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Risky Business

The Economic Risks of Climate Change in the United States (PDF); prospectus (PDF); press coverage (YT) - "The signature effects of human-induced climate change—rising seas, increased damage from storm surge, more frequent bouts of extreme heat—all have specific, measurable impacts on our nation's current assets and ongoing economic activity. [The report] uses a standard risk-assessment approach to determine the range of potential consequences for each region of the U.S.—as well as for selected sectors of the economy—if we continue on our current path..." [more inside]
posted by kliuless on Jun 24, 2014 - 34 comments

Aggregate Demand Management: "pass a law allowing the Fed to cut checks"

Free Money for Everyone - "A wacky-sounding idea with surprisingly conservative roots may be our best hope for escaping endless, grinding economic stagnation." (via) [more inside]
posted by kliuless on Mar 16, 2014 - 19 comments

Why find more? Unburnable carbon as financial assets.

There is another bubble. Before it's burned, Coal, Oil and Gas sit for years on the balance sheets of private (and national) resource companies, as "known reserve" assets. Assets that, someday, will become revenues. Or will they? And if they won't, what will the balance sheets of ExxonMobil, Chevron, BP, Petrochina, and Gazprom actually look like? [more inside]
posted by anthill on Dec 19, 2013 - 22 comments

America's New Masters

This shift in how companies are governed and raise money is bringing with it a structural change in American capitalism. That should be a matter of great debate. Are these new businesses, with their ability to circumvent rules that apply to conventional public companies, merely adroit exploiters of loopholes for the benefit of a plutocratic few? Or do they reflect the adaptability on which America’s vitality has always been based? - Rise of the distorporation - how changes in the way companies are financed and managed is changing the wealth distribution of America.
posted by Artw on Nov 2, 2013 - 23 comments

Eugene Fama: "I was getting kind of tired of French..."

"... and so I took an economics course and I loved it," during a phone interview in the early morning today. Likewise, conversations with Robert Shiller and Lars Peter Hansen, shortly after the 2013 Sveriges Riksbank Prize in Economic Sciences was awarded jointly to them for their academic contributions to the field of asset pricing. UChicago News, Yale News, New York Times, Wall Street Journal, Washington Post, and Bloomberg report. [more inside]
posted by ilicet on Oct 14, 2013 - 23 comments

Game behind gamed: your narrative programming for the day

How The Economic Machine Works by Ray Dalio[1] actually makes a case against austerity[2] and for redistribution, but also for money printing (and, arguably, for bailouts), while stressing the need to keep making productivity-improving public and private investments. However, it could be equally entitled: How The Industrial Age Political-Economy Doesn't Work Anymore, viz. Surviving Progress (2011)... [more inside]
posted by kliuless on Sep 25, 2013 - 28 comments

Giant Bomb

PayPal locked down the developer’s account, and said it could only have 50% of the funds. The rest would be released as development continued, based on PayPal’s assessment of the situation. PayPal was, essentially, going to become a producer going forward. Crowdfunding's Secret Enemy is PayPal
posted by East Manitoba Regional Junior Kabaddi Champion '94 on Sep 20, 2013 - 73 comments

Gold Crash

"Gold's crash this weekend is, as Oprah might say, a teachable moment. Crashes like this are a good way to find out how markets work. It's like a game of financial Clue, a way to keep sharp your skills of deduction. You don't have to be a stock investor or a math whiz to figure it out, either – you just have to have a good grasp of news and human psychology." - the Guardian on this week's crash in gold commodity prices.
posted by Slap*Happy on Apr 18, 2013 - 85 comments

The Day Care Dilemma

"Trusting your child with someone else is one of the hardest things that a parent has to do — and in the United States, it’s harder still, because American day care is a mess. About 8.2 million kids—about 40 percent of children under five — spend at least part of their week in the care of somebody other than a parent. Most of them are in centers, although a sizable minority attend home day cares.... In other countries, such services are subsidized and well-regulated. In the United States, despite the fact that work and family life has changed profoundly in recent decades, we lack anything resembling an actual child care system. Excellent day cares are available, of course, if you have the money to pay for them and the luck to secure a spot. But the overall quality is wildly uneven and barely monitored, and at the lower end, it’s Dickensian."
posted by zarq on Apr 15, 2013 - 139 comments

What's The Question About Your Field That You Dread Being Asked?

"Maybe it's a sore point: your field should have an answer (people think you do) but there isn't one yet. Perhaps it's simple to pose but hard to answer. Or it's a question that belies a deep misunderstanding: the best answer is to question the question."
posted by the man of twists and turns on Apr 14, 2013 - 259 comments

Incommensurable values

Economists and the theory of politics - "why unions were often well worth any deadweight cost" [more inside]
posted by kliuless on Mar 25, 2013 - 27 comments

Level 2 is more worrisome. Level 3 is hair-raising.

