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What We Read Today 15 October 2016

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.

This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every day in the early am at GEI News (membership not required for access to "The Early Bird".).


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Topics today include:

  • Economics in the Land of Mordor

  • Profoundly False Conception of Human Nature Employed by Economists

  • Energy Storage Technologies will be the Revolution of the 21st Century

  • Television is Heading for the Last Roundup

  • The Only Woman to Win Nobel Prize in Economics Specified How to Address Climate Change

  • Yellen Whistling by the Graveyard Sends Bond Plummeting

  • Wikileaks Publishes Hillary's Goldman Presentations

  • Donald Trump's Scorched Earth Campaign Will Leave Toxic Soil

  • Deutsche Bank Exploring U.S. Cutback

  • Turkey Says Iraq Needs Turkey to Help Take Mosul

  • North Korea:  Another Failed Missile Test

  • Brazilian Environmental Official Assassinated

  • And More

Articles about events, conflicts and disease around the world


Ostrom’s 8 principles for managing a commons

1. Define clear group boundaries.

2. Match rules governing use of commons goods to local needs and conditions.

3. Ensure that those affected by the rules can participate in modifying the rules.

4. Make sure the rule-making rights of community members are respected by outside authorities.

5. Develop a system, carried out by community members for monitoring members’ behavior.

6. Use graduated sanction for rule violators.

7. Provide accessible, low-cost means for dispute resolutions.

8. Build responsibility for governing the common resources in nested tiers from the lowest level up to the entire interconnected system.


  • Yellen’s Talk of Hot U.S. Economy Extends October Long-Bond Rout (Bloomberg)   Federal Reserve Chair Janet Yellen may have just shattered the complacency among investors in the longest-dated U.S. sovereign debt.  Treasury 30-year yields surged Friday, extending the bonds’ biggest two-week decline since May 2015, as Yellen hinted at letting U.S. growth run hot in a speech to a Boston Fed conference. She pondered whether a “high-pressure economy” could boost areas like labor-force participation. A gauge of the yield curve steepened by the most since March as longer-dated debt underperformed.

  • The military would probably assassinate Hillary Clinton if she’s elected president.

  • They want to join a revolution if Clinton prevails. 

  • Trump will fire the FBI and scores of other federal bureaucrats in a housecleaning if he wins.

  • Only sinister, dark, and corrupt forces can defeat Trump and they must be overthrown if they succeed. 


  • Deutsche Bank Reported to Mull Partial U.S. Retreat to Cut Costs (Bloomberg)  Deutsche Bank AG, Germany’s biggest bank, is considering options such as scaling back U.S. operations as part of a wider overhaul to lower costs, according to several media reports.  A U.S. pullback was already discussed by the supervisory board and would be more likely than a sale of the asset-management business, Sueddeutsche Zeitung reported, citing an undisclosed person familiar with the matter. No decision has been taken, according to the German newspaper. Deutsche Bank doesn’t plan a full U.S. retreat, according to Reuters. Renee Calabro, a spokeswoman for Deutsche Bank in New York, declined to comment.


  • Turkey's Erdogan says Iraq cannot handle Mosul assault alone (Reuters)  Turkish President Tayyip Erdogan said on Saturday that Iraq could not deal alone with driving Islamic State from the city of Mosul and that the presence of Turkish forces in a nearby military camp was an insurance against attacks on Turkey.  Turkey has been locked in a row with Iraq's central government about the presence of Turkish troops at the Bashiqa camp in northern Iraq, and over who should take part in the planned U.S.-backed assault on Mosul.

North Korea

  • North Korea: US says it detected failed missile test (BBC News)  The US military has said it detected a failed test launch of an intermediate ballistic missile by North Korea.  The test took place near the north-western city of Kusong at 03:33 GMT on Saturday, the Pentagon added.  There has been no reaction from North Korea.  The country has made a number of missile-related tests this year, despite being banned by the UN from any use of ballistic or nuclear technology.


  • The debate over saving rain forests has gotten ugly. Now a Brazilian environmental official is dead (Los Angeles Times)  Gu nmen have killed a city official known for strongly enforcing environmental laws in a Brazilian state where conflicts over ongoing, wide-scale Amazon deforestation have led to bloodshed.  Luiz Araujo, environmental secretary for the city of Altamira, was killed in his home in front of his family Thursday night, the city announced. The two men fled on a motorcycle without taking anything, leading to speculation that they were paid assassins.  Altamira is located the northern Amazonian state of Para, where environmental crime continues to be a major problem, with landowners often employing violence to silence threats to their business. Journalists, activists, and locals who collaborate with environmental authorities have been killed.

Other Scientific, Health, Political, Economics and Business Items of Note - plus Miscellanea

Like the land of Mordor, it [modern economics] is dominated by a single theoretical edifice that arose like a volcano early in the 20th century and still dominates the landscape. The edifice is based upon a conception of human nature that is profoundly false, defying the dictates of common sense, before we even get to the more refined dictates of psychology and evolutionary theory. Yet, efforts to move the theory in the direction of common sense are stubbornly resisted.

  • These Technologies May Actually Deliver Elon Musk’s Dream of Changing the World (Bloomberg)  Energy storage is the technology that will be the revolutionary force of the 21st century.  Batteries get the headlines, but other methods may be more important.  Examples are pumped liquid storage (water reservoirs on tops of mountains, filled when there is excess energy and drained through turbines when the energy is needed); huge flywheels accelerated to a high speed and later used to generate electricity; draining water trapped in tidal pools; using heat stored in molten salt (mentioned in What We Read Today yesterday); and mechanical storage such as illustrated below.


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