By Felix Salmon
May 13, 2010

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Jamie Galbraith explains that govt debt and deficits are a good thing, not a bad thing — Wapo

Lean hogs in gold: the only financial indicator that matters — TBI

My first official Reuters wine column — Reuters

Philips Unveils World’s First LED Replacement for Most Common Bulb — Inhabitat

As the Tories take over from Labour, the UK gets a bit more aggressive on financial reform — FT

Carney to CNBC — NBCU

Joey Kincer might have a net worth of $200k. But he’s still a 32-year-old who lives with his parents — NYT

Amendment banning mortgage steering payments passes 63-36 — Senate

I review new books from Richard Florida and Matt Ridley — BN Review

John Taylor says that a Greek restructuring is “inevitable”, says ECB has lost credibility — CNBC


We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see

Running fiscal deficits and increasing debt at moderate levels maybe all right but at higher levels it will create problems like Greece.
Reinhard and Rogoff stand proof of the fact that greater than 90% debt has usually led to defaults in the 300 year world history

Posted by AGreenInvestor | Report as abusive

Argentine wines used to have their own unique character when the winemakers were aging them in huge Raule barrels. The wines were mostly awful, but they were uniquely Argentinian!

Posted by Gennitydo | Report as abusive

Notice the big heat sink on the LED bulb. My free advice: don’t put it into a socket that doesn’t have pretty good air circulation around it.

Posted by MattF | Report as abusive

I’m not sure about expressing terroir but you should try the Caves de Weinert wines. They are mellow and a bit old-fashioned rather like classic Riojas such as Lopez de Heredia or La Rioja Alta. So different from the over-extracted premium monsters that I have tried from Argentina.

They cheaper too, inn the UK they’re normally under £10 a bottle.

Posted by HenryGJeffreys | Report as abusive

Yes, all light sockets should have sufficient air circulation, but as the first law of thermodynamic states, energy is “conserved,” i.e., neither created or destroyed. A bulb which is more efficient than an incandescent will produce corresponding less heat.

Posted by walt9316 | Report as abusive

It’s kind of weird that the Philips article states “the world’s first replacement for the commonly used 60 watt incandescent.” I’ve been using the fluorescent bulbs for years.

Posted by spectre855 | Report as abusive

Yes, an LED bulb produces less heat than an incandescent bulb– the problem is the direction of the heat flow. The heat from an incandescent bulb flows out the front, in the same direction as the light. Unfortunately, the heat from an LED bulb comes out from the sides and the rear– and existing light bulb sockets are not generally built to accommodate that sort of heat flow. Maybe Phillips has solved this problem, but we shall see.

Posted by MattF | Report as abusive

So, about that; if I have electric heat, is there such a thing as an inefficient lightbulb in the winter? Is any electricity I save in the light bulb necessarily going to be used by the heating system? If I use gas or oil heat, which is less efficient? It seems to me the loss of exhaust in that case is going to make the use of incandescent bulbs better, from an overall efficiency standpoint.

Posted by dWj | Report as abusive

Hey Felix, nice work on the wine column, I like the narrative style. I’m interested in the Cortez wine, I like to buy local but have come to expect CO wine to be overpriced and over-hyped (I’m in CO), do you have an idea where Sutcliffe is distributed?

Posted by inboulder | Report as abusive

dWj, you should install a heat pump. For more on why waste heat is an inefficient way to warm your house see page 71 of David MacKay’s Sustainable energy without the hot air.

Posted by coldpueblo | Report as abusive