Best Photos of 2011

Reuters:

From the uprisings across the Arab world to the devastating earthquake, tsunami and nuclear disaster in Japan, there was no lack of news in 2011. Reuters photographers covered the breaking news events as well as captured more intimate, personal stories. In this showcase, the photographers offer a behind the scenes account of the images that helped define the year.

Barnes Foundation Panoramas

NY Times:

The Barnes Foundation, an extraordinary collection of art amassed by Albert C. Barnes, has been one of America’s strangest art museums from the day its doors opened in 1925. Barnes’s unique juxtapositions of paintings and objects were intended to help the viewer learn to look closely at art. The original building, in Merion, Pa., closed at the end of June — the collection will be relocated to a new one in Philadelphia next year — but The Times has created an interactive tour of some of the old museum’s highlights

Fiscal Indulgences

MICHAEL MUNGER, a professor of political science at Duke University, insightfully compares “tax expenditures” to the Catholic church’s practice of selling indulgences, which fomented the Reformation by sending Martin Luther into fit of righteous pique. Mr Munger reminds us that

Indulgences were “get out of purgatory free!” cards. Of course, it was the church that had created the idea of purgatory in the first place. Then the church granted itself the power to release souls from purgatory (for a significant fee, of course).As Luther put it, in his Thesis No. 27, “as the penny jingles into the money-box, the soul flies out.”

If high tax rates are a sort of purgatory (and who doubts it?), then tax credits are indeed akin to indulgences. Mr Munger writes:

We let people out of tax purgatory if they own large houses, if they receive expensive health insurance from their employer, if they produce sugar or ethanol, or any of thousands of special categories. These categories have nothing to do with need (is there a national defense justification for a protected sugar industry?), but instead depend on how much these sinners are willing to pay to members of Congress.

“As the campaign contributions jingle into the campaign funds, the tax revenues fly out”, he adds. As a result, “we have categories within categories within subgroups, all at different prices, deductions or exemptions that release some elites from the published tax rates.