"We decided to go on an adventure through the financial statements of one bank [Wells Fargo], to explore exactly what they do and do not show, and to gauge whether it is possible to make informed judgments about the risks the bank may be carrying. We chose a bank that is thought to be a conservative financial institution, and an exemplar of what a large modern bank should be."
posted by vidur on Jan 14, 2013 - 14 comments

Japan

What's Going On In Japan? "Really Japan is quite a remarkable case, since neither fiscal nor monetary policy seems to be working to achieve the anticipated results. This year Japan will have a fiscal deficit of around 10% of GDP and gross government debt will hit 235% of GDP, yet the country is still struggling to find growth. Instead of reiterating old dogmas (whether they come from Keynes or from Hayek) more people should be asking themselves what is happening here. This is not a simple repetition of something which was first time tragedy and is now second time tragedy, it is something new, and could well be a harbinger for more that is to come, elsewhere. Oh, why oh why are economists not more curious?" [more inside]
posted by kliuless on Dec 27, 2012 - 82 comments

"how we learned to stop worrying and embrace the abstraction"

A Brief History Of Money [more inside]
posted by the man of twists and turns on Dec 16, 2012 - 53 comments

The New York Times - Complaints Aside, Most Face Lower Tax Burden Than in 1980

The New York Times examines how American taxes have changed since 1980
posted by East Manitoba Regional Junior Kabaddi Champion '94 on Nov 30, 2012 - 105 comments

Why Obama Now

Why Obama Now - from Simpsons/Family Guy animator Lucas Gray [more inside]
posted by East Manitoba Regional Junior Kabaddi Champion '94 on Oct 11, 2012 - 61 comments

The limit does not exist

The complete guide to America's jobs crisis and the failure of monetary policy using animated gifs
posted by Hypnotic Chick on Sep 11, 2012 - 16 comments

Financial Markets, Politics and the New Reality

Financial Markets, Politics and the New Reality: "Louis M. Bacon is the head of Moore Capital Management, one of the largest and most influential hedge funds in the world. Last week, he announced that he was returning one quarter of his largest fund, about $2 billion, to his investors, [saying] it is impossible to make money when there is heavy political involvement, because political involvement introduces unpredictability in the market… Adam Smith and David Ricardo, who modern investors so admire, [never] used the term "economics" by itself, but only in conjunction with politics; they called it political economy… The investors' problem is that they mistake the period between 1991 and 2008 as the norm and keep waiting for it to return."
posted by the mad poster! on Aug 9, 2012 - 36 comments

Tails of the unexpected

Tails of the Unexpected: "Normality has been an accepted wisdom in economics and finance for a century or more. Yet in real-world systems, nothing could be less normal than normality. Tails should not be unexpected, for they are the rule." An eminently human-readable explanation of why normal models fail to describe the uncertainties of our abnormal world. [more inside]
posted by ecmendenhall on Jun 9, 2012 - 19 comments

sovereignty and taxation

David Graeber: Of Flying Cars and the Declining Rate of Profit (via) [more inside]
posted by kliuless on Jun 8, 2012 - 85 comments

Executive Compensation

The Incentive Bubble (ungated pdf) - "The fraying of the compact of American capitalism by rising income inequality and repeated governance crises is disturbing. But misallocations of financial, real, and human capital arising from the financial-incentive bubble are much more worrisome to those concerned with the competitiveness of the American economy." [more inside]
posted by kliuless on Apr 3, 2012 - 54 comments

An Interview with Yanis Varoufakis

The New Priesthood - "The hapless economist uses the same tools as acclaimed physicists and astronomers. She has trained for years to speak precisely the same language as them, to understand the same advanced mathematics, to deploy most complex statistical methods which are an essential part of the scientific toolbox. It is, understandably, incredibly difficult to accept that her work is a form of higher order superstition; a religion couched in the language of mathematics and statistics. Tragically, this is precisely what it is." [more inside]
posted by kliuless on Apr 2, 2012 - 169 comments

The Failure of Judges and the Rise of Regulators

The Control Revolution And Its Discontents - "the long process of algorithmisation over the last 150 years has also, wherever possible, replaced implicit rules/contracts and principal-agent relationships with explicit processes and rules."
posted by kliuless on Feb 23, 2012 - 25 comments

The 7 Biggest Economic Lies

The seven biggest economic lies with Robert Reich.
posted by latkes on Jan 27, 2012 - 126 comments

Why is finance so complex?

