Golden Buddha, Hidden Copper. "Twelve years after the Taliban blew up the world-famous Bamiyan Buddhas, a Chinese mining firm -- developing one of the world's largest copper deposits -- threatens to destroy another of Afghanistan's archeological treasures." Campaign to Save Mes Aynak.
The National Bureau of Economic Research has published a new paper analyzing 138 years of economic history in 14 advanced economies, which proves that high levels of private debt cause severe recessions. (Via) Bonus SLYT: Money As Debt (1hr)
Many people say that a law degree enables the holder to do virtually anything. Am Law Daily explores the logical fallacies behind this statement.
"Some date the crisis to August 9 2007, the day it became clear that Europe’s banks were up to their necks in US housing debt. The ECB flooded markets with €95bn of liquidity. It seemed a lot of money then. The term “trillion” was still banned by the Telegraph style book in those innocent days. We have since learned to swing with the modern dance music from central banks." [Five years on, the Great Recession is turning into a life sentence]
Supermarkets are attempting to customize prices for different shoppers. At a Safeway in Denver, a 24-pack of Refreshe bottled water costs $2.71 for Jennie Sanford, a project manager. For Emily Vanek, a blogger, the price is $3.69. [more inside]
Asking young people: It’s Just Business: How Corporate America Made Slaves of the Young And for discussion is this the only time in our history that it has occurred?
“We’re getting a lot of calls from high earners who are asking whether they should get out of France,” said Mr. Grandil... “Even young, dynamic people pulling in 200,000 euros are wondering whether to remain in a country where making money is not considered a good thing.” French president François Hollande's plan to tax income above a million euros ($1.24 million) a year at 75% is alarming some.
A new model for the American health care system: The Cheesecake Factory
"It's the 21ist century--why are we working so much?" In which Owen Hatherley exhumes the humiliated, expired idea that the reduction of work is a worthwhile goal. "If there's one thing practically all futurologists once agreed on, it's that in the 21st century there would be a lot less work. What would they have thought, if they had known that in 2012, the 9-5 working day had in the UK become something more like 7am to 7pm? They would surely have looked around and seen technology take over in many professions which previously needed heavy manpower, they would have looked at the increase in automation and mass production, and wondered – why are they spending 12 hours a day on menial tasks?" [more inside]
Discover Magazine posted a couple of blog entries about the law school scam as a cognitive bias and why law school tuition isn't more dispersed.
For the past 4 days, up to 12 million NatWest / Royal Bank of Scotland customers have been unable to pay bills, move money or get paid due to a technical problem. Customers have been unable to complete on house purchases and some are stuck because they can't pay hotel bills abroad. The new mobile banking service has also been affected. The bank has called in 7,000 staff to open all weekend as problems persist.
Just three months ago, the State-controlled bank outsourced nearly 300 back-office roles to Hyderabad in India.
Just three months ago, the State-controlled bank outsourced nearly 300 back-office roles to Hyderabad in India.
