"Words ought to be a little wild, for they are the assault of thoughts on the unthinking" - JMK
I come home to over 1,000 posts on my blogroll... here are a few that caught my eye. What else deserves my attention?
- First - my connection to the outside world at the beach has been the Washington Post, so I did catch this article on Sweden's recovery, and this profile of Christine Lagarde, the new head of the IMF. As far as I can tell she's a good choice.
- As Simon Johnson points out, though, problems will persist so long as the international monetary system doesn'st solve the Triffin Dilemma.
- Krugman on monetary policy in a balance sheet recession.
- LK on the 1920-1921 depression. He hits some high points on why this particular downturn is different from, say, the current downturn. I've mentioned most of these points before. What LK does that I've refrained from doing is come out and say it's inconsistent with ABCT. I'm not sure I have the tools to go for that claim, but I certainly know it offers no clear evidence that fiscal policy doesn't work, and it seems to suggest that monetary policy is efficacious in downturns not characterized by debt-overhangs, deficient demand, or financial crises.
- Noahpinion discussing Brad DeLong and the political infeasibility of stimulus. I steeply discount the public choice theory credentials of people who suggest that Keynesianism is great for politicians (yes, this includes a lot of prominent public choice theorists).
- Tyler Cowen on British accents.
- This is a great post by Bryan Caplan on ability bias vs. signaling in the economics of education.
- In 1911 a piece of Mars slammed into Egypt. This sounds like it has Lovecraftian potential.
- Gary has several posts up on Jefferson at Pacific Crest Trail. This one is on Jefferson's views on Hamilton and debt. There are others - you can look at the blog. I've always found Jefferson's views on banking and debt hard to parse. Part of it is clearly that he doesn't understand the difference between public and private debt and he maintains old prejudices against public debt that were just beginning to fall to the wayside. But he also has more nuanced distinctions between politically connected private bankers who enrich themselves with their connections, and more independent public bankers. I'd love to learn more about exactly what he thought, but I'm not convinced it maps on to modern central banking as much as people like to think.