The myth of currency wars.

"‘Currency war’ is a complete misnomer. What we are talking about is global monetary easing."

"The problem is that many commentators, journalists, economists and policy makers think that exchange rate movements in some way are a zero sum game."

"Monetary easing is not a zero sum game – in fact in an quasi-deflationary world with below trend-growth a currency war is in fact a race to save the world."

"In my view most people fail to understand the monetary aspects of currency moves – both within a floating exchange rate regime and with managed or pegged exchange regimes."

"So to conclude, the most important channels of exchange rate policy is monetary – the velocity effect and the money supply – the competitiveness effect is nearly as irrelevant as interest rates is."

A great article.

"The ECB’s failure to ask why prices were rising nearly caused the collapse of the euro."

Minimum wage is bad.

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Monetary Policy.

"I think that at the core of the problem is that people have a very hard time figuring out what monetary policy is. Most people – including I believe most central bankers – think that credit policy is monetary policy. Just take the Federal Reserve’s attempt to distort relative prices in the financial markets in connection with QE2 or the ECB’s OMT program where the purpose is to support the price of government bonds in certain South European countries without increasing the euro zone money base. Hence, the primary purpose of these policies is not to increase nominal GDP or stabilise NGDP growth, but rather to change market prices. That is not monetary policy. That is credit policy and worse – it is in fact bailouts."

Source.

Terence Tao.

"I vividly recall one of my first meetings with Terry when, in my capacity as President of SAAGTC, I was informally assessing his mathematical ability for placement in SAAGTC programs. At just under 4, he was multiplying 2-digit numbers by 2-digit numbers in his head while I, the 'tester', required pen and paper to check his answers! Another image springs to mind of Terry, one month before his 5th birthday, working with a group of gifted 7- to 9-year-olds at an SAAGTC math workshop. The teacher challenged the students to find the next four numbers in the sequence 9182736. Terry thought briefly and responded, "4554." He was, of course, correct. The number sequence consists of consecutive multiples of 9."

Source.

People Under The Stairs.

The Roots.