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| Here are our top stories today: - Israel's defense minister said that Israeli armed forces would place Gaza under a "complete siege" after a devastating Hamas attack on Saturday
- New Federal Reserve data show that the income share of the top 1% of U.S. households has grown since 2019
- Harvard economist Claudia Goldin won the 2023 Nobel Prize in Economics
If you find this newsletter useful, please share it with your friends and colleagues. Thank you! Your faithful IDB writer, Daniel
p/Dan-Smith | |
| 1 | | Israel's defense minister ordered a "complete siege" of Gaza after Hamas launched a surprise assault on Israel, firing thousands of rockets and sending armed militants into Israeli territory. Hamas' attack killed hundreds of Israelis and prompted Israel to declare war in response. More: - Israeli defense minister Yoav Gallant said that "no electricity, no food, no water, no fuel" would be permitted to enter Gaza as Israel strikes back at Hamas.
- Gaza, which is one of the most densely populated places on Earth with more than 2.2 million people living in 140 square miles, has been under an Israeli blockade for 16 years.
- Israeli officials said Hamas killed at least 700 people, more than 250 of whom were attending a music festival near the Gaza border when the attacks began.
- Hamas militants kidnapped at least 150 Israelis during their assault on Israel, many of whom are believed to be held in Gaza.
- Palestinian authorities said that Israeli attacks killed at least 560 Palestinians.
Zoom Out: - Senior members of Hamas and Hezbollah claimed that officers from the Iranian armed forces helped Hamas to plan its surprise assault on Israel.
- U.S. Secretary of State Anthony Blinken said the U.S. has not seen evidence that Iran was involved but noted that Hamas and Iran have cooperated in the past.
- Qatar, in coordination with the U.S., has been mediating in negotiations between Hamas and Israeli authorities since Saturday to end the fighting and secure the freedom of the hostages.
Q: Do you think that efforts to negotiate an end to the war will lead to a truce in the short-term? Join the conversation here. |     | |
| 2 | | The stock of U.S. and European defense companies rallied after Israel declared war on Hamas following a deadly attack last weekend. 
What happened: Northrop Grumman and other defense stocks like General Dynamics and Lockheed Martin gained over 8% on Monday, the first market day since Israel declared war on Hamas. Northrop Grumman is poised for its biggest single-day increase since March 2020. European defense firms BAE Systems, Leonardo, and Dassault Aviation gained over 4% on Monday. Other market news: The price of a barrel of U.S. oil rose ~4% to $86.10 on the news, and the Israeli shekel was down 2.4% against the U.S. dollar. | | | |
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| 3 | | New data from the Federal Reserve show that the share of national wealth held by the top 1% of U.S. households has increased since 2019. According to the Fed, the top 1% of households held ~26.5% of household net worth at the end of June ― 1.5% more than they did in 2019. More: - Separate data from the U.S. Census Bureau confirmed the trend, showing that the share of income going to the top 5% grew from 23% to 23.5% from 2019 through 2022.
- The Census data also showed that the collective net wealth of the bottom 20% of U.S. households grew by 27% from 2019 to the end of the second quarter of 2023.
- However, the bottom-fifth's overall share of the national wealth fell from 7% to 6.7% during that time.
- Elise Gould of the Economic Policy Institute said that "[Income] share matters because if profits have been so high, wages could have done even better."
Zoom Out: - Unemployment benefits and stimulus checks helped to keep many low-income U.S. households afloat during the pandemic, leading many to claim that COVID-19 could reduce economic inequality in America.
- However, data show that rising home prices and a strong stock market have helped to enrich the wealthiest Americans in recent years.
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| 4 | | GOOD NEWS: On Saturday, an iconic 150-year-old lighthouse in the Florida Keys was lit for the first time in a decade. As modern GPS technology makes lighthouses obsolete for navigating ships, local activists are working to preserve and restore historic lighthouses across the U.S. More: - The Alligator Lighthouse was first lit in 1873 and continued operations until a decade ago.
- The lighthouse was named for the USS Alligator, a Navy ship that ran aground and sank in the nearby reef in 1822.
- Two years ago, the federal government gave the Alligator Lighthouse to a local non-profit committed to restoring it.
- Larry Herlth. a Florida Keys local who is involved in the restoration effort, said:
- "The six lighthouses off the Florida Keys are the biggest collection of iron piling lighthouses anywhere in the world ... The history is just phenomenal."
Zoom Out: - In May, the General Services Administration said it would sell or give away ten lighthouses across the U.S. to groups that were committed to preserving them.
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| 5 | | Several powerful earthquakes hit western Afghanistan on Sunday, leaving at least 2,000 people dead. A Taliban spokesman said that hundreds of civilians were buried in the debris after the tremors destroyed six villages. More: - A local official said more than 1,000 women, children, and elderly people were injured in the earthquakes, which hit the western Herat province.
- A resident said that locals felt at least five tremors in Herat City, the third-largest city in Afghanistan.
- The Taliban said that 1,320 houses were completely or partially destroyed.
- U.N. agencies and other non-governmental organizations dispatched aid to Afghanistan.
Zoom Out: | | | |
| 6 | | Economist Claudia Goldin was awarded the 2023 Nobel Prize in Economics for her work on the gender pay gap and related topics. Goldin's decades of research have helped to explain why women get paid less than men and why women are less likely to work than men. More: - Goldin, the first woman to secure tenure in Harvard's economics department, has published several groundbreaking works highlighting gender inequalities.
- Her 1990 book "Understanding the Gender Gap: An Economic History of American Women" looked at 200 years of data to trace the economic activity of women across U.S. history.
- In "The Power of the Pill," she presented evidence showing that the legalization of birth control medication raised the average age of first marriage for women and allowed many women to pursue professional education.
- In another work, she found that the proportion of women in leading U.S. symphony orchestras rose dramatically in the 1980s after "blind" auditions that concealed the race and gender of musicians were introduced.
Zoom Out: - Goldin is the third woman to win the Nobel Prize for Economics, after Esther Duflo in 2019 and Elinor Ostrom in 2009.
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- Arkansas Governor Sarah Huckabee Sanders came under fire after it was revealed that her office paid more than $19,000 for a lectern. Her office reportedly bought the lectern from a company owned by a friend of Sanders who has worked in Republican politics for over a decade.
- Google Cloud launched an AI-enabled tool to help doctors and other medical professionals search for patient information across different types of records and disparate systems and formats.
- The U.K.'s Metro Bank struck a last-minute deal with investors to save itself from insolvency. Metro Bank said it raised £325M ($396.7M) in new funding and refinanced £600M ($732.36M) in debt.
- Biologists named a new species of sea snail found in the Florida Reef the Cayo margarita in an homage to the late singer-songwriter Jimmy Buffet. The snail has a citrusy color, which prompted the biologists who discovered it to name it after Buffet's favorite cocktail.
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 | Writer | | Dr. Daniel Smith is an Inside writer with a Ph.D. in Political Science from the University of Cambridge. Follow him on Twitter @DJS12321 or email him at Daniel@inside.com. | | This newsletter was edited by Eduardo Garcia | |
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