Amur tigers on ‘genetic brink’ BBC
How hedge fund wives are learning to cope Times Online (hat tip reader Laurie). It’s even worse than you might think.
Helen Thomas Blasts White House Control Of Press Boom2Bust
Solving the Peter Principle? One Word: “Darts” Paul Kedrosky
How Bureaucracy prepares for Social Collapse Brenda Rosser, Econospeak. Wow, now I feel like a Pangloss.
July 4th: CANCELLED Clusterstock
A theory of Fed announcements Tyler Cowen
What a Day Megan McArdle. and Sarah Palin’s bizarre bombshell James Antle. Guardian and Barracuda Hilzoy
Bankruptcy Filings Decline 6% in June Bob Lawless, Credit Slips
Asian Officials Push Back Against Savings Glut Theory Wall Street Journal
Japan Calling: A Little More Local Color on the Japanese System Jesse. Informative.
On Wall Street: Banks no longer so lucrative Financial Times. Everyone thought the Ripplewood investment in Shinsei was so heavily subsidized by the Japanese government that it was a sure winner. Perspectives have changed.
China joins carbon tax protest Financial Times
European Commission Sees Permanent Decline in Euro Area’s Potential Output Eurointelligence (hat tip reader DoctoRx). This is a real news item. But if we were being honest with ourselves, we’d probably also ‘fess up to a permanent decline in potential output. That is the typical price of a severe financial crisis. We are still operating under the fantasy that we dodged that bullet.
Antidote du jour:
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The Peter Principle "darts" is funny.
It reminds me of how, every time I hear anyone say "you can't nationalize the banks; who will run them?" or "you can't fire/indict/shoot the existing management; who will run them?", I always say, only half-facetiously, that you could randomly select bums off the street and have a decent chance of finding more competent management.