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What do I mean by saying that this is already a Republican economy? Look first at total government spending — federal, state and local. Adjusted for population growth and inflation, such spending has recently been falling at a rate not seen since the demobilization that followed the Korean War.

Isn’t Mr. Obama a big spender? Actually, no; there was a brief burst of spending in late 2009 and early 2010 as the stimulus kicked in, but that boost is long behind us. Since then it has been all downhill. Cash-strapped state and local governments have laid off teachers, firefighters and police officers; meanwhile, unemployment benefits have been trailing off even though unemployment remains extremely high.

In President Obama’s case, much though not all of the responsibility for the policy wrong turn lies with a completely obstructionist Republican majority in the House. That same obstructionist House majority effectively blackmailed the president into continuing all the Bush tax cuts for the wealthy, so that federal taxes as a share of G.D.P. are near historic lows — much lower, in particular, than at any point during Ronald Reagan’s presidency.

No country in Africa, if not the world, has so thoroughly turned itself around in so short a time, and Kagame has shrewdly directed the transformation.

Kagame has made indisputable progress fighting the single greatest ill in Africa: poverty. Rwanda is still very poor — the average Rwandan lives on less than $1.50 a day — but it is a lot less poor than it used to be. Kagame’s government has reduced child mortality by 70 percent; expanded the economy by an average of 8 percent annually over the past five years; and set up a national health-insurance program — which Western experts had said was impossible in a destitute African country.

Progressive in many ways, Kagame has pushed for more women in political office, and today Rwanda has a higher percentage of them in Parliament than any other country. His countless devotees, at home and abroad, say he has also delicately re-engineered Rwandan society to defuse ethnic rivalry, the issue that exploded there in 1994 and that stalks so many African countries, often dragging them into civil war.

the Internet has created a tremendous amount of personal wealth. Just look at the rash of Internet billionaires and millionaires,

Then there’s the superstar effect. The Internet multiplies the earning power of the very best high-frequency traders, currency speculators, and entertainers, who reap billions while the merely good are left to slog it out.

In the past, the most efficient businesses created lots of middle class jobs.

he law is not well. US law school applications are down by nearly half from eight years ago, and 85% of graduates now carry at least $100,000 in debt. More than 180 of the 200 US law schools are able to find jobs for more than 80% of their graduates. Median starting salaries for those who do find work are down by 17%, and more than a third of graduates cannot find full-time employment. Tellingly, lawyers have higher rates of depression and alcoholism than the general population. 

more fundamental problems emerge. One is the increasing popularity of law school rankings. In order to compete for students and tuition dollars, law schools do what they can to improve their standing, which means in part encouraging as many students as possible to apply and to take jobs with high-paying firms when they graduate

An even more serious problem is the way law firms keep score. One prevalent measure is PPP, or profit per partner, introduced by The American Lawyer in 1985. When such statistics began to be published, firms that thought they were doing well suddenly discovered that they were being outperformed by peers.  Soon bidding wars ensued for top earners, who are sometimes referred to as “rainmakers.”

TPM Editor’s Blog GOP’s Long-Predicted Comeuppance Has Arrived Share this story on Facebook Tweet !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); Tweet this story Email this story to a friend Speaker of the House John Boehner, R-Ohio, and Rep. Cathy McMorris Rodgers, R-Wash., right, the Republican Conference Chair, arrive at the House of Representatives. (AP Photo/J. Scott Applewhite) Brian Beutler July 31, 2013, 5:55 PM 65028 Republicans have dealt with some embarrassing moments on the House floor over the past year, but none so revealing or damning as today’s snafu, when they yanked a bill to fund the Departments of Transportation and Housing and Urban Development. Even the recent farm bill fiasco wasn’t as significant an indictment of the GOP’s governing potential. It might look like a minor hiccup, or a symbolic error. But it spells doom for the party’s near-term budget strategy and underscores just how bogus the party’s broader agenda really is and has been for the last four years. In normal times, the House and Senate would each pass a budget, the differences between those budgets would be resolved, and appropriators in both chambers would have binding limits both on how much money to spend, and on which large executive agencies to spend it. But these aren’t normal times. Republicans have refused to negotiate away their budget differences with Democrats, and have instead instructed their appropriators to use the House GOP budget as a blueprint for funding the government beyond September. Like all recent GOP budgets, this year’s proposes lots of spending on defense and security, at the expense of all other programs. Specifically, it sets the total pool of discretionary dollars at sequestration levels, then funnels money from thinly stretched domestic departments (like Transportation and HUD) to the Pentagon and a few other agencies. But that’s all the budget says. It doesn’t say how to allocate the dollars, nor does it grapple in any way with the possibility that cutting domestic spending so profoundly might be unworkable. It’s an abstraction.

