Stuff for reading:
New Deal Demoncrat - weekly indicators. For some reason he says they all sucked this week. Yet housing yoy looks great, money supply is great, initial claims and tax withholding are okay, and intermodal is okay. NDD, quit piddling your panties you fucking sissy.
Calculated Risk - hotels post best week ever. Minor indicator shows that the US is still doing fine.
Paul Krugman - inflation paranoia as a tribal marker. Once again, Kruggers shows that he's a better econ prof than most because he's actually read some stuff in a real empirical discipline, sociology:
It seems increasingly clear to me that what we’re looking at here has nothing to do with intellectual discourse as we normally understand it. It is, instead, about tribal identities: there’s a certain kind of person who rails against policies that debase the dollar, and that kind of person admires others who do the same no matter how wrong their predictions and disastrous their financial advice. As I said in a brief note on Ron Paul, it’s a form of Madoff-style affinity fraud, even if the perpetrator of the scam believes his own derp.And yet certain bloggers don't get that they're aligning themselves with the John Birchers and David Duke when they foam at the mouth about the neocon canard of the day.
Why all the respect for what would ordinarily be considered a record of repeated bad judgment coupled with a lamentable unwillingness to learn from experience? The answer, surely, is that within the conservative tribe issuing dire warnings against inflation is considered virtuous whether or not they are right; it’s a way of showing that you’re their kind of guy, that you belong to the tribe.
Worthwhile Canadian Initiative - this is how fiscal transfers work. Pay attention, Germany: let Canada show you how to build a currency union out of rich and poor provinces! And nobody in our country gets pissed off at giving free money to the poor people out east - except maybe for the Albertans, who always have been hateful assholes. And now that oil has crashed, they won't whine cos they expect they'll get handouts as the Alberta economy collapses.
The Economist - why do Mexicans love Morrissey so much? Seriously, why? Does his gay schtick translate into Mexican machismo?