6 Must-Read Stories

#1 — How the Servant Became a Predator: Finance’s Five Fatal Flaws

Five fatal flaws in the financial sector’s current structure have created a monster that drains the real economy, promotes fraud and corruption, threatens democracy, and causes recurrent, intensifying crises.

#2 — Sticker shock at the supermarket: Food prices poised to rise

The U.S. Department of Agriculture expects overall food prices to rise as much as 4 percent in the U.S. by the end of 2010. Yet, some economists think they could climb by as much as 5 percent. Even using the government’s more conservative numbers, the price for eggs is forecast to rise 3 percent and beef is seen increasing 2 percent. Lamb, seafood and fish? All three categories are expected to jump as much as 5 percent.

#3 — The Global Cooling Myth

Every now and again, the myth that “we shouldn’t believe global warming predictions now, because in the 1970’s they were predicting an ice age and/or cooling” surfaces. Recently, George Will mentioned it in his column (see Will-full ignorance) and the egregious Crichton manages to say “in the 1970’s all the climate scientists believed an ice age was coming” (see Michael Crichton’s State of Confusion ). You can find it in various other places too [here, mildly here, etc]. But its not an argument used by respectable and knowledgeable skeptics, because it crumbles under analysis.

Also see … Daniel Davies: Superfreakonomics Review

This is going to be a lot shorter than the Freakonomics one, and it is basically going to consist of the observation that if you find yourself writing, in all seriousness, as a practical proposal, the phrase “pumping large quantities of sulphur dioxide into the Earth’s stratosphere through an 18-mile-long hose, held up by helium balloons”, it is probably time to take a step back and ask yourself if something has gone a little bit wrong with your life.

#4 — The Rich Have Stolen the Economy

In the midst of the worst unemployment since the Great Depression, US corporations continue to offshore jobs and to replace their remaining US employees with lower paid foreigners on work visas. The offshoring of jobs, the bailout of rich banksters, and war deficits are destroying the value of the US dollar.  Since last spring the US dollar has been rapidly losing value. The currency of the hegemonic superpower has declined 14 per cent against the Botswana pula, 22 per cent against Brazil’s real, and 11 per cent against the Russian ruble.  Once the dollar loses its reserve currency status, the US will be unable to pay for its imports or to finance its government budget deficits.

#5 — Goldman Sachs Is Robbing Us Blind by Dylan Ratigan

In a world where real competition, modern technology and lack of special government standing means most American businesses have no choice but to adapt and innovate — Wall Streets wimps only apparent skill is rigging the game.

#6 — This just in, something is wrong with Wall Street, by Shane Greenstein

That is where it gets interesting. Roberts points out (correctly, IMHO) that had the government not stepped in at AIG, etc., Goldman would have gone down with everyone else. Ergo, their executives should recognize that they have a connection to taxpayer money as much as any other firm, and they should, therefore, eschew blatantly selfish and observable behavior, such as paying themselves high salaries.

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