Wednesday, August 24, 2016

The Folly of Prudence, IMF Edition by Paul Krugman

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Credit
This, from Brad Setser, is infuriating. He notes that even now the IMF is advocating fiscal contraction almost everywhere — the euro area, Japan, China — and fiscal expansion almost nowhere.
Setser puts this in terms of the IMF violating its own dictum that current-account surplus countries should be expanding, which is true. But I’d put it in a broader context: we’re in a world where secular stagnation looks like a very real risk, where inflation is below-target everywhere despite unprecedented monetary expansion. Everything about recent experience suggests that the world desperately needs fiscal expansion to boost demand and expand the supply of safe assets, that our sole reliance on central banks isn’t working.
Even if the ultimate solution may involve higher inflation targets and the always-invoked structural reform, nothing is likely to work without a major helping push from fiscal policy. This diagnosis has, finally, been making some headway in the wider discourse; it’s not just what a few of us Keynesians have been saying. Yet the IMF, in the name of prudence, is still — still! — pushing for fiscal austerity.
We’ve been living with low-rate, depression economics for 8 years now — and key players are still acting as if they’ve learned nothing.
NYT

Tuesday, August 23, 2016

Report Accuses Mexico’s President of Plagiarism in Law School Thesis




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President Enrique Peña Nieto of Mexico in July. A report by an investigative journalist said he plagiarized nearly a third of his thesis in law school. CreditMariana Bazo/Reuters

Already reeling from corruption scandals and a declining security situation, President Enrique Peña Nieto of Mexico was accused on Sunday of plagiarizing nearly a third of his law school thesis, according to a report by an investigative journalist.
The journalist, Carmen Aristegui, has reported on several articles that have contributed to the president’s declining public approval ratings, including the disclosure in 2014 of his wife’s questionable real estate dealings with major government contractors.

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Carmen Aristegui, an investigative journalist, has reported on several articles that have contributed to the president’s declining public approval ratings.CreditHenry Romero/Reuters

Ms. Aristegui lost her job in 2015 after her reporting on the Mexico City mansion built for the president’s wife, Angélica Rivera, by a firm that had received hundreds of millions of dollars in government contracts. Since then, Ms. Aristegui has been publishing her work on her own website.
Her latest article, published on the websitearisteguinoticias.com, cited a report by a group of specialists and academics who reviewed Mr. Peña Nieto’s roughly 200-page thesis on the Mexican presidency, which he submitted in 1991 and wrote while studying for his degree at the Panamerican University from 1984 to 1989.
The report says that the young Mr. Peña Nieto appropriated the work of at least 10 authors without attribution, including parts that were apparently taken from the work of a former president of Mexico.

Mr. Peña Nieto’s spokesman, Eduardo Sanchez, issued a brief statement on Monday characterizing any similarities between the president’s thesis and earlier work as “style errors,” such as forgetting to quote passages correctly or cite original authors mentioned in the bibliography.

NYT

Monday, August 22, 2016

The Water Next Time - The New York Times

The Water Next Time - The New York Times:



"A disaster area is no place for political theater. The governor of flood-ravaged Louisiana asked President Obama to postpone a personal visit while relief efforts were still underway. (Meanwhile, by all accounts, the substantive federal response has been infinitely superior to the Bush administration’s response to Katrina.) He made the same request to Donald Trump, declaring, reasonably, that while aid would be welcome, a visit for the sake of a photo op would not."



'via Blog this'

Sunday, August 21, 2016

Think It’s Hot Now? Just Wait

July wasn’t just hot — it was the hottest month ever recorded, according to NASA. And this year is likely to be the hottest year on record.
Fourteen of the 15 hottest years have occurred since 2000, as heat waves have become more frequent, more intense and longer lasting. A study in the journal Nature Climate Change last year found that three of every four daily heat extremes can be tied to global warming.
This map provides a glimpse of our future if nothing is done to slow climate change. By the end of the century, the number of 100-degree days will skyrocket, making working or playing outdoors unbearable, and sometimes deadly. The effects on our health, air quality, food and water supplies will get only worse if we don’t drastically cut greenhouse gas emissions right away.

