Silicon Valley labor law violator LinkedIn has a vision — “the Economic Graph” — and it’s sponsoring a $25,000 contest to find “researchers, academics, and data-driven thinkers” to help them make it a reality. Here’s the vision in short form: There are approximately 3 billion people in the global workforce. LinkedIn’s vision is to create […]
Saturday, October 25, 2014
There’s no capital investment in America or Europe. We’re living on the corpse of the economy that was left in 2008.
Tom Englehardt Interviews Laura Poitras on Snowden and the Total Information Capture Approach to Surveillance
Yves here. This interview with Laura Poitras is a reminder of how the world has, and more important, hasn’t changed since the explosive revelations made by Edward Snowden less than a year and a half ago. Even though his disclosures produced a great uproar, with demands in the US, UK, and Europe for explanations and […]
Gretchen Morgenson filed a must-read story on the range and some of the consequences of the private equity fetish for secrecy. The short version is that if the private equity industry had nothing to hide, they wouldn’t be hiding it.
Even so, Morgenson’s story is certain to be an eye-opener to readers fresh to this topic and has important revelations for even those who’ve been on this beat for a while.
Bill Black takes a blowtorch to Paul Krugman’s straw men.
Topics: Guest Post
Posted by Lambert Strether at 1:55 am |
Posted by Yves Smith at 6:55 am |
Yves here. This post by Steven Horn about that shows the typical terms of an oil and gas rights lease for American Energy Partners buries the lead, in that Steve needs to give the context of how the lease came to be public before he turns to explaining how the lease rips off the party who signs it. Among other things, it requires the homeowner to have any mortgage made subordinate to the royalty agreement, something no lender will agree to. If the homeowner can’t get the subordination (a given), no royalties will be paid! As you’ll see, there are other “heads I win, tails you lose” terms in these agreement.
Yves here. This post presents some of the CIA’s less-than-proud moments, curiously omitted in a recently-published history of the CIA’s meddling in the Middle East, juxtaposed with some of its more recent miscues.
Today’s Water Cooler: Yellen on income inequality, ebola gets a czar, Hong Kong, Ferguson, and how not to catch a cold.
I’ve gone through only the first day of testimony from the AIG bailout trial, and we are already up to our third bombshell.
Posted by Yves Smith at 6:55 am |
Yves here. The main way that those of the left-leaning persuasion see Amazon as a bad guy is for its treatment of warehouse workers, who work in physically-taxing conditions and are paid what is barely a living wage for a single person.
As Matt Stoller describes in this piece, Amazon’s ambitions are monopolistic, and they’ve already gone a long way towards achieving that ambition in a large number of markets. They regularly engage in predatory pricing to crush competitors and gain market share. Their dominant position then allows them to chose how to extract more profit, which is usually a combination of squeezing suppliers and raising prices.
Antitrust has become close to a dead letter in the US. Amazon makes for a worthy object for reviving it.
Yves here. This post describes, in a general way, some outcomes of our current Middle East adventurism, with the Islamic State as its current nemesis. However, at least one of Van Buren’s “worst-case outcomes” strikes me as not bad, which would be a thawing of hostilities with Iran. But I don’t see how Israel tolerates that.
But the looming issue behind all of these scenarios is that the game is being played to justify continued large budget allocations to the military-surveillance complex. The cost of defending the American is more guns in the guns versus butter tradeoff.
Yves here. As much as readers may already have an intuitive grasp of the story told in this post, data can help define its contours better. Here we see that the rising tide of global growth has not lifted all boats. The gains of the once-poor in China and India have come at the expense of the what used to be the middle class in more developed countries. Reducing poverty has not been a zero sum game. This post also omits another key piece: the rise and rise of an uber-wealthy class.