Monthly Archives: September 2009

Silly bears, just watch me walking on all the squares

There’s nothing to blog. Rising markets do that; we’re all fat and happy. I’ve tried to think of something interesting to say and failed. But I’ve noticed that even trivial thoughts, expressed in an unusual way, can seem much more relevant and interesting than they really are. So I’ve tried to encapsulate my more trivial thoughts in Haiku form* and see if that helps maker them look or sound more profound. Here goes:

Bears hyperventi-

late. Bulls are gloating.

Their time will come.

 ***

Who expected

A V shaped recovery?

Well this is it.

 ***

Bears should rethink.

Invent’ry restock

Is yet to start.

***

Cockroach always eats.

Not bull nor bear

He is the ball.

And a random Apple haiku to end with:

iPhones taking over.

No-one else at all

gets a look in.

So there you go. In case you were about to leave a comment, if only to bemoan the fact that Baruch seems to have “jumped the shark”, note I am as yet in two minds about whether I am going to accept comments that are not in Haiku form themselves.

* before the usual array of Haiku pedants write in to complain that I am not using the right number of syllables (17), it should be noted that English is a much more economical language to write Haiku in. 17 syllables is more or less the equivalent of a novel in comparison with the amount of information the same number of syllables can transmit in Japanese (apparently), and the economy of content is a large part of the form’s attractions in my mind. So I chose a 4-5-4 schema for better or worse; I just think it more faithful.

Krugman expects you not to expect anything

Baruch has to join the paean of praise for (all via Abnormal) Paul Krugman’s NYT piece, How Did Economists Get it So Wrong. He’s going to object to bits of it in a second, but first let’s puff it up. It’s fantastic, a great summing up of the state of the art of the dismal science (sic) that is macro-economics, includes a proper skewering of some hapless midwesterners, and a set of prescription for the future that Baruch can only applaud; writing of where macro-economists need to go now, Krugman concludes:

First, they have to face up to the inconvenient reality that financial markets fall far short of perfection, that they are subject to extraordinary delusions and the madness of crowds. Second, they have to admit — and this will be very hard for the people who giggled and whispered over Keynes — that Keynesian economics remains the best framework we have for making sense of recessions and depressions. Third, they’ll have to do their best to incorporate the realities of finance into macroeconomics.

As a broad strategic outline, or a description of the destination we need to get to, it’s great.

But, but, but. Here comes the quibble: 2 problems need to be overcome on the way, and this might make the project a little/even more difficult than most of us think it is. Economics may remain a dismal pseudoscience for a long while to come. Continue reading