Cigarettes: The Most Stable International Currency. In China, expensive cigarettes (not to be confused with counterfeits of popular brands) are sometimes used as bribes. Cash can be difficult to handle, or outright illegal, in some places. Since a smoking ban (and subsequent black-market trade in cigarettes) in US prisons, canned mackerel (previously on MetaFilter) has become the exchange medium of choice. [more inside]
Librarian Jenica Rogers wrote an interesting post on how her library decided to cancel their ACS subscription. Walking away from the American Chemical Society where she talks about money issues all too familiar to librarians but maybe not well known in the general public. Her post was picked up by The Chronicle Of Higher Ed The ACS only said "We find little constructive dialogue can be had on blogs and other listservs where logic, balance and common courtesy are not practiced and observed..." Things took a turn on a discussion list, where The Director of Office of Public Affairs for the ACS said "But I think you would agree that vulgarity and profanity postings do not lend themselves to meaningful, productive and civil discourse, thus our decision not to engage any further with her on this topic." Many other bloggers have taken up the torch including Walt Crawford, Jonathan Eisen, Iris Jastram, Chris Zammarelli and Steve Lawson, Any Woodworth, John Dupuis and one on ChemBark.
Gambling For Kids: A How To Guide - a discussion of claw games, Panini sticker books, and in-app purchases in free-to-play games for kids.
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)
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]
The Bank of Canada has changed the design of its new $100 bill after receiving numerous comments from focus groups that the woman pictured looked like she was of Asian descent. [more inside]
Like James Bond movies? And box office grosses? And visualized data? Then today is your lucky day.
"[T]he corrupting influence of money is the first problem facing this nation. That unless we solve this problem, we won’t solve anything else... The Framers, Lessig says, had just one kind of dependence in mind for members of Congress: a dependence on the people. He quotes The Federalist (the then-anonymous essays by Alexander Hamilton, James Madison, and John Jay that are often used as a contemporary account of the Framers’ intentions) to make this point: number 52 describes the House of Representatives as that “branch of the federal government which ought to be dependent on the people alone” (emphasis added). But in the last two decades, Lessig writes, members of Congress have developed a fearsome dependency: campaign cash. The total amount spent on campaigns by all candidates for Congress in 2010 was $1.8 billion. Fundraising has become a way of life..." (via 3 Quarks Daily)
How to make money with £100 Five Guardian writers speculate to accumulate.
The most recent issue of Businessweek contains an article about How The Mormon Church Makes Its Billions. There has been a backlash, mostly over the cover.
"The last European monopoly, in any area, is crumbling. This recently-opened transfer window has underscored, more than anything else, that it is no longer the European football clubs’ birthright to sign the greatest players in the world." -- Leander Schaerlaeckens on the growing clout of Chinese, Brazilian, and (WTF?) Indian soccer leagues in grabbing the top talent
"During the proceedings, the prosecutor took the time to mention that no other printer in the world could do what Kuhl had done."
Hans-Jurgen Kuhl was able to create "shockingly perfect" copies of the American $100 bill by using his artistic talents to conquer the various security features present in the bill.
How Money Makes People Act Less Human: Earlier this year, [Paul] Piff, who is 30, published a paper in the Proceedings of the National Academy of Sciences that made him semi-famous. Titled “Higher Social Class Predicts Increased Unethical Behavior,” it showed through quizzes, online games, questionnaires, in-lab manipulations, and field studies that living high on the socioeconomic ladder can, colloquially speaking, dehumanize people. It can make them less ethical, more selfish, more insular, and less compassionate than other people. It can make them more likely, as Piff demonstrated in one of his experiments, to take candy from a bowl of sweets designated for children. “While having money doesn’t necessarily make anybody anything,” Piff says, “the rich are way more likely to prioritize their own self-interests above the interests of other people. It makes them more likely to exhibit characteristics that we would stereotypically associate with, say, assholes.”
What's also obvious is that this phase of Occupy, with talk of credit unions and occupying the SEC, while eminently worthy, is also kind of boring, especially when compared to the thrill of Occupy's park phase. Some, though, are ready to move on. "It's easy to go back to the park occupation and fetishize it, in a way," says Occupy Chicago's Brian Bean. "I prefer not to run a mini-society – I want to run society." - The Battle For The Soul Of Occupy Wall Street - Rolling Stone - Mark Binelli.
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.
