Saturday, July 19, 2014

Some Interesting Articles on the Web (July 19, 2014)

Israel, Palestinians, Gaza:
“Gaza and Israel: The Road to War, Paved by the West.” New York Times op-ed by Nathan Thrall.


“Argentina and the holdouts: Tick tock.” Article by H.C. on The Economist website.
“Sovereign Debt at Square One.” Article by Jeffrey Frankel posted at the Project Syndicate website.

“Addicted to Inflation.” Paul Krugman makes good points about those who have been warning that Fed policy would lead to higher inflation. However, he does not discuss his own advocacy that the Fed raise its target inflation rate of two percent to perhaps four percent. As I understand it, one reason he thinks a higher inflation target is justified is that it is a way around the zero lower bound, i.e., it is a way to lower real interest rates below zero. In his view, this is necessary in order to reach full employment. I think he underestimates the potential for inflation to get out of control and underestimates the psychological and political effects of higher inflation. That is one reason that I think a better policy response in the current situation to unemployment is fiscal policy, not higher inflation rate targeting. Of course, in the current political situation, that is not going to happen. Nevertheless, Krugman is right that the inflation fear mongers have been wrong, and that many of them won't admit it.

“Understanding the Crank Epidemic.” Paul Krugman blog post.

“Why Amity Shlaes is dead wrong about inflation.” James Pethokoukis writing for the AEI website.
“Inflation Cranks Keep Cranking.” Article by Ramesh Ponnuru for Bloomberg View.

“The Trouble With Shadowstats” Blog post by John Aziz.
Malaysia Airliner Flight 17:
“The Crash of Malaysia Airlines Flight 17 Is a Game Changer.” Article by Julia Ioffe for the New Republic website.

“Whoever Shot Down the Malaysia Airlines Plane Probably Didn't Know What They Were Aiming At.” Article by Linda Kinstler for the New Republic website.

Australia Carbon Tax Repeal:
“The Repeal of Australia’s Carbon Tax Could Have Worldwide Ramifications.” Article in Slate by Ariel Bogle.

“Australia Becomes First Developed Nation to Repeal Carbon Tax.” Article by Rob Taylor and  Rhiannon Hoyle posted at The Wall Street Journal website.


“D.C. Decriminalizes Marijuana: Pot Politics Buds Along the Potomac.” Francis X. Clines writing for “Taking Note,” The New York Times editorial page editor’s blog.
“America’s Long History of Immigrant Scaremongering: Conservatives claim that the young immigrants crossing the border are diseased and pose a dangerous public health risk. It’s a sad American tradition.” Slate article by Jamelle Bouie.

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