Tuesday, 10 February 2015

The nonsense rhetoric about debt and stealing from future generations

Debt Is Money We Owe To Ourselves – Paul Krugman blogs: Antonio Fatas, commenting on recent work on deleveraging or the lack thereof, emphasizes one of my favorite points: no, debt does not mean that we’re stealing from future generations. Globally, and for the most part even within countries, a rise in debt isn’t an indication that we’re living beyond our means, because as Fatas puts it, one person’s debt is another person’s asset; or as I equivalently put it, debt is money we owe to ourselves — an obviously true statement that, I have discovered, has the power to induce blinding rage in many people.
The Recent Rise and Fall of Rapid Productivity Growth – Information technology fueled a surge in U.S. productivity growth in the late 1990s and early 2000s. However, this rapid pace proved to be temporary, as productivity growth slowed before the Great Recession. Furthermore, looking through the effects of the economic downturn on productivity, the reduced pace of productivity gains has continued and suggests that average future output growth will likely be relatively slow.
On the recent US-China agreement on climate change – China and the US have recently agreed to reduce their greenhouse gas emissions. This column asks what quantifiable impact the new targets will have, whether they are any better than previous approaches, and if so, whether they are enough to avoid dangerous climate change. While insufficient for keeping temperature increase below the 2°C limit, the US and China’s bilateral commitments are a step in the right direction, and form the basis for a stronger international agreement in Paris later this year.
monarch butterfly
The monarch massacre: Nearly a billion butterflies have vanished – Threatened animals like elephants, porpoises and lions grab all the headlines, but what’s happening to monarch butterflies is nothing short of a massacre. The U.S. Fish and Wildlife Service summed it up in just one grim statistic on Monday: Since 1990, about 970 million have vanished. It happened as farmers and homeowners sprayed herbicides on milkweed plants, which serve as the butterflies’ nursery, food source and home.
Her Majesty and the Curious Mystery of the Disappearing Corgis – The Queen’s favourite dog breed is on the brink of extinction – and everyone’s looking suspiciously at Buckingham Palace. There’s only one solution: eBay.
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