1
World
As Floods Ravage Sudan, Young Volunteers Revive a Tradition of Aid
As the Sudanese government has been slow to respond, critics say, the members of Nafeer, a volunteer youth-led initiative, have taken phone calls and headed out in trucks to deliver bags of aid.
2
Opinion
A Rarity: A Democrat to Lead the Fed
The Fed and Supreme Court cultivate images of technocratic remove, but the ideology of their leaders still matters enormously. And Republicans have lead both for more than 25 years.Bankers, Workers, Obama and Summers
Brad DeLong
has an excellent piece distinguishing between two views of central
banking. There’s the “banking camp,” which sees the central bank’s job
as being to secure the stability of the financial system – full stop.
OK, maybe also price stability. And then there’s the “macroeconomics
camp,” which sees the central bank’s job as being to achieve full
employment; banking stability and even price stability are basically
means towards that end.
Brad complains that the Fed has ended up being much more in the banking camp than many macroeconomists would have wanted. See, for example, the harsh criticisms leveled at the Bank of Japan by one Ben Bernanke in 2000, criticisms that apply almost perfectly to the Bernanke Fed of today.
But I think Brad casts his net too narrowly: it’s not just central bankers who fall into these two camps. And one important consequence of this division is an utterly different read on recent history.
Ask yourself: How well did we respond to the crisis of 2008?
If you’re in the banking camp, here’s what you see:
The financial system was in great danger – but catastrophe was averted. We’re heroes!
On the other hand, if you’re in the macroeconomics camp, here’s what you see:
A catastrophic collapse in employment, with only a modest recovery
even after all these years. (It looks a bit better if you adjust for an
aging population, but not much). We blew it!
Which brings us to what looks more and more like Obama’s decision to choose Larry Summers as Fed chair, passing over Janet Yellen.
As of right now, Summers is clearly not in the banking camp; the stuff he has been writing about fiscal policy makes it clear that he very much believes that the job of economic recovery is not done. On that basis, you would expect him to prod the Fed into doing much more than it is. On the other hand, given Bernanke’s pre-Fed record you would have expected the same thing — maybe even more so, because Bernanke had strongly emphasized the central bank’s responsibility for economic growth. Once at the Fed, however, Bernanke appears to have been assimilated by the Borg, moving much closer to the banking camp.
Would the same thing happen to Summers? I worry. And one of the strong (though probably futile at this point) arguments for Yellen is that she spent years at the Fed without being assimilated, never losing sight of the crucial importance of employment.
While Summers isn’t in the banking camp, however, Obama is. As Ezra Klein explains, his choice of Summers clearly reflects his view that policy in 2009-2010 was a great success, not a big disappointment, and he wants to keep the winning team together.
Of course, it’s a lot easier for Obama to consider his policies a success given that he was reelected.
Obviously I’m in the macroeconomics camp, not the banking camp, so this is all depressing, in several senses. It means, among other things, that even if Summers is the right choice — which we’ll never really know — it’s a choice that Obama is making for all the wrong reasons."
Brad complains that the Fed has ended up being much more in the banking camp than many macroeconomists would have wanted. See, for example, the harsh criticisms leveled at the Bank of Japan by one Ben Bernanke in 2000, criticisms that apply almost perfectly to the Bernanke Fed of today.
But I think Brad casts his net too narrowly: it’s not just central bankers who fall into these two camps. And one important consequence of this division is an utterly different read on recent history.
Ask yourself: How well did we respond to the crisis of 2008?
If you’re in the banking camp, here’s what you see:
On the other hand, if you’re in the macroeconomics camp, here’s what you see:
Which brings us to what looks more and more like Obama’s decision to choose Larry Summers as Fed chair, passing over Janet Yellen.
As of right now, Summers is clearly not in the banking camp; the stuff he has been writing about fiscal policy makes it clear that he very much believes that the job of economic recovery is not done. On that basis, you would expect him to prod the Fed into doing much more than it is. On the other hand, given Bernanke’s pre-Fed record you would have expected the same thing — maybe even more so, because Bernanke had strongly emphasized the central bank’s responsibility for economic growth. Once at the Fed, however, Bernanke appears to have been assimilated by the Borg, moving much closer to the banking camp.
