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Garbage In Garbage Out Economics
Garbage In Garbage Out Economics “On two occasions I have been asked, “Pray, Mr. Babbage, if you put into the machine the wrong figures, will the right answers come out? …I am not able rightly to apprehend the kind of confusion of ideas that could provoke such a question.” – Charles Babbage, Passages from the […]
Is GDP Over?
Is GDP Over? Economists from rich countries increasingly agree: Sustainable development and reducing inequality matter more than economic growth. (Photo: World Bank Photo Collection / Flickr) Organizers of October’s fifth OECD World Forum on Statistics, Knowledge, and Policy could barely contain their sense of satisfaction when the three-day event opened in Guadalajara, Mexico. Why all […]
Lost in Extrapolation
Lost in Extrapolation Phillips Curve Fail In the late 1970s the impossible happened. Inflation and unemployment simultaneously went vertical. The leading economists of the day were flummoxed. Larry Summers favors us with his “eternal stagnation” shrug. The man is a sheer inexhaustible fount of truly atrocious ideas. As we have previously pointed out, when he’s […]
Ahead of Senate Vote, Edward Snowden Speaks Out to Stop CISA Surveillance Bill
Ahead of Senate Vote, Edward Snowden Speaks Out to Stop CISA Surveillance Bill @Snowden / Twitter As the U.S. Senate gears up for a vote on the controversial Cybersecurity Information Sharing Act (CISA) on Tuesday, privacy advocates are galvanizing an 11th-hour push against the bill they say does nothing more than expand government spying powers. […]
Germany to investigate Google, Facebook data transfers to US
Germany to investigate Google, Facebook data transfers to US © Sigtryggur Ari / Reuters Data protection authorities in Germany have announced that they will review the legality of internet giants’ data transfers from the EU to the US, after the European Court of Justice ruled that Europeans’ data isn’t safe from intelligence services on US-based […]
The Federal Reserve: Illusion of Understanding, Illusion of Control
The Federal Reserve: Illusion of Understanding, Illusion of Control The net result is nonsensical policies that fail to achieve their stated objectives. We live in an era of illusion: the illusion of understanding, and the illusion of control. Few institutions reflect these illusions better than the Federal Reserve, though the Pentagon, Congress, the Imperial Presidency, the […]
Drones, IBM, and the Big Data of Death
Drones, IBM, and the Big Data of Death LAST WEEK The Intercept published a package of stories on the U.S. drone program, drawing on a cache of secret government documents leaked by an intelligence community whistleblower. The available evidence suggests that one of the documents, a study titled “ISR Support to Small Footprint CT Operations — Somalia/Yemen,” was produced for the […]
Veiled TPP Deal Holds Hidden Privacy Risks
Veiled TPP Deal Holds Hidden Privacy Risks It would restrict governments from creating safeguards for your sensitive data. The Trans-Pacific Partnership (TPP), a massive trade agreement that covers nearly 40 per cent of world GDP, wrapped up years of negotiation earlier this month. The TPP immediately emerged as an election issue, with the Conservatives trumpeting […]
Biometric data collection evolves and expands in Canada
Biometric data collection evolves and expands in Canada Ottawa wants to collect data from visitors of 150 countries, up from the current 30 The federal government’s plan to increase its collection of biometric data from visitors to Canada has been met with concern, but the practice is already a large part of our day-to-day lives. Biometrics measure a person’s unique physiological characteristics — including face, iris, retinal […]
Why the Fed Will Crash the Economy If It Hikes Rates: In Three Charts
Why the Fed Will Crash the Economy If It Hikes Rates: In Three Charts If you’ve been scratching your head since the middle of last year as consumer confidence surveys depicted an optimistic, eager to spend consumer while other hard economic data was showing a sputtering economy, we’re here to put your mind to rest. […]
Suddenly “You Can’t Ignore The Data” Has Turned Into “Trust Me”
Suddenly “You Can’t Ignore The Data” Has Turned Into “Trust Me” The week that passed has been nothing short of a roller coaster ride for many nervous investors. And for some: a realization that the once hyped, hawked, and levered Billion dollar babies can indeed “come off the rails.” Turning the once joyride into something more […]
US Economic Output – “Ugly, but Fleeting”?
US Economic Output – “Ugly, but Fleeting”? On the Uselessness of Aggregate Economic Statistics We actually hate talking about GDP. It mainly measures consumption and leaves out the bulk of the economy’s production structure – which has led to the completely erroneous, but often repeated notion that “the consumer represents 70% of economic activity”. In […]
U.S. Oil Glut Story Grossly Exaggerated
U.S. Oil Glut Story Grossly Exaggerated Recently, I have noticed that oil storage & production data (and media hype for that matter) has disconnected from hard data. This has been occurring for many quarters now with the US economy statistics as well and appears to be the new world order where facts can be spun […]
Is The Fed Still Fabricating Loan Creation Data? Bank Of America Would Like To Know
Is The Fed Still Fabricating Loan Creation Data? Bank Of America Would Like To Know Just under a year ago, when looking at aggregate loan creation by America’s banks, we stumbled upon something strange: there was a massive discrepancy between what the Fed, in its weekly call reports, said was weekly US loan issuance – which the […]
Economy Finally Reaches “Escape Velocity,” Heads South
Economy Finally Reaches “Escape Velocity,” Heads South It’s hard to measure the growth rate of a vast, complex economy with just one number, accurately, and on a timely basis. The Chinese found an ingenious solution. They decree the growth rate and announce it in advance, and that’s about what the number says when it comes out. It’s faster […]
