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Friday, February 20, 2009
Dan Drezner has an interesting piece in Foreign Policy magazine on thirteen unexpected consequences of the financial crisis. It makes for some nice light Friday reading. A couple of comments:
- Evidence for #4 is provided by the FPs own annoying pop-up as you link to the page.
- I flatter myself to think #1 explains my new job, precisely for the reasons he outlined. It was either that, or #8, or going back to school.
- I'm very curious to see if #6 holds true. It probably will, at least for a while. But it's worth noting that the cautious savers of the past decade got hit just as hard as everyone else. At the very least, those who have come into "intellectual maturity" just in time to watch The Great Moderation dissolve before their eyes will be more cautious about future claims regarding the "self-regulation" of financial markets.
- With #7, Dan seems to be supporting my crank theory of fashion (which, not coincidentally, also appeared on a Friday)
- I hope #13 holds true as well; it certainly can't hurt. At the very least, if people are more aware of the examples of individual and collective suffering during that period, it will help put our current state of affairs in perspective.
Try, for example, this set of interviews broadcast on This American Life a couple of months back (see Act 1: Hard Times). If I went through something similar, I don't think I'd be able to eat mustard anymore either.
[Update: another unexpected consequence? A decline in shark attacks.]
Friday, December 5, 2008
Are you a city tired of waiting for an effective national response to the economic recession? In desperate need of economic stimulus, but nowhere to turn? Well, Milwaukee, USA has a solution for you.
Two Milwaukee neighborhoods are considering printing their own money for local exchange.
Before the dollar rally, there was some worry about a run on the greenback. The thought was that the credit crunch, fiscal expansion, and a general collapse in confidence would undermine the dollars reserve currency status, as well as the willingness of countries like China to purchase Treasuries. But as I predicted at the time, the exact opposite has occurred: the dollar has surged to multiyear highs as investors sprint to safety, the bursting of the commodity bubble withdraws hot money from commodity currencies, and emerging markets plummet.
With foreign investors clearly content in low-yielding dollar investments, could the biggest risk to the greenback be Americans themselves? Of course not. But it is pretty amusing to think of local currencies sprouting up all over the US. Apparently, this is not without precedent, and Ron Paul would surely be happy.
Friday, November 21, 2008
Since its Friday, some light fare to take your mind off the fall of Rome:
-Arsene Wenger, obviously having read IPE Journal last night, has reportedly stripped William Gallas of his captaincy. Furthermore, Gallas will not travel with the club to Manchester City this weekend. There is intense speculation over who will take up the arm band, with Gael Clichy, Kolo Toure and Manuel Almunia the frontrunners. Some believe that when Cesc Fabregas returns from suspension next week, he could assume the captaincy for the remainder of the season.
This is an extremely positive (and necessary) move by Wenger, and will hopefully provide the jolt Arsenal needs to make a strong second-half/European run. My vote goes to Fab, the club's talisman and future.
The current Bond series, much like Batman, is an interesting reflection of our times. The 1990's (ahhh the 90s) gave us Pierce Brosnan, a solid Bond character, but kind of fluffy and flashy. Sean Connery had the charm and slick image, but there was a gritty ruthlessness to Connery's Bond that lay just under the cool exterior. Brosnan lacked this. Some Bond purists believe that Craig's version is too rough. I disagree, and believe that Craig is more in the tradition of Connery than Brosnan ever was. Importantly, the new Bond films substitute flash for substance. It forces you to question the actions and intentions of 007. He may be working towards an ultimate good, but has he corrupted himself along the way?
We in the West live in a darker, more confusing time. In our heroes we find both hope and despair. Bond is a perfect reflection of this shift.
