Central banks around the world are selling U.S. government bonds at the fastest pace on record, the most dramatic shift in the $12.8 trillion Treasury market since the financial crisis.
Those were some of the topics covered at the West Coast Workshop on International Finance and Open Economy Macroeconomics, held last Friday on the beautiful UC-Santa Cruz campus, co-organized by Helen Popper (Santa Clara University), Michael Hutchison (UC Santa Cruz), and Carl Walsh (UC Santa Cruz).
Could the price of oil be a value such that the current quantity produced exceeds the current quantity consumed? The answer is yes, and indeed that has been the case for much of the past year.
Acres burned already exceeds the comparable figure for 2006, the previous record year.
Using the same regression (log acres on log acres ytd) used in this post, my estimate of acres burned has risen from 9.62 million to 9.76 million.
This in turn raises the estimated total expenditures from $2.27 billion to $2.29 billion.
I’ve only tabulated direct Federal fiscal costs; here is an article on part of the human toll. Further note that these costs do not include state level costs. Cal Fire’s total budget for the current fiscal year is about $390 million.
How important would an economic downturn in China be for the United States?
… replacing it with a résumé-based system for merit hiring.
I think I know what will be required on the résumés to be hired under the current administration.
The Milwaukee Journal Sentinel article continues:
Republicans have already made changes in recent months, eliminating the Office of State Employment Relations as part of the state budget and replacing it with a new Division of Personnel Management in which Walker can appoint the person responsible for the state’s merit hiring rules.
I wonder if an analogous measure could be profitably applied for university applications. Who needs to do math, or be able to read in order to learn accounting or physics or writing?
Update, 9/29: My colleague Don Moynihan has published a more formal argument for what should and should not be included in civil service reform.
See also Larry Summers’ article in the FT.