How I became a 'terrorist' Gary's choices - Who’s Afraid of the Ayatollahs? Central banks: Crazy aunt on the loose. How Austerity Is Killing Europe by Jeff Madrick. On the last day of 2011, a headline in The Wall Street Journal read: “Spain Misses Deficit Target, Sets Cuts.”
The cruel forces of poor economic logic were at work to welcome in the new year. The European Union has become a vicious circle of burgeoning debt leading to radical austerity measures, which in turn further weaken economic conditions and result in calls for still more damaging cuts in government spending and higher taxes. The European debt crisis began with Greece, and that nation remains the European Union’s most stricken economy. But it has spread inexorably to Ireland, Portugal, Italy, and Spain, and even threatens France and possibly the UK.
It need not have done so. Over the past two years, the severe 2009 recession, which started in the US but spread across Europe, have imperiled the finances of one European country after another. But this is pre-Great Depression economics. Indeed, austerity economics has not worked in one single case in Europe in the last two years. Wall Street, investment bankers, and social good. A few months ago, I came across an announcement that Citigroup, the parent company of Citibank, was to be honored, along with its chief executive, Vikram Pandit, for “Advancing the Field of Asset Building in America.”
This seemed akin to, say, saluting BP for services to the environment or praising Facebook for its commitment to privacy. During the past decade, Citi has become synonymous with financial misjudgment, reckless lending, and gargantuan losses: what might be termed asset denuding rather than asset building. In late 2008, the sprawling firm might well have collapsed but for a government bailout. Even today the U.S. taxpayer is Citigroup’s largest shareholder. The Clash of Ignorance. Labels like "Islam" and "the West" serve only to confuse us about a disorderly reality.
Samuel Huntington's article "The Clash of Civilizations? " appeared in the Summer 1993 issue of Foreign Affairs, where it immediately attracted a surprising amount of attention and reaction. Because the article was intended to supply Americans with an original thesis about "a new phase" in world politics after the end of the cold war, Huntington's terms of argument seemed compellingly large, bold, even visionary.
He very clearly had his eye on rivals in the policy-making ranks, theorists such as Francis Fukuyama and his "end of history" ideas, as well as the legions who had celebrated the onset of globalism, tribalism and the dissipation of the state. But they, he allowed, had understood only some aspects of this new period. About the Author Edward W. We mourn the loss of Edward Said, who passed away on the morning of Thursday, September 25, 2003. Also by the Author This essay--Edward W. Why Do Some People Learn Faster? The physicist Niels Bohr once defined an expert as “a person who has made all the mistakes that can be made in a very narrow field.”
Bohr’s quip summarizes one of the essential lessons of learning, which is that people learn how to get it right by getting it wrong again and again. Education isn’t magic. Education is the wisdom wrung from failure. A new study, forthcoming in Psychological Science, and led by Jason Moser at Michigan State University, expands on this important concept.
The question at the heart of the paper is simple: Why are some people so much more effective at learning from their mistakes? The Moser experiment is premised on the fact that there are two distinct reactions to mistakes, both of which can be reliably detected using electroenchephalography, or EEG.