The bond-buying proposal announced by the ECB this week has been well received by financial markets. Under the plan, the ECB will buy unlimited amounts of European sovereign bonds. To keep Germany happy, the bond purchases will be sterilized by offering banks low-interest term deposits of about one week. However, the bond purchase scheme is conditional on countries introducing severe austerity measures. Matthew Yglesias in an article in Slate has labelled this power grab by the ECB immoral, and he argues that Spain, Italy, and Portugal should exit the euro.
The Berkeley Earth Project , an independent study of global warming, has found that the earth has become a degree warmer over the past half century. However, the statistical uncertainty surrounding pre-1920 estimates makes it very hard to say much about long-term trends - click here for graph . This is one of my concerns with the global warming debate - we simply don't have trustworthy long-run data which looks at temperature changes over the last millennium (or two). My second concern with the global warming debate is that it is very hard to prove any sort of casual link between global warming and human activity. The scientists may be able to show correlation between global warming and our production of carbon dioxides etc., but correlation is not causation. My third concern with the debate is that those who are sceptical or agnostic are stereotyped as flat-earthers or intellectually-challenged crackpots. This only stifles debate and the progress of science itself.