The top of today's reading list is a debunking of the rational expectations theory for economic systems ........ and the tenth article compares the massive amount of long-term unemployment today with past recoveries.  The bonus (11th article) is Bill Mitchell's dissection of the euro as an economic disaster. 

• Quote of the Day #3 (Peter Radford, Real-World Economics Review) Hat tip to Roger Erickson. Do not fail to read this one! It starts the discussion with "orthodox theory assumes that people react instantaneously, rationally, and completely to information they receive in the marketplace" and goes from there.

• Military Law Expert: Obama Should Pardon Snowden (Washington's Blog)Washington's Blog has contributed to Global Economic Intersection.

• Canadian real estate most overvalued in world, study says (CBC News, 12 December 2013)

"Prices as much as 60% too high, according to Deutsche Bank."

• The Bears' Case (John Rekenthaler, Morningstar) Does the red line below indicate stocks are overvalued or does the blue line suggest they are not?

• Causes of Homosexuality (Conservapedia)

• Cassini spots mosaic of Titanic extraterrestrial seas (Simon Redfern, The Conversation, 12 December 2013) One of Saturn's moons has large seas filled with liquid methane and some heavier hydrocarbons.

• Where in America Can You Get a Good Deal on Rent? (Priconomics)

Click on map for interactive version showing median rents at Priceonomics.

• Watching Bitcoin, Dogecoin, Etc… (Brad DeLong, The Equitablog) Brad DeLong has contributed to Global Economic Intersection. DeLong asks a fundamental question: What backs the value of virtual money?

• Boomer Brain Drain Has Nonprofits on Edge (Danielle Andrus, ThinkAdvisor) Organizations face loss of 10-20% of work force to retirement.

• Seven things you should know about the expiration of unemployment benefits(Brad Plummer, The Washington Post)

BONUS

• The Euro is a spectacular success – growth down, unemployment up … (Bill Mitchell, Billy Blog)