Delivered to Hiroshima, Nagasaki, and 33 other Japanese cities on 1 August 1945. One side of the leaflet had a photo of five U.S. bombers unloading bombs and a list of the targeted cities. The other side had the text:
Read this carefully as it may save your life or the life of a relative or friend. In the next few days, some or all of the cities named on the reverse side will be destroyed by American bombs. These cities contain military installations and workshops or factories which produce military goods. We are determined to destroy all of the tools of the military clique which they are using to prolong this useless war. But, unfortunately, bombs have no eyes.
Comment of the Day: Charles Steindel: Runup to Hiroshima: "The [Potsdam Ultimatum] document makes a reference to the 'self-willed militaristic advisors'...
...and in the same sentence refers to Japan as an 'Empire.' Later on the demand is made for the elimination of the authority of 'those who have misled and deceived the people of Japan.' It's clearly directed at the people in power at that time, which could include the Emperor, but there's nothing here that demands the complete dismantling of the imperial institution. 'Unconditional surrender' is specifically directed to apply to the Japanese armed forces. Also, the term 'utter devastation' is a strong indication of what might be coming.
Live from Bullwinkle Plaza: Ezra Klein: On Paul Krugman's theory of hipsters: "Krugman suggests that hipsters are signaling a rejection of the workaday bourgeois world by flouting conventional dress codes...
Must-Read: Richard Fisher became President of the Federal Reserve Bank of Dallas in April 2005. He spent ten years as a regional bank President. I cannot think of a single case in which he was pulling the Federal Reserve Open Market Committee toward a more correct assessment of the current economic situation and of the major risks to it. And I cannot think of an episode in which, after events had proved his views of major risks erroneous, he ever marked his beliefs to market in any substantive ways.
Surely that is worth mentioning at least once in an article about the Dallas Fed? Can anybody make a case to me that Wall Street Journal reporter Michael Derby's failure to even whisper this in his article is any way professional?
Must-Read: The process of creating a market--especially as delicate and complicated a market as a market for debt and equity investments in relatively large-scale enterprises--is not a straightforward process. Here Venture and Voth argue that the spillovers from the creation of the "technology" of a debt marketplace were enormous, as only after the government had dug the channels through which debt would flow for its own war-fighting purposes could first canal companies, then manufacturing companies, and then railroad companies take advantage of them.
Must-Watch: Really, really bad news for the American economy. Alan Krueger concludes that we are now near "full employment" in a monetary policy-Federal Reserve-inflation sense. The implications? The implications are:
that the failure of the government and the Federal Reserve to more aggressively boost recovery has turned what was excess cyclical non-employment into structural non-employment,
that essentially none of the drop in production relative to the pre-2008 trend can or will be recouped without noticeably higher inflation.