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John Michael Greer: If the Four Horsemen arrive, offer beer Chris Martensonn
Xie vs Swan on Australia as Spain MacroBusiness
Pettis: Chinese want less commodities, more houses MacroBusiness
Taxpayers won’t recoup £66bn from bank rescue Independent (Richard Smith)
France rejects EU budget compromise Financial Times
‘1930s medicine pushes Europe into double-dip Ambrose Evans-Pritchard, Telegraph
Hellenic Postbank to be split into good and bad side ekathimerini
Israel Mobilizes Troops as Hostilities Escalate Financial Times
David Simon: Media’s sex obsession is dangerous, destructive Salon. There’s a “the lady doth protest too much” quality about this piece. First, sadly, sex scandals have served to topple people who would better have been brought down on other issues, analogous to Al Capone being prosecuted for tax evasions rather than bootlegging. And many commentators, contra Simon, have taken an inventory of Petraeus’ record and pointed out numerous misdeeds. Second, It’s also not hard to infer that Obama knew the FBI had the goods on Petreaus months ago; his team though this was a trigger they could pull at any time, and quietly too, but the FBI admirer of Kelley upset the apple cart by going to Cantor. Third, l’affaire Monica derailed Clinton’s plans to reform Social Security. So the tawdry media uproar can have unexpected salutary effects.
The Fiscal “Cliff” and the Real Problem Joe Firestone, New Economic Perspectives
What the New President Should Consider Paul Volcker, New York Review of Books. Warning: the link has timed out on Safari and Firefox all night, so I have not read it. So you’ll have to tell me what you make of it.
Boogiemen and Clubs riverdaughter
Romney Blames Loss on Obama’s ‘Gifts’ to Minorities and Young Voters New York Times Caucus. Doug Smith writes:
At one point in the call, Romney said, “You can imagine for somebody making $25,000 or $30,000 or $35,000 a year, being told you’re now going to get free health care, particularly if you don’t have it, getting free health care worth, what, $10,000 per family, in perpetuity — I mean, this is huge.”
This illustrates the depth of ideology …. Romney considers this a ‘gift in exchange for votes’. Full stop. He in no way even can articulate an intellectual position (one he might disagree with) that this is a wise investment in people, a critical economic support for a consumer driven economy, a matter of social justice, and/or even an indirect means to put pressure on health care costs where it belongs: with the providers/insurers.
There Is No Crisis Atrios (Lambert). Please note the date…
BP to pay record £2.5bn criminal penalty over Gulf of Mexico oil spill Telegraph. Lest you forget, amounts as high as $20 billion were bandied about. No wonder they waited till after the election to announce this result.
Marx would have been proud of bankers Financial Times (Scott)
I’m Betting on Grover James Kwak
Erskine Bowles Says He Will Not Be The Next Treasury Secretary Clusterstock. Wow. Does this mean it’s going to be Larry Fink of Blackrock? Sorkin insisted it would be Jacob Lew.
Energy, Production and Entropy Steve Keen
Antidote du jour (furzy mouse):