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So much for the _trade truce_rally.
One day after it emerged that nobody in the Trump administration has any clue about what was actually agreed upon during Saturday's historic "dinner date" between Trump and Xi, Monday's market "sugar rush" hopium fizzled and as we previewed yesterday, has turned into a vicious hangover, with US equity futures dropping and European shares tracking declines in Asia despite a modest recovery from Chinese stocks into the close as investors curbed their enthusiasm over any breakthrough in the trade war.

S&P 500 futures indicated U.S. shares would give up much of their Monday’s gains at the New York open, while the Stoxx Europe 600 Index slipped led by the same automakers which surged yesterday on a Trump tweet about China dropping car tariffs, which has since been largely disproven.

Markets slumped across the globe, with world stocks knocked off a three-week high as a result of dashed hopes of a swift resolution in the US-China trade war after media appearances from Trump administration officials shed little light on the specifics of any Sino-American trade agreement, while growing fears the U.S economy could be headed for recession sooner than expected weighed on the dollar.
As Bloomberg notes, the optimism that drove Monday's gains quickly dissipated as investors scrambled to figure out exactly what, if anything, was agreed between the U.S. and China on trade at the weekend. Treasury Secretary Steven Mnuchin and President Donald Trump’s top economic adviser, Larry Kudlow, dialed back expectations and added qualifiers when asked about the outcome of talks between Trump and Chinese President Xi Jinping. China’s government did not help the mood as it was unable to formulate its response to the trade summit - three days after its conclusion - as senior officials are still out of the country with President Xi Jinping. China has said nothing about the commitment to remove car tariffs flagged by the U.S., nor did its statement mention the 90-day timeline for talks the Americans have specified.
Following declines on Asian bourses, where Japan’s Nikkei stock index closed 2.4% lower, even as shares in Shanghai and Hong Kong fared better, fluctuating before ending higher as the yuan climbed, the mood was somber in Europe with the wider blue chip index slipping 0.3 percent. Frankfurt’s DAX and Paris’ CAC 40 fell 0.6 percent while MSCI’s index of world stocks declined 0.1 percent.
"The initial relief rally was never going to last. Investors need more detail now in order for that risk on sentiment to survive,” said Jasper Lawler, head of research at London Capital Group. “So far that detail has not been coming through and investors have more questions than answers."
Adding to market woes, was an inversion of the short end of the U.S. yield curve which foreshadowed the end of the Federal Reserve’s tightening campaign and raised the specter of a possible U.S. recession. The curve between U.S. three-year and five-year and between two-year and five-year paper inverted on Monday - the first parts of the Treasury yield curve to invert since the financial crisis, excluding very short-dated debt; meanwhile the closely watched 2s10s just 13 basis points from inversion.

On Tuesday, the yield on benchmark 10-year Treasury notes dropped as low as 2.94%, sliding below its 200DMA for the first time since September 2017.

“The focus is now shifting to the inverted U.S. bond yield curve which has negative connotations, while implying the U.S. economy is heading towards what was only a few weeks ago an improbable economic slowdown,” said Stephen Innes, head of trading for APAC at Oanda. “Now, even recessionary fear is starting to raise its ugly head.”
German/U.S. yields moved in tandem, with curves bull flatten as the focus on curve inversion gains momentum. Long-dated Gilt yields drop 3bps, dragging peers lower, short dates underpinned by steady demand at the 2024 auction, although attention remains squarely on Brexit developments.
As yields dropped and the curve inverted, the USD weakened against all G-10 currencies, weakening 0.8% against the Japanese yen and fell more than 0.5% to its weakest level since September against the offshore Chinese yuan to 6.83 yuan, with the Bloomberg dollar index sliding back under 1,200...

... while the cable rallied back above 1.2800 after the European Court of Justice offers a non-binding opinion on the possibility of an Art. 50 reversal. This was a bounce back from two-month lows it hit in early trade against the dollar on concern about British parliamentary approval for a proposed Brexit deal. The pound last stood 0.7 percent firmer at $1.2814 while weakening 0.2 percent against the euro to 89.10 pence. The South African rand strengthened after a surprise GDP beat, putting in the best performance in EMFX. WTI crude pushes higher through $54, but knocked off best levels after Saudi Energy Min tempers hopes for an OPEC+ production cut
Fed Chairman Jerome Powell was scheduled to testify on Wednesday to a congressional Joint Economic Committee, but the hearing was postponed because of a national day of mourning for U.S. President George H.W. Bush, who died on Friday.
Elsewhere oil continued to find support, and extended gains, adding to Monday’s 4 percent surge as investors bet a key OPEC meeting on Thursday could deliver supply cuts in the wake of moves by producers to address a supply glut that contributed to a 15% tumble in West Texas Intermediate prices last month. U.S. crude and Brent crude added 1.6 percent to $53.82 and $62.7 per barrel respectively. Later in the session oil pared some gains after Saudi Oil Minister Khalid Al-Falih said it’s too early to say whether OPEC and its partners will cut production.
Gold hit a session high of USD 1238.83, reaching its highest value since the end of October, as the dollar continues to weaken on a decline in US yields following the positive G20 trade outcomes. Steel futures have hit a 7-month low as prices are pressured by the oversupplied market, this comes after the positive sentiment seen in base metals on Monday from US-China trade developments. Separately, palladium (+1.0%) hit a record high of USD 1221.95 earlier in the session.
On today's economic calendar, no major economic data are expected. AutoZone and Dollar General are among companies reporting earnings.
Market Snapshot

• S&P500 futures down 0.6% to 2,774.50
• STOXX Europe 600 down 0.3% to 359.96
• MXAP down 0.6% to 155.59
• MXAPJ down 0.03% to 503.44
• Nikkei down 2.4% to 22,036.05
• Topix down 2.4% to 1,649.20
• Hang Seng Index up 0.3% to 27,260.44
• Shanghai Composite up 0.4% to 2,665.96
• Sensex down 0.4% to 36,113.39
• Australia S&P/ASX 200 down 1% to 5,713.14
• Kospi down 0.8% to 2,114.35
• US Dollar Index down 0.5% to 96.53
• Brent futures up 2.4% to $63.18/bbl
• Gold spot up 0.7% to $1,239.66
• German 10Y yield fell 2.2 bps to 0.284%
• Euro up 0.4% to $1.1398
• Italian 10Y yield fell 6.7 bps to 2.779%
• Spanish 10Y yield unchanged at 1.492%

Top Overnight News from Bloomberg

• President Donald Trump left his top advisers scrambling on Monday to explain a trade deal he claimed he’d struck with China to reduce tariffs on U.S. cars exported to the country -- an agreement that doesn’t exist on paper and hasn’t been confirmed in Beijing
• The ECJ opinion was seen as potentially helping both May in getting her EU withdrawal deal through Parliament as it could encourage Brexit hardliners to back the agreement in fear of the U.K.’s exit will be stopped, as well as giving hope to those who want to thwart the process
• China’s government isn’t yet able to formulate its response to the summit on trade with U.S. President Donald Trump as senior officials are still out of the country with President Xi Jinping. China has said nothing about the commitment to remove car tariffs flagged by the U.S., nor did its statement mention the 90-day timeline for talks the Americans have specified. On Tuesday, China announced an array of punishments for intellectual property theft
• French President Emmanuel Macron plans to reverse course and suspend a planned fuel-tax hike that has sent as many as 300,000 protesters into the streets for three weekends in sometimes violent clashes
• U.K. derivatives-clearing giants including a unit of London Stock Exchange Group Plc are pushing the European Union to guarantee that they’ll be able to continue serving the bloc’s biggest banks in the event of a no-deal Brexit, according to people with knowledge of the firms’ positions
• South Africa emerged from its first recession in almost a decade in the third quarter as recoveries in manufacturing and agriculture contributed to an increase in economic growth
• A section of the U.S. Treasuries yield curve inverted for the first time in more than a decade. The spread between 3- and 5- year yields turned negative, and the 2- to 5-year gap soon followed
• Theresa May’s attempt to sell her Brexit deal to lawmakers was torpedoed before it had even begun, as opposition parties were granted an emergency debate on whether her government is in contempt of Parliament for refusing to release legal advice about the deal
• The onshore yuan climbed for a second day, extending its biggest advance in more than two years, as a rally built on a truce in the China-U.S. trade war continues
• The Reserve Bank of Australia left its key rate at a record low Tuesday as it gauges the impact of a housing market slowdown
• Oil extended gains above $53 a barrel as investors held on to optimism OPEC and its allies will strike a deal to stabilize the market. The agreement between Saudi Arabia’s Crown Prince Mohammed bin Salman and Russian President Vladimir Putin raises the possibility of a production accord when OPEC and its partners meet this week in Vienna

Asian stocks traded mostly negative as the relief rally fizzled out in the region with investors quick to book their recent profits. ASX 200 (-1.0%) and Nikkei 225 (-2.4%) were lower from the open in which a pullback in consumer and energy stocks led the downside in Australia and with Japanese sentiment dampened by a firmer currency. An indecisive tone was seen in the Hang Seng (-0.5%) and Shanghai Comp. (-0.2%) amid a lack of fresh drivers and as participants await the next developments of the US-China trade saga with China reportedly considering possibilities of lowering US auto tariffs. In addition, US Treasury Secretary Mnuchin was said to be hopeful for an agreement but warned tariffs will be implemented if a deal fails to materialize, while China reportedly censored a post by the US Embassy regarding the recent trade developments and tariff ceasefire which some have suggested could be a possible effort to avoid looking weak or that it gave in to US pressure. Finally, 10yr JGBs traded higher amid the risk averse tone and as they tracked the overnight gains in T-notes. This coincided with the US 10yr Treasury yield dropping below its 200DMA for the first time in around a year, while the US 2y10yr spread continued to narrow to its flattest in over a decade. Today also saw a 10yr auction from Japan, although there was a muted reaction as the auction bore mixed results.
Top Asian News - Foreigners Cut China Bond Holdings First Time Since Feb. 2017 - Sri Lanka Court Restrains Rajapaksa Acting as Prime Minister - China Announces New Punishments for Intellectual Property Theft - Rich Asians Are Crazy to Live in Shanghai, Luxury Index Shows
European equities have kicked the session off with modest losses (Eurostoxx 50 -0.5%) as markets take a breather from yesterday’s “trade truce” inspired gains. The CAC 40 (-0.6%) is showing some marginal underpeformance relative to its peers in what has been a difficult start to the week for French equities amid domestic protests over the weekend, albeit tensions might show some signs of abating following reports that the French PM is to halt the proposed fuel tax hike. Elsewhere, sectors are relatively mixed thus far with mild outperformance seen in energy names (in-fitting with price action in the complex). Consumer discretionary stocks are a clear underperformer with Volkswagen (-2.2%), Porsche (-2.0%) and BMW (-1.9%) all lower after German car registrations fell 10% Y/Y. Postal names are softer in Europe following a disappointing update from BPost (-20.4%) which has sent their shares to the foot of the Stoxx 600, dragging Post NL (-5.3%) and Deutsche Post (-1.7%) lower in sympathy. In terms of individual movers and shakers have predominantly been the result of broker moves with Rightmove (+1.8%), JC Decaux (-3.3%), BAE Systems (-4.9%) and Continental (-4.0%) all gaining traction as a result of rating action.
Top European News