"You can have opacity and an industrial economy, or you can have transparency and herd goats"
posted by Philosopher's Beard on Dec 29, 2011 - 97 comments

Counterparties

Counterparties is a nice little collection of curated and tagged economic news stories, 5-8 every day. It is edited in part by the admirable (and MetaFave) financial journalist Felix Salmon.
posted by shothotbot on Dec 22, 2011 - 12 comments

Why do we need a financial sector?

Economics blog VoxEU debates Why do we need a financial sector? Serious, important and very dull articles discuss the trade-offs and myths of innovation, and whether the sector is overrated, critical or a contributor to the wider economy.
posted by TheophileEscargot on Nov 22, 2011 - 35 comments

The Closest Thing We Have To A 99 Percent Movement Comedy

Alyssa Rosenberg of Think Progress on why CBS's new show 2 Broke Girls is the closest thing we have to a 99% Movement Comedy.
posted by reenum on Oct 25, 2011 - 69 comments

(That's 9% Income Tax, 9% Sales Tax, 9% Corporate VAT)

Effect of Herman Cain's proposed "9-9-9" tax reform plan on average household tax liability. Cain is leading the field of GOP Presidential candidates in polls of Iowa, South Carolina and Florida. Previously 1 2
posted by East Manitoba Regional Junior Kabaddi Champion '94 on Oct 20, 2011 - 283 comments

We appreciate your candor

BBC News asks independent trader Alessio Rastani "what would keep investors happy, make them feel more confident?" and gets a surprisingly honest answer: "Personally, it doesn't matter. See, I'm a trader. I don't really care about that kind of stuff. If I see an opportunity to make money, I go with that. So, for most traders, we don't really care that much about how they're going to fix the economy, about how they're going to fix the whole situation; our job is to make money from it. And, personally, I've been dreaming of this moment for three years. I have a confession which is I go to bed every night and dream of another recession, I dream of another moment like this." [SLYT]
posted by finite on Sep 26, 2011 - 235 comments

Obama nominates Alan Krueger as chairman of the White House Council of Economic Advisers

White House economic policy largely originates with The Council of Economic Advisers, CEA, who directly advise the President of the United States. CEA research and publish the annual Economic Report of the President[ .pdf ], which details the state of the nation's economic health. Today President Barack Obama is expected to nominate Princeton Economist Alan Krueger as chairman of the White House Council of Economic Advisers. Krueger, who previously held the post of Assistant Treasury Secretary for Economic Policy, has written on a wide range of topics, from the economics of rock music [ .pdf ], the causes of terrorism [ .pdf ] and American's changing work / life balance. But Krueger is best known as a labor economist who has extensively researched long term unemployment. [more inside]
posted by Mutant on Aug 29, 2011 - 69 comments

Marx was right. Capitalism may be destroying itself.

Roubini warns of global recession risk. In a video interview with the Wall Street Journal, Economist Nouriel Roubini of Roubini Global Economics warns that the risk of a global recession is higher than 50%, suggests investing in cash, blames George Bush for the United States' economic predicament, advocates higher taxes, warns of a possible break-up of the European monetary union and states that "Karl Marx was right". [more inside]
posted by moorooka on Aug 15, 2011 - 122 comments

"all this amazing wealth is fragile, a castle built on sands of illusion...."

Has the Higher Education Bubble Popped? According to the CSM, the boom in demand for bankers, barristers, and bureaucrats is over.
posted by blue_beetle on Aug 11, 2011 - 79 comments

FiveThirtyEight rips apart Standard and Poor's ratings

Nate Silver: Why Standard & Poor’s Ratings Are Substandard and Porous
posted by East Manitoba Regional Junior Kabaddi Champion '94 on Aug 10, 2011 - 46 comments

Not what it says on the tin

"Any industry would be proud of an average annual growth rate of 34% over ten years and of a global reach from Austria to Taiwan. But the headlong expansion of exchange-traded funds (ETFs), which by May this year controlled almost $1.5 trillion of assets (not far short of the $2 trillion in hedge funds), has become a matter for concern among financial regulators. Could ETFs be the next source of financial scandal, or even of systemic risk?" Characterizing the Financial sector "like a hyperactive child" that "can never leave a good thing be", The Economist appears to be wishing for the ETFs to be better regulated because "it would be a shame if reckless expansion spoiled a good innovation".
posted by vidur on Jun 26, 2011 - 28 comments

Bubbles and Public Facts

The Destruction of Economic Facts - "Renowned Peruvian economist Hernando de Soto argues that the financial crisis wasn't just about finance—it was about a staggering lack of knowledge" (via) [more inside]
posted by kliuless on May 23, 2011 - 35 comments

The Free-Banking vs. Central-Banking Debate

Out of thin air? "Have you ever said something like 'Let me buy you a beer next week'? I'm sure you have. We all issue promises of this sort. And we frequently use such promises as a form of currency... I have just described a simple credit exchange. Societies rely heavily on promising-making and promise-keeping. It is the foundation of all financial markets. I'd like to point out something about the promises you make. They are made 'out of thin air.' " [more inside]
posted by kliuless on Apr 14, 2011 - 47 comments

What's the problem?

