The last ( green ) word in the address can be changed, to access any label applied in Google Reader. The public can view that published feed if they have the url.
Notes cannot be created manually in Google Reader, but full rss feeds from blogs hosted at blogspot.com can be subscribed to and assigned to a folder in Google Reader whose web address displays the name of that folder as a label at the end of that url.
This message was created at http://nymstips.blogspot.com/. It is also published as a shared item from Google Reader, but not in the main Shared item stream.