Great cartoons: The Economist

April 26, 2009

Best, wisest and most cynical cartoon of the week, on the cover of the current North American edition of The Economist:

Cover, The Economist, North American edition, April 25-May 1, 2009

Cover, The Economist, North American edition, April 25-May 1, 2009; illustration by Jon Berkeley

For a week at least, you can get the story behind the cover for free, here.

THE rays are diffuse, but the specks of light are unmistakable. Share prices are up sharply. Even after slipping early this week, two-thirds of the 42 stockmarkets that The Economist tracks have risen in the past six weeks by more than 20%. Different economic indicators from different parts of the world have brightened. China’s economy is picking up. The slump in global manufacturing seems to be easing. Property markets in America and Britain are showing signs of life, as mortgage rates fall and homes become more affordable. Confidence is growing. A widely tracked index of investor sentiment in Germany has turned positive for the first time in almost two years.

*  *  *  *  *  *  *  *  *

But, welcome as it is, optimism contains two traps, one obvious, the other more subtle. The obvious trap is that confidence proves misplaced—that the glimmers of hope are misinterpreted as the beginnings of a strong recovery when all they really show is that the rate of decline is slowing. The subtler trap, particularly for politicians, is that confidence and better news create ruinous complacency. Optimism is one thing, but hubris that the world economy is returning to normal could hinder recovery and block policies to protect against a further plunge into the depths.

The cover almost says it all, doesn’t it?  Week in and week out, The Economist has great covers, a phase of newsstand-oriented journalism that I hope never goes away, regardless the medium.


FDR takes over

March 31, 2009

Leisure Guy, in his leisure no doubt, has some time to look seriously at political criticism and its accuracy.  For example, recently he wondered about the claim that FDR didn’t do anything to help the U.S. out of the depression, and perhaps helped prolong it.  [I have corrected a minor error; he had FDR being inaugurated in January of 1933.  Franklin Delano Roosevelt was the last president to be inaugurated in March; the term was changed to start in January during his presidency.]

This graph is from an interesting post by Paul Krugman, but I was fascinated to see that you can tell when FDR took office. He was elected, as you know, at the end of 1932, and he took office in late January [March] of 1933. Can you find that spot on the graph?

1931

But of course, Right Wingers will tell you that FDR made the Depression worse. Some will even say that FDR started the Great Depression.

Leisure Guy didn’t include a link to Krugman’s post, drat it.  It doesn’t appear to be this one, though it covers some of the same territory.  Update: Oh, here it is:  “Partying like it’s 1931.”


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