Would the same thing happen to Summers? I worry. And one of the strong (though probably futile at this point) arguments for Yellen is that she spent years at the Fed without being assimilated, never losing sight of the crucial importance of employment.
While Summers isn’t in the banking camp, however, Obama is. As Ezra Klein explains, his choice of Summers clearly reflects his view that policy in 2009-2010 was a great success, not a big disappointment, and he wants to keep the winning team together.
Of course, it’s a lot easier for Obama to consider his policies a success given that he was reelected.
Obviously I’m in the macroeconomics camp, not the banking camp, so this is all depressing, in several senses. It means, among other things, that even if Summers is the right choice — which we’ll never really know — it’s a choice that Obama is making for all the wrong reasons."
3
World
Silver Lining in China’s Smog as It Puts Focus on Emissions
A plan would swiftly limit the carbon dioxide China produces from fossil fuels, which constitute over a quarter of the world’s total such emissions.
4
World
First Shots Are Fired in Britain After Debate on a Badger Cull
Protesters set up camp as sharpshooters began killing 5,000 animals over six weeks, a move intended to slow the spread of tuberculosis among cattle.
5
World
Calm Returns to Violence-Scarred Myanmar Town
A tense calm returned Monday to a Myanmar town that was ripped apart by sectarian violence, leaving hundreds homeless after Buddhist mobs torched Muslim-owned houses and stores.
6
U.S.
Gay Marriages Get Recognition From the I.R.S.
All same-sex couples who are legally married will be recognized as such for federal tax purposes, even if the state where they live does not recognize their union.
7
Real Estate
The Gold Mine in the Hall
Buildings are finding new ways to cut costs, including selling off unused space like hall closets.
8
Sports
Another Attempt at a Cuba-Florida Trip
The American Diana Nyad, 64, set off from Cuba in her fifth and final bid to become the first person to swim to Florida without a shark cage.
9
Autos
Nissan Announces Plans to Release Driverless Cars by 2020
Already engaged in testing, Nissan said this week that it planned to introduce a market-ready autonomous vehicle by the end of the decade."Technical hurdles are just one of the problems that an autonomous vehicle pioneer faces. Bryan Reimer, a research scientist engaged in driver workload studies at the Massachusetts Institute of Technology, isn’t sure that humans can cope with these technologies. His research, and the work of others in the field, has determined that the sweet spot for driver awareness is somewhere between understimulated and overstimulated.
“We are capable of developing the sensors and systems for an autonomous vehicle, but do we know how people will interact?” he said in a telephone interview. “What happens when people start driving them? Autonomy complacency among pilots has become a problem in aviation. The broad issue is not whether we can develop the technologies, but whether we can develop cohesive interfaces that drivers can operate successfully without losing their skills.”"
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N.Y. / Region
The Mayoral Candidates on Transportation
The New York Times asked the leading candidates in contested mayoral primaries three questions about transportation. The description of their positions is drawn from their responses and previous statements.
11
Health
Oral Infections Causing More Hospitalizations
Surprising numbers of patients are being hospitalized with serious, sometimes fatal tooth abscesses, a new study finds.
12
Opinion
The Benefits of Cash Without Conditions
There is evidence that giving money directly to the poor, even without enforcing the usual requirements, can help some on the path to a better life.
13
N.Y. / Region
Stringer and Spitzer Seek Votes of Women
With polls showing widely different results in the race for comptroller, Scott M. Stringer and Eliot Spitzer vied for leadership on women’s rights.
14
World
Matt Damon Tries to Get Clean Water and Toilets for India's Poor
Matt Damon helps poor Indians get micro-finance for clean water and toilets.
15
Science
A Molten Planet and Meteorite Jewelry
Recent developments in health and science news. This week: A bog mummy’s remains are dated to 2000 B.C., and a United Nations warning on global warming.
