Obama Disses Economics Blogs Joe Weisenthal, Clusterstock. Several readers pointed to this, but I take it differently than most do. The very fact that he mentioned econ blogs (and tried to downplay them) must mean his advisors perceive there to be pressure from them. Some very influential people (Krugman is the top of the list) haven’t been too kind to Team Obama’s policies (although he is more measured than a lot of other critics).
Why You Need Devaluation – An Open Letter To The People Of Estonia Edward Hugh (hat tip reader Tim)
Too Big Has Failed Thomas Hoenig (president of the KC Fed, hat tip reader Hubert). Short and a must read. Backs nationalization (as in taking over, cleaning up, breaking up when needed, and reprivatizing banks, according to clear principles). A short and important read.
A Quick Note on Bank Liabilities Baseline Scenario (hat tip reader Richard)
BofA withdraws job offers to foreign MBAs Financial Times
The shadow financial system – as illustrated in three new papers that cut through the London fog Brad Setser (hat tip reader Steve A)
In hard times, more U.S. women try to sell their eggs Reuters (hat tip reader michael t)
China luxury hotel glut too much of good thing Chicago Tribune (hat tip reader Michael)
ITEX Payment Systems: a Small Business Community and Barter Network (hat tip reader Bill). Zeitgeist watch.
World Bank Says Global Economy Will Shrink in ’09 New York Times. This is a very big deal. Developing economies typically have much higher growth rates than advanced economies, so an aggregate negative number is serious indeed (not that this is a surprise, mind you, but the officialdom does not generally say that it anticipates a train wreck).
Thanks to the Bank it’s a crisis; in the eurozone it’s a total catastrophe Ambrose Evans-Pritchard, Telegraph
Antidote du jour (hat tip reader jb) This is enough to make me consider living in Minnesota, expect I spent part of my childhood in the Upper Peninsula of Michigan, and man, are the winters brutal.
A baby moose was in distress in a creek in Minnesota .
A man got him out of the creek; tried to find the mother & send him on his way, but eventually the moose stumbled back into the creek & was rescued again.
The baby moose followed the man home. The man has only a small cabin so he took the moose to another neighbor, who took these photos.
They took the moose the next day to a woman who looks after wild animals & she put it in a pen with a rescued fawn.