Tarnishment of the Chicago school of economics

Milton Friedman must be rolling over in his grave as the whole world embarked on a crusade against laissez-faire economics and deregulation. Bloomberg News recently ran a lengthy article on the Chicago school of economics' declining reputation. It's a quite comprehensive article, examining the different aspects of this renunciation--especially the question of how this would affect the policies of president-elect Obama, who himself taught constitutional law in the University of Chicago for 12 years. Worth reading.

Meanwhile, FT's Martin Wolf wrote an interesting piece on the growing need to return to Keynesianism:

The ghost of John Maynard Keynes, the father of macroeconomics, has returned to haunt us. [...] He wished to preserve as much liberty as possible, while recognising that the minimum state was unacceptable to a democratic society with an urbanised economy. He wished to preserve a market economy, without believing that laisser faire makes everything for the best in the best of all possible worlds.

+ Even Posner, who's famous for using free-market economic ideas to explain law, is in favor of Keynesian measures:

[...] the public-works expenditure program that President-elect Obama is proposing, though anathema to economic libertarians, resisted by the Bush Administration, and bound to be wasteful, as all such programs are, may be the most sensible response to the depression and one clearly superior to a tax cut. A tax cut or rebate, like the bank bailout, is unlikely, unless very large or credibly promised to be permanent, to stimulate consumption greatly; most of the money is likely to be used to rebuild savings or, in the case of the banks, to rebuild their equity cushion so that they can make loans, bound to be risky in a depressed economy, without courting bankruptcy. In other words, to stimulate economic activity the government will have to step in and “consume,” in lieu of reluctant or impoverished consumers by spending money on road repair and other public goods. A critical variable, however, is the length of time it will take for public-works projects actually to be begun. American government tends to be extremely sluggish.

An ad-lib question: I'm just curious about the position of Mongolian hardcore Friedmanites on this matter.

Essays and articles I'm planning to read tomorrow: "The Great Slump of 1930" by John Maynard Keynes, "Wall Street Lays Another Egg" and "The age of obligation" both by Niall Ferguson

Addendum: Time Series for Macroeconomics and Finance by John Cochrane + don't forget to check his course materials + Eric Zivot's Time Series Econometrics course webpage
"An imaginary retrospective of 2009" by Niall Ferguson + "What we will remember from 2008" by Gideon Rachman
The Return of John Kenneth Galbraith - as far as I know, Krugman hates him so much :P
Niall Ferguson - Geopolitical Consequences of the Credit Crunch

Soros on Current Financial Crisis

SPIEGEL: Your proposal would be dismissed on Wall Street as "big government." Republicans might call it European-style "socialism."

Soros: That is exactly what we need now. I am against market fundamentalism. I think this propaganda that government involvement is always bad has been very successful -- but also very harmful to our society.

SPIEGEL: Would you advise the new president to say that publicly?

Soros: He has already spoken about changing the political discourse. I think it is better to have a government that wants to provide good government than a government that doesn't believe in government.

SPIEGEL Interview with George Soros: "The Economy Fell off the Cliff"

Addendum: "The Crisis & What to Do About It" by George Soros + The Financial Crisis: An Interview with George Soros + "What to Do" by Paul Krugman

Current Album: Good Night, And Good Luck [SOUNDTRACK] (Dianne Reeves-iin busad album-uudiig olj avah yum shuu)
Current Motion Picture(s): "Blowup" by Michelangelo Antonioni + "The Conversation" by Francis Ford Coppola

This and That

In practice, the term "printing money" is often used as shorthand for what economists call quantitative easing. Typically, major monetary-policy decisions by the Fed are made by setting a target for the federal funds rate—the interest rate at which banks lend to other banks—and then buying or selling government securities to achieve that goal. But as the targeted federal funds rate nears zero—it currently stands at 1 percent—the Fed may be forced to look for other options to fight off possible deflation. (Japan has found itself facing similar problems in recent years.) Quantitative easing is an attempt to increase the money supply by buying more and more assets from banks without regard to an interest-rate target. The Fed doesn't need to print more currency to do that; it can simply happen electronically, as the banks are credited with more money in the accounts they keep with the Federal Reserve. The Fed can do this as much as it wants, but it could face two potential problems. For one, it's possible that those reserve accounts will keep growing without stimulating any economic activity. Alternatively, the Fed could increase the money supply by too much, resulting in inflation.

What it means for the Fed to start "printing money"

Ben Bernanke on deflation + Achka's recommended video: Ben Bernanke at Princeton

How Do You Inject Money Into the Economy?

Should We Be Scared of Deflation?

Krugman on deflation of Japan

Federal Reserve FAQ

Current album: Nada Surf - The Weight is a Gift
Current book: William Safire - Lend Me Your Ears: Great Speeches in History, Updated and Expanded Edition

Quote of the Day

Зүлгэн дээр гэрээ бариад зүгээр л амьдрах сайхан шүү дээ.

from Baabar's latest interview

More Bleak News

Nobel laureate Krugman warns us that "a Japan-style, decade-long slump" may be ahead:

"A scenario I fear is that we'll see, for the whole world, an equivalent of Japan's lost decade, the 1990s -- that we'll see a world of zero interest rates, deflation, no sign of recovery, and it will just go on for a very extended period," he told a news conference.