• Carney Says Worst-Case Brexit Scenario Is Unlikely to Happen
• Danske Has About $2.7 Billion as Buffer Against Fines, CEO Says; Danske Says BlackRock Increases Stake in Bank
• Europe Auto Stocks Drop as Jefferies Downgrades, U.S. Backpedals
• NordLB to Start Discussions With Bidders After Getting 4 Offers
• BT Upgraded to Buy at Goldman, Cost Transformation in Focus

In FX, DXY – On the backfoot again with the index retreating further from 97.000 to trip stops at 96.400 and register a fresh post-G20 low of 96.372. This against the backdrop of broad Dollar losses vs. its major counterpart and a sharp retreat in US Treasury yields with the long-end of the curve outperforming. EUR – Also benefitting from the Greenback’s misfortunes and hopes that Italy vs. EU fiscal friction may be resolved amidst latest reports that PM Conte will deliver another revised 2019 budget draft with deficit circa 2.0%. EUUSD back above 1.1400 (with 1.234bln option expiries between 1.1400-05) but just stopped short of a key Fib at 1.1424. JPY, GBP – Major G10 outperformers with cable briefly breaching yesterday’s high of 1.2825 (vs. intraday lows of 1.2720), absorbing offers around 1.2800-1.2820 on the way to a peak of 1.2839. The Pound may have derived support from another UK PMI beat (construction) having already gained impetus after the ECJ’s senior advisor stated that the UK can revoke Article 50 unilaterally (under certain conditions). The single currency vs. the pound holding just above 0.8900 vs. lows of 0.8890 with stops reported at 0.8950 (though some distance away). To the downside, 0.8861 is reported to be a support level. Elsewhere, the JPY is taking advantage of the ongoing buck decline and a marked downturn in risk sentiment after initial US-China truce euphoria, with USD/JPY taking out the Tenken line at 113.34, a Fib level at 113.17 and the 55DMA at 113.05 to hit a low of 112.75 (ahead of the psychological 112.50 and the 100-DMA at 112.25). EM –Turkish Lira remains pressured by the ongoing recovery in oil prices (large net importer). USD/TRY trading around 5.30 with concerns that the Central Bank may prematurely loosen policy (aided by the slowdown in CPI) also weighing on investors’ minds. However, the ZAR is the clear EM outperformer amid the latest SA GDP figures showing the country has recovered out of recession, while a rally gold (major producer) is also providing the Rand with impetus. Finally, CNY undergoes another day of strengthening in a continuation from the G20 momentum. USD/CNY trading comfortably below 6.8500 after the PBoC set the strongest Yuan fix since June last year.
In commodities, Brent (+2.2%) and WTI (+2.2%) have continued to rise on expectations for a cut at the upcoming OPEC+ meeting, with any cut likely to take into account the reduction to Canadian output which is also supporting oil prices. Prices came off highs after Saudi Energy Minister Al-Falih stated that it is premature to suggest that OPEC+ will reduce output at the meeting this week, in turn hinting division amongst OPEC members. Initial source reports suggest that OPEC+ are working towards a minimum output cut of 1.3mln BPD from the October levels. However, Russia’s position of a maximum output cut of 150k BPD is the main obstacle to this, as OPEC want a minimum cut of 250-350k BPD. With sources suggest that OPEC may delay cuts if Russia does not agree to a substantial output cut. Looking ahead we have API data later in the day, with expectations being that crude stocks fell by 2.25mln/bbl for the week; if expectations prove accurate this will be the first crude oil draw since mid-September. Additionally, the weekly EIA release has been pushed back to Thursday at 16:00 GMT, due to the national day of mourning for Former President George H.W. Bush. Gold hit a session high of USD 1238.83, reaching its highest value since the end of October, as the dollar continues to weaken on a decline in US yields following the positive G20 trade outcomes. Steel futures have hit a 7-month low as prices are pressured by the oversupplied market, this comes after the positive sentiment seen in base metals on Monday from US-China trade developments. Separately, palladium (+1.0%) hit a record high of USD 1221.95 earlier in the session.
Looking at the day ahead, it’s not the most exciting for data releases with the October budget balance for France and October PPI report for the Euro Area the only prints of note. There’s nothing of note in the US however we are due to hear from the Fed’s Williams this afternoon when he holds a press briefing at the NY Fed. BoE Governor Carney is also due to attend a hearing of the Treasury Committee on the Brexit Withdrawal Agreement.
US Event Calendar

• 10am: Fed's Williams Holds Press Briefing at New York Fed

DB's Jim Reid concludes the overnight wrap
Also in credit we’ve just published our two monthly chartbooks. The PowerPoint based one on global credit trends including issuance, flows, performance and relval ( link ) and also the excel based US credit strategy one with everything you wanted to know about US credit in a spreadsheet including up to date fundamentals ( link ). Elsewhere in today’s PDF link we’ve updated our PMI vs equities analysis. It shows equities as ‘cheap’ at the moment to current activity levels. Click on the full link for this report at the top for more with the commentary below.
Bourses yesterday closed well off their early highs with the follow through from the trade ceasefire a little disappointing. This reversal has continued in Asia to a large degree with the Nikkei (-1.72%), Hang Seng (-0.52%) and Kospi (-0.95%) all lower alongside most markets while the Shanghai Comp (+0.04%) is flattish. 10yr USTs yields are 11bps lower than their peak yesterday at 2.939% (-3bps this morning) with the curve flattening further (see below). S&P 500 futures are down -0.58% as we type.
Notwithstanding these disappointments, the reality is that yesterday US stocks did continue on what was a strong rebound from last week. Indeed after taking into account the +1.09% jump yesterday the S&P 500 is now up +5.99% over the last six sessions which is the strongest such run since February 2016 and second strongest since 2011. Tech led the way yesterday with the NASDAQ rallying +1.51% and the NYSE FANG index returning +2.80%. This was after the STOXX 600 finished +1.03% in Europe and the DAX +1.85% - albeit with both also closing off the early session highs. It was a similarly strong day for credit with Euro and US high yield cash spreads tightening -6.5bps and -11.7bps respectively – the latter by the most in a month.
Despite the lack of follow through, there were some outsized winners. President Trump’s tweet about China agreeing to “reduce and remove tariffs on cars coming into China from the US” helped the S&P 500 autos sector to close +2.14% with Euro autos also surging +3.04%. In addition to that, we had the +4.30% jump for WTI oil (an extra +1% in Asia this morning) on the OPEC +/ Alberta production cuts stories we discussed yesterday. Markets are also digesting Qatar’s decision to exit OPEC from January 2019. Qatar has been a member since 1961 and while it’s not a huge volume contributor, the suggestion was that the country’s role as a diplomat had been significant. So a bit more uncertainty in the oil market. A reminder that the much anticipated OPEC meeting arrives Thursday/Friday.
Treasuries also reversed the post G-20 sell-off, which saw a +6.0bp climb this time yesterday result in a flat close. Two-year USTs did rise +3.5bps though leading to the 2s10s curve flattening to only 15bps (down to 13.5bps in Asia with 10yr another -3bps) and to the lowest in the current cycle. There was also some talk of 5 year notes inverting through both 3- and 2-year notes for the first time in this cycle as well. So the curve is getting very flat, especially at this point. As a reminder 2s10s has inverted ahead of all the last 9 recessions. The good news is we haven’t inverted yet and that the average time between the two is 16 months, with the quickest being 9 months. So we have some breathing space if history is your guide. The bad news is that we’re getting closer and closer and a circuit break to this flattening would be helpful to risk and the economy over the medium-term.
Several factors have combined to support the flattening move. The big rally in oil supported near-term inflation breakevens, with 2-year breakeven up +4.7bps and driving the entire move in nominal 2-year yields. Ten-year inflation breakevens were flat, explaining the flattening yield curve. WTI oil prices and 2-year breakevens have a high positive correlation of around 0.75. After both peaked on October 3, the former is down -30.5% and the latter has fallen by -57.0bps. At the long end, a steady flow of real money into Treasuries weighed on yields, possibly just due to rebalancing on the first day of the month after equities outperformed versus fixed income in November.
To a lesser extent, markets continued to focus on communications from Fed officials, though comments yesterday from Fed Board Members Clarida, Quarles, and Brainard broadly met expectations and confirmed the sentiment from Powell’s speech last week (note that Powell’s Wednesday congressional testimony has been cancelled and not yet rescheduled due to the President Bush’s funeral). They reiterated the recent emphasis on data dependency and described the economy as at or near full employment and inflation as at target.
Minneapolis Fed President Kashkari, a known dove who will be a voting member of the FOMC in 2019, departed somewhat from this assessment, saying that the economy “cannot be at maximum employment” if it continues to “create 200,000 jobs a month, month after month.”
In the US, the final manufacturing PMI was revised down 0.1pts to 55.3 however the more important ISM manufacturing printed at 59.3 (vs. 57.5 expected) and jumped 1.6pts from October. That’s still below the 61.3 high made back in August but was clearly reassuring in the face of some more mixed data of late. New orders (62.1 vs. 57.4 previously) and employment (58.4 vs. 56.8 previously) also lept higher, however the softer inflation story was maintained with prices paid falling over 10pts to 60.7 (vs. 70.0 expected). Some suggested that seasonals may have slightly distorted the decline. Another small negative was the fairly benign new export orders reading (52.2) which failed to climb from October.
Making less of a mark yesterday were the final global November manufacturing PMIs in Europe. Indeed the final Eurozone reading was revised up from the flash reading of 51.5 to 51.8 but was still the lowest since August 2016. That upward revision was helped by modest 0.2pts and 0.1pt upward revisions to Germany (to 51.8) and France (to 50.8), however these readings are also the lowest in 31 months and 26 months, respectively. Italy fell further below 50 to 48.6 and is now at a 47-month low, however, there was better news for Spain (52.6 and 3-month high) and Ireland (55.4 and 2-month high). Greece is even back to a 6-month high at 54.0, which means the 2.2pt differential over Germany is the highest based on data back to 2014. Meanwhile, there was a notable upward surprise in the UK (53.1 vs. 51.7 expected), a jump of 2pts from October and seemingly supported by domestic contracts picking up. In contrast, exports dropped for the second straight month with the report noting external weakness.
Outside of Europe, China catches the eye with the Shanghai Comp actually 27% ‘cheap’ compared to the implied PMI. Interestingly only the S&P 500 is pricing in an implied PMI above 50 with Europe in the 45-48 range and China 46.9. We try not to over-analyse these results, preferring to use them to look at more general levels of global undeover valuations. However, they do support our view that markets have probably got a bit too negative of late.
Over in Italy, two- and 10-year yields fell -17.4bps and -6.8bps yesterday as headlines suggested policymakers were receptive to less confrontational budget deficit targets. Prime Minister Conte is reportedly aiming to convince Salvini and Di Maio to shift the budget deficit from 2.4% to below 2.0%. The latest economic data (yesterday’s included), which has shown a marked slowdown in growth momentum amid the higher BTP yields, may be incentivising policymakers to back away from their more confrontational stance. However these were all headlines. There’s no firm evidence as yet that the deficit target will be markedly lower but the momentum seems to be moving in that direction. However last night Ansa reported Italian Premier Conte as saying that he is not trying to cut the budget deficit to below 2%.
Last night in the UK, Parliamentary Speaker Bercow granted an emergency debate to determine whether or not Prime Minister May is in contempt of Parliament over her refusal to release the government’s full legal advice about the proposed Withdrawal Agreement. The debate will take place when Parliament convenes this morning, and it currently looks likely that May will lose a vote, since lawmakers from both sides of the aisle have expressed their interest to see the information.
As for the day ahead, it’s not the most exciting for data releases with the October budget balance for France and October PPI report for the Euro Area the only prints of note. There’s nothing of note in the US however we are due to hear from the Fed’s Williams this afternoon when he holds a press briefing at the NY Fed. BoE Governor Carney is also due to attend a hearing of the Treasury Committee on the Brexit Withdrawal Agreement.

