1
Science
Video: ScienceTake: Angry Birds
Mockingbirds furiously protect their nests against intruding cowbirds, with mixed results.
2
World
Close to the Olympics, Far From the Bounty
The awarding of the Olympics in 2007 to Sochi, so tantalizingly close, had for a time raised hopes that Abkhazia would share in the bounty.
3
Business Day
Treasury Bill Auction Is Delayed
An error in the auction system delays the bidding until Tuesday.Unprecedented Austerity
As many people have noted, a strange thing
has happened on the fiscal policy front. Intellectually, the case for
austerity has pretty much collapsed, having been reduced at this point
to the Three Stooges Theory:
we’re supposed to consider austerity a success because it feels good
when you stop, or at least let up. At the same time, however, austerity
policies continue to be imposed, on both sides of the Atlantic.
And amid the punditizing over the latest budget deal, it’s worth considering just how unprecedented US austerity has been. Look at total government spending — federal, state, and local — and correct it for inflation, as measured by the core personal consumption expenditures deflator (the Fed’s preferred measure). (It doesn’t matter much which measure you use, but this one has less noise). Smooth it out by looking at three-year changes. Here’s what you get:
You can see that there was a brief, modest spurt in spending
associated with the Obama stimulus — but it has long since been
outweighed and swamped by a collapse in spending without precedent in
the past half century. Taking it further back is tricky given data
non-comparability, but as far as I can tell the recent austerity binge
was bigger than the demobilization after the Korean War; you really have
to go back to post-World-War-II demobilization to get anything similar.
And to do this when the private sector is still deleveraging and interest rates are at the zero lower bound is just awesomely destructive."
And amid the punditizing over the latest budget deal, it’s worth considering just how unprecedented US austerity has been. Look at total government spending — federal, state, and local — and correct it for inflation, as measured by the core personal consumption expenditures deflator (the Fed’s preferred measure). (It doesn’t matter much which measure you use, but this one has less noise). Smooth it out by looking at three-year changes. Here’s what you get:
And to do this when the private sector is still deleveraging and interest rates are at the zero lower bound is just awesomely destructive."
4
Opinion
The G.O.P.’s Racism Tweet
The Republican National Committee got in trouble for suggesting that Rosa Parks had “ended” racism.
5
N.Y. / Region
For New York City’s Charter Schools, a Lesson on Paying Rent
The Bronx Community Charter School could be a model if Mayor-elect Bill de Blasio follows through on his proposal to charge charter schools for space.
6
Sports
N.C.A.A. Change Is Coming, Maybe
Tweaks, not major reforms, are what might emerge after some of the most important people in college sports met in Manhattan.
7
Health
More Helpful Fatty Acids Found in Organic Milk
The research was met with a mixed reaction, as there is disagreement among scientists about whether omega-6 fatty acids are harmful.
8
Fashion & Style
Reign of Cartier, Jeweler to Royalty
The "Cartier. Style and History" exhibition at the Grand Palais in Paris captures the vision and expertise of the luxury jewelry maker.
9
Arts
A (Big) Bit of Egypt in Central Park
The oldest man-made, outdoor object in New York is the towering, granite obelisk in Central Park known as Cleopatra’s Needle: It’s nearly 3,500 years old.
10
Business Day
In the Murky World of Bitcoin, Fraud Is Quicker Than the Law
Illicit activity is rising in the virtual currency market, where there is an increasing amount of real money but few rules and even less oversight.
11
Arts
Video: TimesTalks: Ricky Gervais
The comedian reflects on his approach to comedy, the success of "The Office" and his new series on Netflix, "Derick."
12
Business Day
Sam Champion Leaves ‘Good Morning America’ for Weather Channel
Sam Champion, the weather anchor on TV’s top-rated morning show, will be the host of an upgraded morning program on the all-weather, all-the-time Weather Channel.
13
U.S.
Ebb in Uranium Enrichment in U.S. Raises Questions About Nuclear Policy
Some experts fear that the United States’ reliance on imported enriched uranium may affect its global nonproliferation efforts and potentially cause supply problems in the future.