In Praise of Leisure - "Imagine a world in which most people worked only 15 hours a week. They would be paid as much as, or even more than, they now are, because the fruits of their labor would be distributed more evenly across society. Leisure would occupy far more of their waking hours than work. It was exactly this prospect that John Maynard Keynes conjured up in a little essay published in 1930 called 'Economic Possibilities for Our Grandchildren.' Its thesis was simple. As technological progress made possible an increase in the output of goods per hour worked, people would have to work less and less to satisfy their needs, until in the end they would have to work hardly at all... He thought this condition might be reached in about 100 years — that is, by 2030." (via) [more inside]
"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]
"A Harvard MBA Pays Down $101K Of Debt." Two years after he graduated from Harvard with an MBA, Joe Mihalic, now manager of strategic alliances and business development at Dell, vowed to do “everything in my power–short of lying, cheating, and stealing–to pay down" his student loan debt, (then totaling 90K,) "in the next ten months.” After applying for a weekend delivery job, he also decided to chronicle the steps he was taking on a blog: "No More Harvard Debt." First page of posts is here. Penultimate post explains his process: "Mission Accomplished." [more inside]
Canadian Tire Company coupons, thought of by some as an alternative Canadian currency, may be on the way out. [more inside]
"It's the dirty little secret of higher education," says Mr. Williams of the New Faculty Majority. "Many administrators are not aware of the whole extent of the problem. But all it takes is for somebody to run the numbers to see that their faculty is eligible for welfare assistance." [more inside]
I'm sick of pretending. I DON'T "GET" ART. Wherein Vice's Glen Coco goes to a Tracey Emin retrospective at London's Hayward Gallery ... and gives up. [more inside]
My Faith-Based Retirement. NYT business journalist Joe Nocera discusses being financially unable to retire.
A new initiative recently proposed by the Royal Canadian Mint proposes to create the MintChip, a digital currency that’s similar (to BitCoin), but is backed by the Canadian government. Aiming to become “the digital equivalent of the coins we use every day,” in the Canadian Mint’s own words, the MintChip will target micro- and nano-transactions conducted both online and offline, whether at the physical point of sale, on mobile devices, or among peers. Via
Sure, the follies of art-speak are easy to laugh at, but often criticism of it begins and ends with a dismissive chuckle – which ignores profounder problems. Why should academic terminology be the default vehicle for discussing art? Why is there such an emphasis on newness, schism and radicality? Even when the art itself may be enjoyably throwaway, language pins it to deathlessly auratic registers of exchange. This suggests a subliminal fear that, if the subject in question is not talked up as Big and Culturally Significant, then the point of fussing over it in the first place might be called into question, bringing the whole house of cards tumbling down - Dan Fox, the associate editor of frieze magazine, discusses the contemporary art scene in detail.
Napkin finance. Each sketch links to a post about investing. From a financial planner best known for losing his house.
5 years after a think tank study (PDF) recommended its retirement, Canada says goodbye to the penny. Previous penny pinching 1 2
John Carter, previously John Carter of Mars, previously A Princess of Mars, could be the biggest movie write-off of all time.
If you'd like to know a bit about medieval life in Europe, History on the Net has some information on life in medieval times, prepared as educational summaries for students. If you'd like to know more, Medieval Life And Times has a broader scope, and the surface links often have a number of subsequent links to even more information on sub-topics. If you want even more specifics, here is a list of medieval occupations, some information on buying, selling and bartering in medieval times, and a history of horses in Europe. [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.
India tells Britain: We don't want your aid According to a leaked memo, the foreign minister, Nirupama Rao, proposed “not to avail [of] any further DFID [British] assistance with effect from 1st April 2011,” because of the “negative publicity of Indian poverty promoted by DFID”. But officials at DFID, Britain’s Department for International Development, told the Indians that cancelling the programme would cause “grave political embarrassment” to Britain, according to sources in Delhi. Further embarressment ensues. Emma Boon, campaign director of the TaxPayers’ Alliance, said: “It is incredible that ministers have defended the aid we send to India, insisting it is vital, when now we learn that even the Indian government doesn’t want it.”
New York Mag presents the balance sheets of an A-List actor for our perusal.
Sometimes state quarters know you only invited them because you thought they were San Francisco. (Previously.)
On November 22, 2011, TEDxBrussels held an all day event whose theme was: "A Day in the Deep Future." Speakers were asked to try and contemplate what life will be like for mankind in 50 years. Overview. [more inside]
Want your new law school to get accredited by the American Bar Association? Be prepared to jump through some hoops.
"They were new money, without a doubt: so new it shrieked. Their clothes looked as if they’d covered themselves in glue, then rolled around in hundred-dollar bills.” ~ Margaret Atwood
Note Worthy: [guardian.co.uk] Global economic meltdown, the euro crisis and Occupy protests – this year has been dominated by financial issues. But what is money anyway? We invited writers and artists including Jonathan Franzen, Margaret Atwood and Naomi Klein to invent new currencies and banknotes for a changed world.
The United States Secret Service is warning about an old scam that's recently popped up again in New England: black money. [more inside]
People in Korea now have a new vocation available to them: snitching on other civilians for cash payouts from the government.