"And that's unfortunately very easy to see happen." [...]

"We can easily be talking about a world economy that is depressed until 2011 and maybe beyond," Krugman said.

"If there's a safe place I can't see it."

Addendum: Krugman's Nobel Prize lecture

Bleak News

Financial Times reports:

Mongolia outlook downgraded by Fitch

By Raphael Minder in Hong Kong
Published: December 10 2008 16:23 | Last updated: December 10 2008 16:23

Fitch, the credit rating agency, on Wednesday downgraded its outlook on Mongolia amid concerns that the resources-rich country will struggle because of high inflation and a weakening fiscal position.

The cut, to a negative outlook from “stable”, comes after Nambaryn Enkhbayar, Mongolia’s president, warned in an interview with the Financial Times that growth could halve if new mining investments failed to advance because of lower commodity prices and regulatory uncertainty.

“Growth this year is going to be about 9 per cent, but if we keep delaying all these investments, then the growth rate is going to go down to between 4 and 6 per cent, which would be very slow,” Mr Enkhbayar said. “Mongolia now has to speed up reforms and improve the legal environment so that we don’t lose our momentum.”

Mining’s proportional contribution to Mongolia’s gross domestic product has doubled in the past decade, putting it at the forefront of Asian nations that have benefited from the commodities boom.

Foreign involvement has recently sparked domestic political opposition over the ceding of control of resources, notably holding up plans by Rio Tinto and Ivanhoe to develop one of the world’s largest copper projects, Oyu Tolgoi.

In its report on Mongolia, Fitch underlined the threat from inflation, at 28 per cent in October, as well as the likelihood that recent fiscal surpluses, starting this year, would be transformed into deficits, of up to 6.2 per cent of GDP.

“The change in the commodity price cycle underscores an urgent need to improve economic policy co-ordination and implementation, which have been beset by uncertainty and inconsistencies, particularly regarding important mining projects,” wrote Vincent Ho, associate director in Fitch’s sovereign group.

Mr Enkhbayar expressed optimism that legislators would soon approve new investment rules. “This financial crisis has helped us in the sense that everybody is now more realistic,” he said. “Now they (legislators) understand that just hoping that commodity prices will always be very high is not enough to develop the country.”

Rivka Galchen

Unuudur asar ih ajiltay baisan ch zav gargan suuliin uyed shuugiulaad baigaa zohiolch Rivka Galchen-ii lektz-d suuv. Mundag huuhen baina. Doloo honogiin daraa zavtay boluutaa tuunii talaar www.literature.mn deer bichnee.

Rivka Galchen's Debut Novel: Love the one you’re with
Fine Weather for a Debut: In Novel, Meteorologist's Daughter Mixes Pynchon, Borges, Research
Rivka Galchen with David Varno
Rivka Galchen, M.D. from Oklahoma Is the Latest Successor to Pynchon
NYTimes: Who Do You Love?

Зис энд Зэт

Несколько лет назад по заказу банка Империал знаменитый кинорежиссёр Тимур Бекмамбетов (тут самый человек кто сделал Холливудский боевик "Wanted") снял 18 рекламных роликов под названием "Всемирная История." Нашел один из этих роликов о Доголон Төмөр Хаане (Бекмамбетов ещё сделал о Чингис Хаане). Очень прикольно.

Orosoor neg ch ug oligtoy bichij chadahaa baisan baina. Nom sonin unshihguy hamag yumaa hooltoygoo holiod tsohisnii hairgai baih l daa. Gesnees amraltaar neleed ertnees tuluvlusun Nikolay Trubetskoy-iin "The Legacy of Genghis Khan"-iig unshya gej bodood baigaa (Angli hel deer zuult ni "Ed. Anatoly Liberman. Ann Arbor: Michigan Slavic Publications, 1991" gej baih yostoy, harin orosoor Трубецкой Н.С. "Наследие Чингисхана" gesen nertey). Ungursun zun professor maani hicheeliin zaaval ene nomiig recommend hiisen yum (gesnees nuhur songuulid ursulduud neleed zavguy yavaa boltoy, songogdoosoy doo). Aan tiim martah shahlaa, erteedhen Alexander Sokurov-iin "Russian Ark" (Русский Ковчег)-iig uzsen. Kino urlag talaasaa todiiguy Orosiin cultural identity-giin unen dur turhiig haruulj chadsan gedeg utgaaraa uneheer lut buteel baina. Zav garval zaaval uzeerey.

Addendum: Urna Chahar Tugchi gej uneheer saihan duuldag emegtey baina (hat tip to Hashaa). Yalanguya Hodoo hemeeh duug ni unuudur udurjin sonsov.

Quote of The Day

Өнөөдөр сонин: Инфляц буурах нь уу?

О.Чулуунбат: Дэлхийн зах зээлийн хямралаас үүдэж инфляц буурна. Монгол Улсын хувьд инфляцыг онилох бус эдийн засгийн өсөлтөө хангах, ажлын байр, хөрөнгө оруулалтаа хадгалах нь л чухал. Инфляц бол хөгжсөн том орнуудын л санаа зовох асуудал.

Not sure what to make of this particular answer. But, overall, good interview.