It turns out that when you draft bills enumerating all the specific cuts required to comply with the budget’s parameters, they don’t come anywhere close to having enough political support to pass. Even in the GOP House.

many close Congress watchers — and indeed many Congressional Democrats — have long suspected that their votes for Ryan’s budgets were a form of cheap talk. That Republicans would chicken out if it ever came time to fill in the blanks. Particularly the calls for deep but unspecified domestic discretionary spending cuts.

Georgia and Patterson Inman were among the wealthiest kids in America: When they turn 21, the family claims, the twins will inherit a trust fund worth $1 billion. They and their father were the last living heirs to the vast Industrial Age fortune of the Duke family, tobacco tycoons who once controlled the American cigarette market, established Duke University and, through the Doris Duke Charitable Foundation, continue to give away hundreds of millions of dollars.

Raised by two drug addicts with virtually unlimited wealth, Georgia and Patterson survived a gilded childhood that was also a horror story of Dickensian neglect and abuse. They were globe-trotting trust-fund babies who snorkeled in Fiji, owned a pet lion cub and considered it normal to bring loose diamonds to elementary school for show and tell. And yet they also spent their childhoods inhaling freebase fumes, locked in cellars and deadbolted into their bedrooms at night in the secluded Wyoming mountains and on their ancestral South Carolina plantation. While their father spent millions on drug binges and extravagances, the children lived like terrified prisoners, kept at bay by a revolving door of some four dozen nannies and caregivers, underfed, undereducated, scarcely noticed except as objects of wrath.

As a 13-year-old orphan in 1965 taken in by his aunt Doris Duke, Walker – then called "Skipper" – had romped around her lavish 14,000-square-foot Hawaiian estate without regard for property or propriety, shooting her Christmas ornaments with a dart gun, setting fire to crates of expensive teak and exploding a bomb in her pool. He was hideously spoiled, and stinking rich from three trust funds: one from his father, Walker Inman Sr., heir to an Atlanta cotton fortune and stepson to American Tobacco Company founder "Buck" Duke; one from his mother, Georgia Fagan; the third from his grandmother, Buck's widow Nanaline Duke, who left the bulk of her $45 million estate to her little grandson. Altogether, on Walker's 21st birthday he would inherit a reported $65 million ($500 million in today's dollars), a fortune so vast that Time predicted the boy would rank as "one of the wealthiest men of the late 20th century."

society is devoting an ever-growing share of its resources to financial wheeling and dealing, while getting little or nothing in return.

How much waste are we talking about? A paper by Thomas Philippon of New York University puts it at several hundred billion dollars a year.

the share of G.D.P. accruing to bankers, traders, and so on has nearly doubled since 1980, when we started dismantling the system of financial regulation created as a response to the Great Depression.

No Exit, the new book from Gideon Lewis-Kraus, should be required reading for anybody who thinks it might be a good idea to found a startup in Silicon Valley. It shows just how miserable the startup founder’s life is

Silicon Valley is gripped by a mass delusion, compounded by a deep “fake it til you make it” attitude toward success. Why do so many people in Silicon Valley want to be founders? Because every founder they meet is always killing it, crushing it, having massive success, just about to close a huge round, etc etc

people tend to believe the evidence of their own eyes, and what they see is a combination of two things: the founders they know all seemingly doing great, and also a steady stream of headlines showing other founders cashing out for millions or even billions of dollars.

The Madoff case is particularly thorny. Any action would link the bank to the most notorious financial criminal in more than a generation. Mr. Madoff orchestrated a Ponzi scheme lasting decades that wiped out an estimated $17 billion in cash for his investors. Paper losses reached more than $64 billion.

Mr. Madoff is serving a 150-year sentence in a federal prison in North Carolina after pleading guilty in March 2009. In a 2011 interview from prison, Mr. Madoff told The New York Times that the banks he did business with “had to know.”

Mr. Madoff’s ties to JPMorgan trace to 1986, when it became his primary banker. Over the course of that relationship, Mr. Picard claims, JPMorgan “made at least half a billion dollars in fees and profits” from the relationship.

