The New Republic, Not With a Bang, But a Whimper: The Long, Slow Death Spiral of America’s Labor Movement, here. The article seems reasonable but I still don’t understand this at a decade-over-decade macro-level at all. How does the explanatory power of The Making the English Working Class simply vaporize in the US in couple of decades? The once widely expected epic Thrilla-in-Manila-style ideological struggle between US Labor and Capital is cancelled because of poor ticket sales?
No, the real underlying story is that unions are losing their institutional legitimacy in modern America. The problem isn’t that most people hate unions. The problem for unions is that most people don’t care about them, or think about them, at all.
I had the good fortune to grow up in a wonderful area of Jerusalem, surrounded by a diverse range of people: Rabbi Meizel, the communist Sala Marcel, my widowed Aunt Hannah, and the intellectual Yaacovson. As far as I’m concerned, the opinion of such people is just as authoritative for making social and economic decisions as the opinion of an expert using a model.
Part memoir, part crash-course in economic theory, this deeply engaging book by one of the world’s foremost economists looks at economic ideas through a personal lens. Together with an introduction to some of the central concepts in modern economic thought, Ariel Rubinstein offers some powerful and entertaining reflections on his childhood, family and career. In doing so, he challenges many of the central tenets of game theory, and sheds light on the role economics can play in society at large.
Economic Fables is as thought-provoking for seasoned economists as it is enlightening for newcomers to the field.
Sober Look, Another JPMorgan driven CDX distortion: S9 vs S18 spread widening, here. I
This looks like an opportunity for a trade as over time the spread between the two should narrow again. However since the widening is likely driven by JPMorgan, there may be room for further widening if the CIO’s office is indeed unwinding their massive position. And this widening is sure to cause JPMorgan to incur additional losses.
Sober Look, Latest on sovereign CDS activity; Germany makes top five, here.
Here is the latest sovereign CDS volumes from DTCC. The two charts show the net CDS outstanding (one month average) and the daily trading volume (also one month average).
For journalists, this new income source could hardly come at a more welcome time. Islam told me that if I wanted to syndicate my blog through his platform, I would probably get at least $500 per customer per month, and more if the customer was a big news site. He reckoned he could quite easily find 10 or 20 customers wanting to use my content — which raises the prospect of a $10,000-per-month income stream, just for my blog alone. There aren’t many bloggers, journalists, or publishers who are going to be comfortable turning down that kind of money. Even if Islam was blowing smoke a little as to how much money my blog might be able to get, the fact is that blogs have real value on the syndication market, now, and it’s silly for bloggers not to realize that value.
I’m a fan of syndication — I’ve been doing it for free for many years now. My posts can be found at Seeking Alpha, where I have 59,383 followers; at Wired; at CJR; even at Business Insider. Most of those BI articles are just excerpts and links to my Reuters blog, but occasionally someone at BI will ask if they can run a post in full, and I say yes. As I do to most other people who ask me nicely. And it works the other way too: in September I ran a post from Henry Blodget on this blog.