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EconVue Spotlight

Dear R. Hunter,

There were three big stories out of Washington this week. President
Trump's trip to Asia has nearly overshadowed news of Congress's proposed
tax changes, and for the first time since G. William Miller, the Federal
Reserve will be led by a non-economist.

Opportunities for turbulence abound; I imagine that US diplomats in Asia
are now holding their collective breaths. Changes to corporate taxation
and the Mortgage Interest Deduction could alter the flight path of the
US economy. Will the Fed be able to maintain its present altitude in the
face of geopolitical and congressional headwinds? Markets seem to be
saying yes.

Below please find a selection of provocative articles by EconVue experts
and others you might have missed. The opioid epidemic in the US has been
a sociological and economic bombshell, as outlined by David Johnson

https://econvue.com/experts/david-w-johnson

. Blockchain continues to evolve at a break neck pace, as Collin
Canright

https://econvue.com/experts/collin-canright

's blog continues to update us. Nicholas Benes

https://econvue.com/experts/nicholas-benes

chronicles the rise of corporate governance in Japan, and indeed the
Japanese stock market is up 18% YTD.

Another discussion thread is emerging, one of key concern to investors
that is explored by many of the authors I have cited. Where are the
risks to our current prosperity lurking? Robert Pringle

https://econvue.com/experts/robert-pringle

continues his retrospective series on the Global Financial Crisis, and
Karim Pakravan

https://econvue.com/experts/karim-pakravan

raises the specter of the next Minsky Moment. Through it all, Michael
Lewis

https://econvue.com/experts/michael-lewis

remains optimistic that the US at least is on track for continued
growth, so we will start with the good news.

RESEARCH BY ECONVUE EXPERTS

Data Round-Up: Payroll Jobs Back on Track in October, Jobless Rate Hits
New Low

https://econvue.com/reports/michael-lewis/data-round-payroll-jobs-back-track-october-jobless-rate-hits-new-low

Michael Lewis

https://econvue.com/experts/michael-lewis

Good, Great, and OK. That aptly describes today's employment key data:
payroll job gains, the jobless rate and wages, respectively. House Tax
Plan Should Stimulate Economy on the Margins

https://econvue.com/reports/michael-lewis/house-tax-plan-should-stimulate-economy-margins

Michael Lewis

https://econvue.com/experts/michael-lewis

EconVue expert Mike Lewis' closer look at the tax reform initiative and
offers some "big picture" points: A tax cut for most everyone; tax hikes
on the rich; Yes, tax stimulus is a good idea and Yes, the tax plan will
stimulate GDP. Crony Capitalism Has Consequences: Opioid Distribution,
Destruction and Death

https://econvue.com/pulse/crony-capitalism-has-consequences-opioid-distribution-destruction-and-death

David Johnson

https://econvue.com/experts/david-w-johnson

Talk about bombshells. On October 15th, the Washington Post and 60
Minutes released a detailed and damning investigative report titled "The
Drug Industry's Triumph Over the DEA (Drug Enforcement Agency)." The
report chronicles how Big Pharma and its Congressional allies
orchestrated passage of legislation that has severely weakened the DEA's
ability to curtail illegal distribution of opioid drugs. Changing
Corporate Governance in Japan

https://econvue.com/pulse/changing-corporate-governance

Nicholas Benes

https://econvue.com/experts/nicholas-benes

As the initial proposer of Japan's first Corporate Governance Code, the
governance indicator for listed companies, Nicholas shares his views on
foreign direct investment (FDI) in Japan in terms of corporate
governance and business management systems. The Strategic Importance of
Brazil

https://theglobalamericans.org/2017/10/strategic-importance-brazil/

R. Evan Ellis

https://econvue.com/experts/r-evan-ellis

EconVue expert R. Evan Ellis's article appears in Global Americans
October 31, 2017. Since 2003, Chinese companies have invested $46.8
billion in Brazil across 87 projects—far more than in any other country
in Latin America. Less known, however, is the fact that Brazil is
increasingly becoming a significant military partner for China in the
region. The IMF and the Minsky Moment

https://econvue.com/pulse/imf-and-minsky-moment

Karim Pakravan

https://econvue.com/experts/karim-pakravan

The IMF and the collective group of economic and financial policymakers
may be patting themselves on the back for the state of the world economy
and financial markets, but these reports raise important issues that
need to be addressed if we want to avoid a repeat of 2008. 10-Year
Retrospective: Lesson 5

https://econvue.com/pulse/10-year-retrospective-lesson-5-banks-ave-not-regained-public-trust

, Lesson 6

https://econvue.com/pulse/10-year-retrospective-lesson-6-state-has-rewarded-bad-behavior-and-bad-banks

, Lesson 7, 8 & 9

https://econvue.com/pulse/10-year-retrospective-lessons-7-8-9-three-more-lessons-thats-lot

Robert Pringle

https://econvue.com/experts/robert-pringle

The final lessons on global financial crisis: Banks have not Regained
Public Trust, the State has Rewarded Bad Behavior and Bad Banks & the
Neglect of International Causes. Crypto Currents

https://econvue.com/pulse/crypto-currents

Collin Canright

https://econvue.com/experts/collin-canright

A recap of articles that capture pieces of the current crypto currency
economy.