GDP since Jesus. That headline is a big promise. But here it is: The economic history of the world going back to Year 1 showing the major powers' share of world GDP, from a research letter written by Michael Cembalest, chairman of market and investment strategy at JP Morgan. everything to the left of 1800 is an approximation of population distribution around the world and everything to the right of 1800 is a demonstration of productivity divergences around the world. [more inside]
"Dwarfing even the $2 trillion borrowed for the Railway Ministry’s high-speed networks since 2008, and the thousands of kilometres of 4–6 lane toll roads with barely a vehicle on them, China’s building binge is the most striking example of what Prime Minister Wen Jiabao famously, but impotently, denounced in 2007 as the country’s “unbalanced, unstable, uncoordinated and unsustainable” model of economic development. Now, with house prices and sales sagging in response to government restrictions aimed at deflating history’s biggest ever property bubble, and with local governments as deep in bad debt as the developers, I asked the businessman what was to prevent the bubble actually bursting, in a spectacular financial explosion? "
“I’m the president of a videogame company (www.valvesoftware.com).” I thought to myself: Oh, not another “business proposal” from a crackpot… However, something in my head stopped my finger from pressing DEL while my eyes pondered the next line: “We are running into a bunch of problems as we scale up our virtual economies, and as we link economies together. Would you be interested in consulting with us?”Valve has hired economist Yanis Varoufakis to work on their virtual economies. Valve Economics is Varoufakis's recently launched blog where he explains his background and how he came to work at Valve. [more inside]
The US has lost a quarter of its high-tech jobs since 2000, the number declining by 687,000. A veteran headhunter opines on the causes: The technical jobs in Silicon Valley are hard to fill with Americans...I get email every day from new grads, asking for help finding jobs, but honestly, most are Indian or Chinese, not many Americans. He cites a NYT article which claims that the reason iPhone manufacturing doesn't happen in the US is that Apple’s executives believe the vast scale of overseas factories as well as the flexibility, diligence and industrial skills of foreign workers have so outpaced their American counterparts that “Made in the U.S.A.” is no longer a viable option for most Apple products.
"I can say with confidence that rich people don't create jobs, nor do businesses, large or small," said über-rich venture capitalist Nick Hanauer in a March 1st TEDx talk, which TED is refusing to put on its website. [more inside]
Canadian Tire Company coupons, thought of by some as an alternative Canadian currency, may be on the way out. [more inside]
Last night, author and farmer Wendell Berry delivered a powerful lecture [video; full text here includes portions not delivered verbally] to a full house on the occasion of his accepting the National Endowment of the Humanities' Jefferson Award. The famous PC holdout has appeared previously in the blue, but this lecture is not to be missed. Here is soul nourishment for the long-time Berry follower, and for the newcomer a superb introduction to one of our time's greatest intellects. [more inside]
Hospitals in Minnesota have hired a collections company that plants its employees in the ER, squeezing money out of patients before they can get further care.
"The world's most important story" – A decade of environmental journalism in China, by Guardian environment reporter Jonathan Watts.
A modest proposal to get rid of income inequality in America: just give every household a $10 million dollar loan.
Student loan debt is now extending to K-12 private educations, fueled by parents who believe getting their children into the "right" primary school is essential to future success.
Economies of Scale is a free, web-based multiplayer business/commerce simulation game under development by Scott Rubyton (aka Ratan Joyce). Players use starting capital to build production/wholesale/retail businesses from the ground up in a basic economic model, competing for market share while collaborating through business-to-business trading of goods and materials. It's more fun than getting an MBA! Also much less expensive. [more inside]
The Enduring Consequences of Unemployment. It is perhaps no surprise that "....workers who lost jobs during the recession of the early 1980s were making 20 percent less than their peers two decades later." Or that unemployment is also bad for your health.... "lA worker laid off at age 40 could expect to die at least a year sooner than his peers." What frames the issue starkly though is that unemployed people gradually lost the ability to read. [more inside]
In a sympathetic biochemical photo-reactive process, the Biosphere has altered the litho-sphere into the pedosphere, the cryo-sphere, the hydrosphere and the atmosphere*
The Loess Plateau in China’s Northwest is home to more than 50 million people. Centuries of overuse led to one of the highest erosion rates in the world and widespread poverty. Two projects (results) set out to restore the Loess Plateau. [more inside]
With the number of LSAT test takers in sharp decline, has the law school tuition bubble finally burst?
“I bought into this idea for a long time that it was superior labor productivity that caused most manufacturing job losses,” said Rob Atkinson, of Information Technology and Innovation Foundation, a nonpartisan think tank. “Then I began to dig into the numbers.” An upcoming report argues that the price savings that U.S. factories have realized from outsourcing have incorrectly shown up as gains in U.S. output and productivity. This bias may have accounted for as much as half of the growth of U.S. manufacturing output from 1997 to 2007. (sl Wash. Post link to print version so everyone can read it.)
