Quote of the Week (Czech edition)

A few weeks back, I wrote a post about how I was still proud to be an American, because the beer is cheap and plentiful. That is still a glorious fact. Nevertheless, I am at least considering the alternative of moving to Prague, where the median income may be lower, but the beer prices are too. Diving right in...

This week's QUOTE OF THE WEEK

"At a typical local pub, a pint—500 milliliters, actually, in this metric-measuring country—costs about $1. A similar portion of water, juice or soda generally costs twice as much. Offering free tap water as at U.S. eateries is extremely rare. At U Zelenku, a neighborhood institution for more than a century, for instance, a pint of the cheapest beer goes for 99 cents. The same size of soda water is $1.30. At the fancier Kolkovna restaurant in touristy Old Town, a pint is $2.50, while mineral water is $2.29, for a bottle less than half the size."
                                      - Sean Carney; Wall Street Journal

This dynamic isn't exactly new to me, as I experienced a similar economic curiosity in my trip to Italy a couple of years ago—the house wine carafes (vino della casa) sold for prices around €3.50 (about $5) for a half-liter. That's not quite cheaper than water, but it was certainly in the same ballpark as the soft drinks at many restaurants. Wine for lunch, it is, then...

Of course, there's always a risk to looking only at the price of one product and trying to determine anything meaningful about the overall state of the economy. Beer prices alone are meaningless, for example, without also knowing what typical food prices might be—it could be that in Prague, general business practice is to slash the prices of booze, and to attempt to make the money on the food instead (as I've previously argued, the opposite seems to be the case in many U.S. restaurants). Or there may be dozens of other factors at play, all of which help drive down the cost of beer in restaurants.

Either way, who wants to go on a Czech pub crawl with me? First pilsner is on me.

[Wall Street Journal]
(h/t Tyler Cowen)

Clip of the Week

Let's sneak the Clip of the Week in here before the weekend, then hopefully I'll have some more good stuff coming your way next week.

There's not all that much to share this week, but what we do have here is pure gold. It's also all from the world of sports. First, let's welcome back the NHL (the what? Hockey? Never heard of it...) with this video of a couple of Edmonton Oiler rookies doing something that is way more difficult than they make it look.

Next up, baseball lost a couple of legends this past week, when a pair of Hall of Famers—Stan Musial and Earl Weaver—died mere hours apart. No, this may not have been quite as dramatic as July 4, 1826, but it's about as close as it gets in baseball land. I always felt a certain strange kinship with Weaver, in large part because he was one of only a few sports figures with whom I shared a birthday (Magic Johnson was another, Tim Tebow copied me a few years later). He was also a bitter, foul-mouthed old man with a beautifully sarcastic wit (and a code of ethics), and so... yeah. We had some things in common.

I wish there were more Earl Weavers around, is what I'm really trying to say. So if you're into managers cursing up a storm, enjoy some of Weaver's best hits, here and here. Be warned that these clips are both extremely unsafe for work environments, so proceed with caution. Unless you're a major league manager, in which case, carry on. My apologies to Stan the Man—he, too, was a baseball legend, but this clip just isn't nearly as entertaining as Weaver's best. Sorry, man. Better luck next time.

But ultimately, none of those is your Clip of the Week. Instead, courtesy of the Red Cowboy comes this clip from the HGTV show "Million Dollar Rooms". It's the backyard of legendary golf coach Dave Pelz, and it's sick. If you're a golf fan, you'll recognize some familiar sights back there. It's like a golf version of Las Vegas, in one man's backyard. Crazy.

Quote of the Week (Japan Edition)

I wanted to pull this week's Quote of the Week from Arnold Schwarzenegger's Q&A on Reddit last week, I really, really did. The concept of 1,000 duck-sized Predators is just too great to not mention, and I couldn't get that mental image out of my head all week. Brilliant stuff.

But I decided instead to give the honor to Japan's new Finance Minister (their 11th since 2007!) Taro Aso, whose brutal bout of honesty this week added a neat little twist onto Japan's growing fiscal problems (and demographic nightmare). In a statement that is almost certainly intended directly for the ears of Jiroemon Kimura, the oldest man in recorded history, Aso uttered a phrase (well, a few of them, really) that you might end up hearing a lot of around the world over the coming decades...

This week's QUOTE OF THE WEEK

"Taro Aso said on Monday that the elderly should be allowed to 'hurry up and die' to relieve pressure on the state to pay for their medical care.

'Heaven forbid if you are forced to live on when you want to die. I would wake up feeling increasingly bad knowing that [treatment] was all being paid for by the government,' he said during a meeting of the national council on social security reforms. 'The problem won't be solved unless you let them hurry up and die.'

Aso's comments are likely to cause offence in Japan, where almost a quarter of the 128 million population is aged over 60. The proportion is forecast to rise to 40% over the next 50 years.

To compound the insult, he referred to elderly patients who are no longer able to feed themselves as 'tube people'. The health and welfare ministry, he added, was 'well aware that it costs several tens of millions of yen' a month to treat a single patient in the final stages of life."
                                                     - Justin McCurry; Guardian

So, first of all, it needs to be said that this dude is completely off his rocker. If you read Mish Shedlock's whole piece, you'll see that Aso has previously made bizarre off-color remarks about Jews, Taiwanese, and blue-eyed U.S. diplomats, so clearly he has a habit of saying outlandish things to provoke a reaction (sort of like another economist we all know and love).