Interview with Gary Gorton (pdf) - Fascinating look at private institutional bank money creation (really) and subsequent run on the shadow banking system that hearkens back to the late-19th century banking crises with securitization playing the role of checking before the advent of deposit insurance. "Gorton is a lucid narrator of a complex tale." (via via)
posted by kliuless on Jan 14, 2011 - 10 comments

Down and Out on $250,000 a Year

This is not satire. This appears to be a completely serious attempt to justify the extension of the Bush tax cuts by showing a "typical" family of 4 with no debt (other than a mortgage) struggling to get by on a quarter of a million dollars a year. They clearly can't afford to pay a couple thousand more in taxes. They can barely afford to send the kids to summer camp as it is.
posted by COD on Jan 5, 2011 - 314 comments

Unlocking money in pre-IPO companies

Employed by a startup? Working long hours for little pay but lots of stock options? When your company goes public you can finally realise the value of your options but what if the IPO is delayed or never happens? [more inside]
posted by Mutant on Jan 3, 2011 - 32 comments

Board diversity by the basics: the bottom line about getting women into CXO roles

We know companies with a larger percentage of women directors show a higher incidence of "positive events"[ .pdf ], while "Women Matter" [ .pdf ], a 2007 McKinsey study found that adding Women to a company's board of directors improved ROE, EBIT and share price growth. A business case for including women on the board. [more inside]
posted by Mutant on Dec 10, 2010 - 16 comments

Control Fraud Theory: When CEOs go bad

Ken Lay & Enron. Bernie Madoff. Bernie Ebbers & WorldCom. What is it about CEOs that makes them uniquely capable of pulling off the most audacious & expensive kind of white collar crime? Control Fraud Theory has the answer. Via the ever-enlightening Bruce Schneier.
posted by scalefree on Nov 8, 2010 - 37 comments

Hello, Dr. Evil here...

Good morning, ladies and gentlemen. In a few hours, I will destroy the Greek economy. Unless, that is, you give me the sum of...one trillion dollars! (SLNYT, but with this much money I can afford to look frumpy)
posted by anigbrowl on May 10, 2010 - 61 comments

Economics and Physics Envy

"Take a little bad psychology, add a dash of bad philosophy and ethics, and liberal quantities of bad logic, and any economist can prove that the demand curve for a commodity is negatively inclined." MIT economist Andrew Lo and string theorist turned asset manager Mark Mueller on the "physics envy" that plagues economics, and how to stop worrying and love uncertainty.
posted by escabeche on Apr 1, 2010 - 37 comments

Be it resolved that financial 'innovation' does not boost economic growth

Basicland vs. Sorrowland
A parable about how one nation came to financial ruin by Charles Munger. For extra colour there's... [more inside]
posted by kliuless on Mar 2, 2010 - 34 comments

The other exit strategy

With quantitative easing on everyone's minds, pundits of all sorts talk about Central Bank exit strategies. But in The Treaty of Lisbon, which came into force across the EU on December 1st, 2009, it turns out European member states have put forward an exit strategy of a completely different kind [.pdf] . [more inside]
posted by Mutant on Jan 20, 2010 - 31 comments

a coherent platform for the grand new party?

Keeping America's Edge (via) [more inside]
posted by kliuless on Dec 22, 2009 - 21 comments

Used for centuries, end of lifed October 31st 2018 - The Cheque

They were first known as "Praescriptiones" and used by The Romans from around 100BC 1. Employed by Perisans of the Sassanid Dynasty during the third century, they were then known as "Saqqs". They have been found in Egyptian ruins dating from the 12th century, about the same time as The Knights Templar bolstered their use by issuing written instruments, redeemable for cash to pilgrims bound for holy land bound. Even so, it took another five centuries for the cheque to be adopted by England. [more inside]
posted by Mutant on Dec 17, 2009 - 43 comments

Obama's Big Sellout

Taibbi-filter: Obama's Big Sellout [more inside]
posted by moorooka on Dec 10, 2009 - 156 comments

George Soros on the Way Forward

Soros lectures
You can slog through the video, but I preferred the transcripts 1 | 2 | 3 | 4 | 5 [more inside]
posted by kliuless on Nov 21, 2009 - 13 comments

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