Welcome to the world of Britain's working poor. The Rowleys belong to a section of society not much mentioned in ministerial and media dispatches. They are neither the very wealthy affected by the 50p tax nor the "squeezed middle" expressing anxiety about child benefit and this week's budget; nor are the Rowleys representative of the long-term unemployed or one of the 120,000 "troubled families" in which the government is investing £448m over the next three years. [more inside]
14 Year Old Buys House in Florida Meet Willow Tufano, age 14: Lady Gaga fan, animal lover, landlord. [more inside]
"I Was a Warehouse Wage Slave: My brief, backbreaking, rage-inducing, low-paying, dildo-packing time inside the online-shipping machine"
With a tough economy and less money to go around, gang members in New York City are resorting to sharing guns hidden in easily accessible places.
We're All State Capitalists Now 'No, according to some commentators, the contest between the two Asian superpowers is also fundamentally a contest between economic models: market capitalism vs. state capitalism.' [more inside]
"It’s a very ancient idea that the universe runs by the principles of the gift...in fact the purpose for our existence, the reason why we’re here, is to give." Writer Charles Eisenstein speaks on his book Sacred Economics: Money, Gift, and Society in the Age of Transition.
The Secret Document That Transformed China. Planet Money story about Xiaogang village in China that was hungry and desperate in 1978, and how the risk the farmers took ended up influencing the transformation of China.
Are you encourages in your place of work by the use of gamification? Congratulations, comrade, you are treading in the footsteps of Soviet Russia!
One thing we can be certain of is that capitalism will end. Maybe not soon, but probably before too long; humanity has never before managed to craft an eternal social system, after all, and capitalism is a notably more precarious and volatile order than most of those that preceded it. The question, then, is what will come next.
With the recent news that unemployment applications are at their lowest levels since 2008, Congressional Republicans are attempting to curtail unemployment benefits. Democrats want to extend benefits for another year. This has led to an impasse. [more inside]
China's economy poised to join the rest of us in the toilet. I certainly hope one of you smart people can prove this article wrong.
Mark Carney: the man who speaks the truth. Toronto Globe and Mail columnist Jeffrey Simpson recommends a recent speech by Bank of Canada head Mark Carney. "Most fundamentally, current events mark a rupture. Advanced economies have steadily increased leverage [i.e. debt] for decades. That era is now decisively over. The direction may be clear, but the magnitude and abruptness of the process are not. It could be long and orderly or it could be sharp and chaotic. How we manage it will do much to determine our relative prosperity." [more inside]
The Light Bulb Conspiracy is a documentary about disposable printers, light bulbs and everything else, investigating the implications of the business model and industrial design philosophy of Planned Obsolescence that drives and shapes our economy.
Australian Exceptionalism "Let that phrase roll off your tongue... now stop laughing if you can." [more inside]
Economic analyst Chris Martenson explains why he thinks that the coming 20 years are going to look completely unlike the last 20 years.
Safety nets: hammocks or trampolines? Academic James Wimberley argues that the supposedly entrepreneurial USA fares poorly on business startups, and attributes this to the relative absence of a comprehensive social safety net.(via)
"Imagine if you had never been homeless before and you'd just lost your job and you lost your home. What would you do? Would you immediately go begging or knocking on a door? No, you would downsize, move into cheaper accommodations, if that did not work you'd move in with friends or relatives and then you'd move into a cheap motel and then ... where would you want to go before winding up at a shelter door? You would much prefer to live at a park with your family and your dog." ... "In just about every major city, there are tent cities. Unfortunately, we're in a growth industry and the numbers are going to continue." -- Michael Stoop, a community organizer for the National Coalition for the Homeless, explaining that the surge in American tent city shantytowns, first highlighted on MeFi in 2008/09: 1, 2, 3, has not slowed. The Great Recession: Life in Tent City, Lakewood NJ / Photo Gallery / Video. [more inside]