EDITORS' PICKS

In this week's essential reading guide, Kohler examines the great tragedy of the internet, Gottliebsen looks at City Pacific's legal battle and Bartholomeusz gives his verdict on Obama's financial regulation reforms.

Size matters
Alan Kohler
The scientists who invented the internet handed an early win to Visa and Mastercard, whose fees stifled trade in products that required 'micropayments'. It is the great tragedy of the internet.

City Pacific's desperate fight
Robert Gottliebsen
Balmain Trilogy is within striking distance of getting 50 per cent of City Pacific First Mortgage Fund unit holders to effectively vote City Pacific Ltd into administration. 

Regulation spaghetti
Stephen Bartholomeusz
While its objectives are sound, the Obama administration's proposed reforms to prudential regulation will fail to address a confusing and cumbersome structure. 

Privatising regulation
Tony Boyd
ASIC appears happy to sit back and watch as litigation funders take on the role of 'keeping the bastards honest'. 

The rate debate
Isabelle Oderberg
Unemployment will rise, leading to two more rate cuts around year's end, says NAB chief economist Alan Oster, who adds that house prices will lose 10 per cent over the next year.

No apple pie for you!
Giles Parkinson
As the US Congress prepares to debate emissions trading legislation, the Obama administration has released a report on the massive changes inaction would force on the American way of life.

It was time for Costello to go
Alister Drysdale
By announcing his retirement, Peter Costello has freed Malcolm Turnbull to act on his own political instincts, and has set the tone for the rest of the old guard to make way for a new generation.