Notable Books of 2008

NYTimes 100 Notable Books of 2008
FT The reading year
The Guardian Season's readings

Edgeer dundaas hervee bolomj oldvol unshih nomuud:

"Beijing Coma" by Ma Jian (Kakutani's Review + FT-iin ene zunii reading list-d baisan, bas zohiolch ni olympiin uyer NYTimes-iin op-ed deer niitlel bichsen baisan + his interview)

"Lush Life" by Richard Price. Kakutani ene nomiin review deeree "No one writes better dialogue than Richard Price" gej helsen udaatay. Endees tuunii lektziig sonsooroy.

"The Enchantress of Florence" by Salman Rushdie + Kakutani's review (not very pleasant :P)

"The Ascent of Money: A Financial History of the World" By Niall Ferguson

"Conversations with Woody Allen: His Films, the Movies and Movie-Making" by Eric Lax

"How To Talk About Books You Haven’t Read" By Pierre Bayard

"When Markets Collide: Investment Strategies for the Age of Global Economic Change" by Mohamed El-Erian (FT-giin ene onii shildeg nomiin shagnal avsan)

"The Snowball: Warren Buffett and the Business of Life" by Alice Schroeder (FT deer ehnii hoyor heseg ni garsan, endees unshaaray - anhnaasaa l business career huuh ni todorhoi nuhur baisan baina lee :P)

"Outliers: The Story of Success" by Malcolm Gladwell (Gladwell-iin shuugian tarij bui shine nom. Hervee zavtay bol ene nomiin sedevtey neleed holbootoy "Late Bloomers" gesen ih sonirholtoy niitleliig ni unshaaray + NYMag on "Geek Pop Star")

"The Logic of Life: Uncovering the New Economics of Everything" by Tim Harford

Tegeed medeej Niall Ferguson, Gideon Rachman hoyoriin recommend hiisen nomuudiig (especially the ones by Mazower and Zakaria):

Niall Ferguson
The history book that gave me the most pleasure this year was Simon Schama’s wonderfully exuberant The American Future: A History (The Bodley Head, £20). Each part is a variation on a key American theme: the nation’s ambivalent attitude to war; its tradition of religious toleration; its melting-pot identity; and its creatively destructive economy. A stylistic tour de force, this extraordinary essay also set the scene better than anything else published this year for Barack Obama’s election as president. An honourable mention is also due to Hitler’s Empire: Nazi Rule in Occupied Europe by Mark Mazower (Allen Lane £30), which found new and illuminating things about a subject that I had assumed I knew enough about.

Gideon Rachman
The most timely international affairs book of the year was Fareed Zakaria’s The Post-American World – published before the Wall Street crash, it captured the sense of a shift in global power. A close runner-up in timeliness was Edward Lucas’s The New Cold War – published before the Russian attack on Georgia, it is a well-researched and flamboyant anti-Kremlin polemic.

But my personal favourite was Lawrence Freedman’s A Choice of Enemies: America Confronts the Middle East, a masterly history of recent US foreign policy towards the Middle East since 1979 that traces the twists and turns of policy with clarity, understanding and the occasional hint of exasperation.

P.S: Dulguun-d: "Fanon" by John Edgar Wideman

Addendum: "100th-Birthday Tributes Pour in for Lévi-Strauss" + A Brief Reader’s Guide to Richard Posner

Financial Crisis and Mongolian Economy

Hedhen doloo honogiin umnu duu, heden nuhduud internet deer financial crisis Mongold nuluuluhguy ene ter geed l bult usertsgeegeed baisan. Surag sonsohnee yag odoo Ulaanbaatariin delguuruudiin orlogo 50% buuchihaad baigaa gene. Ene too oiriin heden sardaa bur hurtsdana uu gehees saijrahguy ni lavtay. Inflation iim undur deerees ni Mongol Bank bodlogiihoo huug zoriud undur bailgaj baigaa uyed ihenh bank irgeded zeel olgohoos tatgalzah ni oilgomjtoy--ene ni tsaashaagaa zah zeel deerh mungunii ergeltiig humichihaj baigaa yum. Gehdee nuguu talaasaa ene bol Mongol Banknii zugees zaaval ch uguy avch heregjuuleh yostoy alham baisan (bid yagaad Amerikuud shig husseneeree interest rate-ee dooshluulaad baih bolomjguyg Surowiecki-giin ene article deerees unshaaray: Iceland's Deep Freeze). Harin ene sanhuugiin hyamral her udaan urgeljleh ve? Uund Amarjargal gishuunii hariult hamgiin boditoy ni sanagdlaa:

Даяаршсан санхvvгийн хямралын vргэлжлэх хугацаа хэр удаан байх вэ. Монголд хэр удаан хугацаанд vргэлжлэх бол?

Хямрал хэзээ дуусахыг хэлж мэддэг хvн гарцаагvй тэрбумтан болно доо.

