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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.
Timeline for a Body: 4 Hours in the Middle of a Ferguson Street (Julie Bosman and Joseph Goldstein, The New York Times)
Latecomers Bring Fresh Outrage To Weary Ferguson (Martin Kaste, NPR)
Schools in Ferguson Area Prepare for an Emotional Opening Day (Motoko Rich and Mosi Secret, The New York Times)
Gaza highrises flattened by Israel (Harriet Sherwood, The Guardian)
Bombings kill 42 in Iraq after Sunni mosque attack (Sinan Salaheddin, MSN News)
Republicans urge airstrikes in Syria to defeat ISIS (Leigh Ann Caldwell, CNN)
$1.5 Trillion and Counting: What New Involvement in Iraq Means for Federal Spending (Lindsay Koshgarian and Jasmine Tucker, National Priorities Project)
What Are Obama's Options for Stomping Out ISIS in Iraq and Syria? (Erik Ortiz, NBC News)
Ukraine: Most of Russian convoy destroyed (CNN Video)
Ukraine Says Army Spending Raised As Merkel Warns on Gas (Daryna Krasnolutska and Tony Czuczka, Bloomberg)
There are 13 articles discussed today 'behind the wall'.
The first 6 articles today concern theories of money.
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The lyrical and sarcastic prose of Mises is evident frequently. Here is one paragraph where (in discussion of inflation) he castigates the Chartalist perspective which is a basis for the modern fiat money systems in use today:
For the naive mind there is something miraculous in the issuance of fiat money. A magic word spoken by the government creates out of nothing a thing which can be exchanged against any merchandise a man would like to get. How pale is the art of sorcerers, witches, and conjurors when compared with that of the government's Treasury Department! The government, professors tell us, "can raise all the money it needs by printing it."4 Taxes for revenue, announced a chairman of the Federal Reserve Bank of New York, are "obsolete."5 How wonderful! And how malicious and misanthropic are those stubborn supporters of outdated economic orthodoxy who ask governments to balance their budgets by covering all expenditures out of tax revenue!
In the United States, for-profit universities have a six-year graduation rate of 22%, far below the 60% achieved by not-for-profit institutions. The former spend 23% of their revenue on recruiting new students, compared with a mere 1% spent by non-profit institutions. At the primary and secondary levels, charter schools (publicly funded independent schools) run by for-profit companies are 20% less likely than non-profit institutions to meet proficiency standards, with some of the weakest results coming from the largest for-profit institutions. Even companies that provide textbooks, educational software, management systems, and student loans fail to achieve the level of excellence reached in other sectors.
Read also: Get Predatory Colleges Out of Job Training (Editorial Board, The New York Times)
And the cost of energy will put pressure of compensation to labor.
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