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	<title>Thought du Jour</title>
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	<link>http://larrywillmore.net/blog</link>
	<description>Semi-daily posts, related largely to economics and government policy</description>
	<lastBuildDate>Thu, 23 May 2013 09:51:53 +0000</lastBuildDate>
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		<title>the old caring for the old</title>
		<link>http://larrywillmore.net/blog/2013/05/23/the-old-caring-for-the-old/</link>
		<comments>http://larrywillmore.net/blog/2013/05/23/the-old-caring-for-the-old/#comments</comments>
		<pubDate>Thu, 23 May 2013 09:51:53 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Health Economics]]></category>
		<category><![CDATA[ageing]]></category>
		<category><![CDATA[China]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=6137</guid>
		<description><![CDATA[China is experimenting with recruitment of elderly villagers to look after those who are even older. Qiantun village (Feixiang county), in northern China&#8217;s Hebei province, pioneered this new model of low-cost, long-term eldercare. Labelled &#8220;mutual assist eldercare&#8221;, the Feixiang model is set to be expanded to the rest of rural China, with 3 billion yuan [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>welfare for the wealthy</title>
		<link>http://larrywillmore.net/blog/2013/05/22/welfare-for-the-wealthy/</link>
		<comments>http://larrywillmore.net/blog/2013/05/22/welfare-for-the-wealthy/#comments</comments>
		<pubDate>Wed, 22 May 2013 09:03:53 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[John Kay]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=6134</guid>
		<description><![CDATA[British economist John Kay explains how, but not why, bankers and fund managers are not suffering from the Great Recession that they caused. The financial crisis left a few individuals responsible for it very rich while its consequences made millions not responsible for it much poorer. If this involves no crime, then we have failed [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Martin Wolf on global warming</title>
		<link>http://larrywillmore.net/blog/2013/05/21/6127/</link>
		<comments>http://larrywillmore.net/blog/2013/05/21/6127/#comments</comments>
		<pubDate>Tue, 21 May 2013 20:07:45 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Environment]]></category>
		<category><![CDATA[global warming]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=6127</guid>
		<description><![CDATA[Negative reaction to last week&#8217;s column on climate change convinced Martin Wolf that climate sceptics have won. This stimulated him to write a follow-up column. In considering this issue, a rational person should surely recognise the extent of the consensus of climate scientists on the hypothesis of man-made warming. An analysis of abstracts of 11,944 [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>more on personal investing</title>
		<link>http://larrywillmore.net/blog/2013/05/20/more-on-personal-investing/</link>
		<comments>http://larrywillmore.net/blog/2013/05/20/more-on-personal-investing/#comments</comments>
		<pubDate>Mon, 20 May 2013 07:26:34 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[personal finance]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=6119</guid>
		<description><![CDATA[Still think professional money managers deserve their hefty fees? FT editor Paul Murphy looks at their performance over the past decade. Each year, on average, a whopping 60% of actively managed US equity funds gave returns lower than the benchmark Standard &#38; Poor 500 index. Moreover, the best-performing firms in one year are not usually [...]]]></description>
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		<slash:comments>2</slash:comments>
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		<title>Mankiw on personal investing</title>
		<link>http://larrywillmore.net/blog/2013/05/19/mankiw-on-personal-investing/</link>
		<comments>http://larrywillmore.net/blog/2013/05/19/mankiw-on-personal-investing/#comments</comments>
		<pubDate>Sun, 19 May 2013 10:13:13 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[efficient market hypothesis]]></category>
		<category><![CDATA[Greg Mankiw]]></category>
		<category><![CDATA[personal finance]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=6112</guid>
		<description><![CDATA[Harvard economist Greg Mankiw has an excellent column in today&#8217;s New York Times. I agree with everything in it. So will most economists who read it, but investors rarely listen to us. &#8216;Expert&#8217; money managers openly despise us. (&#8220;Dislike&#8221; is too weak a word!) [W]e economists have written countless studies about the stock market. Here [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>lessons from Reinhart/Rogoff</title>
		<link>http://larrywillmore.net/blog/2013/05/18/lessons-from-reinhartrogoff/</link>
		<comments>http://larrywillmore.net/blog/2013/05/18/lessons-from-reinhartrogoff/#comments</comments>
		<pubDate>Sat, 18 May 2013 07:51:59 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[History]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=6109</guid>
		<description><![CDATA[UC Berkeley economist Barry Eichengreen draws lessons from controversy over the work of two Harvard economists that seemed to show that deficit spending is associated with a fall in GDP once the ratio of public debt to GDP passes the 90% mark. The Reinhart/Rogoff incident reminds Eichengreen of the controversy that surrounded another economic study [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
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		<title>graph of the day</title>
		<link>http://larrywillmore.net/blog/2013/05/17/graph-of-the-day/</link>
		<comments>http://larrywillmore.net/blog/2013/05/17/graph-of-the-day/#comments</comments>
		<pubDate>Fri, 17 May 2013 14:00:50 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[exchange rates]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=6105</guid>
		<description><![CDATA[Derek Thompson, senior editor at The Atlantic, has posted a simple graph that ought to silence the &#8220;Austerians&#8217; (those who want to slash fiscal deficits), and also the &#8220;gold bugs&#8221; (those who fear currency depreciation), but probably won&#8217;t. Even as we [the US] smoked Europe and Japan in the race back to pre-recession GDP, we [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>finance in a non-capitalist world</title>
		<link>http://larrywillmore.net/blog/2013/05/16/finance-in-a-non-capitalist-world/</link>
		<comments>http://larrywillmore.net/blog/2013/05/16/finance-in-a-non-capitalist-world/#comments</comments>
		<pubDate>Thu, 16 May 2013 16:40:46 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[John Kay]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=6101</guid>
		<description><![CDATA[One of life&#8217;s paradoxes is that never have modern companies been so awash with cash, yet never have they been so active in capital markets. Apple last month raised $17 billion by selling bonds because it could, not because the company lacked cash to give its shareholders in exchange for stock. Apple has reserves of [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>booms, busts and austerity</title>
		<link>http://larrywillmore.net/blog/2013/05/16/booms-busts-and-austerity/</link>
		<comments>http://larrywillmore.net/blog/2013/05/16/booms-busts-and-austerity/#comments</comments>
		<pubDate>Thu, 16 May 2013 07:04:37 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Paul Krugman]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=6096</guid>
		<description><![CDATA[Princeton economist Paul Krugman has written a longish essay for the New York Review of Books. This is classic Krugman. Ostensibly, Krugman is reviewing three books, but the essay is much more than this. Here is Krugman&#8217;s introduction to a review of David Stockman’s The Great Deformation (Public Affairs, 2013): Everyone loves a morality play. [...]]]></description>
		<wfw:commentRss>http://larrywillmore.net/blog/2013/05/16/booms-busts-and-austerity/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Martin Wolf on climate change</title>
		<link>http://larrywillmore.net/blog/2013/05/15/martin-wolf-on-climate-change/</link>
		<comments>http://larrywillmore.net/blog/2013/05/15/martin-wolf-on-climate-change/#comments</comments>
		<pubDate>Wed, 15 May 2013 08:13:17 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Environment]]></category>
		<category><![CDATA[global warming]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=6091</guid>
		<description><![CDATA[CO2 is a known greenhouse gas. There are positive feedback effects from rising temperatures, via, for example, the quantity of water vapour in the atmosphere. In brief, humanity is conducting a huge, uncontrolled and almost certainly irreversible climate experiment with the only home it is likely to have. Moreover, if one judges by the basic [...]]]></description>
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		<slash:comments>0</slash:comments>
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