Bas neg bayarlamaar ch gemeer, uguy ch gemeer neg hugiin jishee. Neg talaasaa Mongoliin ediin zasgiig ene hyamral turgen hugatsaand numurchihguy, uls turchdiig nazgairuulaad baigaa neg yavdal ni yuruusuu Mongoliin ediin zasgiin delhiin ediin zasagtay guitsed, nyagt integration-d orj chadaaguy baigaa yavdal yum. Yurduu hedhen sariin umnu hamag amitnii huslen, muruudul bolj baisan Iceland-iin ediin zasag unuudur shaldaa buuchihaad baina. Shaltgaan ni harin delhiin ediin zasagtay het integration-d orson yavdal yum uu daa. Ene ungursun weekend-eer FT deer garsan niitlel, zav garval unshaaray: Letter from Iceland

As I watched, I felt a detached sympathy for those poor people living on a blighted island – until it dawned on me that I was one of them. Recent events had savaged my net worth by 60 per cent and pushed up my cost of living by more than 20 per cent. Iceland’s plight was mine, too. What I failed to appreciate at the time was the emotion of this unprecedented television address, particularly in the way it finished:

“Fellow countrymen ... If there was ever a time when the Icelandic nation needed to stand together and show fortitude in the face of adversity, then this is the moment. I urge you all to guard that which is most important in the life of every one of us, to protect those values which will survive the storm now beginning. I urge families to talk together and not to allow anxiety to get the upper hand, even though the outlook is grim for many. We need to explain to our children that the world is not on the edge of a precipice, and we all need to find an inner courage to look to the future ... Thus with Icelandic optimism, fortitude and solidarity as weapons, we will ride out the storm.

“God bless Iceland.”

Edda, my partner, was in tears on the sofa beside me.

This and That

Is there a new class war in Britain?
'Tis the Season to Ace Your Performance Review + Америкт MТ-гийн салбарт ажиллах залуустаа
Jeff Koons at Fifty
"Everyone’s Watching" by James Surowiecki
A Nobel Undertaking: Getting to Know Le Clézio + Why No Trans-Atlantic Hits
Forensic economists examine the effects of CIA-led coups on the stock market? - very interesting!
How to kill time on the Web now that the election's over.
"Think Hard, It’Ll Come Back to You" by Woody Allen

Who Killed Wall Street?
The root of this financial crisis is the tension between wanting to spread risk and not understanding its consequences by Ken Arrow
Three Trends and a Train Wreck by Tyler Cowen
Bernanke Is Fighting the Last War - WSJ Weekend Interview with Anna Schwartz
The End of Libertarianism: The financial collapse proves that its ideology makes no sense.

Sarah Palin's War on Science
"The best recipe for avoiding a global recession" by Jeffrey Sachs
Open Yale - Game Theory with Professor Ben Polak
Tumult Touches Emerging Nations
Noble lies and perpetual war: Leo Strauss, the neo-cons, and Iraq
The pendulum swings towards regulation
But Have We Learned Enough? by Greg Mankiw
Close to the wind: Russia’s oligarchs - Deripaska-giin Mongoliig ezegneh tuluvluguu nuran unah ni dee huurhii hehe
Donald Rumsfeld: The Change Agent: Atlantic correspondent Robert D. Kaplan takes a fresh look at the legacy of the former secretary of defense.

"What Vietnam teaches us" by Henry Kissinger
FT: Understanding the Energy Challenge
"The Glories of Yiddish" by Harold Bloom
The IMF's new scheme to help emerging economies weather financial trumoil
Astral Weeks is the best album ever made? - The Guardian on Van Morrison
Easy Listening For Uneasy Listeners - not the best collection, though it works
Did people who knew about secret, CIA-led coups use that information to game the stock market?

"Thumbspeak: Is texting here to stay?" by Louis Menand
"The Soul Singer: A mezzo with the most potent voice since Callas."
The Week In Books: Their name is read - Turkey in full colour
"The Trust Crunch" by James Surowiecki
Guide to piano & keyboard series: Lesson 1: The basics
The Oracle: The many lives of Arianna Huffington.
Taking Hard New Look at a Greenspan Legacy
Michael Cera, Making The Perfect 'Playlist'

Seven Questions: Thomas Friedman’s Plan for a Hot, Flat, and Crowded World
The First Law of Petropolitics
The Rationality of Panic
Bad, or worse: A global recession is almost certainly on the way
"The Dismal Questions" for the presidential candidates from Stiglitz, Hubbard, and Scholes
Can China Save the Global Economy? - China bailing-out the US?

Төсвийн зарлагад реформ хийх алтан боломж бүрдлээ
The rest is silence: America's universities sheltered David Foster Wallace—and almost ruined his writing
Main Street vs. Wall Street: The financial bailout isn’t as bad as Main Street thinks. It’s worse.
Twelve Virtues of Rationality
Mackerel Economics in Prison Leads to Appreciation for Oily Fillets: Packs of Fish Catch On as Currency, Former Inmates Say; Officials Carp

Development Doesn't Require Big Government: Poor countries are learning the wrong lessons from the crisis
The American Future - review of Simon Schama's new book by Niall Ferguson (Schama the modern age Kerouac?)
Defining a 'political economist'
You Say Depression, I Say Recession: Are we talking about the same thing?
Autumn and essences by Harry Eyres
3 Simple Ways to Master Reading for Study
Effective reading skills - PDF from BBC Learning English
Effective Reading from UNSW

Financial Crisis and Mongolian Economy

David Dollar on current financial crisis and how it could provide an opportunity for reform (?!) in Mongolia:

