The Big Picture

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• 1939 Bentley 4 ¼ Litre “Embericos” Pourtout coupe
• Can Macroeconomists Get Rich Forecasting Exchange Rates?
• 3-D map of the adolescent universe
• 10 Thursday PM Reads
• College: The Great Unleveler
• Economics Advances One Funeral at a Time . . .
• Stimulate This!
• 10 Thursday AM Reads
• 1933: Colombia Experts Oppose Gold Plan

1939 Bentley 4 ¼ Litre “Embericos” Pourtout coupe Posted: 31 Oct 2014 03:00 AM PDT Source: Classic Driver Source: Frank Dale Source: Wikimedia

Can Macroeconomists Get Rich Forecasting Exchange Rates? Posted: 31 Oct 2014 02:00 AM PDT

3-D map of the adolescent universe Posted: 30 Oct 2014 05:00 PM PDT Source: Science Daily From Science Daily: 3D map of the cosmic web at a distance of 10.8 billion years from Earth, generated from imprints of hydrogen gas observed in the spectrum of 24 background galaxies behind the volume. This is the first time that large-scale structures in such a distant part of the Universe have been directly mapped.

10 Thursday PM Reads Posted: 30 Oct 2014 01:30 PM PDT My afternoon train reads: • Who Owns Stocks? It's Not Just the Rich (Real Time Economics) • In Private Papers, A More Candid Tim Geithner Speaks Out (Propublica) • MoneyBeat Would Like to Formally Apologize to Mila Kunis (WSJ) • Holy shit! The Lowe's Robot and the Future of Service Work (New Yorker) • John Maynard Keynes Is the Economist the World Needs Now (Businessweek) • Father Raymond J. de Souza: America's justice system gone mad (National Post) • Young people want to spend money on jobs and schools. The old like war and Social Security.(Vox) • Iraqi TV comics make fun of Islamic State at huge risk (LA Times) • How Apple Pay Really Works and Why You Should Begin Using it Immediately (Kirk Lennon) • The real reason pop musicians die young (Quartz) What are you reading?     S&P 500 1.1% From a New All-Time High Source: Bespoke Investment Group

College: The Great Unleveler Posted: 30 Oct 2014 12:30 PM PDT Source: Opinionator

Economics Advances One Funeral at a Time . . . Posted: 30 Oct 2014 09:00 AM PDT Quantitative easing over. It is a good occasion to consider what we know about central bank intervention, when it is appropriate and when it isn’t. We have a century of broad and deep central bank history and data upon which to make our assessment. Yet we seem to ignore much of what has been learned in favor of unproven beliefs and disproven zombie ideas. Are we doomed to repeat the same errors? When it comes to economic policy, it certainly appears that way. Despite a century of historical experience, inflationistas and deficit scolds on both sides of the Atlantic recommend the same wrongheaded policies over and over. A bit of background: In 2010, a group including Michael J. Boskin, Niall Ferguson, James Grant, Douglas Holtz-Eakin and others, published an open letter to the Federal Reserve Chairman Ben Bernanke. It was a critique of QE, and warned the program of bond-buying would debase the dollar and lead to higher inflation. At the time, I found the letter full of the sorts of pompous predictions and arrogant self-assurance that is often the subject of criticism in these columns. Whenever that happens, I make a note to myself to revisit the issue a few years hence. Continues here

Stimulate This! Posted: 30 Oct 2014 08:00 AM PDT Presented without comment:   Source: BusinessWeek

10 Thursday AM Reads Posted: 30 Oct 2014 06:30 AM PDT Why do I doubt anyone is going to wear a “sexy ebola nurse costume” for Halloween? Oh, and reads: • Fed's Axis of Opposition Shifts from Hawks to Doves (Real Time Economics) but see Why the Fed is giving up too soon on the economy (Wonkblog) • Buybacks Can Juice Per-Share Profit, Pad Executive Pay  CFO Report • GLD’s Fall From Grace (A Wealth of Common Sense) see also Gold Equals 15 Barrels of Oil in Bearish Sign for Bullion (Bloomberg) • Everything you think you know about the news is probably wrong (Quartz) • My clients pay me a lot of money so I can tell them that I don't know the future (Barron’s) Continues here

1933: Colombia Experts Oppose Gold Plan Posted: 30 Oct 2014 04:00 AM PDT Source:NYT

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