in 2000 was only 8 percent.

A natural question is how these younger men support themselves given their decline in earnings. We document that 67 percent of non-employed younger men lived with a parent or close relative in 2015, compared to 46 percent in 2000.

One avenue to gauge how younger men perceive their fortunes is to use survey data on happiness. In this spirit, we complement the patterns in hours, wages, and consumption with data on life satisfaction from the General Social Survey. We find that younger men reported increased happiness during the 2000s, despite stagnant wages, declining employment rates and increased propensity to live with parents/relatives. This contrasts sharply with older men, whose satisfaction clearly fell, tracking their decline in employment.

Annual Hours and Employment Rates

Zero Weeks Worked

Real Wages

Two Questions

1. The study found gaming trends apply to younger men, not older men and not women. Do women more than men like to live in the real world?

2. Is happiness a function of increased gaming or a reflection on changing attitudes of millennials in general towards material things?

The research report ties in nicely with Growing Number of Companies Complain About Inability to Find Workers: So Why is Wage Growth So Low?

Mike “Mish” Shedlock