I like this one too: We’re Measuring the Economy All Wrong As a technical matter, the current batch of official numbers are perfectly accurate. They also describe some real and important aspects of the American economy. The trouble is that a handful of statistics dominate the public conversation about the economy despite the fact that they provide a misleading portrait of people’s lives. Even worse, the statistics have become more misleading over time.Almost a century later, it is time for a new set of statistics. It’s time for measures that do a better job of capturing the realities of modern American life.
Yeah the wonks get even more flagrant about it: IF the Federal Reserve adjusts interest rates by monitoring the Phillips curve AND the Phillips curve suggests a correlation between employment and interest rates AND the official unemployment rate no longer matches current employment trends THEN the Fed is at sea.
I found the following concerning as well. Banks are rushing to fortify their defenses. The crippling of a major financial institution at the hands of hackers could sow fear and instability across the entire banking system — the same sort of chain reaction that brought financial activity to a halt 10 years ago. Lends me to see Crypto currency as a nice hedge to a huge hacking of traditional institutions.There’s no question that hackers are trying to penetrate the American financial system. The number of successful data breaches has been rising.
That was the basis for the creation of Bitcoin in the first place: Satoshi Nakamoto, whoever he, she or they may be, saw the bailouts of the markets by central banks to be a "hacking" of the financial system to the benefit of large institutional investors. I read Bernanke's Courage to Act. The basis of the book is "stupid Americans, not knowing what's good for them, even now that Goldman Sachs is making profits hand over fist!"