54 posts tagged with finance by kliuless.
Displaying 1 through 50 of 54.

The open hand and the closed fist

Just print money and give it to everyone by Chris Arnade: "The usual answer to why we don't do this is that it isn't politically feasible and there is no precedent. 1) That has never stopped bank bailouts, which often require a great deal of political and regulatory ingenuity to jam through. (TARP cough TARP) 2) It is a symptom of a system built by and for the bankers to benefit themselves. It is the equivalent of saying, 'We can't do it because we have never wanted to do it'. That we don't do it this way isn't just a small economic quibble with no impact. The most visceral anger I hear from voters across the country is directed at bank bailouts, which they see as evidence of a rigged system. They are right. The system is rigged in the sense that our primary method to stimulate the economy also conveniently bails out bankers." (previously; via) [more inside]
posted by kliuless on Jul 12, 2016 - 55 comments

Trekonomics

The Economic Lessons of Star Trek's Money-Free Society - "[Manu Saadia] points to technologies like GPS and the internet as models for how we can set ourselves on the path to a Star Trek future. 'If we decide as a society to make more of these crucial things available to all as public goods, we're probably going to be well on our way to improving the condition of everybody on Earth', he says. But he also warns that technology alone won't create a post-scarcity future... 'This is something that has to be dealt with on a political level, and we have to face that.' " (via) [more inside]
posted by kliuless on Jun 21, 2016 - 102 comments

The Uncanny Mind That Built Ethereum

Vitalik Buterin invented the world's hottest new cryptocurrency and inspired a movement — before he'd turned 20 - "I think a large part of the consequence is necessarily going to be disempowering some of these centralized players to some extent because ultimately power is a zero sum game. And if you talk about empowering the little guy, as much as you want to couch it in flowery terminology that makes it sound fluffy and good, you are necessarily disempowering the big guy. And personally I say screw the big guy. They have enough money already." [more inside]
posted by kliuless on Jun 16, 2016 - 62 comments

Sapiens 2.0: Homo Deus?

In his follow-up to Sapiens, Yuval Noah Harari envisions what a 'useless class' of humans might look like as AI advances and spreads - "I'm aware that these kinds of forecasts have been around for at least 200 years, from the beginning of the Industrial Revolution, and they never came true so far. It's basically the boy who cried wolf, but in the original story of the boy who cried wolf, in the end, the wolf actually comes, and I think that is true this time." [more inside]
posted by kliuless on May 24, 2016 - 23 comments

Redefining Wealth and Prosperity in the 21st Century

Kennedy was right - "Much that is valuable is neither tangible nor tradable... Gross domestic product (GDP) is increasingly a poor measure of prosperity. It is not even a reliable gauge of production."* [more inside]
posted by kliuless on May 11, 2016 - 10 comments

WORLD OF TOMORROW

World After Capital by Albert Wenger [Work in Progress; GitHub; GitBook; PDF; FAQ] - "Technological progress has shifted scarcity for humanity. When we were foragers, food was scarce. During the agrarian age, it was land. Following the industrial revolution, capital became scarce. With digital technologies scarcity is shifting from capital to attention. World After Capital suggests ways to expand economic, informational and psychological freedom to go from an industrial to a knowledge society." (previously)
posted by kliuless on May 7, 2016 - 23 comments

It's not secular stagnation; it's financialization.

Elizabeth Warren has a great idea for making Tax Day less painful - "She's taking on TurboTax and other predatory companies." [more inside]
posted by kliuless on Apr 18, 2016 - 233 comments

sources of obligation, sources of value

an introduction to fiat money (pdf) by Steve Randy Waldman:* - "Self-reinforcing bootstrap dynamics hold as strongly for a king's token as it would for any other thing, but much more stably so, since the king can reinforce and assure the stability of his token so long as he retains the political capacity to coerce or persuade payment of tax." (via) [more inside]
posted by kliuless on Mar 17, 2016 - 40 comments

