I Was a Teenage Gramlich

On competing in the High School Fed Challenge Championship as “Ed Gramlich”:

A team of five students prepares and presents a 15-minute analysis of the US economy, recommends a course of action with respect to interest rates, and then withstands a 10-minute question-and-answer period from a panel of Federal Reserve economists. To prepare for the competition, students look at the same economic indicators and the same forces influencing the economy that our nation's economic leaders examine. And to lend extra verisimilitude to the whole proceeding, competitors are also advised, as we were, to act out the parts of real members of the Federal Open Market Committee.

White Collars Turn Blue

People know Krugman these days as a feisty political polemicist, but back when he was less politically engaged he was absolutely one of the very finest popularizers of economic ideas ever. This piece is a wonderful, brief introduction to the fundamental economic forces driving the world and a lot of my current thinking is preoccupied with the questions it raises. Reading it again, I realized that a point I like to make about the elevator being a great mass transit technology is almost certainly something I subconsciously picked up here.

-M. Yglesias

The Wrath of Putin

Putin v. Khodorkovsky:

Almost a decade ago, Mikhail Khodorkovsky, then the owner of the Yukos Oil Company and Russia’s richest man, completely miscalculated the consequences of standing up to Vladimir Putin, then Russia’s president. Putin had Khodorkovsky arrested, completely miscalculating the consequences of putting him in prison. During his eight years in confinement, Khodorkovsky has become Russia’s most trusted public figure and Putin’s biggest political liability. As long as Putin rules Russia and Khodorkovsky continues to act like Khodorkovsky, Khodorkovsky will remain in prison—and Putin will remain terrified of him.

The Mysterious Mr. Zedzed: The Wickedest Man in the World

Few men have acquired so scandalous a reputation as did Basil Zaharoff, alias Count Zacharoff, alias Prince Zacharias Basileus Zacharoff, known to his intimates as “Zedzed.” Born in Anatolia, then part of the Ottoman Empire, perhaps in 1849, Zaharoff was a brothel tout, bigamist and arsonist, a benefactor of great universities and an intimate of royalty who reached his peak of infamy as an international arms dealer -- a “merchant of death,” as his many enemies preferred it.