In the Water, In the Air: Monday, December 02, 2013.

DEFICITS AND DEBT

US and European governments gained $1.6 trillion from low interest rates on the backs of over 50 year old savers and pensions (Brian Wang, Next Big Future, 12/01).

ECONOMIC REPORTS

Tally of U.S. Banks Sinks to Record Low: Small Lenders Are Having the Hardest Time With New Rules, Weak Economy and Low Interest Rates (Ryan Tracy, The Wall Street Journal, 12/02).

ECONOMICS 101

A JP Morgan economist (in effect) responds to Pope Francis (James Pethokoukis, AEIdeas, 12/02).

We Have a Failure of Economic Vocabulary (Robert Samuelson, RealClearMarkets, 12/02).

REVENUE-SIDE REFORM

CEOs want you -- to fix the debt (Scott Klinger, Los Angeles Times, 12/01). 

A Value-Added Tax Plan All Sides Can Embrace (Albert R. Hunt, Bloomberg, 12/01).

Which Corporate Taxation for America? (Laura Tyson, Eric Drabkin and Ken Serwin, Project Syndicate, 11/30).

Internet sales tax would level start-ups: Opposing view (Steve DelBianco, USA Today, 11/28).

GOVERNMENT FINANCE AND FINANCIAL POLICY

The QE Postmortem Delivered Ex Ante (Vince Foster, Minyanville, 12/02).

GLOBAL ECONOMY -- CHINA

America’s Role as Consumer of Last Resort Goes Missing (Simon Kennedy, Bloomberg, 12/02).

GLOBAL ECONOMY -- EUROPE

Are Europeans Giving Up on Europe? (Moises Naim, The Atlantic, 11/29).

GLOBAL ECONOMY -- CHINA

Will a Rising China Be a Responsible China? (Frank Ching, RealClearWorld, 12/02).

Is China Trading a Fly Zone for a Growing Economy? (Patrick Smith, The Fiscal Times, 12/02).