1
Business Day
Bank of England Governor Seeks Safe Path to Growth
Mark J. Carney, the new governor of the Bank of England, is taking on the task of reorganizing the country's financial sector while also pushing for its expansion.
"But the City’s biggest opportunity is closer to home, in its E.U. hinterland. This is because the European Union’s
“bankcentricity” has been a source of weakness. The Union would be more
resilient if its financial system were more markets-based. As Mr.
Carney put it: “There is a strong case for greater reliance on robust
financial markets relative to weakened banks.” Such a shift would
benefit Britain, as most of the business would flow through the City.
This opportunity will not materialize fully if the European Union
continues to be suspicious of markets. But the way to change minds is to
engage with those with whom you disagree.
Here again, Mr. Carney represents a new approach. Mr. King, his
predecessor, often gave the impression that he was bored with European
meetings and secretly hoped that the euro would collapse. Mr. Carney, by
contrast, has gone on a charm offensive. His first phone call was to
Mario Draghi, the European Central Bank president, and one of his first
meetings was with Michel Barnier, the European Commission official
responsible for financial regulation."
Mark J. Carney feels abandoning the gold standard is original sin.
http://krugman.blogs.nytimes.com/2013/10/28/sheiks-and-princelings-and-beeznessmen-oh-my/
"October 28, 2013, 6:43 am
13 Comments
Sheiks and Princelings and Beeznessmen, Oh My
Joe Weisenthal tells us who’s buying all those incredibly expensive London residences. It’s not the locals:
New York is experiencing a similar transformation into a global rentier city, although my sense is that it hasn’t gone nearly as far down that road.
It’s going to present an interesting conundrum for Bill de Blasio: He seems set to win the mayor’s race by a huge margin of New Yorkers, but he’s be governing a city where a lot of the wealth was generated somewhere else and resides in NYC for the amenities (which include the ability to rub shoulders with other rentiers.) So he needs to milk these people, but not too hard.
I guess it’s better than being Detroit."
"October 27, 2013, 7:21 pm 33 Comments
It’s going to present an interesting conundrum for Bill de Blasio: He seems set to win the mayor’s race by a huge margin of New Yorkers, but he’s be governing a city where a lot of the wealth was generated somewhere else and resides in NYC for the amenities (which include the ability to rub shoulders with other rentiers.) So he needs to milk these people, but not too hard.
I guess it’s better than being Detroit."
"October 27, 2013, 7:21 pm 33 Comments
Currency Regimes, Capital Flows, and Crises (Wonkish) (Link Fixed)
Update: Link fixed
What I’ve been working on, in draft, here. For afficionados of modeling, the hard part was section 3, the miniature New Keynesian model — it took me a long time to find assumptions that made complicated dynamics boil away, and let me concentrate all the action in period 1 (which is what I wanted for my purposes.)
I’m not sure whether everyone will find this persuasive — but if you disagree, show me the model! Much as I respect Antonio Fatas, he still hasn’t done that; Brad DeLong is left trying to do his modeling for him.
Anyway, these times we live in make for interesting economics; too bad the actual policies have been so disastrous."
"October 28, 2013, 9:37 am 19 Comments
What I’ve been working on, in draft, here. For afficionados of modeling, the hard part was section 3, the miniature New Keynesian model — it took me a long time to find assumptions that made complicated dynamics boil away, and let me concentrate all the action in period 1 (which is what I wanted for my purposes.)
I’m not sure whether everyone will find this persuasive — but if you disagree, show me the model! Much as I respect Antonio Fatas, he still hasn’t done that; Brad DeLong is left trying to do his modeling for him.
Anyway, these times we live in make for interesting economics; too bad the actual policies have been so disastrous."
"October 28, 2013, 9:37 am 19 Comments
The Confidence Gnomes
It’s kind of sad, but I suspect that half a
century from now the main thing people will remember me for — if they
remember anything — is the confidence fairy. So maybe I can somewhat package my attempts to debunk the Hellenization of our discourse
(pdf) by pointing out that the scare stories seem to involve invoking a
related set of characters, the confidence gnomes. (They’re also related
to these guys.)
The popular story — put out by everyone from Alan Greenspan to Erskine Bowles — runs like this:
1. Loss of investor confidence
2. ??????
3. Greece!
What I keep asking is for someone to explain step 2 in a way that’s consistent with the fact that America, Britain, and Japan — unlike Greece — have their own currencies, and central banks that control short-term interest rates. Are you saying that they will raise these rates, and if so, why? Are you saying that long rates will become delinked from short rates? Why, and why can’t central banks prevent this just by buying long-term debt?