Period: 363.99 days

	Submissions	Comments
Total	1000	137356
Rate (per day)	2.75	375.27
Unique Redditors	419	16722
Combined Score	379185	747837

Top Submitters' Top Submissions

1. 20091 points, 30 submissions: Sybles
   
   1. McDonald's Says its Wage Hikes Are Improving Service: “It has done what we expected it to—90 day turnover rates are down, our survey scores are up—we have more staff in restaurants,” (5451 points, 776 comments)
   2. The Justice Department says that the scale of China's corporate espionage is so vast it constitutes a national security emergency, with China targeting virtually every sector of the U.S. economy, and costing American companies hundreds of billions of dollars in losses (1704 points, 257 comments)
   3. The Privilege of Buying 36 Rolls of Toilet Paper at Once: Many low-income shoppers, a study finds, miss out on the savings that come with making purchases in bulk. (1599 points, 872 comments)
   4. African Union Plans for Single, Common Passport, Free Trade Across the Continent, Raising Hopes for a Unified Africa (1412 points, 129 comments)
   5. For First Time In 130 Years, More Young Adults Live With Parents Than With Partners (1325 points, 374 comments)
   6. As Apple offers $200k for iPhone vulnerabilities, Black Hat firm offers $500k (1166 points, 137 comments)
   7. People in Japan are being paid to have babies, and it seems to be working (823 points, 340 comments)
   8. U.S. dynamism is in the dumps: Americans are less likely to switch jobs, move to another state, or create new companies than they were 30 years ago (or 100 years ago). What’s going on? (800 points, 328 comments)
   9. Having launched and led the battle against offshore tax evasion, America is now part of the problem (689 points, 90 comments)
   10. Japan to unveil huge $266bn economic stimulus, say reports (610 points, 330 comments)
2. 17191 points, 57 submissions: shares_rss_bot
   
   1. Most Welfare Dollars Don’t Go Directly To Poor People Anymore (1799 points, 365 comments)
   2. Poor Kids Need Summer Jobs. Rich Kids Get Them. (1314 points, 638 comments)
   3. Americans Don’t Miss Manufacturing — They Miss Unions (1260 points, 581 comments)
   4. Manufacturing Jobs Are Never Coming Back (956 points, 310 comments)
   5. Wealth of people in their 30s has 'halved in a decade' (735 points, 386 comments)
   6. The Swiss Are About To Vote ’No’ On Basic Income (599 points, 327 comments)
   7. Brexit: Japan warns firms may move European HQ out of Britain (571 points, 91 comments)
   8. What Would Happen If We Just Gave People Money? (563 points, 446 comments)
   9. The Income Gap Began To Narrow Under Obama (540 points, 162 comments)
   10. Zimbabwe 'shut down' over economic collapse (526 points, 141 comments)
3. 15607 points, 47 submissions: jimrosenz
   
   1. Why the federal government should stop spending billions on private sports stadiums | Brookings Institution (1553 points, 203 comments)
   2. The Poverty Line Was Designed Assuming Every Family Had a Housewife Who Was a 'Skillful Cook' (914 points, 229 comments)
   3. How the United States built a welfare state for the wealthy (878 points, 286 comments)
   4. When the Boss Says, 'Don't Tell Your Coworkers How Much You Get Paid' (837 points, 338 comments)
   5. Uber now three times the previous revenue of San Francisco taxi drivers (808 points, 193 comments)
   6. We can’t go on pretending that poverty is solved by getting a job (624 points, 302 comments)
   7. More Building Is The Only Cure For Expensive Housing (609 points, 350 comments)
   8. We Nobel prize-winning economists believe the UK is better off in the EU (512 points, 310 comments)
   9. Why Are Politicians So Obsessed With Manufacturing? - The New York Times (484 points, 314 comments)
   10. Rich People Are Great at Spending Money to Make Their Kids Rich, Too (483 points, 315 comments)
4. 14169 points, 49 submissions: DoremusJessup
   
   1. In Zimbabwe, where worthless $100 trillion notes serve as reminders of the perils of hyperinflation, President Robert Mugabe is printing a new currency that jeopardizes not just the economy but his own long grip on power (1100 points, 132 comments)
   2. European Union regulators have fined banks JPMorgan, HSBC and Credit Agricole a combined $520 million for colluding to manipulate the price of financial products linked to interest rates (920 points, 139 comments)
   3. Home prices are rising faster than wages in most of the United States, making homeownership increasingly difficult for average Americans in some of the most populous areas of the country, according to a report (812 points, 499 comments)
   4. Investors earned millions of dollars in profits from correctly betting on market moves ahead of sensitive U.S. economic data, suggesting leaks of key indicators, a European Central Bank research paper said on Monday (801 points, 85 comments)
   5. A Basic Income Is Smarter Than a Minimum Wage (794 points, 823 comments)
   6. Saudi Arabia is seeking a bank loan of between $6 billion and $8 billion, sources familiar with the matter told Reuters, in what would be the first significant foreign borrowing by the kingdom's government for over a decade (652 points, 147 comments)
   7. Banking giant HSBC has reached a $470 million settlement with the federal government and nearly all states over mortgage lending and foreclosure abuses that officials say helped intensify the country's economic meltdown (561 points, 97 comments)
   8. Former Federal Reserve Chairman Alan Greenspan voiced concern that the U.S. economic and political system could be undermined by what he called “crazies.” “It is the worst economic and political environment that I’ve ever been remotely related to,” Greenspan told a conference (559 points, 251 comments)
   9. The U.S. Treasury Department intends to soon issue a long-delayed rule forcing banks to seek the identities of people behind shell-company account holders, after the "Panama Papers" leak provoked a global uproar over the hiding of wealth via offshore banking devices (537 points, 24 comments)
   10. U.S. antitrust officials have prepared a lawsuit to stop Halliburton Co. from taking over rival oil-services company Baker Hughes Inc. (472 points, 50 comments)
5. 12645 points, 35 submissions: jlew24asu
   
   1. UK Votes to Leave EU (1487 points, 938 comments)
   2. Scotland will start negotiations to protect its place in the EU immediately, Nicola Sturgeon says (1154 points, 258 comments)
   3. A lot of people who make over $350,000 are about to get replaced by software (991 points, 433 comments)
   4. Bank of Japan Adopts Negative Rates of -0.1% (750 points, 262 comments)
   5. More Than One Million Walmart Associates Receive Pay Increase in 2016. lifts average hourly full-time rate to $13.38 (670 points, 335 comments)
   6. North Dakota's oil bust blows $1 billion hole in state budget (644 points, 188 comments)
   7. The Federal Reserve confronts a possibility it never expected: No exit. (569 points, 341 comments)
   8. Oil Seen Heading to $20 by Morgan Stanley on Dollar Strength (550 points, 364 comments)
   9. Vancouver home sales down 26 percent after foreign ownership tax (550 points, 204 comments)
   10. The $29 Trillion Corporate Debt Hangover That Could Spark a Recession (463 points, 133 comments)
6. 8517 points, 1 submission: CP70
   
