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What We Read Today 22 December 2014

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.

BoJ strikes more upbeat view, no fresh measures (AFP, Taipei Times)  Exports "show signs of picking up" and "factory output has started to bottom out".  That is the upbeat view referred to in the headline.  The Bank of Japan (BoJ) voted to "hold off on fresh easing measures".  That means they will continue the current QE (quantitative easing) to pump money into the banking system at the rate of ¥80 trillion (US$670 billion) a year.  Prorated to the size of the Japanese economy, this is the equivalent of $2.3 trillion for the U.S.  The Fed QE3 program, now ended, was at the rate of $1 trillion per year.

Tonight will be the longest night in Earth's history (Joseph Stromberg, Vox, MSN NewsCorrection: Tonight will not be the longest night in the history of Earth. It was in 1972. (Joseph Stromberg, Vox)  The first link may also get corrected by the time you get to it.  The reason for nights (and days) getting longer is the slowing of the earth's rotation.  It's not by a lot:  15 to 25 seconds are added to the nominal 24 hour day every million years, produced by gravitaional effects between earth and the moon.

The reason for the correction is that climate changes on earth can produce affects in a variable pattern that influence the rotation and over the last 42 years the rotation has actually increased in speed slightly.  The long-term effects have changed the rotation time from 6 to 24 hours in the 4.5 billion years since the moon was formed.  The changes in rotation are slowing over time and billions of years in the future the rotation of the earth will slow to the point that it will match the earth orbit speed of the moon and the moon will always be in the same position with respect to any point on the earth's surface - and one half of the earth will never see any portion of the moon again.


Existing Home Sales: A Likely "Miss"  (Calculated Risk)  Bill McBride quotes an estimate from Tom Lawler predicting an annual rate of 4.90 million existing home sales for November compared to the consensus expectation of 5.20 million.  In October NAR (National Association of Realtors) reported 5.26 million homes sales (annualized rate).  Analysis of September and October pending home sales at GEI Analysis suggested that November existing homes sales might be better than October.  We won't have long to wait to find out which (increase or decline) is the case; existing home sales are announced today.


Articles about events, conflicts and disease around the world

Ferguson and Related News

NSA / CIA

Israel

Syria

Ukraine

Russia

Greece

China

Cuba


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