And in my tickler file is a note to remember this, from four years ago. Never mind that Niall Ferguson was totally wrong wrong wrong WRONG imbecilic in his claim that "true" consumer price inflation in 2011 was 10%/year. How has his prediction that "the great inflation of the 2010s" was underway (or about to get underway) fared?
UPDATE: Nope, I can't find the Niall Ferguson recantation of the 10%/year inflation claim. Can anybody help?
Paul Krugman writes:
Regions of Derpistan: Niall Ferguson declaring that we really do have inflation, but the feds are spiriting it away in their black helicopters and burying it in Area 51…
Rolls-Royce has been accused of bribery in the multi-billion dollar corruption scandal surrounding Brazil’s state-run oil producer, Petrobras.
The British engineering firm, which designs and manufactures power systems through its subsidiaries, was one of the suppliers of gas turbines used on Petrobras SA’s oil platforms. According to allegations, Rolls Royce paid bribes to Petrobras executives through an agent to win a $100 million Petrobras contract.
And, alas! still no sign he is marking his beliefs to market. And he really, really, really, really should never have written "the CPI is losing credibility [because it] is… as economist John Williams tirelessly points out…a bogus index. The way inflation is calculated by the Bureau of Labor Statistics has been “improved” 24 times since 1978. If the old methods were still used, the CPI would actually be 10 percent."
BEIJING — A Chinese whistleblower holding secretly filmed sex tapes featuring city bureaucrats has come under pressure from police to hand them over for an investigation into an embarrassing scandal that has already ousted 11 officials.
Police questioned Zhu Ruifeng, a former journalist who triggered the scandal in the southwestern city of Chongqing, for seven hours Monday about the tapes and said he could be liable for prosecution if he did not surrender them.