Much of the discussion among parliamentarians, government, and civil society reflected a sense that the global economic turmoil presents Mongolia with both challenge and opportunity. Gaidar spoke of the current troubles as a "window of opportunity for reform." During the boom, Mongolia’s decision-makers dithered about reaching agreement with the big international mining firms to develop world-class copper and coal deposits that are as yet untapped. Now, the global environment for mining is much less favorable, so to some extent Mongolia missed an opportunity. But Mongolia can still reach agreements that would be highly favorable to the country once prices rise again -- as they inevitably will some day. Cleverly structured contracts can ensure that Mongolia gets a fair share of future windfalls.

via Mongolian Matters

Addendum: The Global Financial Crisis: How to protect Mongolia?; Mongolia Economic Policy Conference
+ What the Recession Means for Foreign Policy by Richard Haass

Kicking Our Oil Addiction

The falling oil prices - a good news? Ali deer uyed neg bichij baisan yum olov:

Тэгвэл яг энэ хандлагаар одоогийн Монголд тулгараад буй ганц хоёр асуудлыг ойлгох гээд үзье. Өдгөө нэгэнт биднээс шалтгаалахгүйгээр тэнгэрт хадчихаад буй нефтийн үнийг өөрсдөдөө хэрхэн ашигтайгаар эргүүлж болох вэ? Миний бодлоор бензиний өндөр үнэ одоогийн Улаанбаатар хотын метр бүрт шигсэн машинуудыг цэгцлэх цорын ганц арга. Дэлгэрүүлбээс, хэт их зардлаас зайлсхийсэн хүмүүс онцын шаардлагагүй бол машин хэрэглэдгээ багасгана. Энэ нь нэг талаараа бидний толгойны өвчин болоод буй замын түгжрэлийг бага ч атугай хөнгөлөх бол нөгөө талдаа дан ганц өвлийн цаг гэлтгүй зүлэг ногоогоор элбэг урин дулаан цагт хүртэл дийлдэхээ байсан хотын утаа тортгийг багасгахад дөхөм болгох юм (цаашлаад бидний бензинээс хамаарах хамаарлийг ч багасгаж чадна). Гэхдээ энэ нь ард түмнээ бүгдийг нь явгаруул гэж уриалж байгаа хэрэг биш ээ. Нэгэнт хувийн тээвэр ашиггүй тусч байгаа бол хэн хэндээ ашигтай нийтийн тээвэр хэрэглэхийг хөхиүлэн дэмжих хэрэгтэй л гэж байгаа хэрэг.

Ер нь шатахууны үнийн хөөрөгдөл Улаанбаатар хотын нийтийн тээврийн түүхэнд магадгүй цоо шинэ хуудсыг нээж байж болох юм. Урьд өмнө нь өдөр хоногоо дөнгөн данган аргацаадаг байсан нийтийн тээвэр энэ удаад ашигтайгаар ажиллах алтан боломжийн өмнө тулж ирлээ. Нэг үгэндээ өнөөх адлуулаад байдаг автобус, тролейбуснуудад машин унахаас татгалзаж буй асар олон хүний эрэлтийг хангах үүрэг ноогдож байна. Мөн түүнчлэн энэ сиймхийг ашиглаад автопаркаа шинэчлэн хотын өнгө үзэмжийг өөд нь татаж болохыг ч үгүйсгэхгүй.

Гэхдээ хүмүүс нийтийн тээвэр рүү хошуураад ирэхээр өөдөөс нь өрсөөд тасалбарыхаа үнийг нэмээд байвал бас утгагүй. Магадгүй чухам яг тэр үед л өнөөх оролцохгүй юмгүй төрийн үүрэг товойн гарч ирж байж мэдэх. Энэ нөхцөлд төр дээрээс нь татаас олгох замаар үнийг зориуд бага байлгаж нийтийн тээвэр ашиглахыг хүмүүсийг урамшуулах хэрэгтэй мэт. Гэхдээ нэгэнт мөнгө өгч байгаа тул төр оронд нь үйлчилгээнд явж байгаа тээврүүдэд аюулгүй байдлын чанга хатуу шаардлага тавих хэрэгтэй. Адаглаад л автобусанд хүмүүсийг шпротлохгүй, хүнийг 15 минутаас илүү хүлээлгэдэггүй болгохыг шаардах учиртай. Ингэж чадсан цагт түргэн шуурхай, тохилог нийтийн тээвэр хотын одоогийн хөдөлгөөнийг сийрүүлж чадах юм.

WSJ writes:

The good news: Oil prices have fallen. The bad news: Oil prices have fallen.

Thomas Friedman on Denmark's solution:

What was the trick? To be sure, Denmark is much smaller than us and was lucky to discover some oil in the North Sea. But despite that, Danes imposed on themselves a set of gasoline taxes, CO2 taxes and building-and-appliance efficiency standards that allowed them to grow their economy — while barely growing their energy consumption — and gave birth to a Danish clean-power industry that is one of the most competitive in the world today. Denmark today gets nearly 20 percent of its electricity from wind. America? About 1 percent.

Addendum: Ian McEwan (yup, the writer of On Chesil Beach) on what Obama's election means for the environment: A New Dawn

The Angel of History

A Klee drawing named “Angelus Novus” shows an angel looking as though he is about to move away from something he is fixedly contemplating. His eyes are staring, his mouth is open, his wings are spread. This is how one pictures the angel of history. His face is turned toward the past. Where we perceive a chain of events, he sees one single catastrophe that keeps piling ruin upon ruin and hurls it in front of his feet. The angel would like to stay, awaken the dead, and make whole what has been smashed. But a storm is blowing from Paradise; it has got caught in his wings with such violence that the angel can no longer close them. The storm irresistibly propels him into the future to which his back is turned, while the pile of debris before him grows skyward. This storm is what we call progress.

