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    • Rationality Is A Process, Not A Conclusion (Nuclear Weapons Edition)
      A lot of mistakes come from assuming rationality means “thinks the same way I do” rather than “reasons from premises I might not share.” Left than 1/1000 economists predicted the financial collapse, because they reasoned from assumptions like “the market is self-correcting” or “housing prices never go down.” (Sometimes both at the same time, which is rarely […]
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Tim Geithner Could Get Some Assistance at Treasury Soon

This is so exciting! Tim Geithner may get some help at the Treasury Department soon. President Obama has just announced three new Treasury appointments. From Reuters a short time ago:

President Barack Obama moved to fill three of the four most senior Treasury Department positions on Monday, including announcing his intent to nominate former department counsel Neal Wolin as deputy Treasury secretary.

Obama also named Lael Brainard, a Brookings economist, as undersecretary of the Treasury for international affairs and said he had decided to keep Stuart Levey as undersecretary of the Treasury for terrorism and financial intelligence.

Wolin and Brainard must be confirmed by the Senate. Levey was confirmed in his post in 2004 and is being asked to remain so does not require reconfirmation.

No word yet on whether they’ve found anyone to answer the telephones yet.

Let’s hope Wolin, Brainard, and Levey’s taxes are all paid up. Timmy really needs some help!

Another piece of news that might not be so good for Timmy and Barack:

There have been rumors and announcements from China about a new reserve currency.

And the IMF has said that it is considering printing hundreds of billions of dollars worth of its own currency.

Today, the two stories came together in a dramatic development. Specifically, the head of China’s central bank proposed making the IMF’s currency the world’s reserve currency, to replace the dollar.

Yikes!

This is an open thread.