1991-2010 average

Days above 100°F
0-5
5-10
10-25
25-50
50+
Seattle
Wash.
Maine
Mont.
N.D.
Vt.
Minn.
Ore.
N.H.
Minneapolis
Idaho
Mass.
N.Y.
Wis.
S.D.
Mich.
Conn.
Wyo.
Detroit
New York
San
Francisco
Iowa
Pa.
Chicago
N.J.
Neb.
Ohio
Md.
Nev.
Utah
Del.
Denver
Ind.
Ill.
Mo.
W.Va.
Calif.
Va.
St. Louis
Kan.
Colo.
Ky.
N.C.
Tenn.
Ariz.
Ark.
Los
Angeles
Okla.
Atlanta
N.M.
S.C.
Phoenix
92 days
Miss.
Ga.
Ala.
Dallas
15
La.
Texas
New Orleans
Houston
Tampa
Fla.
Miami

By 2060

Days above 100°F
0-5
5-10
10-25
25-50
50+
Seattle
Walla Walla
23
Wash.
Mont.
N.D.
Maine
Hardin
26
Ore.
Minn.
Vt.
Idaho
Medford
18
Minneapolis
N.H.
Boise
27
N.Y.
Pierre
27
Mass.
Wis.
Mich.
S.D.
New York
Detroit
Wyo.
Nev.
Iowa
San
Francisco
N.J.
Pa.
Chicago
8
Neb.
Ind.
Ohio
Md.
Denver
10
Del.
Calif.
Utah
Las Vegas
112
Mo.
Wichita
38
Ill.
W.Va.
Fredericksburg
16
Kan.
Fresno
72
Colo.
St. Louis
18
Ky.
Va.
N.M.
N.C.
Tenn.
Ariz.
Los
Angeles
S.C.
Okla.
Albuquerque
32
Columbia
21
Phoenix
132
Ark.
Atlanta
10
Ala.
Dallas
55
La.
Ga.
Miss.
Pecos
101
Houston
New Orleans
Texas
Fla.
Tampa
Miami

By 2100

Days above 100°F
0-5
5-10
10-25
25-50
50+
Seattle
Walla Walla
49
Wash.
Mont.
Maine
Hardin
51
Ore.
N.D.
Vt.
Minn.
Idaho
Medford
40
N.H.
N.Y.
Minneapolis
19
Pierre
53
Boise
55
Mich.
New York
16
Boston
9
S.D.
Wyo.
Detroit
22
Wis.
Neb.
Pa.
Iowa
McCook
67
Ohio
Chicago
26
Utah
Nev.
Philadelphia
28
Calif.
Md.
Ind.
Moab
87
Las Vegas
138
Denver
41
Mo.
W.Va.
Ill.
Fredericksburg
52
Kan.
Wichita
74
Ky.
Fresno
101
Colo.
St. Louis
50
Va.
N.C.
Memphis
64
Tenn.
Lawton
100
N.M.
Los
Angeles
S.C.
Ariz.
Albuquerque
73
Selma
74
Columbia
62
Okla.
Phoenix
163
Ark.
Atlanta
39
Texas
Miss.
Dallas
98
Ga.
Ala.
La.
Pecos
142
Houston
62
New Orleans
39
Tampa
22
Fla.
Miami

Number of Days Over 95° F Annually

BOSTON
MINNEAPOLIS
NEW YORK CITY
CHICAGO
54
42
42
28
23
15
15
9
1
0
2
1
’91-’10
2060
2100
’91-’10
2060
2100
’91-’10
2060
2100
’91-’10
2060
2100
133
WASHINGTON
KANSAS CITY
ATLANTA
DALLAS
97
94
90
74
50
47
44
32
9
7
4
’91-’10
2060
2100
’91-’10
2060
2100
’91-’10
2060
2100
’91-’10
2060
2100
By 2100, the Dallas area is projected to be above 95 degrees for more than four months a year.