— Walter Benjamin, "Ninth Thesis on the Philosophy of History"

This and That

Looks like I wasn't the only one who noted the similarities between RFK's and BO's campaigns :D Washington Post's Anne Applebaum saw their striking similarities as well (she even cited the exact same article :P)

The politician-as-rock-star is nothing new, of course. Some of that same celebrity charisma—not so much messianic as pop-iconic—also drew cheering, fainting crowds to Bobby Kennedy's primary campaign in 1968. According to historian Thurston Clarke, after one RFK speech "waves of students rushed the platform, knocking over chairs and raising more dust. They grabbed at him, stroking his hair and ripping his shirtsleeves." Some of the same mix was in the air at that time, too: youth, hope, change, racial progress. The 1968 primary campaign, RFK had even declared, was about "not simply the leadership of our party and even our country. It is [about] our right to the moral leadership of this planet."

+ Barack to Reality by Christopher Hitchens + Greg Mankiw on Obama's economic advisers

Current album: JJ Grey & Mofro - Country Ghetto
Current book: Bob Dylan - Chronicles, Volume 1 (urschihdag nom baina daa hehe, hervee unshihaas zalhuurch baival Sean Penn-ii unshsan audio version-iig ni sonsooroy)

Gibberish

Haha, zarim nuhduud neeree balai avah yum aa. MUBIS-iin (professor?) Enkhbayar gedeg nuhur unuudur News.mn deer "uguulleg" niitluulsniig ni bi gej nuhur savaaguytej yavaad olood uzchihev. Sanaagaa tsegtstey ilerhiilj chadahguy, tegsen murtuu medehguy zuileeree bambai barin busdiig baalah durtay bult bult userdeg heeguy saihan er baina. Riemannian geometry, Post-modernism, literary criticism geed yur ni ene nuhurt medehguy yum alga :P Tegsen murtuu meddeg yum bas alga :)) Za tegeed bichij baigaa yum ni neg iimerhuu:

Хүмүүний танин мэдэхүйн хам шинж гэдэгт бид юм, үзэгдэл болон хүмүүнийг нь буюу тухайн биед шингэсэн оюун ба сэтгэлийн нэгдлийг “хүмүүн” хэмээх бүхэл бүтэн ертөнц болох бодит ахуйг илэрхийлэх оронг ойлгож байгаа юм. Өөрөөр хэлбэл нэг талаас тодорхой масс ба энергийн, нөгөө талаас тоо ба чанарын нэгдэл болох юм-үзэгдэл-хүмүүнийг хам шинж хэмээдэг. Нэгэнт хам хүрээ нь огторгуй-хугацааны 4 хэмжээст геометр болох орон, хам шинж нь тухайн хүмүүнийг / дүрийг-С.Э/ илэрхийлэх орноор тус тус илэрхийлэгдэх учир тэдгээрийн харилцан шүтэлцэн нэг болсон нэгдмэл орон нь маш өвөрмөц огторгуйн геометрээр илэрхийлэгдэх нь ойлгомжтой. Энэхүү хүмүүн буюу масс-энерги нь орон зай-цаг хугацааны геометрдээ шингэн бий болсон бодит ахуйг буюу оронг математик ба физикт Риманы муруй огторгуй хэмээн нэрлэдэг. Иймд хүмүүний танин мэдэхүйн хам хүрээ, хам шинжийн нэгдэл нь Риманы муруй огторгуйн геометрээр буюу орноор илэрхийлэгдэнэ хэмээн хэлж болно.

Philosophy geheer l uuruus ni uur hun oilgohguy hari garigiin heleer bichij baahan jargon-uudiin tsugluulga baih yostoy gedeg uzlee odoo bolimoor yum. 1-t olon niitiin medeelliin heregsel deer iim balai style-tay bullshite bichne gedeg asar utgaguy yavdal. NYTimes-iin op-ed deer Hegel zalarch baina geed boddoo. 2-t bichij baigaa yum ni tsaanaa gun utga sanaag aguulj baival ch bas yahav gehsen. Getel bichij baigaa yumand ni yamar ch system baihguy. Oros, Mongol hoyor heleer orchuulagdsan heden nom haltar hultar unshsaniigaa yurtuntsiin zangilaa geed oilgochihson. Hervee Mongoliin philosophiin bolovsrol iimerhuu zamaar zamnaj baigaa bol uneheer uruvdultey l baina.