   1. Cost of U.S. healthcare now 800% higher per person than it was in 1960, even when adjusted for inflation (8517 points, 1219 comments)
7. 7765 points, 30 submissions: mberre
   
   1. Wealth of people in their 30s has 'halved in a decade' - BBC News (944 points, 222 comments)
   2. France overtakes Britain as world's No. 5 economy after pound drops (884 points, 160 comments)
   3. Panama agrees to adopt global tax reporting standards (598 points, 21 comments)
   4. Britain's Pound Hits Historic Lows (477 points, 141 comments)
   5. CNN: Only Brits over 60 have gotten a pay rise in recent years (448 points, 67 comments)
   6. Britain To Foreign Workers: If You Don't Make $50,000 A Year, Please Leave (425 points, 198 comments)
   7. Greece rejects calls to extend austerity past 2018 (403 points, 223 comments)
   8. With Oil Prices Down, Saudi Arabia Turns To The Bond Market For The First Time (325 points, 45 comments)
   9. French Economy Grows Faster Than Estimated as Investment Jumps (309 points, 174 comments)
   10. Why Are Prime-Age Workers Disappearing From The Job Market? : NPR (301 points, 280 comments)
8. 6543 points, 8 submissions: Dalekurnagu
   
   1. It costs 1.8 cent to manufacture each penny; the penny does not even facilitate trade. The penny must die. (3966 points, 580 comments)
   2. Singapore’s Healthcare: The Best of Both Worlds — "Singapore is among the highest in life expectancy, lowest in infant mortality, and lowest in maternal mortality; yet, they spend four times less on per capita healthcare than the U.S." (919 points, 342 comments)
   3. The Disastrous War on Drugs— "The U.S. government's approach on drug prohibition, like the alcohol one before it, is a complete failure." (851 points, 111 comments)
   4. TOMS Gives Africa the Boot -- "It is estimated used-clothing donations accounts for approximately 40% of the decrease in production and 50% of the reduced employment in the garment industry in Africa." (371 points, 61 comments)
   5. Brexit: What Was One Now Becomes Two -- "Centre For Economic Performance (CEP) estimates that the U.K. would suffer a fall in income by 6.3% to 9.5% of GDP — similar to the loss the U.K. experienced during 08 financial crisis." (181 points, 60 comments)
   6. California to raise minimum wage to $15 per hour. Economist David Neumark and Republicans believe this to be foolish and that it would increase unemployment. (116 points, 128 comments)
   7. Open Borders and The Economics of Immigration -- "A globe devoid of borders would increase Gross World Product between 67 and 147 percent." (78 points, 158 comments)
   8. How legalizing abortion became one of the largest contributors to the 1990's reduction in crime. (Levitt & Donahue Thesis) (61 points, 79 comments)
9. 5462 points, 16 submissions: ghostofpennwast
   
   1. Americans Work 25% More Than Europeans, Study Finds (1554 points, 1014 comments)
   2. Mexican peso plunges 10% to record low vs. dollar as election unease builds (795 points, 43 comments)
   3. Poor at 20, Poor for Life A new study indicates that from the 1980s to the 2000s, it became less likely that a worker could move up the income ladder. (563 points, 70 comments)
   4. The truth about the gender wage gap (430 points, 388 comments)
   5. Land With Longest Stretch of Negative Rates Finds Rich Are Getting Richer Faster (365 points, 229 comments)
   6. Oil could crash to $10 a barrel, warn investment bank bears (350 points, 305 comments)
   7. Chinese yuan joins the IMF's basket of reserve currencies (242 points, 38 comments)
   8. Why Luck Plays a Big Role in Making You Rich (236 points, 105 comments)
   9. Venezuela’s currency is dying (236 points, 89 comments)
   10. Step by Step, Pot-Legalizing States Free Their Marijuana Markets (178 points, 31 comments)
10. 5123 points, 1 submission: cokermania
    
    1. President Obama promised to fight corporate concentration. Eight years later, the airline industry is dominated by just four companies (5123 points, 650 comments)
11. 4876 points, 1 submission: TheTrotters
    
    1. EpiPen's 400 percent price hike tells us a lot about what'€™s wrong with American health care (4876 points, 561 comments)
12. 4690 points, 1 submission: otterpop21
    
    1. In 2015 a study was done and published Jan 2nd 2016 showing that "There is not a single state in the U.S. where a minimum wage employee working full-time can reasonably afford a one-bedroom apartment at the fair market rent. " (4690 points, 1475 comments)
13. 4265 points, 1 submission: lawrencekhoo
    
    1. Harvard Medical School study finds high drug prices in US caused mainly by government granted monopolies and market exclusivity (4265 points, 486 comments)
14. 4154 points, 11 submissions: marcus_goldberg
    
    1. San Francisco’s Income Inequality Rivals that of Developing Nations - The City has a Gini coefficient of .523 - worse than Rwanda’s and barely better than Guatemala (879 points, 200 comments)
    2. Japanese Economy Minister wants to raise wages to smash Japanese deflationary mindset. The economy is facing serious deflation problems. "Why is it that profits increase but this is not reflected in wages?" This is the third year the Japanese government has urged businesses to raise wages (785 points, 202 comments)
    3. A Tidal Wave of Corporate Migrants Seeking Tax Shelter : Johnson Controls, a corporation that implored Congress for a bail out and has aggressively sought — and received — a series of tax breaks said on Monday it was renouncing its United States citizenship and moving to Ireland (737 points, 342 comments)
    4. Walmart, Apple, McDonald's and J.C. Penney are worried : Why aren't americans spending enough money ? (669 points, 537 comments)
    5. The Economy Is ​Great; the​ Economy Is Terrible - Real GDP has grown +13% since 2009. On average, everything is getting better, but for many people, nothing is going well. (381 points, 211 comments)
    6. Japanese Profits Surge, but Not Wages - Bosses hold back on pay raises for workers, creating a major stumbling block for Japan’s ‘Abenomics’ strategy for economic growth (203 points, 49 comments)
    7. Even as longevity increases across the rich world, middle-aged white americans are living sicker and dying earlier. Economists speculate on the reasons why. (147 points, 39 comments)
    8. Nicholas Kristof : The Cost of a Decline in Unions - Like many Americans, I’ve been wary of labor unions. I was wrong. (131 points, 80 comments)
    9. Study finds most russians were better off under the Soviet Union (77 points, 82 comments)
    10. U.S. accused of waging ‘economic war’ over Deutsche Bank - Top German politicians accuse Americans of using every available opportunity to wage a trade war demanding "extortionate damages claims" against Deutsche Bank (74 points, 37 comments)
15. 4117 points, 11 submissions: IslandEcon
    
    1. Perils of our profession: Dark-skinned economist profiled for making notes in "strange code" while on airplane (1061 points, 256 comments)
    2. Scott Sumner: The belief that trade has killed manufacturing jobs is a cognitive illusion (856 points, 292 comments)
    3. New Research Shows Intergernerational Income More Highly Correlated than we Thought and Economic Mobility is Less (506 points, 140 comments)
    4. I No Longer Understand my PhD Dissertation (432 points, 85 comments)
    5. Promises of corporate tax reform are forgotten as Obama wages war on tax inversions (403 points, 149 comments)
    6. New IMF Report Shows Global Debt has Reached Record Levels (261 points, 127 comments)
    7. Could taxing the unemployed lower the unemployment rate? Russia may try it, Belarus already does. (200 points, 201 comments)
    8. California's $15 minimum wage: Risks vs. evidence (119 points, 76 comments)
    9. Trade and Jobs: Why the Protectionist Cure Could Be Worse Than the Globalization Disease (117 points, 128 comments)
    10. Air pollution is costing China's economy 6.5 percent of GDP (88 points, 23 comments)
16. 3927 points, 6 submissions: johnmountain
    
    1. 92% of Millennials Do Not Trust Financial Institutions with Money Matters (1407 points, 474 comments)
    2. Why we should fear a cashless world: Poor people and small businesses rely on cash. A contactless system will likely entrench poverty and pave the way for terrifying levels of surveillance (847 points, 247 comments)
    3. Paul Krugman in 1998: Internet’s Economic Impact No Greater Than Fax Machine (707 points, 268 comments)
    4. The highest-paid CEOs run the worst-performing companies (561 points, 79 comments)
    5. War on Cash: Banks, governments, credit card companies and fintech evangelists all want us to believe a cashless future is inevitable and good. But this isn't a frictionless utopia says Brett Scott, and it's time to fight back (338 points, 194 comments)
    6. Canada’s Housing Lesson for the U.S. (67 points, 26 comments)
17. 3842 points, 7 submissions: Mynameis__--__
    
    1. The Unsexy Truth About Millennials: They’re Poor (2720 points, 1235 comments)
    2. Wait: Maybe Europeans Are As Rich As Americans (286 points, 364 comments)
    3. Why Buffett's Million-Dollar Bet Against Hedge Funds Was a Slam Dunk (264 points, 54 comments)
    4. Work-Life Balance Is Important To Our Economy, Because Families Are Hidden Drivers Of The Economy (199 points, 10 comments)
    5. More Economists Are Finding Jobs In Silicon Valley (163 points, 54 comments)
    6. The Economy’s Crisis Ended Under Obama, But Its Long-Term Problems Didn’t (115 points, 36 comments)
    7. The Biggest Threat to American Workers is Slowly Starting to Go Away (95 points, 37 comments)
18. 3723 points, 5 submissions: dwaxe
    
    1. California, ranked as least business-friendly state, blows past all others in job creation (1424 points, 494 comments)
    2. The Stock Market Is Not The Economy (1314 points, 337 comments)
    3. Inequality Is Killing The American Dream (505 points, 295 comments)
    4. Taxing the Rich More: Preliminary Evidence from the 2013 Tax Increase -- by Emmanuel Saez (253 points, 56 comments)
    5. Why Economists Ignore Much of Rich People’s Income (227 points, 180 comments)
19. 3643 points, 1 submission: anthroengineer
    
