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]
America's First Suburb Turns 60 Almost 60 years ago, a planned community embodied the hopes and prosperity of America. Now, it represents a more realistic picture of the American experience. The BBC investigates Levittown, Pennsylvania, as part of a year-long series. [more inside]
The Shadow Superpower: a survey of globalized black market trade, and the size of the informal economy. [more inside]
Machisma: How a mix of female empowerment and steamy soap operas helped bring down Brazil’s fertility rate and stoke its vibrant economy.
A Planetary Crisis Is A Terrible Thing to Waste There are striking similarities between the current economic and ecological crises — both involve indulgent over-consumption and a failure to consider the impacts on future generations. But it’s not too late to look to new economic and environmental models and to dramatically change course. opines Der Spiegel environmental journalist, Christian Schwägerl
When the machines take over, how will people make a living? Paul Allen: Futurists like Vernor Vinge and Ray Kurzweil have argued that the world is rapidly approaching a tipping point, where the accelerating pace of smarter and smarter machines will soon outrun all human capabilities. They call this tipping point the singularity, because they believe it is impossible to predict how the human future might unfold after this point. Once these machines exist, Kurzweil and Vinge claim, they'll possess a superhuman intelligence that is so incomprehensible to us that we cannot even rationally guess how our life experiences would be altered. Vinge asks us to ponder the role of humans in a world where machines are as much smarter than us as we are smarter than our pet dogs and cats. Kurzweil, who is a bit more optimistic, envisions a future in which developments in medical nanotechnology will allow us to download a copy of our individual brains into these superhuman machines, leave our bodies behind, and, in a sense, live forever. It's heady stuff. [more inside]
Alyssa Rosenberg of Think Progress on why CBS's new show 2 Broke Girls is the closest thing we have to a 99% Movement Comedy.
9 Ideas From Around the World to Fix the American Economy. "People in the U.S. confuse big government and small government as the only two models. What we need is smart government". Selected economic and social policies that actually work - from Germany, Brazil, Israel, Canada, Australia, China, Thailand and Singapore.
People in Korea now have a new vocation available to them: snitching on other civilians for cash payouts from the government.
The sign-holders are a minority among the [Detroit's] vagrants and homeless. They're the handful with enough drive and dedication to spend hours standing in one place, making a sales pitch. They could probably succeed at a real job somewhere with such determination. But who's going to hire a depressed guy with three teeth, a felony record and a drinking problem? So sign-holding becomes their career. And it's a demanding one. They have to be sellers of something that's not a product, isn't a service, and has little benefit for the customer other than perhaps inner satisfaction. They have to sell their misery. And though almost none of them have actual jobs, make no mistake — this is hard work. Here are the stories they tell.
BBC News asks independent trader Alessio Rastani "what would keep investors happy, make them feel more confident?" and gets a surprisingly honest answer: "Personally, it doesn't matter. See, I'm a trader. I don't really care about that kind of stuff. If I see an opportunity to make money, I go with that. So, for most traders, we don't really care that much about how they're going to fix the economy, about how they're going to fix the whole situation; our job is to make money from it. And, personally, I've been dreaming of this moment for three years. I have a confession which is I go to bed every night and dream of another recession, I dream of another moment like this." [SLYT]
This week has seen a lot of discussion of the American criminal justice system and its failings, and a lot of concern about what can be done to fix it. In 1947, a working class black man looked like he was about to have the full weight of the system brought down on him for taking justice into his own hands. But after Chicago leftists - including labor unions, religious leaders, artists, civil rights activists & others - launched a movement, James Hickman was set free after an all-white jury, in a trial presided over by a white judge, failed to convict, and the DA chose not to re-try because of the magnitude of public support for Hickman. According to a review in The Nation, a new book tells the story in a way that turns the typical right-wing biases of the true crime genre on their head. [more inside]
Hartwick College, a small school in New York's Catskills, is the beneficiary of a trust that “could ultimately shatter the nation’s financial structure.”
Bob Turner, "a little-known Republican businessman from Queens" (who is also a former producer for the Jerry Springer show) has become the first Republican elected to New York's Ninth Congressional District since the 1920's. Democrats traditionally have a 3-to-1 advantage over Republicans in the district, which makes this upset even more ... upsetting. Many consider the loss of a Democratic stronghold to be a referendum on the Obama Administration itself. Nate Silver with more analysis. [more inside]
Coming Apart: After 9/11 transfixed America, the country’s problems were left to rot. "No national consensus formed around 9/11. Indeed, the decade since has destroyed the very possibility of a common narrative."
Yields of 2-year Greek government bonds have been skyrocketing today, and are currently at 76%. Credit default swaps show Greece with a 98% chance of default. Confidence in the Eurozone as a whole has been tanking recently after a series of setbacks that leave a political solution looking increasingly unlikely. There was a timely, gloomy discussion on RT yesterday on European and worldwide political/economic prospects
Are overly restrictive immigration rules causing a worldwide economic slow down? According to the Guardian "Allowing workers to change location significantly enriches the world economy. So why do we erect barriers to human mobility?"
Robert Reich talks at Google about the biggest problem facing the US economy. [SLYT, 57min]
16 of France's mega-rich signed a petition urging the goverment to raise their taxes. Despite relatively high taxes and a wealth tax signatories such as the L'Oreal heir and the head of a major oil company, Total, are asking the government to raise their taxes to help solve the country's financial issues. Original petition (French).