Энэ бүх элийрэл балайрлын оргил туйл, сүлд аялгуу нь бас л нэг нилээдгүй “ юмтай ” хүүхний бичсэн “Өнөөгийн уран зохиолын онол-шинжлэлийн шинэ сурах бичиг” гэгч ланжгар ном. “онол-аргазүйн тулгамдсан асуудлаарх постмодернист сэтгэлгээний монголын анхны онолын бичвэр” л гэнэ, “бүх нийтийг гэгээрүүлэх ариун үйлсэд” зориулав л гэнэ, “нээлттэй-иргэний нийгмийн үзэл санааг төлөвшүүлэхэд” зориулав л гэнэ, “бүх шатны сургалтын суурь боловсролын шинэчлэлд” зориулав л гэнэ, “онолын шинэчлэлд” зориулав л гэнэ, “түүх бичлэгийн шинэчлэлд” зориулав л гэнэ, “шүүмжлэлийн салбарын шинэчлэлд” зориулав л гэнэ, “уран зохиолын хөгжлийн шинэчлэлд” зориулав л гэнэ… энэ эрүүл хүн мөн үү ? Би тоглоогүй, хүн доромжлоогүй. Н.Энхтөр гэдэг хүүхний бичиж 2005 онд УБ хотноо хэвлүүлсэн нилээдгүй зузаан номны нүүрэн дээрх гарчигуудыг бүрэн эхээр нь хуулбарлан бичсэн нь энэ. Агуулгынх нь тухай тогтож ярих боломж даанч алга. Тэгж доошоо ороод ч яах вэ? Товчхондоо 1-рт: цул алдаатай хуулан бичлэг 2-рт: гадаад үгийн болон утгын каламбур.

Whahaha, yalanguya ter suuliin uguulber bol klass! Yaj ingej uran setgej chaddag bainaa? :P

Za za tegeed uursduu uldseniig ni unshaad dugneltee hiine biz dee. Etssiin etsest iimerhuu hamraa suhsun eliirel balairliig uugshuuleed baival bid uursduu l hohirno doo. Aan tiim, Geisteswissenschaft gej shal uur yumiig heldeg yum shuu :P

On Obama

Angiin Kosovar, Argentine, Amerik, Rumin heden nuhduud niilj Rosa-Luxemburg Platz havitsaa negen kino theater-t uur tsaital Obama-g demjeed ugluu hicheeldee irsenguy (tednii yariagaar bol champagne-ee ihduulsen yum baih). Hajuugiin common uruund Bosni, Estoni, Moldav, Croat, Oros, Ungar baahan nuhduud shunujin songuuliin dung haruuldaj suugaad oligtoy untuulsanguy. Bas bolooguy neg Bolgar ohin udur amandaa "I've got a crush on Obama" gej ayalchihsan tuuj yavah yum. Yag yamar yusun shid ni bureldsen bolood edgeer nuhduud Obama-d bugd hair zarlaad baigaagiin uchriig medeh yum alga (Obama-giin 2 jiliin campaign-ii yavtsad hamgiin olon hun neg dor tsuglasan yavdal tuunii ungursun zun Berlin-d unshsan speech-iin uyer baisan gedgiig bas duridah ni zuitey bolov uu). Yamar ch l baisan ene ni Obama-g dagaad tsoo shine tsag uye irj buig ilerhiilj baih shig (The Economist deerh data-gaar bol Mongolchuud Obama-giin"strong supporter" hiigeed bur 72%-tay demjij baigaa yum baina.).

Gehdee huvidaa Obama-g yurunhiilugch bolsond bayarlaj baigaa hedii ch Mongolchuud bidend nuluuluh nuluuniih ni talaas neleed skeptical handaj bui. Neg talaaraa Bush-iin hargaigaar neftiin une suga usch tuunii ediin zasgiin haralgan bodlogoos uussen bubble Mongoliig maani ali hediin numruud ehelsen bolovch tuunii yurunhiilugch baih hugatsaand Mongol Uls gadaad hariltsaanii huvid asar tom ahits gargaj chadsan ni unen. 2000 ond Al Gore yalsan bol Mongold tooj ireh ni yu l bol. Tegeheer Mongolchuud bid Amerikchuudiin songoson buruu songoltoos baga ch atugay hojij chadsan ovsgootoy humuus (ene ch uchraas bi Mongoliin gadaad bodlogiig dotroo mash sain gej dugnej yavdag, Gadaad Hergiin Yamnii zalgamj chanar sainii ilrel baih l daa). Yamar saindaa odoo Amerikt shuugian tariad baigaa Oliver Stone-ii unuuh aldart "W" kinond Colin Powell “Let’s not forget the ninety Mongolian troops there; I hear they’re damn fine wrestlers too” gej helj baigaa heseg orson baina lee. Uguy boloo shd ee, hehe.

Harin Obama Amerikiin yurunhiilugch bolsnoor bidend yamar ashig unah ve? News.mn deerh yariltslagaas harval yurunhiiduu uls turiin tuvshind manaihan yamar negen uurchlult orohguy gej uzej baih shig baina (end Zandanshatar neleed unen zuil helchih shig bolloo - hervee Obama-giin ediin zasgaa avrah oroldlogo amjilttay bolvol bidend eyregeer tusah ni damjigguy). Gehdee Obama-giin huvid yurunhiiduu Bush shig gadaad uls ornuudiig daisan, nuhur gej hoyor huvaadag uzlees tatgalzaj iluu enh taivniig husemjilsen muriin hutulburtey songogdon garch irj bui (uunii jishee ni Obama Iran, Hoid Solongos zereg "evil" ornuudtay geree heleltseer hiij oilgoltsold hurehiig zorino gesen amlalt ugsun). Harin ene ni manaih shig Bush-iin har tsagaan gadaad bodlogo deerees ashig honjoo olj baisan ulsuudiin heregtsee Yankee-nuudad shuud bagasna gesen ug yum.

