Gongol.com Archives: September 2015
President Obama wants 10,000 Syrian refugees to be admitted to the US in the next fiscal year
We could probably handle many more than that -- and morally, we probably should
Nobody wants to be around for a hard landing of China's economy
But don't be surprised if there's some serious pain as the laws of economic physics come to bear on the fast-growing market. Despite the rapid growth rates that have been achieved there, when China's premier says things like "we need to take targeted measures to resist downward pressure on the economy at the same time we need to build momentum for sustainable and healthy economic growth", he's only saying things that sound superficially good. The truth of the matter is that when politicians think they have the kind of power that the central government in China imagines that it has over economic growth, then they're only kidding themselves. The only thing a government can really do is remove impediments to growth by encouraging free markets and the rule of law, while reserving their interventions for those limited cases in which the market fails miserably. But that's not what the Chinese government is trying to do -- they're trying to keep up a specific rate of growth while exercising all kinds of measures to manipulate outcomes, like trying to prop up the stock market, micro-manage the currency exchange rate, and keep control of the "commanding heights" of the economy through state ownership of enterprises. That kind of stuff can work in the short term to kick-start growth -- authoritarian measures seem to have done well in small economies like South Korea and Singapore, but only for a limited time. The hangover that inevitably results once the economy grows beyond the reasonable capabilities of the government to manipulate (and China's economy is far beyond that point) is terribly painful (remember the Asian financial crisis at the turn of the century?). If you had $1,000 to invest right now (or even $1,000,000), you would stand much better odds for the next 25 years by investing in an index of the American market rather than an index of the Chinese market. A command economy (or even a mixed one) can only grow for so long before the inevitable inefficiencies, human errors, and pricing distortions catch up with the system and whack it in the kneecaps.
Apple to make iOS 9 available as a free update on September 16
The company also announced the iPhone 6s and 6s Plus (coming at the end of the month), a new Apple TV, and an $800 iPad with a $100 stylus.
Enrollment and lots of other figures rising nicely at UNI
The visibility of economic inequality may actually make people behave badly