That said, this little moment of honesty might hit just a little close to home for all of us here in America. Our Medicare costs are already projected to go through the roof over the coming decades, in large part because we continue to refuse to have difficult conversations about end-of-life care (specifically, how much is it worth to keep somebody alive for an extra year at age 65, versus at age 75, versus at age 85? Is there an infinite value? A declining value? Do we even begin to know?).

We can choose to spend an infinite amount of money to keep a person (any person) alive for another day, and hospitals and doctors will surely be glad to dispense those services as long as somebody (i.e. the taxpayer) is willing to pay. But sooner or later, we simply can't afford to do so for everybody, and we have to have that difficult little conversation with each other. Japan is having it now; it's coming our way sooner than you might think.

[Mish Shedlock]

Smart highways

I feel like I might have posted about these things before, but given my past blog posts on the topic, I figured it was worth sharing either way. Via Barry Ritholtz comes a quick summary of these so-called "smart" highways, which are scheduled to debut in the Netherlands later this year. Pretty cool stuff.

From their own fact sheet (with some funky translations):

Smart Highway are interactive and sustainable roads of today. Designer Daan Roosegaarde and Heijmans Infrastructure are developing new designs and technologies for this Route 66 of the future. 

New designs include the ‘Glow-in-the-Dark Road’, ‘Dynamic Paint’, ‘Interactive Light’, ‘Induction Priority Lane’ and ‘Wind Light’. The goal is to make roads which are more sustainable and interactive by using light, energy and road signs that automatically adapt to the traffic situation. 

Awarded with a Best Future Concept by the Dutch Design Awards 2012 the first meters Smart Highway will be realized mid 2013 in the Netherlands. 

The "Dynamic Paint" design, for example, puts designs on the road that will change based on temperature and general road conditions, to better inform drivers of what to expect. And the "Induction Priority Lane" has induction coils underneath the surface, which can allow electric cars to recharge their batteries as they drive on them.

Here's a short video showing what these guys are doing, and what's possible.


Futuristic highways glow in the dark by Daan Roosegaarde and Heijmans from Daan Roosegaarde on Vimeo.

While this still seems like pretty crude and early-stage technology, I think it's a good step toward being more creative with how we think about our roads and their functions. The days of having a piezoelectric national highway system that powers the cars that drive on it may not be so far away, after all.

More nerd humor

I'm working on a few posts for later today (and later this week), but until I've got those ready to roll, I thought I'd share some more excellent nerd humor that I've come across lately. First, from the always brilliant nerds over at XKCD:

And second, from imgur, courtesy of my man Killagroove:

Yup, it's a big Wednesday around here. More coming your way later today... I think.

Clip of the Week

It's time for this week's Clip of the Week. I wanted to share this little montage of Tom Brady and Ray Lewis from last year's AFC Championship Game, but I figured I'd hold off until after Sunday's rematch, just in case...

Besides, there's plenty of other stuff to choose from this week, so there's no need to go that far back into the YouTube archives. In the sports world, we've got this new ad for Nike golf, combining Tiger Woods with Rory McIlroy. Unfortunately for Nike, their two big stars both missed the cut this week in Abu Dhabi, so... yeah. Good marketing. Also in sports, Kevin Durant is good, and this shot from Ole Miss guard Marshall Henderson is incredible.

Then we've got a few animal videos, like these ducks taking their first swim ever, these dogs interrupting a soccer game, and these dolphins attempting to take over the world (wait, what?). And finally, we've got another excellent parody video from The Onion, this time taking on Facebook. Or maybe Twitter. Or Instagram. Hell, I don't know, it's about social media business or something.

Anyway, your Clip of the Week is still football-related, and still involves Tom Brady, because I feel like it has to. From the guys at Bad Lip Reading, who killed it with Mitt Romney a while back, this is Bad Lip Reading, the NFL version. Enjoy, and go Pats.

Weather trends

Last week, Barry Ritholtz's Big Picture blog published a guest post from Climate Central's Andrew Freedman, which shared some fairly astonishing data about the year in weather. I'll post Freedman's eye-popping charts here along with some of his analysis, which mostly speaks for itself. Take it for what it's worth...

"The 1°F difference from 1998 is an unusually large margin, considering that annual temperature records are typically broken by just tenths of a degree Fahrenheit. In fact, the entire range between the coldest year on record, which occurred in 1917, and the previous record warm year of 1998 was just 4.2°F."...

"During the summer, nearly 100 million people experienced 10 or more days with temperatures greater than 100°F, which is about one-third of the nation’s population, NOAA reported.

With 34,008 daily high temperature records set or tied the year compared to just 6,664 daily record lows — a ratio of about five high temperature records for every one low temperature record — 2012 was no ordinary weather year in the U.S. It wasn’t just the high temperatures that set records, though. Overnight low temperatures were also extremely warm, and in a few cases the overnight low was so warm that it set a high temperature record, a rare feat."...

"According to data from NOAA's National Climatic Data Center, there were 356 all-time high temperature records set or tied across the entire U.S. in 2012, compared to four all-time low temperature records. All of the all-time record lows occurred in Hawaii."

So, yeah. Climate change, no climate change, who really knows, right? But if you're interested in seeing more about this topic, this video gives some more context.

[Climate Central]
(h/t Big Picture)