So far, nobody has answered this challenge clearly. They simply assert that this is how it will happen, or they switch arguments in midstream, suddenly bringing in the specter of bank collapse or something else. Just tell me what’s supposed to be happening to monetary policy!
And don’t tell me that this is what experience shows. There simply aren’t historical precedents for the claimed crisis — a debt crisis in a country that has its own currency and borrows in that currency. France in the 20s comes closest, but it didn’t play out anything like modern Greece. Japan right now is, in effect, an example of a country benefiting by reducing confidence in the future real value of its debt. (Before commenting on these assertions, read the paper.)
What’s more, we have a clear recent example of just how important it is to think these things through. Remember that people like Greenspan insisted that budget deficits would lead to soaring rates and inflation. But they never explained how this was supposed to happen in a depressed economy with zero short-term rates. Again, their logic was more or less
1. Deficits
2. ?????
3. Zimbabwe!
Meanwhile, those of us who tried to think it through concluded that nothing of the sort would happen — and it didn’t.
Count me as someone who believes that macroeconomics — at least of the Keynesian variety — has actually worked pretty well these past five years. The problem is that so few economists have been willing to use their own models, and so few influential people have understood that gut feelings are no way to deal with a once-in-three-generations economic crisis."
I am not yet able to carry this fight.
The popular story — put out by everyone from Alan Greenspan to Erskine Bowles — runs like this:
1. Loss of investor confidence
2. ??????
3. Greece!
What I keep asking is for someone to explain step 2 in a way that’s consistent with the fact that America, Britain, and Japan — unlike Greece — have their own currencies, and central banks that control short-term interest rates. Are you saying that they will raise these rates, and if so, why? Are you saying that long rates will become delinked from short rates? Why, and why can’t central banks prevent this just by buying long-term debt?
So far, nobody has answered this challenge clearly. They simply assert that this is how it will happen, or they switch arguments in midstream, suddenly bringing in the specter of bank collapse or something else. Just tell me what’s supposed to be happening to monetary policy!
And don’t tell me that this is what experience shows. There simply aren’t historical precedents for the claimed crisis — a debt crisis in a country that has its own currency and borrows in that currency. France in the 20s comes closest, but it didn’t play out anything like modern Greece. Japan right now is, in effect, an example of a country benefiting by reducing confidence in the future real value of its debt. (Before commenting on these assertions, read the paper.)
What’s more, we have a clear recent example of just how important it is to think these things through. Remember that people like Greenspan insisted that budget deficits would lead to soaring rates and inflation. But they never explained how this was supposed to happen in a depressed economy with zero short-term rates. Again, their logic was more or less
1. Deficits
2. ?????
3. Zimbabwe!
Meanwhile, those of us who tried to think it through concluded that nothing of the sort would happen — and it didn’t.
Count me as someone who believes that macroeconomics — at least of the Keynesian variety — has actually worked pretty well these past five years. The problem is that so few economists have been willing to use their own models, and so few influential people have understood that gut feelings are no way to deal with a once-in-three-generations economic crisis."
I am not yet able to carry this fight.
I can cheer and bet on the sane side.
Janos Varoufakis is a Greek professor with an Oxford education.
Politically he is an agnostic Marxist employed by a Texas university.
His economics are "faith based" but his perceptions of the situation are very keen.
http://www.nakedcapitalism.com/2013/10/yanis-varoufakis-the-dirty-war-for-europes-integrity-and-soul.html
http://yanisvaroufakis.eu/
http://yanisvaroufakis.eu/2013/10/25/the-dirty-war-for-europes-integrity-and-soul-europe-inaugural-public-lecture-uws-state-library-of-new/#more-4646
2
Business Day
CNN Jolts Ratings Race With ‘Blackfish’
On Thursday night, the network drew a surprisingly young audience for the documentary about the safety and ethics of confining killer whales.
3
Business Day
Video: The Numbers Behind the Job Numbers
A look at how Janet Yellen, President Obama’s pick to lead the Federal Reserve, may interpret the latest jobs report, and what those numbers say about how how the economy is really doing.
4
Opinion
Maliki’s Democratic Farce
Obama must make adherence to democratic norms a condition of military aid.| Ottoman Empire دولت عليهٔ عثمانیه Devlet-i Âliyye-i Osmâniyye |
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| Motto Devlet-i Ebed-müddet دولت ابد مدت "The Eternal State" |
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| Anthem Ottoman imperial anthem |
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Greatest extent (red) with vassal states (light red) of the Ottoman Empire in 1590s.
