Greece’s Cashless, Euro-Free Currency Working
Reports Jon Henley in the Guardian:
In recent weeks, Theodoros Mavridis has bought fresh eggs, tsipourou (the local brandy), fruit, olives, olive oil, jam, and soap. He has also had some legal advice, and enjoyed the services of an accountant to help fill in his tax return.
None of it has cost him a euro, because he had previously done a spot of electrical work – repairing a TV, sorting out a dodgy light – for some of the 800-odd members of a fast-growing exchange network in the port town of Volos, midway between Athens and Thessaloniki.
In return for his expert labour, Mavridis received a number of Local Alternative Units (known as tems in Greek) in his online network account. In return for the eggs, olive oil, tax advice and the rest, he transferred tems into other people’s accounts. “It’s an easier, more direct way of exchanging goods and services,” said Bernhardt Koppold, a…
Russian Corruption ‘Out of Control’
Via Al Jazeera:
Valery Morozov, a successful Russian businessman has been granted political asylum in Britain after exposing an alleged corruption scandal involving officials and police in Russia. Hoping to build a hotel in time for the 2014 Winter Olympics in Sochi, he says he paid about $10.5m in bribes to keep the contract from a competitor with close ties to the government, contributing to an estimated $300bn in bribes paid by Russians every year, according to the anti-corruption organisation Transparency International.
Noreena Hertz On Co-op Capitalism
Noreena Hertz, dubbed one of the world’s leading thinkers and one of the top 10 most followed professors on Twitter, says that a post-luxe era needs co-op capitalism, writing in Wired:
The world desperately needs a new form of capitalism. One that would trump the version we’re living with, which I’ve named “Gucci capitalism” because it overvalues status and undervalues equity. We’re more ashamed not to have a new Gucci handbag (or any luxe brand, come to that) than to get in debt. The ideal replacement, “co-op capitalism”, prioritises collective destiny. It would value the network and see connectivity as a social, political and economic goal. It would recognise the import of relationships — and understand that how an exchange takes place impacts upon its outcome. It would prioritise social cohesion.
Whereas Gucci capitalism was about beggar thy neighbour, co-op capitalism recognises that collaboration can trump competition. Where Gucci capitalism was about…
Mainstream Pundits: Too Smart To Fail
Thomas Frank on the establishment economists, bankers, journalists, and foreign policy experts who create our consensus reality, via the Baffler:
A résumé filled with grievous errors in the period 1996–2006 is not only a non-problem for further advances in the world of consensus; it is something of a prerequisite. Our intellectual powers that be not only forgive the mistakes; they require them. You must have been wrong back then in order to have a chance to be taken seriously today; only by having gotten things wrong can you demonstrate that you are trustworthy, a member of the team. (Those who got things right all along, on the other hand, might be dubbed “premature market skeptics”—people who doubted the consensus before the consensus acknowledged it was all right to doubt.)
Wal-Mart Will No Longer Have People Greeters At The Door
Sign of the times? Claire Gordon writes on AOL Jobs:
After 30 years, “People Greeters” will no longer welcome Walmart customers with a “cart and a smile.” Four months after Walmart got rid of its night-shift “People Greeters,” the big-box retailer is moving its day-shift greeters inside the store. Walmart claims it’s all in the name of better customer service, but the announcement has left some greeters uncertain about the future of their jobs.
Jerome Allen has greeted morning shoppers at Walmart for five years, the last two at a supercenter in Fort Worth, Texas. He heard through the grapevine that the store was reassigning its night-shift greeters, but was surprised when the store manager called him into his office on Thursday, and told him that there would be no more door greeters at all.
Allen’s new position, which begins Feb. 6, will be to stand in “high traffic” areas of the store, ask customers…
There Are 24 Empty Houses for Every Homeless Person in America
Lloyd Alter writes on Treehugger:
That is what the census says. Andrew Leonard in Salon notes that it is a bit misleading, that “4.7 million are for “seasonal use” only, the Census tells us — unoccupied vacation homes, in other words. 4.1 million are for rent, 2.3 million are for sale, and the remaining 7.5 million “were vacant for a variety of other reasons.”
