The top of today's reading list reports on the prostitution by some academics and the poor reporting by media which confuses them with others who are ethical ........ and the tenth article discusses the confusion over oil reserves drawdown.  The bonus (11th article) is about the continuing problem of credit contraction in Europe.

• The non-scandal of Scott Irwin and Craig Pirrong (Felix Salmon, Reuters) Hat tip to Marvin Clark, The Marvin Clark Daily. Academic intellectual prostitutes as "fact hacks". But Felix thinks some critics are also having problems with ethics and bad use of information.

• Secret information: The currency of power (Lars Schall, Asia Times) Hat tip to Roger Erickson. Interview with NSA whistleblower Thomas Drake.

• Diabetes risk gene 'from Neanderthals' (Paul Rincon, BBC) Interesting article but the author doesn't seem to know the difference between Denisovans and Neanderthals.

• When it comes to current account imbalances, one nation stands out (Walter Kurtz, Sober Look) Global rebalancing challenge in one chart.

• Europe: Beware of Falling Prices (Jens Erik Gould, Credit Suisse, The Financialist)

• How to fend off the Wolves of Wall Street (Cam Hui, Humble Student of the Markets) Cam Hui is frequently quoted by Global Economic Intersection contributors.

• Monster Bullish "Megaphone" Breakout Coming to the Dow? (Chris Kimble, Advisor Perspectives dshort.com) Chris Kimble compares to history and says there are some questions.

Click on graphic for larger complete graphic at Advisor Perspectives dshort.com.

• Court Rejects BP’s ‘Efforts to Rewrite’ Oil Spill History (Meghan Foley, Wall St. Cheat Sheet)

• Rising riches: 1 in 5 in US reaches affluence (Hope Yen, AP News)

• US refineries' production hits a record; reasons for the increase misunderstood (Walter Kurtz, Sober Look) The increase in refinery output which is drawing down crude oil stocks has to do with increased exports, not increased domestic consumption.

BONUS

• Euro area's persistent credit contraction (Walter Kurtz, Sober Look) This part of the world doesn't look like a recovery, to say the least.