The stock market is not even in principle supposed to be a measure of economic activity. It is supposed to represent the present value of future profits.
NYT (Mis)Spells Out Debt Problem for SYRIZA A New York Times report (1/29/15) by Liz Alderman suggested that Greek Finance Minister Yanis Varoufakis, from the anti-austerity SYRIZA party, doesn’t understand his country’s debt problems: When pressed to describe how Greece would pay for bonds falling due in the coming months without taking the €7 billion installment, Mr. Varoufakis replied, “Let’s not talk about details.” To SYRIZA’s detractors, such remarks might signal that the new government does not understand the magnitude of Greece’s financial challenges. Before becoming Finance minister, Varoufakis taught economics at Cambridge, the University of Athens, University of Sydney […]
Media follow official line on East China Sea dispute
Warfare in orbit is only news when China does it
As a graphic proclaiming “Red Storm” flashed on the screen, CNN anchor Lou Dobbs intoned: “Communist 5China tonight refusing to explain its motives for conducting its first-ever anti-satellite missile test. That test, the latest in a series of dangerous new challenges by the Chinese military to this country’s interest.” He threw it to correspondent Christine Romans, who declared, “Defense experts see a pattern of behavior that highlights China’s strategy to exploit American weakness.” Romans went to John Tkacik of the Heritage Foundation, who, she reported, “says that American policymakers refuse to recognize China’s hostile intentions toward this country.” The segment […]