    1. US raises interest rate by 0.25% (3643 points, 601 comments)
20. 3577 points, 1 submission: Fallout541
    
    1. GOP introduces plan to massively cut Social Security (3577 points, 1472 comments)

Top Commenters

1. Zifnab25 (4614 points, 821 comments)
2. tcoop6231 (4266 points, 614 comments)
3. MELBOT87 (3772 points, 237 comments)
4. slash196 (3646 points, 467 comments)
5. HeFlipYa (3528 points, 519 comments)
6. Jericho_Hill (3386 points, 352 comments)
7. atl2ptown (3275 points, 778 comments)
8. bartink (3265 points, 828 comments)
9. epieikeia (3201 points, 8 comments)
10. josiahstevenson (3136 points, 492 comments)
11. ucstruct (3025 points, 362 comments)
12. bokabo (2495 points, 680 comments)
13. OliverSparrow (2397 points, 438 comments)
14. CornCobbDouglas (2393 points, 147 comments)
15. DrSandbags (2331 points, 199 comments)
16. tayaravaknin (2309 points, 232 comments)
17. jlew24asu (2112 points, 425 comments)
18. John1066 (2050 points, 690 comments)
19. hippydipster (1979 points, 376 comments)
20. LOOK_AT_MY_POT (1958 points, 25 comments)
21. Splenda (1788 points, 241 comments)
22. No_Fence (1763 points, 68 comments)
23. seruko (1700 points, 260 comments)
24. catapultation (1655 points, 799 comments)
25. besttrousers (1623 points, 222 comments)
26. FweeSpeech (1608 points, 351 comments)
27. 1amathrowaway (1573 points, 18 comments)
28. cd411 (1560 points, 55 comments)
29. wise_man_wise_guy (1557 points, 142 comments)
30. PWL73316 (1506 points, 237 comments)
31. semsr (1478 points, 46 comments)
32. NakedAndBehindYou (1466 points, 177 comments)
33. LupineChemist (1411 points, 216 comments)
34. roboczar (1393 points, 107 comments)
35. chaosmosis (1377 points, 200 comments)
36. n-some (1364 points, 89 comments)
37. pseud0nym (1342 points, 37 comments)
38. skatastic57 (1330 points, 140 comments)
39. WordSalad11 (1290 points, 228 comments)
40. commentsrus (1263 points, 131 comments)
41. EtchyTWA (1251 points, 690 comments)
42. IslandEcon (1216 points, 128 comments)
43. sunflowerfly (1203 points, 131 comments)
44. sakebomb69 (1171 points, 199 comments)
45. RedRiverBlues (1166 points, 250 comments)
46. Laser45 (1140 points, 120 comments)
47. potato1 (1122 points, 375 comments)
48. otherwiseyep (1111 points, 41 comments)
49. pickup_sticks (1097 points, 248 comments)
50. urnbabyurn (1096 points, 85 comments)

Top Submissions

1. Harvard Medical School study finds high drug prices in US caused mainly by government granted monopolies and market exclusivity by deleted (10660 points, 784 comments)
2. Cost of U.S. healthcare now 800% higher per person than it was in 1960, even when adjusted for inflation by CP70 (8517 points, 1219 comments)
3. McDonald's Says its Wage Hikes Are Improving Service: “It has done what we expected it to—90 day turnover rates are down, our survey scores are up—we have more staff in restaurants,” by Sybles (5451 points, 776 comments)
4. Vancouver slaps 15% tax on foreign home buyers by deleted (5254 points, 825 comments)
5. President Obama promised to fight corporate concentration. Eight years later, the airline industry is dominated by just four companies by cokermania (5123 points, 650 comments)
6. EpiPen's 400 percent price hike tells us a lot about what'€™s wrong with American health care by TheTrotters (4876 points, 561 comments)
7. In 2015 a study was done and published Jan 2nd 2016 showing that "There is not a single state in the U.S. where a minimum wage employee working full-time can reasonably afford a one-bedroom apartment at the fair market rent. " by otterpop21 (4690 points, 1475 comments)
8. Harvard Medical School study finds high drug prices in US caused mainly by government granted monopolies and market exclusivity by lawrencekhoo (4265 points, 486 comments)
9. It costs 1.8 cent to manufacture each penny; the penny does not even facilitate trade. The penny must die. by Dalekurnagu (3966 points, 580 comments)
10. US raises interest rate by 0.25% by anthroengineer (3643 points, 601 comments)

Top Comments

1. 3130 points: epieikeia's comment in The Privilege of Buying 36 Rolls of Toilet Paper at Once: Many low-income shoppers, a study finds, miss out on the savings that come with making purchases in bulk.
2. 1703 points: LOOK_AT_MY_POT's comment in The Privilege of Buying 36 Rolls of Toilet Paper at Once: Many low-income shoppers, a study finds, miss out on the savings that come with making purchases in bulk.
3. 1278 points: 1amathrowaway's comment in GOP introduces plan to massively cut Social Security
4. 1194 points: No_Fence's comment in McDonald's Says its Wage Hikes Are Improving Service: “It has done what we expected it to—90 day turnover rates are down, our survey scores are up—we have more staff in restaurants,”
5. 980 points: ItsAllInYourHead's comment in Trump: US to quit TPP trade deal on first day in office
6. 878 points: uriman's comment in US raises interest rate by 0.25%
7. 817 points: pseud0nym's comment in The Unsexy Truth About Millennials: They’re Poor
8. 758 points: _MatWith1T_'s comment in It costs 1.8 cent to manufacture each penny; the penny does not even facilitate trade. The penny must die.
9. 720 points: MELBOT87's comment in Vancouver slaps 15% tax on foreign home buyers
10. 714 points: PhosphorusV's comment in LA unions call for exemption from $15 minimum wage they fought for

Generated with BBoe's Subreddit Stats (Donate)

News roundup for the previous week.
In International news

1. Case of missing China scholar rattles compatriots at U.S. colleges: Chinese media have framed the case as emblematic of a security problem in the United States. On Weibo, commenters have repeatedly questioned the FBI's effectiveness in investigating the case
   
2. Sun Yang Grabs Gold in 400 Free Final at FINA World Champs: Sun jumped to an early lead and never looked back, challenging the world record on the way, before finishing with a final time of 3:41.38. Mack Horton of Australia picked up the silver medal with a time of 3:43.38
   
3. Donald Trump Is the Odd Man Out With Putin and Xi
   
4. China’s ‘Belt and Road’ opens up new business in Africa for both the U.S. and China
   
5. Thailand, China to move forward on train, EEC projects
   
6. Why is China reinforcing its border with North Korea?
   
7. A contract was inked today between Iran and China to supply necessary finance to the Tehran-Mashhad railway electrification project.
   
8. North Koreans entering into China illegally not refugees: FM spokesperson
   
9. Belarus, China to take care of security of Belt and Road facilities together
   
10. Beijing backs joint energy ventures with Manila in South China Sea
    
11. Sun Yang Won 2017 200 m Freestyle World Gold. Has He Now Pivoted to Shorter Distance?
    
12. U.S. likely to target more Chinese entities over North Korea 'fairly soon': official
    
13. Xu Jiayu Wins China’s 1st 100 Back World Champs Gold Ever
    
14. Xu Jiayu wins Chinese male swimmers' first backstroke title at World Championships
    
15. #Kazakhstan Bets Big On China’s Silk Road: If there is one country in Eurasia, if not the world, that is more gung-ho about the new Silk Road to Europe, it’s these guys
    
16. NYPD cop’s daughter is born three years after his death: Liu’s widow, Pei “Sanny" Xia Chen, named the baby “Angel" as a tribute to her slain hero husband. Sources said the baby’s birth was particularly poignant for Liu’s parents, who lost their only son, 32, in the double murder
    
17. CIA chief: China tops Russia & Iran as biggest long-term threat to US
    
18. Iran to be at the center of the One Belt one Road.
    
19. Duterte says Manila and Beijing in talks for joint exploration of #SouthChinaSea
    
20. #Chelsea winger Kenedy sent back to UK amid growing backlash in China for offensive social media posts
    
21. #Nepal launches Chinese classes to boost tourism
    
22. The United States is imposing new sanctions on Russia, threatening China with a nuclear strike ... The shift in the political psyche is obvious. The form of acute aggressive paranoia. - translation Alexey_Pushkov
    
23. #Kenya and China are set to sign a Memorandum of Understanding in order to boost cooperation in the media sector, a Kenyan official said
    
24. #Ethiopia aims to have strategic cooperation with China on the aviation sector as the East African nation works to be an African aviation hub, said Ethiopia's transport minister
    
25. #Australian universities condemn anti-Chinese posters put up on campus: Police investigating after racist fliers found at two Melbourne institutions. The safety, dignity and legitimate rights and interests of Chinese students in Australia must be protected - Chinese foreign ministry
    
26. 6 Chinese #nurses win Florence Nightingale Medal: The Nightingale Award was established by the International Committee of the Red Cross in 1912. A total of 79 Chinese nurses have won the award since the Chinese Red Cross Society began to recommend candidates for the award in 1983
    
27. Russia may refuse to back U.S. at UN Security Council on N. Korea, impose restrictions on its businesses - Pushkov
    
28. 'China is everywhere' in Africa's rising technology industry
    
29. One of China's richest men convicted of bribing United Nations ambassadors (So that He could Build a Building for UN, out of his own money. Not sure how that's even a crime)
    
30. China dominates World Interior of the Year shortlist
    
31. #Thai Foreign Minister Don Pramudwinai praised Thai-Chinese relations, saying there were "no obstacles" to the relationship between the two. Thailand this year has approved Chinese submarines, tank and helicopter purchases worth more than $500 million
    
32. #Thailand has decided to send 44 recently arrested fraud suspects, including 25 Taiwanese, to China after their trial, Thai immigration authorities said
    

In Domestic news

1. Welcome to Yiwu: China's testing ground for a multicultural city | Cities
   
2. School in Hot Seat for Insisting on Criminal Checks Only for Migrant Parents
   
3. China is crushing the U.S. in #renewableenergy: More than 2.5 million people work in the solar power sector alone in China, compared with 260,000 people in the U.S., according to the most recent annual report from the International Renewable Energy Agency
   
4. Beach or boot camp? Hundreds of Hong Kong teenagers sign up for PLA training: Youngsters will learn marching drills and basic combat skills during 15 days of intensive discipline
   
5. First cinema opens on South China Sea island
   
6. British and Chinese #walk more! A fascinating study has revealed the walking habits of 700,000 people around the world. Chinese people will walk an average of 6,189 steps every day, whereas Brits take a slightly more lazy 5,444
   
7. China is tightening control over foreign companies’ internet use in a move some worry might disrupt their operations or jeopardize trade secrets as part of a crackdown on technology that allows web surfers to evade Beijing’s online censorship
   
8. China's top economic planner said Wednesday that the country's power use cost would be reduced by nearly 100 billion yuan (14.8 billion US dollars) this year due to pricing reforms and fee cancellation.
   