How 'Dark Money' Shapes US Politics

Jane Mayer takes on the Koch Brothers [1,2,3] - "For decades, billionaire libertarians Charles and David Koch have spent millions trying to reduce the size of government and slash regulations, making the brothers a target of the political Left and campaign finance reformers. But few people have dug deeper into the Koch empire and family history than New Yorker staff writer Jane Mayer, author of the new book 'Dark Money'. Among other revelations, she alleges that the brothers hired private detectives to investigate her after she published articles critical of them. We talk to Mayer about the book and about what the rise of Donald Trump means for the Kochs and their allies." (previously)
posted by kliuless on Mar 14, 2016 - 20 comments

Witness the Firepower of This Fully Armed and Operational Battle Station

Helicopter drops might not be far away - "Central banks could be given the power to send money, ideally in electronic form, to every adult citizen. Would this add to demand? Absolutely."
posted by kliuless on Feb 24, 2016 - 36 comments

Platform Cooperatives: Money as a (Public) Service

In Sweden, a Cash-Free Future Nears - "Few places are tilting toward a cashless future as quickly as Sweden, which has become hooked on the convenience of paying by app and plastic." [more inside]
posted by kliuless on Feb 11, 2016 - 15 comments

The Unseen Threat of Capital Mobility

For the Wealthiest, a Private Tax System That Saves Them Billions -"The very richest are able to quietly shape tax policy that will allow them to shield billions in income." (via) [more inside]
posted by kliuless on Jan 4, 2016 - 31 comments

Faced with gaping moral and economic holes in society

Rewrite the rules to benefit everyone, not just the wealthy - "If there's one thing Joseph Stiglitz wants to say about inequality, it's that it has been a choice, not an unexpected, unfortunate economic outcome. That's unnerving, but it also means that citizens and politicians have the opportunity to fix the problem before it gets worse." (via) [more inside]
posted by kliuless on Nov 11, 2015 - 112 comments

Desire Modification in the Attention Economy

The Future of (Post)Capitalism - "Paul Mason shows how, from the ashes of the recent financial crisis, we have the chance to create a more socially just and sustainable global economy." (previously; via) [more inside]
posted by kliuless on Nov 4, 2015 - 22 comments

BOE Governor Carney joins Xi, Pope and Musk to fight global warming

Breaking the Tragedy of the Horizon – climate change and financial stability: Bank of England Governor Mark Carney warns investors face 'huge' climate change losses - "The Financial Stability Board, an international body monitoring the global financial system that Mr Carney chairs, may recommend G20 countries make it easier for investors to compare the 'carbon intensity' of different assets." [more inside]
posted by kliuless on Sep 30, 2015 - 9 comments

Basic Income: How to Fix a Broken Monetary Transmission Mechanism

FINLAND: New Government Commits to a Basic Income Experiment - "The Finnish government of Juha Sipilä is considering a pilot project that would give everyone of working age a basic income."[1,2,3] (via) [more inside]
posted by kliuless on Sep 4, 2015 - 24 comments

Bay Gold: the brand appropriate to a junior vice-president of GT

Big Pot: the California Democratic party added marijuana legalisation to its party platform - "Earlier this year Founders Fund, a venture capital firm co-founded by Peter Thiel, led a $75m investment round into Privateer, a private equity group focused on cannabis. It is the biggest single investment in the US cannabis industry to date: 'What Privateer is doing is looking like a Procter & Gamble or a Coca-Cola approach. The real value in the market is going to be having the Coke-calibre brand...' Meanwhile, a distinctly California-style backlash is already growing [and] the US has become an exporter of illegal cannabis to Mexico, as cultivation in the US has increased." [more inside]
posted by kliuless on Aug 18, 2015 - 73 comments

Ethereum Launched

In case you missed it Ethereum announced its first developer release a week ago. What is Ethereum? According to the video it's a "planetary scale computer powered by blockchain technology." Given the breathlessness, some skepticism is in order, but what if it purports to do on the tin is true? [more inside]
posted by kliuless on Aug 7, 2015 - 57 comments

