Hospice medical care for dying patients : The New Yorker: "The simple view is that medicine exists to fight death and disease, and that is, of course, its most basic task. Death is the enemy. But the enemy has superior forces. Eventually, it wins. And, in a war that you cannot win, you don’t want a general who fights to the point of total annihilation. You don’t want Custer. You want Robert E. Lee, someone who knew how to fight for territory when he could and how to surrender when he couldn’t, someone who understood that the damage is greatest if all you do is fight to the bitter end."
FT Alphaville � El-Erian: What to expect from Bernanke’s report to congress: "the Fed has five broad (and not mutually exclusive) approaches available if it deems—and I suspect it is not ready to do so yet—that additional policy actions are needed: hyper time extend the “exceptionally low for an extended period” interest rate signal; push banks to lend more by cutting the interest it pays on reserves; directly extend loans to certain segments of the non-financial economy; resume asset purchases; and cap interest rates."
The problem is not China and exchange levels. It is infrastructure and education. Those two should be the only components of our industrial policy.
Trade: Should America fear offshoring? | The Economist: "It would be absurd to argue that the current system of international capital flows and trade is perfect, or even particularly good. It's far better than it has been in the past, but it is in need of major reform. But cutting off America's market to chase vanishing jobs and to shut-out the world's surplus is a dead end. The right strategy is to hang tough for now, and to set the stage for a more structurally sound economy tomorrow."
The Gulf Oil Leak—Posner - The Becker-Posner Blog: "It would be nice to be able to draw up a complete list of disaster possibilities, rank them by expected cost, decide how much we want to spend on preventing each one, and proceed down the list until the total cost of prevention equals the total expected cost averted. But that isn't feasible. Many of the probabilities are unknown. The consequences are unknown. The costs of prevention and remediation are unknown"
What to the Slave is the Fourth of July? - Grasping Reality with Both Hands: "What, to the American slave, is your 4th of July? I answer: a day that reveals to him, more than all other days in the year, the gross injustice and cruelly to which he is the constant victim. To him, your celebration is a sham; your boasted liberty, an unholy license; your national greatness, swelling vanity; your sounds of rejoicing are empty and heartless; your denunciations of tyrants, brass fronted impudence; your shouts of liberty and equality, hollow mockery; your prayers and hymns, your sermons and thanksgivings, with all your religious parade, and solemnity, are, to him, mere bombast, fraud, deception, impiety, and hypocrisy - a thin veil to cover up crimes which would disgrace a nation of savages. There is not a nation on the earth guilty of practices, more shocking and bloody, than are the people of these United States, at this very hour."