Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.
- FACT CHECK: Obama's Claims On Illegal Immigration (Alicia A. Caldwell, Associated Press, Business Insider) Obama's generalizations continue to be misleading as to specifics. He needs more analysts on his staff and fewer public relations people.
- The Week That Shook the Fed (Gretchen Morgenstern, The New York Times) Morgenstern highlights two events from last week that have been very troubling for the Federal Reserve: Congressional hearings on quashing dissent within the Fed and an academic paper that accuses the Fed of partiality. The first of these saw a very uncomfortable New York Fed president, William Dudley answering questions about the ties between Goldman Sachs and its supposed regulator (the New York Fed) revealed by whistleblower Carmen Segarra. See GEI News today for the latest on this. The second is a paper by University of Texas Austin professor Henry Hu which details how the Federal Reserve operates to preserve the well-being of member banks and not the goals of "investor protection and market efficiency". Prof. Hu says a "a conflict is emerging". Hu is referring to disclosure conflicts between the SEC and the Fed, as well as Fed internal conflicts of interest between carrying out congressional mandates on employment and inflation vs. protecting the member banks. (Econintersect: Well, duh!!!) See Disclosure Universes and Modes of Information: Banks, Innovation, and Divergent Regulatory Quests (Henry Hu, Yale Journal on Regulation).
- Ergodicity and parallel universes (Lars P. Syll) Lars Syll demonstrates that an essential assumption of neoclassical economics (ergodicity in economic systems) is fallaceous. He offers links to other essays of his that make the same point. (Note: Erodicity refers to the property of all "substantial" portions of time-space being identical.) Recent articles in GEI Analysis by Philip Pilkington have dealt with the non-ergodic nature of economic systems (e.g. Milton Friedman's monetarism, the Philips curve) where the initial (and surviving) assumptions depend on ergodicity which does not exist.
- Articles about events, conflicts and disease around the world
Ferguson in Context on the Eve of the Grand Jury Decsion (Naked Capitalism)
Court: Judge hasn't agreed to release Ferguson grand jury evidence if no indictment (St. Louis Post Dispatch)
Rand Paul Declares War on ISIS—and Allows Boots on the Ground (The Daily Beast)
What's Wrong With This Picture? For U.S. Fight Against ISIS, Everything (Huffington Post)
Away from the front line, Ukraine protest sparked civic revolution (The Conversation)
Is Vladimir Putin pushing for conflict? (The Daily Journalist) Steven Hansen is 1 of 12 panelists.
Finland feeling vulnerable amid Russian provocations (The Washington Post)
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