Scientists Use Sunlight to Make Fuel From CO2 Wired. A new technology courtesy your tax dollars at work (Sandia National Labs), but 15 to 20 years away from being commercial.
Pension funds in threat over private equity fees Financial Times. Pension funds are telling private equity firm they will not tolerate attempts to raise fees to compensate for tax increases.
From Hype to Fear Paul Krugman, New York Times. How in good times and bad, conservatives argue against raising taxes.
A straightforward explanation of the present financial crisis (part 1) Mencius Moldbug. This isn’t straightforward, unless you consider Snow Crash straightforward, nor does it (in my view) explain the financial crisis, but it is very inventive (for instance, I particularly like the comparison of our financial system to Windows).
Bush can buy time as property bubble bursts Ambrose Evans-Pritchard, Telegraph. Some readers hate him, but I find Evans-Pritchard to be guilty mainly of melodrama. In this piece, he says the Bush Administration will intervene directly in the markets to shore them up. While that sound a bit nuts, it would take a lot less doing to conduct a covert market operation than a covert war. I first heard rumors that the Fed played in the S&P pits back in 2000 (and I wasn’t terribly plugged in then, either).
Trade and wages Dani Rodrik
Recession: Mild or Severe? Calculated Risk. Offers definitions and historical comparisons.
Looking back at the top macroeconomic and financial stories of 2007, and looking forward to 2008 Brad Setser. Intriguing 2008 calls.
Leaner Pastures: As Horses Multiply, Neglect Cases Rise Wall Street Journal. As the economy has weakened and food prices are rising, I expected to start seeing stories of underfed pets. But I didn’t expect to see one about boomers and their horses.