Back for more links, huh? Here we go.
Mike Shedlock doesn’t like this idea that the New York Times wrote about today whereby every Swiss person every month "would receive a check from the government, no matter how rich or poor, how hardworking or lazy, how old or young." And it's always fun to read stuff by a libertarian economics blogger who has been driven to the edge of insanity by something he read in the New York Times: "No one who can rightfully call themselves a Libertarian can possibly support such an economically inane proposal. To give money away, it would have to be taken, by the government from someone (via taxes) to be distributed to someone else. Alternatively, money would be printed into existence causing inflation. Either way, it would not be `free.'"
Do you know what's inside your Mozambique tuna bonds?
From Bloomberg News reporters Boris Korby, Paul Burkhardt and Lyubov Pronina: "Two months ago, Credit Suisse Group AG and VTB Capital Plc financed a flotilla of tuna boats for Mozambique, then packaged the debt into notes for overseas investors. It turns out the fleet also includes anti-pirate patrol boats, according to the French Foreign Trade Ministry. They are capable of being equipped with 20mm cannons and military drones, according to Stratfor, a global security advisory firm. Credit Suisse is adamant that its funding wasn’t used for armed boats." And the moral of the story, as REO Speedwagon might say: You can tune a structured bond, but you can't tuna fish.
They can't all be like Twitter
Chegg Inc. priced its initial public offering at $12.50 yesterday -- and promptly fell 23 percent to $9.68 in its first day of trading today. The company rents used textbooks to students and isn't profitable. This is as good a time as any to remind everyone how this game works. If you make money on an IPO it means you're a genius. And if you lose money then it's always other people's fault. Get those subpoenas ready.
Animal spirits headline of the day
From Slate: "Ark Encounter, a creationist theme park, is selling junk bonds."
(Jonathan Weil is Bloomberg View columnist. Follow him on Twitter.)