The census also lists the total number of homeless in America as 759,101, so there are 24 empty houses for every homeless person in America. What a shocking mis-allocation of resources, materials and energy …
Some Advice For The 1%
Douglas Rushkoff has some advice for our overlords, writing at CNN:
A whole lot of us are stuck with credit-card debt that goes up each month, mortgages worth more than our homes and student loans that extend into infinity. So it’s only natural that we look at the debt crisis from the bottom up: from the perspective of the 99% who are getting screwed.
But what if we instead looked at this whole mess from the top down, from the point of view of the 1%: the billionaires and venture capitalists in Mitt Romney’s world? Maybe, just maybe, their problem is our problem.
In fact, as I have come to see it, short of civilization-ending revolution, solving the debt crisis might actually mean saving the 1%.
They have the power and the money, they own our government, and they won’t go down without taking everyone and everything else with them…
A War Tax at the Gas Pump?
Interesting point of view from Jeff Klein on Counterpunch:
It’s hard to miss the higher cost of gas every time we fill up our cars these days, but the News Media doesn’t do a very good job of explaining why. There isn’t any mystery, though, if you read the financial press and oil industry sources: We’re paying extra for gas because of rising tensions in the Middle East and especially the scare over a possible US or Israeli attack on Iran. In effect, we’re paying a “war tax” at the gas pump, and the cost will only get higher unless we put aside the talk of war and get down to serious diplomacy to settle the differences in the region.
Here’s what the Wall Street Journal had to say recently, under the headline “Oil Rise Imperils Budding Recovery”:
Rising oil prices are emerging once again as a threat to the U.S. economic recovery…
Drug Cartels Helped Save Capitalism During Financial Meltdown
Hmm … I wonder why this story haven’t received more attention in the years since it was reported? As Rajeev Syal reported in the Guardian:
Drugs money worth billions of dollars kept the financial system afloat at the height of the global crisis, the United Nations’ drugs and crime tsar has told the Observer.
Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were “the only liquid investment capital” available to some banks on the brink of collapse last year. He said that a majority of the $352bn (£216bn) of drugs profits was absorbed into the economic system as a result.
This will raise questions about crime’s influence on the economic system at times of crisis. It will also prompt further examination of the banking sector as world leaders, including Barack Obama and Gordon Brown, call for new International Monetary…
Ron Paul’s Rally Speech In Twin Falls, Idaho
Somebody get this guy a teleprompter; he keeps talking about living in a free society and peace and dismantling the federal reserve and the military industrial complex and ending the war on drugs….
Could A 16-Hour Work Week Save Civilization?
The question is: If Americans wanted to retain compensation and employment gains between 1987 and 2009, how long would the average American be required to work each week? Answer: 16 Hours.
I was a little reticent to publish this one at first, since it does rather smack of classical Libertarianism (i.e., in the sense of being concerned with “free” time, ergo “liberty”).
But then I thought, “What the Hell?” It’s only a thought. If I give the reader access to all the underlying data they could do whatever they wanted with it and make their own decisons.
Would you spend more time at Church? The average employed American only seems to spend about 45 minutes per week on religious activities. Imagine how many more God points you could rack up if you had another 23 to play with?…
The Need For State-Based Innovation
Politicians and pundits constantly call for the government to step out of the way and let entrepreneurs and “job creators” build the industries of the future. New Left Project argues that this current conventional wisdom is all wrong, and more often than not, game-changing innovation is funded by the government, not the private sector:
The current debate, in the UK and abroad, on the need to cut back the state in order to unleash the power of entrepreneurship and innovation in the private sector, builds upon a stark contrast that is repeatedly drawn by the media, business and libertarian politicians: a dynamic, creative competitive private sector versus a sluggish, bureaucratic, inert, `meddling’ public sector.
It is assumed that the private sector is inherently more innovative, more able to think out of the `box’ and to lead a country towards long-run innovation-led growth. But many examples in the history of innovation, entrepreneurship and competition,…
Don’t Know Much About History . . .
Yeah, volatility is usually considered a “bad thing” in economics. It’s basically the chance that the dollar you leave in your wallet tonight will be worth $0.50 or $1.50 when you wake up in the morning. Makes decision making difficult. Like living on a roulette table.
