How to think about QE2

This post at Ezra's has a straightforward explanation.

Follow the money: human mobility networks

Quote of the day

"The architects of the euro assumed that it would foster political unity, in much the same way as some couples think that having a baby will help to save their marriage". —Felix Salmon, Reuters

True Financial Injustice

Andrew linked to James Fallows' guide to impressive journalism.

As Fallows says, his first NPR link about the bail-bond system is absolutely riveting.

Give it a listen as you get some work done.

Folded bills

(ht Perry)

America's smallest bank

Adds Perry:

Oakwood Bank...has about $3 million in total assets and about $2.13 million in total deposits (link here).

In contrast, America's largest bank, Bank of America, has about $1.50 billion of assets and $1 billion of deposits, about 500 times the size of Oakwood (link here).

"I now pronounce you monetized."

I was surprised when embedding the awesome "Forever" wedding entrance was disabled after it had gone viral. Didn't the couple want even more views?

As it turns out, there was money involved. Yes, YouTube—owned by Google—allows you to make money off a viral video of your own wedding.

Ah...the free spirit of love and capitalism, combined! Such a doubly warm and fuzzy feeling ;)

Link blag

ShadowGov: Is Obama getting rolled by the U.S. military? Not really, he's taking into account their advice but also postponing dealing with them.

Greg Mankiw: Long-term fiscal strategy at the White House is based on wishful thinking.  In sum, we traded a wishful thinking foreign policy for a wishful thinking economic one.  What joy.  At least we're catching up with the 20th century on social issues and associated science.

OpenMarket: Stimulus starts trade war.

NYT, Dept. of lagging indicators: Mexican emigration is down.

WSJ: British Parliament pay scandal.

Bald dollars. Lots of garbage.

Ten reasons to not fuck with a libertarian. 'Tis good to laugh at oneself, I say.

(incidentally, though, as should be obvious the reason most skeptic dudes trend libertarian is because we apply the same skepticism to gov't.  And given how badly the state tends to foul things up, that makes us want less of it.)

Treasury recall

(via Young Americans for Liberty)

Duck Tales explains the Federal Reserve

Meanwhile Southpark explains the US Treasury, but isn't quite as insightful.

Money is money

Megan McArdle:

"Hard money" types tend to denigrate the dollar as little green pieces of paper, not a real thing that's actually worth something. This seems to me like a version of the Marxist fallacy, the belief that value can be somehow intrinsic rather than relative.

[...]

weirder currency I can think of offhand is the Yap, who used as currency stones so large that they couldn't really be moved; only ownership was transferred. Indeed, when one was dropped into the sea while transporting it between islands, the Yap continued to recognize it as valid currency, and the family that owned it was viewed as having significant wealth on the basis of this thoroughly inaccessible stone.