Submitted by CARPE DIEM
ELK POINT, S.D. — Voters in Union County on Tuesday approved rezoning for what would be the first new U.S. oil refinery in more than 30 years.

Texas-based Hyperion Resources said it would help the United States reduce its dependence on overseas oil. The refinery would process 400,000 barrels of thick Canadian crude […]

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Submitted by CARPE DIEM

FORBES: Hong Kong - U.S. carmakers have relinquished primacy of position on their own home turf to Asian rivals for the first time. In a seismic shift in the automotive industry, consumers are voting with their wallets for the smaller, more fuel-efficient vehicles that Asian manufacturers have excelled at producing.
The combined U.S. […]

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Submitted by unsettling economics
I am happy to announce that my new local assemblyman — the winner of the Republican primary is certain to win in November — made as his overriding issue the importance of protecting our borders. I assume that he will be overseeing the erection of a major wall surrounding his district, which […]

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Submitted by A Dash of Insight
At “A Dash” we are amazed almost daily by the haughty and high-handed disrespect from Wall Street when it comes to the everyday workings of government.  So many powerful voices are so confident, and simultaneously so wrong.  This is typical when an expert switches subjects from something he really knows […]

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Submitted by CARPE DIEM
With a couple billion Chinese, Indians and others joining the global marketplace, they will need energy, and lots of it. The price mechanism is our only hope.

Sure enough, it’s working. Money is pouring into Canada’s massive tar sands. A thousand substitutions are taking place on the demand side. Sales of SUVs are […]

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Submitted by CARPE DIEM
Link.
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Submitted by CARPE DIEM
INDIA

The Rise of India’s Middle Class

Check out the dynamic, time-series graphs of income distribution from Gapminder.com here. Pick a country (or the world), and click the arrow on the left to watch the year-by-year change in income distribution. For an interesting comparison, watch India (see charts above for 1970 and 2000) and […]

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Submitted by CARPE DIEM
Africa (30.3 million km²) is larger than China (9.6 million km²), the U.S. (9.4 million km²), Western Europe (4.9 million km²), India (3.2 million km²) and Argentina (2.8 million km²), three Scandinavian countries and the British Isles COMBINED (see map above, click to enlarge).

Link here.
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Submitted by CARPE DIEM
Word that Ford will build its new fuel-efficient Fiesta “global car” in Mexico City is bad news for American auto unions. U.S. companies still want to build cars; they just don’t want to build them with union labor.

We don’t fault workers for trying to get more in labor negotiations. But the fact […]

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Submitted by The Capital Spectator
The genius of Markowitz’s portfolio theory, unveiled to the world in a 1952 research paper, shines as bright in the 21st century as it did 50 years previous. But it’s debatable if the associated logic and allure of the basic concept is widely understood or practiced in 2008.
Granted, Markowitz himself has […]

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Submitted by Econbrowser
Bruce Mizrach prepared some very thoughtful questions for an interview at the Society for Nonlinear Dynamics and Econometrics Symposium in San Francisco two months ago. We discussed a broad range of topics, including my background, Markov-switching models, the Fed, oil prices, and why I blog. Below are links you can follow to see […]

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Submitted by CARPE DIEM
According to data released today by the BEA, foreign investors pumped $276.8 billion into the U.S. economy in 2007 to acquire U.S. businesses ($255 billion) or to establish new U.S. businesses ($22 billion). This investment activity by foreign investors represents a 5X increase since 2002, when FDI was only $54.5 billion (see […]

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Submitted by CARPE DIEM
24 countries now have a flat tax, with great success.

Can the U.S. learning something about taxes from the emerging market countries of Eastern Europe? Dan Mitchell of the Cato Institute breaks it down in the video above, click on the arrow.Thanks to Cafe Hayek for the pointer.
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Submitted by CARPE DIEM
Hillary’s odds on Intrade.com, from 70% in February 2008 to 5.5% today (click graph to enlarge).
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Submitted by CARPE DIEM
Check it out here at the Global Rich List. Enter your annual salary and find out how you rank (percentage ranking) among the 6 billion people on the planet, based on world salary data from the World Bank Development Research Group. Here are a few examples:

A single American living at the poverty […]

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