9. China's top steel province to meet 2017 coal capacity cuts by September: paper
   
10. Construction in China's 'skyscraper capital' #Shenzhen shows little sign of slowing: Of the 128 buildings over 200 meters tall that were completed in the world last year, 70% were in China, according to the Council on Tall Buildings and Urban Habitat (CTBUH)
    

In SciTech news

1. China embraces era of staff-free shopping
   
2. China commits to achieving parity with US AI development by 2020
   
3. Chinese Scientists Protest Genetic Research by Foreigners
   
4. #Microsoft is throwing the weight of its Azure cloud infrastructure behind Baidu's open source autonomous driving project, Apollo, the companies announced
   
5. US playing catchup with China in quest for first quantum computer
   
6. China creates biggest virtual universe, beating European record
   
7. #Lenovo hitches its wagon to AI, seeking to end PC dependence: "The AI we've developed is more significant than AlphaGo," Yang said. Lenovo's prototypes focus on health care and education -- areas of particular interest to consumers
   
8. Cancer-death button gets jammed by gut bacterium. Researchers at Michigan Medicine and in China showed that a type of bacterium is associated with the recurrence of colorectal cancer and poor outcomes.
   
9. Effects of a major drug target regulated through molecular 'codes'
   
10. An experiment proposed by Stanford theorists finds evidence for the #Majoranafermion, a particle that’s its own antiparticle. The team was led by UC-Irvine Associate Professor Jing Xia and UCLA Professor Kang Wang, and followed a plan proposed by Shoucheng Zhang, professor of physics at Stanford
    
11. China Ramping Up Quest to Become a Space Science Superpower
    
12. China set to launch an 'unhackable' #internet communication: In the Jinan network, some 200 users from the military, government, finance and electricity sectors will be able to send messages safe in the knowledge that only they are reading them
    

In Economic news

1. What happened to Wanda tycoon’s dream of a Chinese Hollywood?
   
2. Is China Poised to Become the Top Dog in Luxury Pet Services?
   
3. China's shedding its copycat image with #innovation after innovation. That was the repeated conclusion at one of Asia's largest tech conferences. JPMorgan's Ulrich said Chinese companies are leading in mobile payments, internet finance, drone manufacturing, social media and artificial intelligence
   
4. Chinese brands have invaded #Indonesia fast-growing smartphone market: IDC found that Chinese companies accounted for 31 percent of the marketshare, up from 23 percent a year ago and 12 percent two years ago
   
5. IMF may soon be moving to China – Christine Lagarde
   
6. Economists Raise China GDP Forecast After Growth Beats Estimates
   
7. Hyundai Motor posts 48 pct drop in Q2 net profit on China snub
   
8. China's #solar industry is expected to produce 25 percent more panels in 2017 than last year, supported by domestic sales and demand from the United States and emerging markets, the head of a Chinese industry association said
   
9. China’s #AIIB gathers three highest global credit ratings: S&P joins Moody’s and Fitch in show of confidence for infrastructure bank
   
10. China to change state-owned firms into corporations
    
11. Economic Watch: China's SOEs move ahead on market reform
    
12. China's employment services benefit job-seekers in neighboring countries
    
13. China: Rising wages drive companies to rely on robots, digital workforce
    
14. Two China Tech Giants Join the $300B Club. Who’s Next?: #Alibaba and #Tencent exceeded $300 billion in market capitalization for the first time, placing these two Chinese tech companies in an elite group that, as of June 2017, only counts nine other companies globally among its members
    
15. #Tencent Chief Overtakes Wanda's Wang as China's Second-Richest Person
    
16. Chinese #Stocks Rise to 2015 High as Large Caps Extend Advance: Offshore-traded Chinese companies have outperformed mainland shares this year by a wide margin
    
17. China establishes green #manufacturing alliance: More than 400 representatives from multinational enterprises, international institutions and foreign embassies attended the inauguration ceremony
    
18. The killer fact about the Chinese middle class
    
19. China continues to prove naysayers wrong
    
20. Chinese police will strike hard against shady financial schemes because of the risk of social unrest from such fundraising ploys, according to the Public Security Ministry
    

In Military news

1. China's #navy expands reach: To properly equip carrier battle groups, PLA has been on a ship-building frenzy. There was a dispute within China on whether the country should focus on aircraft carriers or submarines. But that debate has faded because China now has the economic resources to do both
   
2. 'Joint Sea 2017’: Russia and China start their first drills in Baltic
   
3. China’s new strategic #bomber likely to feature good stealth performance, a larger bomb load than the H-6K, nuclear and conventional strike, and strong electronic combat capability. Large-capacity data fusion and transmission, will be able to serve as a C4ISR node and interact with sensor platforms
   
4. Russian #Baltic Fleet Shares Details of Naval Drills With China: naval forces will practice anti-submarine warfare, as well as air and anti-ship defense. The drills will involve nearly ten ships of different classes, over ten aircraft and helicopters of both the Russian and Chinese naval forces
   
5. Chinese fighter jets intercept US spy plane over East China Sea - FT
   
6. China urges US to stop 'unfriendly' recon flights
   
7. Russian-Chinese naval drills in Baltic Sea to enter active phase
   
8. Chinese military sets up hi-tech weapons research agency
   
9. Chinese military sets up hi-tech weapons agency
   
10. I’d launch nukes at China on Trump's orders, says US Pacific Fleet chief
    
11. China bestows highest military award on ten honorees
    
12. America Needs a New ‘Dreadnought Strategy’ How Chinese military hardware is catching up and have a faster adoption rate than US military hardwares
    
13. China’s New Drone-Missile Hybrid (surface effect drone-missile) Can Fly Under Radar
    
14. China's Zhurihe Training Base - Asia’s largest military training base
    
15. How China Could Trick the U.S. Navy With Ultraquiet #Submarines: With better technology, the PLAN's undersea fleet would go on the offensive. Adm. Ma recently reported on state-run CCTV that shipwrights are installing shaftless rim-driven pumpjets in China’s “next-generation nuclear submarines,”
    
16. Chinese naval fleet arrives in #Greece for friendly visit
    

Other Notables

1. Chinese, Russian sailors play tug-of-war in Kaliningrad, Russia
   
2. Members of Team China celebrate their victory after men's 4x100m relay at the IAAF Diamond League meet in Monaco
   
3. How the OECD shifted from standard testing to computer-based testing to give Western countries an advantage over China
   
4. Are China’s “Leftover Women” really leftover? - A interesting working paper that suggest Chinese women with college or more education have similar or higher marriage completion rates than other groups by age 35
   
5. Amazing views of #Jiangsu Grand Theater in East China, which is to start operation in August
   
6. Full Marx for Creativity: Reforming Political Education in China
   
7. Debating the future of China-Latin America relations
   
8. John Cena freestyling in Mandarin
   
9. From L: Italy's Gabriele Detti, China's Sun Yang and Australia's Mack Horton, celebrate on the podium of the men's 400m freestyle final during the 2017 FINA World Championships
   
10. Fareed Zakaria reported that since 1981, 95% of the global reduction in poverty was the work of China alone.
    
11. Youtube Channels
    
12. Jiangsu Police Make Sitcom, Achieve Stardom
    
13. "when it's something positive, everybody jumps in and say that's not China, but when shit happens, it's better for the world mistakenly think it's bad China or because it's Chinese, this phenomenon also applies to Hong Kong and many overseas Chinese."
    
14. The New Chinese World Order (2016 Documentary)
    
15. Why Chinese Sci-Fi Fans Love Homegrown Heroes
    
16. China Offers $15,000 for Each Deciphered Character of Mystery Text on Ancient Oracle Bones
    
17. Best Grandpa Ever Walks 37 Miles to Give His Grandson a Bucket of Eggs in China
    
18. Higher Brothers - Why Not
    
19. China's state-owned enterprises' profits increase 24% in H1
    
20. How China's Growing Nationalism Changes Views of the West
    
21. Mandarin in Hollywood, how much can you actually understand?
    
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Verified? (This bot cannot verify AMAs just yet)
Date: 2013-01-12
Link to submission (Has self-text)
Link to my post