Nuguu talaasaa deer uguulsenchlen Amerikaas uur uls ornii irged Obama-g demjij bui neg gol shaltgaan bol yah argaguy tuuniig Amerikiin shunahai capitalism-iig hazaarlaj, tsuun toonii bayachuudiin gart hurimtlagdsan asar ih mungiig dahin huvaariltat oruulah bolno gesen humuusiin genen muruudul. Ungursun havar WSJ deer garsan Ralph Nader-iin yariltslaga deer "Obama's taking large money from the securities industry, the health insurance industry [...] I've gotten used to this ritual where the companies give Democrats this leeway, and say, 'Well, Obama's gotta say that stuff, but he'll come around. There's no way he'll touch Nafta or touch the WTO.'" gesen passage baisan. Uuruur helbel Obama bol "corporate Democrat" hiigeed tuunii ard asar tom corporate muscle tushin tulj bui ni yalt ch uguy unen (ter baitugay urid umnu ni Palestine-ii tuluu duugardag baisan hun Jewish-Democratuudiin sanaliig avahiin tuld Hillary-g yalsaniihaa margaash ugluu ni AIPAC buyu America's Pro-Israel Lobby-giin uulzalt deer harailgaj yavsaniig ni CNN-eer bishguy garsan). Tegeheer Obama ediin zasgiin huvid zorigtoy shiidmeg radical alhamiig hiine gedeg ulger bolj taarah ni (deerees ni Obama-giin health care plan flaw-tay gedgiig Krugman ali deerees helj sanuulsaar irsen).

Bas neg zuil: Hedii Obama enh taivniig husemjlegch enhiin tagtaa meteer uzegdej bui bolovch unen heregtee tuunii muriin hutulburiig ni ajiglavaas shuud Amerikiin tserguudiig shuud erguulen tatna gesen zuil baihguy. Harin ch Iraq-aas gargah tserguudeesee hamgiin bagaar bodohod 2 batalion tsergiig Afghanistan ruu shiljuulj tend tugs yalaltiig baiguulahiig ermelzej bui. Gesen hedii ch Iraq-iin dainiig eserguutsegchid Obama-g demjigchdiin dotor mash tom huviig ezelj bui ni unen. Haramsaltay ni Obama tangaragaa urgusun ehnii udruus Amerikiin yurunhiilugch gedeg hun buriin tusuulj baigaa shig ih erh medeltey, buhniig shiidchihej chadahguy gedgiig oilgoh ni damjigguy. Lav l neg hesegtee l Iraq, Afghanistan-ii dain namjihguy, delhiin sanhuugiin hyamral arilahguy ni todorhoi.


Yutay ch leader hun gedeg ard tumnee negtgej, tuuhiin egzegtey uyed turun garch irdeg gedgiig ene songuuli, Barack Hussein Obama-giin amdraliin tuuh yah argaguy batlan haruullaa. Dunguj uchigdurhun Bobby Kennedy-giin tuhai "The Last Campaign: Robert F. Kennedy and 82 Days That Inspired America" hemeeh nomiin setgel hudulgum hesgiig unshsan bolood ch ter uu (ene ni Vanity Fair setguul deer ungursun zun The Last Good Campaign nerteygeer garsan + RFK-iin funeral train-d hundetgel uzuulj bui jiriin Amerik irgediin tsus huurgum zurguud!) Obama-giin campaign yag 40 jiliin umnuh RFK-iin duusgaj chadaaguy campaign-iig yah argaguy sanagduulna. Charismatic, erh hucheer duuren, zaluu, tsarailag, bolovsroltoy, har tsagaaniig negtgesen, gadaad ornuudiin tusgaar baidliig hundetgedeg geh met ter hoyoriin hoorond adil tustey tal mash ih bii. Odoo gagtshuu Obama-d Bobby-giin bodot amidrald heregjuulj chadaaguy zuilsiig hiih l uldlee.

Update: FT's Quentin Peel on why Obama would fail to meet with the global high expectations of him: Winning Obama doomed to upset admirers + video
Update 2: "Barack Obama: the road to the White House" - The Guardian soningoos gargasan 30 minute-iin audio documentary + hervee zavtay bol Obama-giin uuriih ni unshsan (bas Grammy award jil daraalan hurtsen) "Dreams from My Father" bolon "Audacity of Hope" hoyoriin audiobook-iig recommend hiiye - barag uuruu unshsanaas iluu setgegdel turuuleh vii.

Yo-Yo Ma feat. Andrew Bird

Gaihaltay improvisation. Hugjmiig mederch chadna gedeg chuham ene l baih.

Neeree Nov. 19-nd Andrew Bird Berlind irne gene. Concert deer taaraldaya (bi bolbaas ulaan shootoy umdun deeree yagaan soroochkoo uglaad, deeguur ni ulbar shar blazer-ee tohon gartaa Tonshuul setguul yugaa atgasan baih bolno).

No Worries?

Both firms point out that some metals, such as copper, are still in short supply, and that the credit crunch will only make it harder to finance new mines. By delaying expansions and squeezing marginal producers, it might actually sow the seeds for a recovery in metals prices sooner than most analysts expect. At any rate, BHP is still keen to buy Rio Tinto—an indication, presumably, that it still thinks raw materials is a good business to be in.

The impact of the financial crisis on some of the most basic industries