Opinionomics: must-read analysis and comment

Featuring Marx, bank runs, and an unusual type of job creation.

1. The Age of the Shadow Bank Run (New York Times)

Tyler Cowen writes about the return of the bank run to modern finance.

2. Supreme Court and the business of waiting in line (Washington Post WonkBlog)

Sara Kliff writes about a quirk caused by the most important Supreme Court case in a generation.

3. This disgraceful budget smacks of incompetence and cowardice (Guardian Comment is Free)

This budget, this government, "is a ship of fools with the deluded at the helm," writes Will Hutton

4. Marx, capitalists and the state (Stumbling and Mumbling)

Chris Dillow examines the phrase "the executive of the modern state is but a committee for managing the common affairs of the whole bourgeoisie".

5. When austerity is self-defeating (Slate Moneybox)

Matt Yglesias reports on a new paper all about austerity, and the failings thereof.

A woman in a poncho waits in line for the Supreme Court. Credit: Getty

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Novelty isn't enough for Emmanuel Macron and Martin Schulz

The two politicians have caused excitement - but so far, neither has had to articulate a programme. 

Emmanuel Macron’s rally in London last night was overshadowed by polling that showed him slipping back slightly as he reaped the consequences of his excessive candour on the matter of France’s rule in Algeria.  Third with Elabe, and joint-second with centre-right candidate François Fillon with Opinionway and Ifop.

As far as the polling and French history show, what matters in this contest is the race to second-place and a ticket to the second round run-off against the hard-right Marine Le Pen.

Macron’s difficulties have intensified as this is the first Wednesday in months in which Le Canard Enchaîné has not brought fresh scandal involving Fillon and his finances. The question of why Penelope Fillon and the Fillon children were paid to act as parliamentary assistants while doing no work will run and run, however, so there may be a way back for him.

Macron’s problems have an echo in Germany, where for the first time since his return to German politics, Martin Schulz is facing serious criticism over his proposed changes to the Agenda 2010 reforms of the last SPD-led government. We wait to see what if any impact that row has on his standing in the polls.

But the difficulties of Macron and Schulz speak to a wider reason why their improved standing in the polls means that the talk of the end of the European centre-left’s crisis was just that, talk.

So far, neither of them has had to articulate a programme beyond “I’m new!” in the case of Schulz and “I’m new and attractive!” in the case of Macron.

We’ve seen that Macron, a neophyte politician, has put his foot in it when asked to add substance to his considerable style. He might improve and Fillon’s ongoing problems might give him a get out of jail free card. Schulz has been around for a bit longer but he has to keep this up until October. It’s a reminder that while being new and shiny is a useful asset for a leader – it isn’t enough on its own. 

Stephen Bush is special correspondent at the New Statesman. His daily briefing, Morning Call, provides a quick and essential guide to British politics.