Questions	Answers
I have a good friend who is a VP at your firm . They blamed the entire Financial crisis on ' poor people who could not afford their mortgages ' they said this was pretty much he opinion among the investment banks . How do you feel about what happened to Greece and Goldmans hand in it ?	That is not true. Opinion is very much split within the investment banks and there is no right or wrong answer. I personally don't believe at all that the crisis was caused by 'poor people' - and I don't like that sort of categorization of people in the first place. There are perhaps 15/20 different institutions you could blame for the crisis, there's no way of isolating individuals. I'm not sure what exactly you think GS's hand in the Greece affair was. Of course it's a sad story and I feel remorseful - I recently donated £50,000 at a charity ball to help rebuild one of the islands which has almost been burned to the ground. But ultimately Greece employed GS at the time because they wanted to fudge their finances so as to meet entry requirements for the Euro i.e. the greek government was knowingly employing GS to help perform an extremely risky task - GS didn't force anything upon them. If the experiment explodes 10 years later (as it did), should GS really be the party to blame?
The next day, you are flipping through television channels and randomly come across a pre-season CFL game between the Toronto Argonauts and the Saskatchewan Roughriders. Knowing your inevitable future, do you now watch it?	Yes of course i fucking do. The future is inevitable. Chuck Klosterman i like your name.
I love seeing the ignorance that emerges in these AMA's relating to investment bankers. I am really interested in a career in either IB or Consulting, have a few questions for you.	Thank you to fletch below for answering this question.
1) How did you cope with the hours? I like working hard, I like working for my money but I also like enjoying free time and having a social life. When working a 100 hours as an analyst that would certainly have to suffer 2)What were you academic results like through your degree? I'm currently in my second year and will be realistically looking at 2.2, 2.2, 2.1 and 2.1 (years 1-4). This summer I'd hope to get an accountancy internship in one of the big 4 followed by an internship next year in one of the large IBs. I know there's more to a candidate than solely their academic credentials + internship but would this stand me well for a BB in London? (Top Irish university, undergrad will be in Business and French) 3) What is it that makes you enjoy this job? I know the paycheck is certainly a bonus but you've said there's more to it than that?	Whatever your breakdown between modules is, you need a 2.1 overall. Even if your average is 60% or 61%, that's enough to get you past the minimum requirements and through to interviews. After that it's up to you - they'll take someone with a good business mind and strong communications skills irrespective of whether they average 60 or 78 or 92. I disagree with him. My job is extremely rewarding and i wouldn't swap it for any other industry at the moment. If you want evidence of people enjoying their jobs look at the number of years they spend at their respective firms. Most of the partners at GS are 'home-grown' and have spent 20/30 years sweating away but don't regret it for a second.
Do you realize that in countries like Spain you're seen as an evil person that only wants to get profit and don't have any soul or feelings and probably kicks puppies for fun? If so, how do you feel about it?	Yes and understand their anger but it should be re-directed to politicians!
Proof? and of course... how much did you make in 2012 approximately?	Approx 600k. How do upload proof e.g. photo evidence?
	Sorry, new to reddit!
Do you have free ticket for me? Always looking for handouts.	What is it young people say, lolz??
I'm very curious of your opinion of Secretary Geithner's role in LIBOR. Do you think he was guilty? innocent? Thanks!	LIBOR scandal is way too complicated to explain at 2.30 am after a few beers. Many active players are implicated and i think he will be seen in the wrong eventually like many others.
What hours do you work?	Approx 80 hours a week not incl. flight time I go to festivals in Europe but would love to go it. Do you have free ticket for me?
If the concept and idea of a monetary system was replaced with something better (hypothetically) what would you do? As in for a career or what not since now you are jobless.	Resources will always be scarce so someone will have to ensure an optimal allocation. There will always be a market of some kind whether it be a public market or an internal government one.
Hypothetically we could have unlimited power, molecular production, and master matteenergy conversion. Would that change your answer?	Good interview question. I'll keep it in mind.
In your view, are there any regulations that could meaningfully alter the moral hazard typified by the 2008-2009 bailout of the financial sector? If so, what might they be? And if not, to what extent does regulatory capture play a role?	Regulatory capture is a seriously problem not just in banking e.g. also in the energy business. How do you reduce it? It won't happen unless the public demand it, as everyone with power tends to benefit from it and so they won't make meaningful steps to change anything, i.e. its a win win situation for government and business. However it needs more than just 'occupy movements' but rather i am talking the mass voter population.
Have you seen @gselevator on twitter? if so have you ever contributed/is it legit?	Haha yes i have seen it and no its not legit, well at least i think its not. Seriously though the elevator chats can be quite entertaining and revealing.
Do you use a mouse when you work on excel?	Are you joking?
	No.
In your opinion, do you think the money you make is worth the hell that you go through to make it?	I love my job and so i am lucky that the money is not the only motivator.
	But yes i love checking my bank balance at an atm.
How can i break into finance with a sub-par gpa?	Network and try non BB firms.
A company founded by 100 duck sized horses. or A company founded by 1 horse sized duck?	100 duck sized horses every time. Basic risk management theory - don't put all your eggs in one basket. If that 1 horse sized duck isn't exceptional, your business is going down the tubes.
Prior to the collapse, did you have any idea what was about to happen?	It was getting obvious that there was a bubble, but never predicted how great the fallout would be and that in 2013 we would still be suffering
What do you do day to day?	I work in the energy field in Europe but don't want to get too specific. Day to day we advise natural resource companies on all things financial such as m&a and financing strategy and then execute on their behalf. So I am on the corporate finance side rather than sales and trading. However I work closely with the syndication and sales guys such as if we are executing an IPO or a follow-on share offering.
I have a buddy who's small but established clean tech company needs money building biodiesel manufacturing plants around the US that run off garbage and wood chips. The technology is actually coming from a company based in Sweden. Can you help him on the money side?	Send me a link to their website.
	I find clean tech very interesting.
How did you get your job?	Did a summer internship then got FT conversion.
What college did you go to?	I went to LSE (university in the UK)
What jobs did you work before getting this one?	Did another internship whilst at university at an oil company.
At what age did you get this job?	22.
I hear the GS company culture is like " a frat on steriods" true or false?	False more than true but depends on team.
Is it as cut throat as I have heard with the bottom 50% of people getting sacked each year to make way for new guys who will probably be sacked the year after?	Bottom 5% is more accurate. 7-8% in a bad year, 3-4% in a good year. It's a fine line between 'cut throat' and having a 'healthy competitive atmosphere'. But we'd be out of business very quickly if we kept firing half of our staff every year...
Is there any stock I should look into in 2013? Long term or short term.	Short term- African Barrick Gold. The chinese walked away and so the share price plunged and despite serious operational issues, the massive drop has presented a golden buying opportunity.
	Long term- anything to avoid inflation, inflation scares the crap out of me and is going to be a big problem in the Uk and elsewhere in the future.
	Also buy into soft commodity boom e.g. meat in africa, think zambeef etc if you can find an attractive entry point.
What's the best preparation for an interview with an i-bank? I'm over here in the states and come from a non-target.	Read WSO, the forums are full of useful hints and tips especially for non target guys. Depending on what area you are applying for, make sure you know some really good examples and stock pitches as it is amazing how many candidates lack knowledge e.g. if applying for ECM for god sakes know some of the recent IPO's and likewise for equity research have good stock pitches and have conviction when presenting. Best of luck!
How important is your undergrad majogpa I'm double majoring in Econ/Conflict resolution studies with a possible minor in poly sci (depending on how the credits work out) I got a 3.9 gpa last semester but it only brought my overall gpa to a 2.4 because fuck klonopin. I should have at least a 3.0 by graduation, but I'm wondering its worth it to pay for and retake my first semester. Can I have $373 dollars? :D :D I promise only to get moderately drunk with this money. Sorry, a lot of questions, thanks for answering. Oh also, one last thing, all else being equal, is calc I enough math to apply for analyst job? or do I need more?	Undergrad course choice is not that important for IBD but obviously for more quant roles you need maths skills Again i am sorry but i am not very clued up on GPA Ok i give you money but first you have to register yourself as a charity so that you can gift aid it and get much more!
Where did you go to college?	LSE.
As an undergrad? How hard was it? I hear it's very difficult.	Yes, undergrad.
	Harder than most places depending on your course. Especially as you are competing with loads of kids from Asia who do extra calculus to relax.
How do you see regulation affecting the overall banking culture? Everything I have been reading and what people have been saying is that the culture is changing. Have you been seeing this?	I recommend reading "The Culture of Success" by Lisa Endlich.
Also how do you like the goldman culture?	Regulation is hurting us...but: Link to business.financialpost.com
How much total did you make in each of your years at the firm?	I don't want to get into specifics.
	But for your first three years as an analyst roughly 50k-70k (£ not $)
	As an associate 120k-160k.
	After that the numbers get exciting.
What tools do you use on a regular basis?	Excel, Outlook, Excel, Outlook, Excel, Outlook...powerpoint.
What is the biggest reward of working in IB? Where I study, students with high grades are pushed to chase the prestigious internships firms like GS, MS, etc offer. Their reasoning why they chase these jobs is that they think it is the highest (prestige) in finance they can go or are attracted by the money. It seems shallow to me. What does IB offer that makes your career personally fulfilling? Why didn't you choose to work elsewhere?	I find what i do at the front end of the energy sector fascinating. If your interested in business or globalisation or other similiar areas then IBD is pretty much at the cutting edge of it.
Thanks for the reply! When you were first starting out at GS, were you able to balance a personal life aside from your work? Has it gotten easier as you have gained more experience? Would you recommend IB as a field to pursue to your own children today? Thanks again!	I'd say during my first 3 years as an analyst the 'balance' was almost non-existent i.e. i was regularly working 100+ hours/week. Since then it's become easier year by year and i think that's true for most. And yes certainly i would encourage my children to pursue it - not that i have any yet.
Where did you go to uni what was your gpa? how many physics majors work their? did you start off as an intern? sorry for rapid firing questions.	LSE (london school of economics) - first class honours but don't know how that translates into GPA.
	I know only 3/4 physics majors in the office at the moment.
	Yes started as an intern.
Do banker run the world? how much political influence do they really have?	It works two ways. Some bankers have their fingers in politics in a way they perhaps shouldn't. But equally many politicians have their fingers in banking and can force our hands.
How hard is it for a non ivy leager studying finance to get an entry level job at GS? what about internships?	Tough. But with enough internship experience beforehand it's possible.
What do you think of Forex? Would you ever trade on it with your personal money?	Difficult to answer - you can trade forex in a million different ways - some ways are more interesting than others. I don't personally trade it, but others forge a very successful career out of it.
What was your bets investment in? (If that's how it works)	That's not really my role in IBD.
	But outside GS I invested in the Shanghai property market a decade ago or so. My 4 flats there are now worth 10-12 times what they were worth then.