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| Capital | Söğüt (1299–1335) Bursa[1] (1335–1413) Adrianople[2][dn 1] (1413–1453) Constantinople[dn 2] (1458–1922) |
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| Languages | Ottoman Turkish (official), many others | |||||
| Religion | Sunni Islam | |||||
| Government | Absolute monarchy (1299–1876) (1878–1908) (1918–1922) Constitutional monarchy (1876–1878) (1908–1918) |
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| Sultan | ||||||
| - | 1299–1326 | Osman I (first) | ||||
| - | 1918–1922 | Mehmed VI (last) | ||||
| Grand Vizier | ||||||
| - | 1320–1331 | Alaeddin Pasha (first) | ||||
| - | 1920–1922 | Ahmed Tevfik Pasha (last) | ||||
| Legislature | General Assembly | |||||
| - | Upper house | Senate | ||||
| - | Lower house | Chamber of Deputies | ||||
| History | ||||||
| - | Founded | 1299 | ||||
| - | Interregnum | 1402–1414 | ||||
| - | 1. Constitutional | 1876–1878 | ||||
| - | 2. Constitutional | 1908–1922 | ||||
| - | Sultanate abolished [dn 3] | 1 November 1922 | ||||
| - | Republic of Turkey[dn 4] | 29 October 1923 | ||||
| Area | ||||||
| - | 1683 [3] | 5,200,000 km² (2,007,731 sq mi) | ||||
| - | 1914 [4] | 1,800,000 km² (694,984 sq mi) | ||||
| Population | ||||||
| - | 1856 est. | 35,350,000 | ||||
| - | 1906 est. | 20,884,000 | ||||
| - | 1912 est.[5] | 24,000,000 | ||||
| Currency | Akçe, Para, Sultani, Kuruş, Lira | |||||
5
Science
Scientists Go Back to Work and a Skull Changes Some Minds
Recent developments in health and science news. This week: A government-funded study from the 1950s was condemned, and chunks of an exploded meteor were excavated.
6
Opinion
A Global Focus on Breast Cancer
The International Atomic Energy Agency and others respond to an article in the “Cancer Divide” series.
7
N.Y. / Region
Ruling Doubles Paycheck for 1,375 Employees at High-Grossing Queens Slot Parlor
An arbitrator’s ruling at Resorts World Casino comes days before a referendum on authorizing up to seven full-size casinos in New York.
8
World
Dozens Killed by Bombers at Baghdad Cafe
A suicide bomber blew himself up inside a crowded cafe, and moments later, as bystanders rushed to help the wounded, another attacker detonated a car bomb.
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U.S.
Vision of Prairie Paradise Troubles Some Montana Ranchers
Some ranchers who fear the region will lose its identity object to conservationists’ plan to create a vast grassland reserve where 10,000 bison roam and fences are few.
10
Business Day
Accounts and People of Note in the Advertising Industry
Rob Gregory, the former Newsweek Daily Beast president, joined WhoSay as chief revenue officer.
11
Arts
Technology Mimics the Brushstrokes of Masters
Museum officials and technicians are using 3D printers to make copies of famous paintings that are coming closer to exact duplication.
12
Business Day
Industrial Output Rises as Utilities Rebound
Industrial production recorded its largest increase in seven months in September as utilities output surged, but manufacturing showed signs of cooling.
13
U.S.
Robinson Risner, Ace Fighter Pilot, Dies at 88
Brig. Gen. Robinson Risner shot down eight MIG-15 fighters during the Korean War and was held captive at the “Hanoi Hilton” for seven and a half years.
14
15
World
Dispute Over Canadian Senators’ Expenses Balloons Into Larger Political Scandal
The scandal has prompted a debate over whether the Senate, an appointed body, should continue to exist.
16
Health
Should Medical School Last Just 3 Years?
For several years, medical educators have been engaged in an increasingly heated, and occasionally cantankerous, debate about streamlining medical education and training.
17
World
Drownings Put Migration at Fore of European Meeting
The question of how to share the burden of the waves of refugees crossing the Mediterranean is dividing the European Union after more than 360 drowned off Sicily this month.
18
U.S.
New Mexico Justices to Rule on Gay Marriage
The New Mexico Supreme Court is addressing an issue that the Legislature has for years failed to resolve and the governor has avoided.
19
Arts
Outsider Whose Dark, Lyrical Vision Helped Shape Rock ’n’ Roll
Mr. Reed, punk-poet, guitarist and songwriter, was a founder of the rock group the Velvet Underground, whose music and lyrics influenced multiple generations.
20
N.Y. / Region
Before Carnage, Frantic Warnings of Relative’s Odd Behavior
A woman and her four children were killed at their home in Sunset Park, and a cousin of the children’s father was arrested in the attack, the police said.
