Daily Digest 5/5 - Graft In Spain, Should We Live In Hope?
Interview with Dr. Paul Craig Roberts (pinecarr)
From 1975 to 1978, Roberts served on the congressional staff. As economic counsel to Congressman Jack Kemp he drafted the Kemp-Roth bill (which became the Economic Recovery Tax Act of 1981) and played a leading role in developing bipartisan support for a supply-side economic policy. His influential 1978 article for Harper's, while economic counsel to Senator Orrin Hatch, had Wall Street Journal editor Robert L. Bartley give him an editorial slot, which he had until 1980. He was a senior fellow in political economy at the Center for Strategic and International Studies, then part of Georgetown University.
Choco pies: The smuggled treats of North Korea (westcoastjan)
The trade in smuggled South Korean DVDs is huge. And it can mean only one thing - North Koreans are not nearly as isolated as we tend to think they are.
While I was in Seoul I met a number of North Korean defectors. What one of them told me left me open mouthed in amazement. It all relates to Choco Pies.
Is The Fed Blowing Bubbles? (jdargis)
The problem is that the Fed’s liquidity injections are not creating credit for the real economy, but rather boosting leverage and risk-taking in financial markets. The issuance of risky junk bonds under loose covenants and with excessively low interest rates is increasing; the stock market is reaching new highs, despite the growth slowdown; and money is flowing to high-yielding emerging markets.
Investigators calculate that she and other family members accumulated about $24 million, mostly from shady land deals during Spain’s boom years. Searching her property, the police had to borrow a bill-counting machine from a local bank to help total up all the cash: $485,000.
The traditional path to an academic job is long and laborious: the solitude and penury of graduate study, the scramble for one of the few open positions in each field, the blood sport of competitive publishing. But while colleges have always courted accomplished public figures, a leap to the front of the class has now become a natural move for those who have suffered spectacular career flameouts. At this point, the transition from public disgrace to college lectern is so familiar that when Mr. Galliano merely stepped foot on the campus of Central Saint Martins, an art and design school in London, speculation rippled around the world — incorrectly — that he would soon be teaching there.
Should we live in hope? (jdargis)
Seneca said that, “Both hope and fear belong to a mind in suspense, to a mind in a state of anxiety through looking into the future. Both are mainly due to projecting our thoughts far ahead of us instead of adapting ourselves to the present.”
And that may be a clue about how to do hope, which is without too much anticipation.
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