How to fix inequality: Squash the finance industry and redistribute more

Joe Stiglitz on Inequality, Wealth, and Growth: Why Capitalism is Failing (video; if you don't have 30m, skip to 20m for discussion of political inequality, wealth, credit and monetary policy) - "If the very rich can use their position to get higher returns, more investment information, more extraction of rents, and if the very rich have equal or higher savings rates, then wealth will become more concentrated... economic inequality inevitably gets translated into political inequality, and political inequality gets translated into more economic inequality. The basic and really important idea here is that markets don't exist in a vacuum, that market economies operate according to certain rules, certain regulations that specify how they work. And those effect the efficiency of those markets, but they also effect how the fruits of the benefits of those markets are distributed and the result of that is there are large numbers of aspects of our basic economic framework that in recent years have worked to increase the inequality of wealth and income in our society... leading to a society which can be better described, increasingly, as an inherited plutocracy." [more inside]
posted by kliuless on Jun 2, 2015 - 27 comments

China announces it is scoring its citizens using big data

China rates its own citizens - including online behaviour: "The Chinese government is currently implementing a nationwide electronic system, called the Social Credit System, attributing to each of its 1,3 billion citizens a score for his or her behavior. The system will be based on various criteria, ranging from financial credibility and criminal record to social media behavior. From 2020 onwards each adult citizen should, besides his identity card, have such a credit code." [more inside]
posted by kliuless on May 5, 2015 - 77 comments

Short-Termism, Secular Stagnation and Political Decay

Foundation: Public Goods and Options for the Bottom Billions - "Human beings just don't handle the very long run well" and that's where government increasingly comes in... (via) [more inside]
posted by kliuless on Apr 23, 2015 - 6 comments

[GREEN] JOBS FOR ALL

Let Us Face the Future - "All parties pay lip service to the idea of jobs for all. All parties are ready to promise to achieve that end by keeping up the national purchasing power and controlling changes in the national expenditure through Government action. Where agreement ceases is in the degree of control of private industry that is necessary to achieve the desired end. In hard fact, the success of a full employment programme will certainly turn upon the firmness and success with which the Government fits into that programme the investment and development policies of private as well as public industry." [more inside]
posted by kliuless on Jan 29, 2015 - 10 comments

Death of Banks

The End of Banking: Money, Credit, and the Digital Revolution - "Unregulated banking with access to government guarantees is an enticing business model. It offers the profits of excessive risk-taking in good times, and allows passing on the inevitable losses to taxpayers in bad times." [more inside]
posted by kliuless on Jan 21, 2015 - 19 comments

Risky Business

The Economic Risks of Climate Change in the United States (PDF); prospectus (PDF); press coverage (YT) - "The signature effects of human-induced climate change—rising seas, increased damage from storm surge, more frequent bouts of extreme heat—all have specific, measurable impacts on our nation's current assets and ongoing economic activity. [The report] uses a standard risk-assessment approach to determine the range of potential consequences for each region of the U.S.—as well as for selected sectors of the economy—if we continue on our current path..." [more inside]
posted by kliuless on Jun 24, 2014 - 34 comments

Aggregate Demand Management: "pass a law allowing the Fed to cut checks"

Free Money for Everyone - "A wacky-sounding idea with surprisingly conservative roots may be our best hope for escaping endless, grinding economic stagnation." (via) [more inside]
posted by kliuless on Mar 16, 2014 - 19 comments

Indirect fusion's nothing less than HiiiPoWeR

Installed solar capacity is growing by leaps and bounds, led by Walmart and Apple, and helped by bonds backed by solar power payments,[*] which have sent industry stocks soaring, even as molten salt and new battery technologies come on line to generate storage for use when the sun doesn't shine. Of course we could always go to geostationary orbit -- or the moon -- as well we may (if politics allow it) as thirst from the developing world grows beyond the earth's carrying capacity. [more inside]
posted by kliuless on Nov 30, 2013 - 41 comments

