Dangerous Misconceptions

from Peter Radford Nothing that has emerged about the JP Morgan losses announced last week has altered my original conclusion. This was a basic failure of governance, of regulatory oversight, and of control. Oh, and of orthodox economics. Again. Yes there were rules in place to prevent such losses. They were ignored. Vanity, hubris, call [...]

By Simon Johnson, April 1st, 2012 A major new research report – released this weekend by the renowned international consulting firm, IMS – finds conclusively that implementation of the proposed Volcker Rule would damage not just the irreplaceable Muppets but also “all children-oriented television or other media-based educational program content.”

NICOSIA, Cyprus (AP) — The leader of Cyprus' Orthodox Christian church vowed to do all he can so that ordinary people "won't go hungry" amid the country's worst financial crisis in decades.

Former US president Bill Clinton warned of "dire consequences" if Palestinians do not believe that change is possible, in a speech to students at the American University of Dubai (AUD) on Wednesday."What leads to suicide bombings?" he asked. "The belief that change is not possible... the belief that in the absence of a cataclysmic event, tomorrow is going to be like yesterday."If we keep going on where the Palestinians think tomorrow will be like yesterday, there will be dire consequences," he told a packed hall at the university.

The genius of Milton Friedman is that his economic insights are as powerful as they are timeless.

Reflections on the “Inside Job” Peter Radford             It’s depressing to watch the movie “Inside Job” simply because it is true. Shockingly true. It is also interesting to watch the comments come in from Europe where the movie is just now playing. I wonder whether it will alter public opinion of America. It should.             [...]

Many, if not all, critics of Chinese trade and monetary policy point to China's massive trade surplus as a clear sign that the Chinese economy is too dependent on export led growth and is preying on the rest of the world through rampant mercantilism, particularly its "artificially low" currency.   For example, here's former free trader Paul Krugman on the subject: