We are about three weeks away from the next Republican candidates' debate, but I'm still stuck on one item from the last debate. Toward the end, the moderators cited a Treasury Department proposal to replace the image of Alexander Hamilton on the ten-dollar bill with that of a woman, and asked the candidates which woman they would choose for that [...]
Lore has it, according to Thomas Friedman, that a Chinese emporor was so enthralled with the invention of the game of chess that he offered to fulfill any wish for the inventor. The simple wish: place 1 grain of rice on the first square of the chessboard, then place 2 grains of rice on the second square, 4 grains on the third square, 8 grains on the fourth and continuing doubling the grains across the entire board. The emporer granted the wish happily, only to discover that by the 64th square, he owed his kingdom in rice. Thomas Friedman included this among many brilliant observations and points made in a talk that he gave to Stanford's Precourt Institute last year. His point here being that trends that seem small and insignificat at the outset, can have huge and uncontrolled impacts if they maintain their incremental growth over time. He posits that we are on the second half of the chessboard in the way the markets work, the impacts we are having on Mother Nature and in the operation of Moore's Law on technology.
Posted June 18, 2014 The Brookings Institute's Hutchins Center on Fiscal and Monetary Policy, a group providing independent and well-researched analysis of fiscal and monetary policy issues, released a cute new graphic that pretends to mimic Janet Yellen's economic dashboard. Every quarter, Federal Reserve Chair Janet Yellen and her Fed colleagues secretly evaluate various economic indicies to see where the [...]