16
World
Obama Seeks Approval by Congress for Strike in Syria
President Obama abruptly changed course by asking lawmakers, who are not due to return to town for more than a week, to give him authorization before he launches a limited military strike against Syria.
17
World
Experts Fear That U.S. Plan to Strike Syria Overlooks Risks
Diplomats and others say President Obama’s proposal to attack Syria fails to plan for risks like a surge in anti-Americanism and a wider regional conflict.
18
U.S.
World of Grief and Doubt After an Adoptee’s Death
The death of Max Shatto, a Russian boy adopted by a Texas family, bolstered an international furor over the adoption of Russian children. And it devastated the couple accused of abusing him.
19
U.S.
G.O.P. Senators Fail to Head Off Primary Challenges by Tea Party Rivals
Despite careful efforts, some of the best-known and most influential Republicans in the Senate have attracted rivals who portray them as a central part of the problem in Washington.
20
World
President Pulls Lawmakers Into Box He Made
The path to this moment on Syria has been more complicated than a single utterance about a red line.
2
Business Day
Early Date Set for U.S. Suit to Block Airlines’ Merger
A federal judge set a trial date of Nov. 25 in the government’s legal challenge to the merger of American Airlines and the US Airways Group.
3
World
Calm Returns to Violence-Scarred Myanmar Town
A tense calm returned Monday to a Myanmar town that was ripped apart by sectarian violence, leaving hundreds homeless after Buddhist mobs torched Muslim-owned houses and stores.
4
Technology
From Example to Excess in Silicon Valley
The tech industry’s spirit of good will seems to have gone by the wayside, perhaps overshadowed by a chase for power and wealth.
5
Science
Can’t Beat These New Clocks
Using lasers to trap and measure ytterbium atoms to make an optical lattice clock, scientists have created a timepiece 10 times more precise than existing atomic clocks.
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8
Technology
In Advent of the Smartwatch, a Name That’s Been There Before
The digital watch market, long dominated by Casio’s G-Shock line, is undergoing a transformation with a wave of innovative, multifunction gadgets.
10
Business Day
Greece on Track for More Aid, German Official Says
Jörg Asmussen, a member of the European Central Bank’s executive board, said Greece needed to continue to fulfill its promises to be eligible.
11
Opinion
Squirrel Power!
A single squirrel can disrupt and frustrate thousands of people at a time, switching off our electrified lives for hours.
12
Dining & Wine
Nudged to the Produce Aisle by a Look in the Mirror
Researchers out to promote healthier eating habits are using gentle cues, like strategically placed mirrors, to steer shoppers toward fruits and vegetables.
13
World
Pope Appoints Diplomat as Vatican Secretary of State
Archbishop Pietro Parolin, a longtime Vatican diplomat, will be the church’s new secretary of state, replacing Cardinal Tarcisio Bertone.Not watching.
14
World
In Thailand, Rubber Price Plunge Has Political Cost
After falling rubber prices drove many rubber farmers in south Thailand into debt, hundreds of them protested in a clash that has helped embolden political opposition.
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20
U.S.
G.O.P. Senators Fail to Head Off Primary Challenges by Tea Party Rivals
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4
Science
Can’t Beat These New Clocks
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9
Business Day
Greece on Track for More Aid, German Official Says
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13
U.S.
A Blazing Giant Stirs California to High Alert
One of the biggest wildfires in California’s history, which has spurred evacuations, is raising concern about the threat to a major source of San Francisco’s water and power supplies.
14
World
Pakistan Overturns Conviction of Doctor in Bin Laden Hunt
A Pakistani judicial official presiding over an appellate court ruled that the judge who sentenced Shakil Afridi to 33 years in prison exceeded his authority.
15
Arts
Despite Pledge, France Lags in Hunt for Looted Art
A new promise by the French government to press for art seized by the Nazis in World War II to be returned to its owners has so far gone unfulfilled.
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