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Automobiles
Weekend Auto Calendar: Tractor Time in the Hawkeye State
Mecum Auctions plans to sell 250 vintage tractors at its sale in Davenport, Iowa; Brazil hosts the penultimate Formula One race of the 2014 season.
Several Nascar Sprint Cup drivers were fighting in the pits
last Sunday, but will be back racing this weekend in the last race of
the Championship for the Chase season-ending playoff. After the race,
there will be only four drivers left in contention for the championship
title. The final race of the season will be Nov. 16 in Miami. More info."
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U.S.
Kuwaiti Released From Guantánamo Under New Review System
Fawzi al Odah is only the second low-level prisoner to be released this year, and is the first transfer under a new system of parole-board-like hearings to periodically review cases.Science
In Texas, Preserving a Neighborhood for Bats
A $20.5 million land purchase near San Antonio will keep the runway for 20 million Mexican free-tail bats clear of human neighbors.World
Jean-Claude Juncker, Top E.U. Official, Faces Rising Furor Over Luxembourg Tax Revelations
Mr. Juncker was the prime minister of Luxembourg when the tiny country was transformed into one of the world’s premier low-tax hubs.Science
Opportunity, Curiosity, but No View of Mars Sky Show
The comet Siding Spring dropped tons of dust into the planet’s atmosphere as it passed the planet in October.
Fines are a blunt implement.
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N.Y. / Region
Terminal at J.F.K. Could Soon Offer Travelers a Bit of the High Line
Atop the extension it just added for international arrivals at Kennedy Airport, JetBlue plans to build an open-air park based on the High Line in Manhattan that would be open to all passengers.
Opinion
Pregnant, and No Civil Rights
Anti-abortion measures are used to control childbirth decisions.U.S.
A Muckraking Magazine Creates a Stir Among Evangelical Christians
The magazine World serves born-again Christians with its investigative reporting, which recently helped topple the leader of a megachurch.N.Y. / Region
At Guggenheim, Protesters Renew Criticism of Abu Dhabi Expansion Plan
The museum plans a new branch on Saadiyat Island, where there is already a New York University campus built by migrant laborers who worked under harsh conditions.World
Israel Pledges to Restore Security at Religious Site
Prime Minister Benjamin Netanyahu of Israel called King Abdullah II of Jordan, who withdrew his ambassador, to reassure him that Israel would maintain the status quo at the contested site.Business Day
For Draghi, Promises Are Still His Main Policy Option
Forced to coax consensus, the European Central Bank chief must rely on statements of resolve, unspooling monetary policy in monthly increments.Already in the Lowflation Trap
Dean Baker, reacting to Neil Irwin,
feels that he needs to make the perennial point that zero inflation is
not some kind of economic Rubicon. Below-target inflation is already a
problem, and a very serious problem if you don’t have an easy way to
provide economic stimulus.
Think about it.
Suppose that you have a 2 percent inflation target, but you’ve cut
interest rates close to zero and the inflation rate is 1 percent and
falling. Then you’re already experiencing a cumulative process that will
pull you deeper into the trap unless you get lucky.
How so? Actually, a
couple of mechanisms. As inflation falls, real interest rates will rise,
tending to depress the economy further. Also, debtors will find their
debt growing because inflation isn’t as high as they expected, so that
you have a debt-deflation cycle even if you don’t yet have deflation.
So Europe’s low and
falling inflation isn’t a problem because it might turn into deflation —
it’s a problem because of what it’s doing right now.
Oh, and a word on
Sweden, where the central bank is indeed on the edge of deflation but
say never mind because output is currently growing. Um, does the bank
have an inflation target or doesn’t it? Yes, the economy can expand some
of the time even if inflation is below target — but because the
inflation rate is low, there isn’t as much room to respond to adverse
shocks. So missing the target is a policy failure whatever the current
output indicators.
Anyway, back to Europe: it’s not that something could go wrong, but the fact that it already has gone wrong.
And remember, above
all, that the risks aren’t symmetric. Controlling inflation may be
painful, but we do know how to do it. Exiting deflation or lowflation is
really, really hard, which is why you never want to go there."
Opinion
Election 2014: How the Turks See Us
Republican criticism of Obama’s foreign policy finds unexpected echoes among Turkey’s public.Opinion
A Doctor-Parent Exchange Reveals a Dangerous Gap Between Fears and Facts on Ebola and Flu
A parent presses a doctor to vaccinate a child against Ebola, while rejecting a flu shot.U.S.
Dallas Closes the Door on Its Ebola Scare
The last person in the region being monitored for symptoms of the disease was cleared on Friday.World
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