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Daily Alchemy: a question to think on together
5h ago“When your country feels economically threatened from outside, what is the hardest thing to give up: a good deal, a strong principle, or an old ally?”
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Why does wealth keep concentrating?: The Story
The janitor and the hedge fund In 2023, a janitor named Maria Gonzalez in Phoenix worked two full-time jobs and still qualified for Medicaid. She earned $34,000 a year. That same year, the top twenty-five hedge fund managers collectively earned $26.3 billion.... - Eric Stevens...
After 50 years of fighting the same battles, the only thing that changes are the protest signs and actors. I am of the opinion that money backing the politics is where the larger problem is..... this makes me think: I'm not a history buff, but a few years ago I read The Lessons of History by Will & Ariel Durant, and it changed my mind about income inequality—I used to think, "As long as the lives of the lowest are improving, why does the gap matter?" But then the Durants... The question is intended to help us see things differently and play with each other in idea and conversation, not judge anyone or put people in camps; to generate discussion, about dreaming what we can do with abundance, seeing what we can already do without that much (most of my... Is capitalism broken?: Chicago school
The crash the government made worse On October 24, 1929, the NYSE lost 11 percent at the opening bell. The standard narrative: market failure. Friedman and Schwartz spent a decade examining the Fed’s response and reached a different conclusion. The crash was ordinary.... Is capitalism broken?: Post-capitalists
In 1930, Keynes predicted his grandchildren would work fifteen-hour weeks. Productivity had been doubling every generation. The math was straightforward. Where the surplus went Keynes was right about productivity.... Is capitalism broken?: Social democrats
The homework everyone refuses to copy Denmark’s unemployment rate in 2024 was 2.7 percent. Its median household income, adjusted for purchasing power, exceeded America’s. Danish workers average 1,380 hours per year; Americans average 1,811.... - onIs climate change a science problem, an economics problem, a moral problem, or something else?: The Storyby62jazzmaster...
Climate models are statistically "unfit for purpose." In any complex system, small errors in variables (like cloud cover or humidity) don't cancel out—they compound. When you project these errors over 100 years, the margin of error becomes larger than the predicted warming.... How do you avoid violent redistribution of wealth?: Property rights defenders
What you own is yours In 1215, the barons forced King John to seal the Magna Carta. The clause that mattered: no freeman shall be deprived of his property except by lawful judgment. The Fifth Amendment codified it.... How do you avoid violent redistribution of wealth?: Redistributionists
The napkin Piketty published the number that mattered on a napkin: r > g. The rate of return on capital exceeds the rate of economic growth. It has exceeded it in every century for which we have data except 1914 to 1975, when two world wars and sixty million dead temporarily... Is material abundance actually possible?: Distribution critics
The richest country in history The United States. 37 million in food insecurity. 580,000 sleeping outside on a given night. Infrastructure grade of C-minus from its own engineers. If abundance were a function of productive capacity, the US would have achieved it decades ago.... What's actually happening with renewables? Hype, revolution, or both?: Transition realists
The layering In 1900, coal provided 95 percent of commercial energy. Oil was a curiosity. Then the internal combustion engine arrived. Within fifty years, oil dominated transportation. Coal was finished, right? Global coal consumption in 2023: 8.5 billion tonnes. Highest ever.... What does developmental history reveal that's hard to see any other way?: Materialists
The timing In 1807, Parliament voted to abolish the British slave trade. In 1806, the British had captured the Cape Colony, securing a route to India that no longer depended on Caribbean sugar profits. The coincidence is not a coincidence.... Why does wealth keep concentrating?: Chicago school
The crisis they forgot In 1979, inflation was 13.3 percent. Unemployment hit 7.5. Mortgage rates climbed past 12. The economy Volcker inherited was not a victim of deregulation — deregulation had barely started.... Why does wealth keep concentrating?: Democratic socialists
The steelworker’s math In 1970, a steelworker in Youngstown earned enough to buy a house, send two kids to college, and retire with a pension. He needed a union card and forty hours.... If everyone got a basic income, would they flourish or check out?: Austrian school
The Sunday that changed everything August 15, 1971. Nixon suspended dollar-to-gold convertibility. Sunday evening. Television address. No consultation with the IMF. He called it temporary. It has been fifty-five years.... What is the US healthcare system actually optimizing for?: Structural critics
Follow the money The US healthcare system employs 22 million people. It’s the largest employer in most states. It generates $4.3 trillion in annual revenue, which means every year, $4.3 trillion flows to people and institutions that need next year to be at least as expensive as...