Game behind gamed: your narrative programming for the day

How The Economic Machine Works by Ray Dalio[1] actually makes a case against austerity[2] and for redistribution, but also for money printing (and, arguably, for bailouts), while stressing the need to keep making productivity-improving public and private investments. However, it could be equally entitled: How The Industrial Age Political-Economy Doesn't Work Anymore, viz. Surviving Progress (2011)... [more inside]
posted by kliuless on Sep 25, 2013 - 28 comments

Incommensurable values

Economists and the theory of politics - "why unions were often well worth any deadweight cost" [more inside]
posted by kliuless on Mar 25, 2013 - 27 comments

Japan

What's Going On In Japan? "Really Japan is quite a remarkable case, since neither fiscal nor monetary policy seems to be working to achieve the anticipated results. This year Japan will have a fiscal deficit of around 10% of GDP and gross government debt will hit 235% of GDP, yet the country is still struggling to find growth. Instead of reiterating old dogmas (whether they come from Keynes or from Hayek) more people should be asking themselves what is happening here. This is not a simple repetition of something which was first time tragedy and is now second time tragedy, it is something new, and could well be a harbinger for more that is to come, elsewhere. Oh, why oh why are economists not more curious?" [more inside]
posted by kliuless on Dec 27, 2012 - 82 comments

LETS

Start Your Own Currency - "In the Catalonia region of Spain, a restaurant and a community garden are part of an experiment in alternative cash--they are accepting a home-grown currency called the Eco as well as the Euro." [viz. gated article (Google link), cf. The Wörgl Experiment]
posted by kliuless on Aug 27, 2012 - 29 comments

sovereignty and taxation

David Graeber: Of Flying Cars and the Declining Rate of Profit (via) [more inside]
posted by kliuless on Jun 8, 2012 - 85 comments

Executive Compensation

The Incentive Bubble (ungated pdf) - "The fraying of the compact of American capitalism by rising income inequality and repeated governance crises is disturbing. But misallocations of financial, real, and human capital arising from the financial-incentive bubble are much more worrisome to those concerned with the competitiveness of the American economy." [more inside]
posted by kliuless on Apr 3, 2012 - 54 comments

An Interview with Yanis Varoufakis

The New Priesthood - "The hapless economist uses the same tools as acclaimed physicists and astronomers. She has trained for years to speak precisely the same language as them, to understand the same advanced mathematics, to deploy most complex statistical methods which are an essential part of the scientific toolbox. It is, understandably, incredibly difficult to accept that her work is a form of higher order superstition; a religion couched in the language of mathematics and statistics. Tragically, this is precisely what it is." [more inside]
posted by kliuless on Apr 2, 2012 - 169 comments

The Failure of Judges and the Rise of Regulators

The Control Revolution And Its Discontents - "the long process of algorithmisation over the last 150 years has also, wherever possible, replaced implicit rules/contracts and principal-agent relationships with explicit processes and rules."
posted by kliuless on Feb 23, 2012 - 25 comments

Bubbles and Public Facts

The Destruction of Economic Facts - "Renowned Peruvian economist Hernando de Soto argues that the financial crisis wasn't just about finance—it was about a staggering lack of knowledge" (via) [more inside]
posted by kliuless on May 23, 2011 - 35 comments

Bad Education

The Higher Education (Debt) Bubble - "[H]igh and increasing college costs mean students need to take out more loans, more loans mean more securities lenders can package and sell, more selling means lenders can offer more loans with the capital they raise, which means colleges can continue to raise costs. The result is over $800 billion in outstanding student debt, over 30 percent of it securitized, and the federal government directly or indirectly on the hook for almost all of it. If this sounds familiar, it probably should... [more inside]
posted by kliuless on May 17, 2011 - 185 comments

The Free-Banking vs. Central-Banking Debate

Out of thin air? "Have you ever said something like 'Let me buy you a beer next week'? I'm sure you have. We all issue promises of this sort. And we frequently use such promises as a form of currency... I have just described a simple credit exchange. Societies rely heavily on promising-making and promise-keeping. It is the foundation of all financial markets. I'd like to point out something about the promises you make. They are made 'out of thin air.' " [more inside]
posted by kliuless on Apr 14, 2011 - 47 comments

What's the problem?