14
Sports
Respite in Miller Custody Case
Bode Miller and a former girlfriend, Sara McKenna, agreed to share time with their infant son for the next four months, calming a court fight as Miller prepares for the Sochi Olympics.
15
World
China Launches Moon Rover Mission
If the mission succeeds, China will be the third country to achieve a “soft” landing on the moon, one that allows a craft to operate after descending.
16
U.S.
After Setbacks, Online Courses Are Rethought
Large-scale online courses, hailed as a way to democratize higher education, have so far been plagued by very high attrition rates.
17
U.S.
Nebraska Democrat Drops Challenge for House Seat
Pete Festersen dropped his bid to challenge Representative Lee Terry just two months after announcing his campaign.
18
Sports
Week 14 N.F.L. Matchups
The 49ers have not lost at home to the Seahawks since 2008 and appear on track to keep the streak alive, even if Seattle is still positioned as the most dangerous team in the N.F.C.
19
World
Biden Finds Political Instincts Handy in Asia
Vice President Joseph R. Biden Jr. honed his political instincts over the decades, and they came in handy on a trip to Asia this week.
20
N.Y. / Region
A Speakeasy Experience
The Heath at the McKittrick Hotel in Chelsea is a recreated supper club complete with a jazz band and a faux smoky room where five finance types gathered recently.A restaurant review.
Dinner and a show.
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@23:03
1
Science
Video: ScienceTake: Angry Birds
Mockingbirds furiously protect their nests against intruding cowbirds, with mixed results.
2
World
Congo: Peace Deal With Rebels Signed
The government signed a peace deal with the M23 rebels it had been fighting until they laid down their arms last month, ending weeks of wrangling over the terms of an agreement.
3
World
Bruised by Scandal, British Lawmakers Reject Raise
Legislators, amid belt-tightening and burdened by their reputation for money-grabbing, are fighting for the right to reject higher pay.
4
Business Day
Investment From China May Be Near for Peugeot
PSA Peugeot Citroën says negotiations with Dongfeng Motor could lead to a capital increase.
5
U.S.
Testing if ‘Loud’ Can Add Votes for Insurgents
Representative Steve Stockman, going up against the incumbent John Cornyn in the race for United States Senate, wants to be the next Ted Cruz, but several factors are working against him.
6
N.Y. / Region
N.Y.U. Graduate Assistants to Join Auto Workers’ Union
As affiliates of the United Automobile Workers, New York University graduate teaching and research assistants will make up the only such union in the country recognized by a private university.
8
Arts
Killing Game Takes in New Players
“Chosen,” a thriller series from Crackle, starts its second season.
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13
14
U.S.
Minnesota: Archdiocese Releases Names of Priests Suspected of Abuse
The Archdiocese of St. Paul and Minneapolis published a list on Thursday of 34 priests who have been accused of sexually abusing minors.
15
Business Day
British Finance Chief Hails Austerity’s Benefits
Amid upbeat growth forecasts. George Osborne, the chancellor of the Exchequer, balanced small giveaways with promises of more harsh medicine.
16
Opinion
How the E.U. Pushed Ukraine East
Ukraine was asked to forsake its oldest cultural and economic ally. Is it any wonder Kiev balked?
17
Business Day
A Message That Tries to Blend In
Hennessy is combining a traditional campaign in Vanity Fair with so-called native advertising, ads made to look like the magazine’s editorial content.
18
World
As Winter Nears, Chinese Capital Is Blanketed in Green
In a city crowded with BMWs, upscale malls and produce-packed supermarkets, the stockpiling of cabbage speaks to an era of scarcity that still haunts Chinese of a certain age.
19
Fashion & Style
Novelties at a Miami Art Basel Exhibition
At a pop-up during Art Basel, arty collectibles from names like Zaha Hadid, Damien Hirst, Thom Browne, James Franco and Pharrell Williams.
20
Business Day
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