* Conversion of the U.S. dollar to silver and gold was suspended during the Civil War and discontinued entirely by 1972. Covers the years for which full data are available (i.e., 1820 through 2009).
This analysis excludes, for what I hope are obvious reasons, the years covering America’s wars of existential crisis…
13 States Considering Alternative Currencies
“We don’t want yer Yankee dollars ’round these parts.” CNN writes that a string of state currently have a crush on the idea of of gold and silver-based money:
A growing number of states are seeking shiny new currencies made of silver and gold. Worried that the Federal Reserve and the U.S. dollar are on the brink of collapse, lawmakers from 13 states, including Minnesota, Tennessee, Iowa, South Carolina and Georgia, are seeking approval from their state governments to either issue their own alternative currency or explore it as an option. Just three years ago, only three states had similar proposals in place.
The Constitution bans states from printing their own paper money or issuing their own currency. But it allows the states to make “gold and silver Coin a Tender in Payment of Debts.” To the state legislators who are proposing state-issued currencies, that means gold and silver are fair game, said…
The Price of Your Soul: How the Brain Decides Whether to ‘Sell Out’
Via ScienceDaily:
A neuro-imaging study shows that personal values that people refuse to disavow, even when offered cash to do so, are processed differently in the brain than those values that are willingly sold.”Our experiment found that the realm of the sacred — whether it’s a strong religious belief, a national identity or a code of ethics — is a distinct cognitive process,” says Gregory Berns, director of the Center for Neuropolicy at Emory University and lead author of the study. The results were published in Philosophical Transactions of the Royal Society.
Sacred values prompt greater activation of an area of the brain associated with rules-based, right-or-wrong thought processes, the study showed, as opposed to the regions linked to processing of costs-versus-benefits.
Berns headed a team that included economists and information scientists from Emory University, a psychologist from the New School for Social Research and anthropologists from the Institute Jean Nicod in Paris,…
Seven Big Economic Lies
Do tax cuts for the rich trickle down to the rest of us? And does taxing the rich hurt the economy? Is Social security a Ponzi scheme? Robert Reich, Secretary of Labor under President Bill Clinton, presents his list of seven popular-wisdom economic claims that are untrue. Feel free to debate.
Crony Capitalism and the History of Bailouts
In this revealing interview, David Stockman, former budget director and original Supply-Side proponent, tells of the 30-year history of how crony capitalism and the American finance industry has affected American politics.
The Freakonomics Of Hollywood’s Piracy Claims
The Freakonomics dudes have called BS on Hollywood’s piracy claims. Adrianne Jeffries reports for BetaBeat:
Anti-piracy rhetoric holds that online piracy is a devastating force on the U.S. economy, responsible for the theft of between $200 billion and $250 billion per year and the loss of 750,000 good American jobs. “These numbers seem truly dire: a $250 billion per year loss would be almost $800 for every man, woman, and child in America. And 750,000 jobs – that’s twice the number of those employed in the entire motion picture industry in 2010,” write the economists over at Freakonomics.
But those numbers are wrong, the authors say, citing a breakdown by the Cato Institute’s Julian Sanchez.
In 2010, the Government Accountability Office released a report noting that these figures “cannot be substantiated or traced back to an underlying data source or methodology,” which is polite government-speak for “these figures were made up out of thin…
Ron Paul Highlights From CNN GOP Debate
He kills it in the debate, but the votes will be another story. Do you plan on voting for him?
Mass Suicide Threat Results In Massive Lay-Offs For Foxconn Workers
Will Fan Boys finally rebuke their iPhones as more news of Foxconn’s inhumane treatment of workers surfaces in this ZNet article by Hana Stewart-Smith?
When 300 men and women climb onto a rooftop and threaten to commit suicide in protest over denied compensation, it is impossible not to wonder how a company could lead its employees into such desperation.
But Foxconn did.
A little over a week ago, 300 employees at Foxconn’s Technology Park in Wuhan, China threatened their own lives because they were denied a vital pay increase. Foxconn told them they could either keep their jobs without it, or they could quit and be compensated.
Many chose to quit, but the company terminated the agreement, and none of the former workers received the promised compensation.
Production at the company was temporarily halted. It was not until 9 pm the next day that the town’s mayor was able to talk the 300 down from the roof.
Foxconn…