STORIES IN OUR SPOTLIGHT World $63 Trillion of World Debt in One
Visualization

http://www.visualcapitalist.com/63-trillion-world-debt-one-visualization/

Jeff Desjardins 10/27/2017 VisualCapitalist Catalans declare
independence as Madrid imposes direct rule

http://www.bbc.com/news/world-europe-41780116?ns_mchannel=social&ns_campaign=bbc_breaking&ns_source=twitter&ns_linkname=news_central

BBC News 10/2 7/2017 Another example of the trend towards global
decentralization in politics, culture, economics, and technology. Recent
arrests of Catalan leaders are likely to exacerbate this conflict. A
brighter global economy and its downside risks

https://www.bundesbank.de/Redaktion/EN/Reden/2017/2017_10_30_dombret.html

Dr. Andreas Dombret 10/30/2017 Deutsche Bundesbank Eurosystem B
undesbank speech in India: good weather doesn't last forever. Puzzles in
the Tokyo fixing in the forex market: Order imbalances and Bank pricing

http://www.sciencedirect.com/science/article/pii/S0022199617301204

Takatoshi Ito, Masahiro Yamada 2017 ScienceDirect How "fixing" rates at
9:55 am increases rather than decreases volatility in Japanese markets.
US Chart: Number of US Bank Branches 2000-2017

https://twitter.com/driehauscapital/status/925001163505795072

Driehaus Capital 10/30/2017 Twitter You can see empty storefronts
everywhere in the US. This is partially due to the closing of bank
branch offices. Regulatory humility

https://www.aei.org/publication/regulatory-humility-humility/

Gus Hurwitz 10/25/2017 AEI Regulation is very very hard to do right.
Repatriated earnings won't help American workers—but taxing those
earnings can

https://www.brookings.edu/blog/up-front/2017/10/25/repatriated-earnings-wont-help-american-workers-but-taxing-those-earnings-can/

Adam Looney 10/25/2017 Brookings Most offshore profits are already
invested in US govt securities. US tax reform targets avoidance by
multinationals

https://www.ft.com/content/23060b2c-c037-11e7-9836-b25f8adaa111

Barney Jopson 11/3/2017 FT Not sure these politicians understand how
global supply chains work. Could impact competitiveness of US firms.
Homebuilder stocks tanking on today's tax news

https://twitter.com/thestalwart/status/926091271227273218

Joe Weisenthal 11/2/2017 @TheStalwart Twitter Perfect set up for a gold
rush in mortgages and other market distortions before the new 500k
mortgage interest deduction kicks in. Blockchain Just Became Obsolete.
The Future is Hashgraph

https://squawker.org/technology/blockchain-just-became-obsolete-the-future-is-hashgraph/?utm_content=buffer3d9ec&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer

Justin Danneman 10/25/2017 Squawker Facebook may soon test a ‘red
envelope' payments feature, and a new ‘breaking news' tag for stories

https://www.recode.net/2017/11/4/16605046/facebook-test-red-envelope-breaking-news-tag

Kurt Wagner 11/4/2017 Recode # MarkZuckerberg @facebook should realize
that "red envelope" payments have a very different connotation in China.
China The biggest stock collapse in world history is set to get worse

http://www.smh.com.au/business/markets/the-biggest-stock-collapse-in-world-history-is-set-to-get-worse-20171029-gzamw2.html

Kana Nishizawa and Aibing Guo 10/30/2017 SMH PetroChina woes: the
biggest stock collapse in world history ($1T) is set to get worse
Caixin/Markit China PMI Comes In At 51.0 As Expected

https://www.investing.com/news/economic-indicators/caixinmarkit-china-pmi-comes-in-at-510-as-expected-761441

Investing.com 10/31/2017 As expected. The calm before the storm?

http://insidestory.org.au/the-calm-before-the-storm/

Kerry Brown 10/28/2017 Inside Story The internal challenges China faces
should not be underestimated.

With all best wishes,


Lyric Hughes Hale

Editor-in-Chief

Econvue.com
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