1
Business Day
Netflix to Add ‘Dexter’ in Deal With CBS Corp.
The deal is not exclusive, but for Netflix it represents access to a show that had been only available to Showtime subscribers.I will pay for Netflix.
4
Health
The Epidemic Uganda Is Neglecting
Endless waits, drug shortages, inadequate facilities and the silence of victims are resulting in women with breast cancer being treated too late, improperly or not at all.
5
10
Opinion
The Debate Over Judge Posner's Unforced Error
He said he regretted voting to uphold a voter-ID law.
11
U.S.
Dispute Over Border Security Could Cause Delay for Bridge to Mexico
The opening of the Brownsville West Rail Bypass International Bridge may be delayed because of a disagreement over who should pay $1.5 million to move an X-ray machine.
12
World
Georgia Elects New President, but Real Power Will Rest With Next Premier
Giorgi Margvelashvili, a former deputy prime minister and education minister, was headed to a decisive victory, according to surveys of voters leaving the polls.| Georgia
საქართველო
Sakartvelo |
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| Motto: ძალა ერთობაშია Dzala Ertobashia Strength is in Unity |
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| Anthem: თავისუფლება Tavisupleba Freedom  |
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Georgia proper shown in dark green; areas outside of Georgian control shown in light green.
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| Capital |
41°43′N 44°47′E |
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| Largest city | Tbilisi | |||||
| Official languages | Georgian[1] | |||||
| Spoken languages[2] | 71% Georgian 9% Russian 7% Armenian 6% Azerbaijani 7% other |
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| Ethnic groups (2002[2]) | 83.8% Georgian 6.5% Azerbaijani 5.7% Armenian 1.5% Russian 2.5% others |
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| Demonym | Georgian | |||||
| Government | Unitary semi-presidential republic | |||||
| - | President | Mikheil Saakashvili | ||||
| - | Prime Minister | Bidzina Ivanishvili | ||||
| - | President-elect | Giorgi Margvelashvili | ||||
| Legislature | Parliament | |||||
| Independence | ||||||
| - | from Russian Empire | May 26, 1918 | ||||
| - | Soviet re-conquest | February 25, 1921 | ||||
| - | from Soviet Union
Declared
Finalized |
April 9, 1991 December 25, 1991 |
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| Area | ||||||
| - | Total | 69,700 km2 (120th) 26,911 sq mi |
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| Population | ||||||
| - | 2013 estimate | 4,555,911[2] (121st) | ||||
| - | Density | 65.4/km2 (144th) 169.3/sq mi |
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| GDP (PPP) | 2012 estimate | |||||
| - | Total | $26.348 billion[3] | ||||
| - | Per capita | $5,929[3] | ||||
| GDP (nominal) | 2012 estimate | |||||
| - | Total | $15.984 billion[3] | ||||
| - | Per capita | $3,596[3] | ||||
| Gini (2010) | 42.1[4] medium |
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| HDI (2012) |  0.745[5]high · 72nd |
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| Currency | Lari (ლ) (GEL) |
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| Time zone | GET (UTC+4) | |||||
| Drives on the | right | |||||
| Calling code | +995 | |||||
| ISO 3166 code | GE | |||||
| Internet TLD | .ge | |||||
13
Fashion & Style
Video: Intersection: Flatbush Indie Fashion
Helen Milkson, 72, who was born in Grenada, has been living in Flatbush for 20 years. She likes to look special and doesn’t go for fashion, she says.
14
World
India's Battle Against Nutrition Data Deficiency
For the past eight years, the government in India has not collected national-level data to gauge the nutritional status of children.
15
Health
Commuting's Hidden Cost
The American dependence on cars, resulting in lost hours that could otherwise be spent exercising or socializing, has taken a toll on our health.
16
U.S.
National Guardsman Accused of Shooting and Wounding 2 in Tennessee
A National Guard recruiter opened fire with a handgun on two of his superiors on Thursday at a military armory near Memphis, the authorities said.
17
Science
Answer to the Old Teeth-and-Scales Question
Scientists have learned that, contrary to decades of conventional wisdom, scales may have come before teeth in vertebrates.
18
Sports
With Its Flashy League Gaining Buzz, Stanford Relies on Brawn
Led by Tyler Gaffney’s 171 yards rushing and 2 touchdowns, the Cardinal rebounded from a loss by overpowering U.C.L.A.
19
U.S.
Dog’s Tale: From Death Row to Doorstep
Phineas, a Labrador retriever, had been placed in quarantine after being accused of biting a girl but vanished twice and mysteriously reappeared.
20
Technology
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