Tuesday Links
- Interesting Ross Douthat perspective on the post-employment trend.
- How to diplomatically confront China over the state sponsored hacking.
- Turns out that killing people is stressful, even when they are on the other side of the world.
- The risk of an unstable government in Italy. Paul Krugman's perspective is also worth reading.
- Well-written discussion of the limitations of tight oil and gas by Randy Udall.
- Iran using old tankers to evade sanctions on oil exports?
- EIA says the US produced 20,000 gallons of cellulosic biofuel in 2012, and might produce 5 million gallons in 2013. I have no idea if the latter estimate is realistic, but it would correspond to an average rate of 326 barrels/day (vs US oil consumption of around 18-19 million barrels/day). Ways to go, at best.
I think that monetarist Paul Krugman does NOT get the crucial point - the problem is NOT austerity vs. expansion - rather it is about debt reduction. Credit expansion nor austerity can possibly reduce current debt - the only way it can be reduced is restructuring (defaulting). Of course, that leads to deflation. There is no other way out of excessive debt.
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