The defining question about global order for this generation is whether China and the United States can escape Thucydides’s Trap. The Greek historian’s metaphor reminds us of the attendant dangers when a rising power rivals a ruling power—as Athens challenged Sparta in ancient Greece, or as Germany did Britain a century ago.

Most such contests have ended badly, often for both nations, a team of mine at the Harvard Belfer Center for Science and International Affairs has concluded after analyzing the historical record. In 12 of 16 cases over the past 500 years, the result was war.

When the parties avoided war, it required huge, painful adjustments in attitudes and actions on the part not just of the challenger but also the challenged.

for decades now, the central banks of the world have been giving policymakers a false signal that sovereign debt is cheap and limitless. Functioning like monetary roach motels, central banks have become a place where Treasury bonds go in but never come out — thereby causing bond prices to be far higher and interest yields much lower than would obtain in a market that wasn’t rigged.

Indeed, the Fed and currency-pegging central banks in East Asia and the Persian Gulf have absorbed nearly all of Uncle Sam’s multitrillion-dollar spree of debt issuance. Moreover, about $4.6 trillion, or more than half of all debt held by the public, is now sequestered in central banks — paid for with printing-press money.

With the central banks no longer ready to buy, the Treasury market will once again be driven by real investors — many of them likely to demand higher interest rates owing to the heightened fiscal risks recently highlighted by Standard & Poor’s.

With unemployment seemingly stalled out at around 7 percent in the aftermath of the Great Recession, with the leak of thousands of National Security Agency documents making news almost daily, with the continuing stories about the erosion of privacy in the digital economy, “Who Owns the Future?” puts forth a kind of universal theory that ties all these things together.

unlike most of his fellow technologists, he eventually came to feel that the rise of digital networks was no panacea.

On the contrary: “What I came away with from having access to these varied worlds was a realization that they were all remarkably similar,” he writes. “The big players often gained benefits from digital networks to an amazing degree, but they were also constrained, even imprisoned, by the same dynamics.”

there is a really simple way of thinking of the debate over net neutrality: Is access to the Internet more like access to electricity, or more like cable television service?

For all the technical complexity of generating electricity and distributing it to millions of people, the economic arrangement is very simple: I give them money. They give me electricity. I do with it what I will.

One theory of the case, and the one that the Obama administration embraced Monday, is that the Internet is like electricity. It is fundamental to the 21st century economy, as essential to functioning in modern society as electricity. It is a public utility. “We cannot allow Internet service providers (ISPs) to restrict the best access or to pick winners and losers in the online marketplace for services and ideas,” the president said in his written statement.

What actually constitutes an economic giant?

A country’s economic size is essentially driven by two long-term forces: the nation’s workforce in terms of the number of people able and eligible to work, and its productivity.

On the list of the top 20 largest economies in the world, most have large populations. From the developed world, Japan (No. 3), Germany, France, Britain and Italy all sit among the top 10, although their relative ranking has slipped in the past decade as China, Brazil and Russia have entered this group

A shell has hit a bus in eastern Ukraine, killing at least 12 civilians and wounding many more, Ukraine's military says.

But following talks in Berlin on Monday, foreign ministers for the four countries said that "further work needs to be done" before a summit could be held.

In a statement, Ukrainian President Petro Poroshenko condemned the attack, blaming the rebels and those "who is arming them and inspiring to commit bloody crimes".

Old kingpins like Digital Equipment and Wang didn’t disappear overnight. They sank slowly, burdened by maintenance of the products that made them rich and unable to match the pace of technological change around them. The same is happening now at Hewlett-Packard, which is splitting in two. Even Microsoft — the once unbeatable, declared monopolist of personal computing software — has struggled to stay relevant

“I’m not saying that Google is going to go away, just as Microsoft didn’t go away,” said Ben Thompson, a tech analyst who writes the blog Stratechery. “It’s just that Google will miss out on what’s next.”

The company’s financial results have failed to meet consensus analysts’ expectations for five straight quarters. And its stock price has fallen 8 percent over the last year.

The Defense Department destroyed nearly half a billion dollars worth of defective Italian aircraft that U.S. taxpayers bought for Afghanistan and then sold the scrap for $32,000, according to an agency watchdog.

In a letter last week to James, Sopko expressed concern that defense officials “may not have considered other possible alternatives in order to salvage taxpayer dollars.”