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...Alan Greenspan really the root of all economic evil? Uh, no. By general agreement, the main jobs of the Federal Reserve are to halt financial panics before they spiral into depressions and to keep inflation from getting out of hand. The Fed has failed miserably at each of these tasks once--depression prevention in the early 1930s and inflation prevention in the 1970s. Under Greenspan, it took care of both pretty well. Brad DeLong of the University of California, Berkeley, an economist with no particular loyalty to the former maestro, estimates that of 36 significant interest-rate decisions during Greenspan...
...book Diet for a Small Planet, Frances Moore Lappe argued more than 35 years ago that grain-fed cattle were essentially "reverse protein factories" because they required many more pounds of plant protein to produce a pound of flesh. Now there's a similar dynamic in the global fish farming, or aquaculture, industry - especially as it strains to satisfy consumers' voracious appetite for top-of-the-food chain, carnivorous fish, such as salmon, tuna and shrimp...
...that time. Here's the catch: It takes a lot of input, in the form of other, lesser fish - also known as "reduction" or "trash" fish - to produce the kind of fish we prefer to eat directly. To create 1 kg (2.2 lbs.) of high-protein fishmeal, which is fed to farmed fish (along with fish oil, which also comes from other fish), it takes 4.5 kg (10 lbs.) of smaller pelagic, or open-ocean, fish. "Aquaculture's current heavy reliance on wild fish for feed carries substantial ecological risks," says Roz Naylor, a leading scholar on the subject...
...tuna, for instance, dine on live pelagic fish, such as anchovies, sardines and mackerel, but it takes about 20 kg (44 lbs.) of such feed to get 1 kg of tuna ready for a sushi bar near you. (Tuna are ranched - that is, corralled from the wild and then fed in anchored pens - because despite prodigious efforts, especially by the Japanese, no one has been able to raise tuna from eggs...
...slash the target federal funds rate, the overnight rate at which banks can lend to each other, by half a percentage point yesterday to four-and-three-quarters percent—a move that was met with moderate approval from Harvard’s economists. In a statement, the Fed said that “the tightening of credit conditions has the potential to intensify the housing correction and to restrain economic growth more generally,” and lowered the rate in an attempt to “forestall some of the adverse effects” of the recent...