True Economics: Economics 27/7/10: Stress tests of Irish banks? Get real!

Tuesday, July 27, 2010

Economics 27/7/10: Stress tests of Irish banks? Get real!

An excellent comment on AIB and BofI 'stress tests' results from Peter Mathews, worth a direct post (rather than 'just' a comment) on this blog. Read it here.

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On the Record Concerning the Fiscal Compact Treaty Referendum

(1) Irish Government decision to hold a referendum was a right one. This means that the Irish Government deserves credit for allowing democratic process to work - credit that is substantive, given the fact that democratic processes have been recently suspended in Greece and Italy.

(2) Ireland's constitutional system of checks and balances has worked, and the credit is also due to the Attorney General.

(3) As in all previous political campaigns and referenda, I will focus my analysis on economic facts of the matter, not political declarations.

(4) No statement of mine or analysis published here or anywhere else should be viewed as a recommendation to vote one way or the other. I do not do vote advocacy on principle, as I believe that it is every person's own duty to form their opinion and act upon this opinion when voting.

(5) As my personal comments go - I will use sarcasm, but will attempt my best to distinguish personal comments from professional opinions.

(6) All potential conflicts of interest will be declared if and when I deem the risks of such conflicts arising. All information about my work & views is publicly declared on this blog and on my linkedin page.

(7) To all those who would like to engage in the debate with me on the topic of the Referendum, I urge you to follow one rule: tackle the facts and analysis, not the person. Ad hominem arguments will not be tolerated by me here or on twitter.

My article, for Globe & Mail, outlining core problems with the Fiscal Compact Treaty is available here.

A real Civil Society initiative worth following: BondWatch Ireland

Nassim Nicholas Taleb was asked by BBC's Jeremy Paxman whether the people taking to the streets in Athens is a Black Swan Event. He replied: “No. The real Black Swan Event is that people are not rioting against the banks in London and New York.”

Intellectual Freedom & Courage are Under Fire in Greece: read this.

National Debt Clock
from Finance Dublin
"This is a measure of the legacy our Government is in the process of bequeathing to the children of Ireland."

"Getting worse more slowly is not the same as getting better", Prof. Brad DeLong (U of California, Berkeley)

"Samia of Fife was five feet tall, exactly, and all sixty inches of her were in a state of quivering exasperation. She weighed one and a half pounds per inch and, at the moment, each of her ninety pounds represented sixteen ounces of solid anger," Isaac Asimov, The Currents of Space

Readers Comments

A must-read

Great post on Steve Jobs' legacy as "intellectual capital" innovator (here) and a commemoration page for Jobs (here)

Greek Government & Elites attack courageous intellectual dissenter & economist Yanis Varoufakis (here)

How influential are influential scientists? Brilliant research into the value of brilliance in research (here)

When economics inspires artists - a must see (here)

A fascinating article on mathematics of artistic beauty (here)

Superb analysis of the denial of reality that is going on in the EU corridors of power & in Ireland (here)

One of the best articles on macro dynamics and the ways to read data on 'recoveries' based on 'bottoming out' of the recession (here)

A worthy article outlining Euro's downward trajectory and the roots of the common currency problems (here)

Irish Times piece on IBM's eco-efficiency jam (here)

An excellent post on post-Malthusian view of pre-Enlightenment environmentalism (here).

John Cochrane of UofC responds to Paul Krugman's infamous article on whether Chicago-school economists failed to predict the current crisis and demolishes Krugman throughly and brilliantly - here.

Ronan Lyons makes the case for flat tax on income in Ireland at around 15-18% (here)

A timeless interview with Gary S Becker in WSJ: here

True Economics

Tuesday, July 27, 2010

Economics 27/7/10: Stress tests of Irish banks? Get real!

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On the Record Concerning the Fiscal Compact Treaty Referendum

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