What We Read Today 04 April 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 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.

• Euro-Zone Economy Slows as ECB Meets (Paul Hannon, The Wall Street Journal) Manufacturing and Services PMI (Purchasing Managers’ Indexes) both declined narrowly in March, but remained well above the 50 reading corresponding to the division between expansion and contraction. Inflation also backed down from February (0.7% annualized) to 0.5% growth for March (annualized rate). For possible policy moves by the ECB see Drastic Stimulus On Table In Europe (Brian Blackstone and Todd Buell, The Wall Street Journal). Also see more ‘beyond the wall’.

• Debt, Growth and the Austerity Debate (Carmen M. Reinhart and Kenneth S. Rogoff, The New York Times) Hat tip to Rob Carter who suggested this be placed here as a retrospective. This was published almost one year ago and was reported (with commentary) at the time by GEI News: Reinhart and Rogoff Respond … Again.

• Jeremy C. Stein submitted his resignation Thursday as a member of the Board of Governors of the Federal Reserve System, effective May 28, 2014. (Press release, Board of Governors of the Federal Reserve System, 03 April 2014) Stein has been vocal in expressing reservations regarding the Fed’s easy money policies. Also, according to The WSJ, he risked losing tenure at Harvard if he stayed away much longer. Fed’s Stein Resigns to Return to Teaching at Harvard (Pedro Nicolaci da Costa, The Wall Street Journal)

• NASA Cassini spacecraft finds sign of subsurface sea on Saturn’s moon Enceladus (Joel Achenbach, The Washington Post) An ice encapsulated moon of Saturn has been found to have a liquid water lake with content equal in volume to that of Lake Superior. The lake is near the moon’s south pole, has a rocky bottom and covered by a 20-mile thick layer of ice. The lake is the source of water plumes that have been observed to project from the surface of the moon, Enceladus. This behavior is similar to another outer solar system moon, Europa, orbiting Jupiter, which appears to have a sub-surface ocean and also with ejected water plumes. These moons and the presence of subsurface water on Mars have excited scientists looking for possible life forms (past or present) on other bodies in the solar system. See also New study suggests frozen water hidden below Mars surface (NDTV).

• ‘We’re All Cheneyites Now’ (Todd E. Pierce, Consortiumnews.com) Hat tips to Chuck Spinney and Roger Erickson. A retired military Judge Advocate General discusses his view that the Obama administration is carrying out the views of former vice president Dick Cheney on national defense policy.

There are 17 more articles discussed ‘behind the wall’.

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