“All Models are Wrong.”

September 10th, 2015
in Op Ed

by Dirk Ehnts, Econoblog101

Thanks to Stefan A. for pointing out the Wikipedia entry "All models are wrong":

"All models are wrong" is a common aphorism in statistics. It is generally attributed to the statistician George Box.

The first record of Box saying "all models are wrong" is in a 1976 paper published in the Journal of the American Statistical Association.[1]The paragraph containing the aphorism is below.

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Why Capital Is Fleeing China: The Crushing Costs of Systemic Corruption

September 9th, 2015
in Op Ed

by Charles Hugh Smith, Of Two Minds

What China will be left with a poisoned land stripped of talent and capital.

Corruption isn't just bribes and influence-peddling: it's protecting the privileges of the few at the expense of the many. Rampant pollution is corruption writ large: the profits of the polluters are being protected at the expense of the millions being poisoned.

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European Countries must Support the United Nations’ Proposals for Sovereign Debt Restructuring!

September 8th, 2015
in Op Ed

Open Letter to the UN by 19 Economists

by Yanis Varoufakis

Posted originally 08 September 2015

On September 10, the United Nations General Assembly will vote on nine principles concerning the restructuring of sovereign debts. Abiding by such principles would have avoided the pitfalls of the Greek crisis, in which political representatives gave in to creditor demands despite their lack of economic sense and their disastrous social impact. This public interest resolution must be supported by all European states and brought into the public debate.

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Question: Can ZIRP + Recession = Economic Death Spiral?

September 7th, 2015
in Op Ed

by Michael Haltman

This is a question worth pondering particularly with the rampant speculation over what the Fed will do with interest rates this month!

First the obvious thought, what is ZIRP?

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Chocolate Coiner or Green Shirter?

September 7th, 2015
in Op Ed

by Dirk Ehnts, Econoblog101

The Federal Reserve Bank thinks about moving interest rates up - or doesn't it?

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