WTF caused the 2010 flash crash?	Good question. Nobody knows for sure.
	From the link you've provided, I find no.2 the most plausible explanation. But I would also add 6. UBS did something stupid again.
As hardcore capitalists what is your feeling about (management of) banks that seem to live under the impression that profits are for a happy few while losses should be carried by tax-payers?	That's not what I believe at all.
	And by the way all of us are tax payers too. The top 5% contribute approx. 50% of the government's taxation revenue. So if losses are being 'carried by tax-payers' - that doesn't exclude people in the banking industry by any means.
Matt Levin at Dealbreaker (former GS guy) describes Investment Bankers as "Travelling money salesmen". Do you feel that this description is apt?	The operative word in your question is 'former'
	Do you think that's how he described investment bankers whilst he was still with the firm?
	People tend to get very bitter and sensitive after they get fired. See Gregg Smith for further evidence..
Is an MBA necessary to be competitive when looking for a job or is a B. Comm enough to compete with others when looking for jobs in the industry?	Depends on what entry point - if you do an mba then you apply for associate entry whereas b.comm is an undergrad degree and so you apply for analyst roles. If you do a b.comm at a top university/college and get some internships then you should be well placed. Good luck!
Do any of your co-workers frequent Reddit?	I imagine less than 0.1%.
	Then again 2 people on this feed at least have claimed to be my co-workers, so who knows...
Since you're new to Reddit, what made you want to do an ama here?	I'd like to alter the public perception of bankers - not all of us are the obnoxious greedy individuals you read about in the media.
	I'm also extremely interested in hearing what non-finance people see as our key economic issues at the moment - this seemed a good way to find out.
Proof?	How do i upload photos? i will upload photo proof. Sorry not very experienced with reddit!
I am a senior in high school and I am interested in majoring in either accounting or finance, but I don't think I know enough about either career path to make the best decision, can you explain the large differences the two paths I would go down depending on major, or any advice that may influence my decision that I would not know at this point?	What you choose to study doesn't necessarily determine the industry you'll end up in. We have guys in the office who studied history, languages, even medicine. Just go for what interests you the most and focus on getting high marks.
Curious as to what kind of degree you hold/what was your GPA in college?	BSc. Economics degree from LSE. First class honours, don't know about gpa
I used to work for the swiss banks and swiss stock market indirectly, and have a few friends in the banking business, including GS and Nakamura in London. What is your personall opinion on prostitution, cocaine, and medication misusage in your business? Also, also what is your stance on GS' questionable involvment in Backpage.com?	With regards to backpage.com, the guys on the deal did not do their KYC checks properly. KYC checks are crucial for banks- your reputation and future success is more important than any single customer. Look up riggs bank and the Obiang family and then you'll see!
Possible. But realistically those kind of excuses are given no matter what really happened. For a company as big and powerful as GS I can only take it with a grain of salt. Are you content in the way GS does business from a moral point of view?	It's either a pinch of salt, or a grain of sand...
Thanks. I'm not a native english speaker and have not used it regularly for years, so it's gotten pretty shit. Any chance you answer the other questions?	Yes, apologies. I think some of our deals have been morally reprehensible in the past. The same goes for any major investment bank. But i think we've done a very good job in 'cleaning up our act' over the past few years and the public has played a large part in that. With any luck we will see a much healthier banking industry soon.
How accurate is what is said on the Twitter handle @GSElevator?	It's grossly exaggerated, but not entirely inaccurate...
You guys got trolled hard. A GS IBD guy not knowing how to upload something to the internet? Seriously wtf. Probably some guy from wso who wanted to feel like he was "in".	Link to i.imgur.com Just doing some work now! Link to i.imgur.com In case you wondered what Lloyd's signature looked like.
Is there anyway you can help me out, connections or anything, someone I should talk to to get a interview? Can you interview me, I shall forward you my resume!	Private message me and we will discuss. Sure i can help you out. I know how tough it is for you guys who are trying to get in!
Any thoughts on the MSI/SSG mini-scandal this week?	Yes but won't comment.
	Very hush hush.
I also work for GS. Which building are you in? I'm based in PBC. Also IBD, North. Would do an AMA and provide proof.	I'm in PBC too, moved from RC quite a few years ago. I'm not sure exactly what sort of proof i'm supposed to provide...?
Would you say you were groomed for this kind of work from a young age? LSE is an elite school. Did you go to elite private schools growing up or were you an exceptional student at a normal school?	Yes, Jimmy groomed me from four years old
Do you like your job, or should i say career?	Yes. If i did not then i would go and sail around the world again.
From your experience, how relevant is CFA nowdays?	Definitely worth doing.
How large was your Xmas bonus and did it get taxed over 50%?	See below - total comp was c.600k and yes taxed above 50%
You said in other replies that you were 22 when you got this job and make 600K now. How old are you now, and how long did it take you to get the that salary level? Is it all commission?	Was analyst at 22 and then moved up the ranks. Just turned 30, feeling old now!.
Can you give some insight on the business model of Investment banking? (I have no clue to be honest) . And what does a portfolio manager do exactly?	Portfolio manager is not IBD. He/she would work in investment management e.g. for blackrock or GSAM or a hedge fund.
I'm currently writing a thesis on the future of rentierism in the gulf with an emphasis on Saudi Arabia. I don't have much of an economic background apart from this, but the international energy market is obviously important to my research. Can you recommend any good (preferably free or low cost) primers and newsletters on the subject?	Hmm there are many on energy market but not too sure about rentier specific ones. Will have a think. I did my university thesis on Saudi and so will have a dig around.
How do you live with yourself? Knowing that the company that you work for doesn't give a fuck about you or anybody. All they care about is money. They have ruined america many times over. Seriously, how do you live with yourself?	Actually our business is dependent on America and more importantly the rest of the world's prosperity. So actually our interests are nicely aligned.
Link to www.rollingstone.com. Seems to me like your bosses and former bosses don't give a flying fuck about anyone but themselves. Can you name one good thing Sachs has done since you have been there?	I think you meant 'don't give a flying fuck" in your comment.
Do you happen to work with quantitative analysts?	Depends which deal we are working on. Sometimes we need them, other times we don't.
What's your retirement savings invested in?	Property (international and uk), shares mainly through tax efficient ways e.g. isa and EIS, pensions and artwork.
	No swiss bank account i am afraid.
"The first thing you'll realize is that they are extremely disciplined. You would never come across a Goldman employee, who would, after two or three beers, say "My colleagues are a bunch of dickheads" From Money and Power William D Cohan. What do you have to say about this?	I agree with it.
What advice would you give someone who is interested in going into finance and is currently in university. What would you have liked to do in your time spent at LSE now looking back?	Party more! You only live once. You can have that advice for free.
Thanks for the AMA. Do you know anybody I could speak with regarding interviewing and internship opportunities?	Private message me.
Doing an AMAA are you putting your job at risk for releasing company secrets/opinions whatever?	I've not released a single company secret.
Edit: added an A to AMA.	There's nothing in my contract to say I can't express my own opinions.
What do the hopes and dreams of Americans taste like?	Raspberry sorbet, in my opinion
What is your feeling on the separation of traditional banking and investment banking as is proposed by the FSA?	I think overall it's sensible - Barclays being the best example of why they should be separated.
	At GS specifically of course we're not involved in traditional retail banking at all so it's not the most pressing issue for us at the moment.
You mentioned 80 hour work weeks. Could you explain the timeline for your typical work day. Do you work 7 days per week? Is your work more project based where you go non stop and have some time off between projects?	There's no typical working day - some days are 18 hours and others are 12. Depends entirely what stage of a deal we are at. Generally I work 5/6 days a week, but keep in email contact with the office 24/7.
	Yes, entirely project based. But if we are doing our jobs properly there's not much 'time off' in between.
I'm currently on target for a 2:1 or a first at university in my economics degree. But due to a slight hiccup in my a-levels, in which i got A* A C, still managed to go to a top 10 university but do they look at the C, which was in maths.	Your university grades are definitely more important. If you do well in a mathematical module at uni that will allay any fears they have about an A-level grade.
Do they look at a-level grades and expect a minimum maths grade? I'm not bad at maths by any means, just an unfortunate anomaly in the exam season.	Which uni are you at and what do you study?
Manchester and economics BA - but i have econometric modules and another mathematical module for 2nd year.	Any chance of switching it to a BSc? Immediately reassures employers about your quantitative skills..
Hello there, first of all I want to thank you for doing this AMA. I am a dutch college student and currently I'm writing an essay about the BRIC countries. I used your book to write down predictions of their economic future, and I'd like to ask: did you participate in writing that book?	Are you referring to Jim O'Neill's book? I have a copy on my desk, but no I wasn't involved in writing it.
What do the guys at GS think about @gselevator?	See same q&a earlier on!
How often do interns get recommended to come back?	In a good year, approx. 50% of an intern class will get hired.
	In a bad year (2008 for example) perhaps only 10% or 20%
Any opinion on Nautilus Minerals?	Can't comment on that company i am afraid.
How do you feel about manipulating the currency markets to screw over the average retail trader?	I don't know what you are talking about.
Have you ever seen American Psycho?	Yes.
I am going to copy and paste this in an email and send it around my team. You will famous at the firm, well at least in my team in london anyway! Yes of course i fucking do. The future is inevitable. Chuck Klosterman i like your name.	That would also be an awesome interview question! And i give them 5 secs to answer.
I highly doubt GS interns work for free. I've almost never heard of an internship in finance that didn't pay -- most firms I've encountered usually pay the same base wage as the first year full timer positions you are interning for.	Interns in front office at GS in london get circa £42k pro rata. So not bad for a summer job and remember no tax as they are below threshold across the year!
Gold Mansachs.	Not sure about that one.
	I prefer Goldman Snachs, the name of our canteen.
Yes, Jimmy groomed me from four years old	But yes went to a private boarding school before. Widening the diversity of applicants in IB is a key target for HCM.
What is the future of investment banking in a new world order where both governments and the people are fed up with the excesses that led us into this credit crisis.	The industry is always evolving, that's what makes it an exciting industry to be in. I imagine it will take us a good few years to fully regain the trust of certain clients, but ultimately if this whole saga causes us to readdress our methods and practices to improve our service then in the long run it's a positive outcome.
	PS. Do you not think people should be fed up with the governments too, as well as the banks?
Not OP but I can answer this as a 2012 intern who got converted for Programming. A Math degree is a good +. There are 2 ways. Either join in as a programmer, show your merit and change departments, ie move to Quant side. Other option is to get a MBA, and join the I-Banking dept you want.	What's your name?
Do you have any books or resources you'd recommend the layman for learning investment skills (i.e. the wealthy barber) I ask because i feel there is a lot of crap out there and would like to genuinely learn.	I have never heard of the wealthy barber.

Last updated: 2013-01-16 15:54 UTC
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