The Atlantic collects responses from readers on both sides of the current employment market:
part 1 - the unemployed
part 2 - the employers
part 3 - the jobless
part 1 - the unemployed
part 2 - the employers
part 3 - the jobless
Why Africa is leaving Europe behind: Africans are relishing something of a reversal in roles. The former colonial powers in Europe are wrestling with debt crises, austerity budgets, rising unemployment and social turmoil. By contrast much of sub-Saharan Africa can point to robust growth, better balanced books and rising capital inflows. There is an opportunity in this novel scenario: for Africa to assert itself on the global stage, and for European countries to take advantage of their historic footprint in Africa by stimulating commercial expansion to their south. But it is far from clear either side will grasp it. Recently.
The job market is saturated and graduates are unable to get hired anywhere to get proper training. Law professors Richard Rhee and Bradley Borden have a solution: law schools should open their own law firms.
"For the Germans the euro isn’t just a currency. It’s a device for flushing the past—another Holocaust Memorial. " Vanity Fair's Michael Lewis checks in with Europe's savior.
Markets declined sharply this week in preparation for a U.S. credit downgrade by Standard & Poor's ABC news felt confident to break the news of the U.S. government preparing for an expected S&P down grade sometime after market close this weekend. [more inside]
Over the past three weeks, Israel has experienced what may perhaps be the largest, spontaneous / grass roots social protest of the secular middle class that it has witnessed in decades. Thousands of demonstrators in cities and towns throughout the country have been protesting cuts in government funding to health care and education, and massive, exorbitant rises in taxes and housing costs -- and demanding change. Tent cities have sprung up in Tel Aviv, Jerusalem and in public gardens and parks throughout the country. And they may not be going anywhere: polls indicate Israeli support is "exceptionally high". [more inside]
The talks between President Obama and House Speaker John Boehner "collapsed" Friday with little more than a week to go before the United States may effectively default on its debt. The two parties have been in ongoing negotiations for months over GOP refusal to raise the legal limit on national debt unless tied to a significant package of spending cuts - with some members and activists opposed to any increase whatsoever [more inside]
Job searchers have begun outsourcing the process of applying for jobs to companies in India. The results have been mixed.
The housing bubble was the last chance most middle-class families saw for grasping the brass ring. Working hard didn’t pay off. Investing in the stock market was a sucker’s bet. But the housing bubble allowed middle-class families to dream again and more importantly to keep spending as if they were getting a big fat raise every year. - How the Bubble Destroyed the Middle Class
There is an European Commission budgetary proposal to boost E.U. funding for science and technology by 45% from €55B to €80B by trimming some fat form the controversial Common Agricultural Policy. [more inside]
Obama proposes Social Security cuts. Amid ongoing debt talks wherein the Democrats are seeking to raise the debt ceiling to prevent the default of Federal debt, "entitlement reform" has been a hot topic. This morning, Obama has taken the unusual step of proposing even larger spending cuts than Republicans have asked for, mystifying many. Has the Grand Bargain arrived?
Starting July 1, to make Sydney more liveable, the state government of New South Wales (NSW) will pay AU$7000 to Sydneysider families that relocate from metropolitan areas of Sydney to rural NSW. [more inside]
John Hyduk, a middle aged blue collar worker in Cleveland, writes about his daily existence.
From December 2007 through the end of 2010, 24 states have cut government spending by an average of 7.5 percent after adjusting for inflation. Another 25 states have expanded government outlays by an average of 11 percent. The result? States that cut the most money have lost the most jobs.
"Any industry would be proud of an average annual growth rate of 34% over ten years and of a global reach from Austria to Taiwan. But the headlong expansion of exchange-traded funds (ETFs), which by May this year controlled almost $1.5 trillion of assets (not far short of the $2 trillion in hedge funds), has become a matter for concern among financial regulators. Could ETFs be the next source of financial scandal, or even of systemic risk?" Characterizing the Financial sector "like a hyperactive child" that "can never leave a good thing be", The Economist appears to be wishing for the ETFs to be better regulated because "it would be a shame if reckless expansion spoiled a good innovation".
The Speedup. Webster's defines speedup as "an employer's demand for accelerated output without increased pay," and it used to be a household word.
"I had to stand in front of 92 people and say 'Not only do you not have a job anymore, you don't have a house anymore'". On June 20th, the United States Gypsum Corporation will shut down its plant in Empire, Nevada, the last Company town in America.
"Using pejorative terms like "handouts" and "doling out", some parts of the media are mounting a campaign to suggest Britain should be embarrassed by our level of aid giving. But the idea that aid is generous is absurd. Some families, inspired by religious tradition, think it is appropriate to give 10% of what they have to charity, £10 in every £100 of earnings. In 2010, the UK gave not £10, not £1, but 56p ($0.91) in overseas aid for every £100 ($163) we earned as a country. On average, since 1990 we have given even less, 35p ($0.57)." [Giving aid to poor countries is hardly a great act of generosity] [more inside]
The World Top Incomes Database (click on "Graphics" and select countries, years and other variables) (via)
Homeowners are using a little known loophole in the bankruptcy laws to shed their second mortgages.
Matt and Jamie Danielson, with the aid of their bankruptcy attorney, were able to use a little known loophole in the Iowa law to void their mortgage and own their house outright after making just one payment. However, further investigation has uncovered some unsavory events in the couple's past.
The poor in Ethiopia are often unable to buy newspapers, so they 'rent' papers for 20-30 minutes at a time from local entrepreneurs.