Interview with Gary Gorton (pdf) - Fascinating look at private institutional bank money creation (really) and subsequent run on the shadow banking system that hearkens back to the late-19th century banking crises with securitization playing the role of checking before the advent of deposit insurance. "Gorton is a lucid narrator of a complex tale." (via via)
posted by kliuless on Jan 14, 2011 - 10 comments

Checks Without Banks: The Irish Banking Strike

The Irish Banking Crisis: A Parable - What happened when the Irish stood up to the bankers in the 1970s? cf. Why Wall Street won't get shrunk & The Inequality That Matters [more inside]
posted by kliuless on Dec 17, 2010 - 38 comments

mad as hell

Dylan Ratigan's Howard Beale Moment (via se) [more inside]
posted by kliuless on Jul 19, 2010 - 35 comments

FRAUDONOMICS

-Confessions of a Wall St. Nihilist: Forget About Goldman Sachs, Our Entire Economy Is Built on Fraud by Mark Ames (note: polemic)
-The Feds vs. Goldman by Matt Taibbi (note: vampire squid reprise)
-The Goldman Casino: Do investment banks do anything that helps America anymore? by Eliot Spitzer (cf. Robert Rubin, oh and Dick Fuld)
-William Black on Fraud interviewed by Bill Moyers (note: Moyers' penultimate PBS show) [more inside]
posted by kliuless on May 5, 2010 - 57 comments

Be it resolved that financial 'innovation' does not boost economic growth

Basicland vs. Sorrowland
A parable about how one nation came to financial ruin by Charles Munger. For extra colour there's... [more inside]
posted by kliuless on Mar 2, 2010 - 34 comments

a coherent platform for the grand new party?

Keeping America's Edge (via) [more inside]
posted by kliuless on Dec 22, 2009 - 21 comments

George Soros on the Way Forward

Soros lectures
You can slog through the video, but I preferred the transcripts 1 | 2 | 3 | 4 | 5 [more inside]
posted by kliuless on Nov 21, 2009 - 13 comments

free as in beer money

Illustrating the cause of, and solution to, too much debt: [more inside]
posted by kliuless on Sep 25, 2009 - 52 comments

If Paul Krugman Was So Right

How Did Economists Get It So Wrong? - The Great Recession was the result not only of lax regulation in Washington and reckless risk-taking on Wall Street but also of faulty theorizing in academia. Can economists learn from their mistakes? (via mr & ev) [more inside]
posted by kliuless on Sep 3, 2009 - 50 comments

A Banking System We Can Trust

Limited Purpose Banking -- for lending, investing, etc. -- Turn all financial firms into mutual funds: "All mutual funds would break the buck with one exception: cash mutual funds. These funds would strictly hold cash and be valued at $1 per share. Owners of these funds would write checks against their balances and never have to worry about a bank run. Fractional reserve banking and the FDIC would be history." [previously] [more inside]
posted by kliuless on May 3, 2009 - 15 comments

it's good to be a banksta

Simon Johnson on Bill Moyers [1] (and, prolifically, making the public media rounds on npr [2]) tackling the bailout of the American Oligarchs, a.k.a. banksters... [more inside]
posted by kliuless on Feb 14, 2009 - 16 comments

alternative currencies

Hard up for cash? Roll your own :P [more inside]
posted by kliuless on Feb 8, 2009 - 36 comments

Obama FAIL?

The Bad Bank Assets Proposal: Even Worse Than You Imagined -- the administration appears intent on building another black swan. This is political capitalism. [via]
posted by kliuless on Feb 4, 2009 - 103 comments

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