As you take refuge from the sweltering midsummer heat (or cold, if you’re super abroad) amidst frozen margaritas with friends or popsicles on a couch you haven’t left in three days, the world somehow manages to continue turning. Keep reading to find out in which direction.
     

  • Remember when J.P. Morgan lost more than $2 billion of other people’s money by irresponsible trading? Well that’s caused a lot of people, including politicians, to urge Jamie Dimon, the chief executive of the company, to step down from his position on the board of the Federal Reserve Bank of New York—but not PrezBo. He’s been subject of controversy, because he supports Dimon. He went as far as to say Dimon’s critics are “foolish” and posses a “false understanding” of how the board works. (NYT, LA Times, Business Week)
  • After Paul Krugman sarcastically insulted Estonia’s economy in a blog post, Estonian president Toomas Hendrik Ilves rebutted him on Twitter. Not only did he disparage Krugman’s Nobel Prize, but he bitingly accused him of reducing the conflict to a “Princeton vs Columbia thing.” (NYT, Twitter)