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More from Economy

Peter Foster
Peter Foster
@pmdfoster
🚨🇬🇧🇪🇺💄👠👗💅🏻🕺💃🇪🇺🇬🇧🚨
UK’s £35bn fashion industry warns of “decimation” from #brexit - big names sign open letter to @BorisJohnson urging action. Many of 50,000 SMEs on the rack due to VAT, customs and work permit issues. Stay with me/1


You can read the full text of the letter here, co-ordinated by Fashion Round Table @FashionRoundTab, but tl;dr it says that #Brexit has left a "gaping hole" in an industry that relies of free movement of professionals. It's a familiar cry /2



@FashionRoundTab The industry, already whacked by #COVID19, is now discovering that cross-border sales are a horror (VAT, Customs, long delays) and models, stylists, photographers that used to blat around Europe can't any more. They need permits, for themselves, for their gear /3

It is on one level amazing that this is only just fully dawning - as the musician industry found out recently - but fashion is not just big names and big companies. It's actually a mountain of small companies and sole traders often that feed into a huge (£35bn) industry /4

I've written about fashion models issue before (they need tier-5 sponsorship visas) and how that will erode London's status as a hub, but this goes so much wider than this - hence the #dontmakefashionhistory campaign - and comes down the lack of a mobility chapter in the deal /5
ECONOMY
Kanekoa
Kanekoa
@KanekoaTheGreat
1/ In @RayDalio's perspective, we are at the very late stages of the long term debt cycle. These long term debt cycles typically take 50-75 years to play out. This cycle began in 1945 when World War II ended and we began the US dollar-dominated world order.


2/ In the words of @RayDalio, "Right now, the world’s major central banks have the least fuel in their tanks since the late 1930s so are now in the later stages of the long-term debt cycle. Because they come along about once in a lifetime most people aren’t aware of them."


3/ Central banks have spent the last decade in a race to see who could devalue their currency the fastest. Near 0% interest rates have meant increased printing of the dollar, euro, and yen. Central banks no longer have the ability to tighten credit so they print money.


4/ Being towards the later stages of the long-term debt cycle there is a global sovereign debt bubble similar to what we saw in the 20's & 30's. In 2019, global debt-to-gdp hit 322% with total debt reaching a new all-time high of $253 Trillion.


5/ The wealth gap has also expanded to levels last seen in the 30's. Historically, inequality and large wealth gaps have eventually led to dire consequences. Periods of conflict and social unrest often marked by taxes, revolutions, or wars.
ECONOMY
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M Reyaz, PhD || \u0645\u062d\u0645\u062f \u0631\u06cc\u0627\u0636
M Reyaz, PhD || محمد ر...
@journalistreyaz
THREAD on how economically Muslims maybe poorer (the state is overall also not as rich) in #Bengal but have relatively got socio-political empowerment (part of Threads I am writing for the understanding of Bengal politics in the context of upcoming assembly election):

1/20

The socio-economic status of Muslims in the state is far behind other communities as the Sachar Committee Report (2006) and Pratichi-SNAP’s “Living Reality of Muslims in West Bengal” (2016) attest.

2/20

But it has not witnessed the rule of the BJP yet although the founder of the predecessor of the saffron party, Bharatiya Jan-Sangh, Shyama Prasad Mukherjee was himself a Bengali.

3/20

During both the Congress and the Left Front rule earlier, and now under TMC Muslims did get some leverage although political marginalization even at block level had continued.

4/20

Across India, the last two general elections, and even the recent Bihar assembly elections, have resulted in the further marginalization of Muslims.

5/20
ECONOMY
The British History Podcast
The British History Po...
@BritishPodcast
It's always been detached, and it's always made the real economy worse.

[THREAD] 1/10


What is profit? It's excess labor.

You and your coworkers make a chair. Your boss sells that chair for more than he pays for the production of that chair and pockets the extra money.

So he pays you less than what he should and calls the unpaid labor he took "profit." 2/10

Well, the stock market adds a layer to that.

So now, when you work, it isn't just your boss that is siphoning off your excess labor but it is also all the shareholders.

There's a whole class of people who now rely on you to produce those chairs without fair compensation. 3/10

And in order to support these people, you and your coworkers need to up your productivity. More hours etc.

But Wall Street demands endless growth in order to keep the game going, so that's not enough.

So as your productivity increases, your relative wages suffer. 4/10

Not because the goods don't have value or because your labor is worth less. Often it's actually worth more because you've had to become incredibly productive in order to keep your job.

No, your wages suffer because there are so many people who need to profit from your work. 5/10
ECONOMY
Dr. Nyri A. Bakkalian
Dr. Nyri A. Bakkalian
@riversidewings
SALUTATIONS you fantastic denizens of the internet! The first #FridayNightHistory of 2021 is here! This week, a new mystery: the true name of "John Williams," Japanese Veteran of the American Civil War.

Yeah, you heard right. And he's not the only one, either.


Now-- I know, I know. Ordinarily you see me talking about the Japanese aftermath of the US Civil War, in the form of people and surplus equipment from the US that ended up there during the Boshin War.

I find myself in pursuit of the opposite, today. @DuPertweet brought a tweet by @KyleMizokami to my attention, with photos of an article talking about Asian-American/Pacific Islander veterans of the US Civil War in general and 2 Japanese vets in particular.

I'm starting from one of those two, and seeing how much I can reconstruct, because there really weren't that many Japanese people outside of Japan in the timespan of the US Civil War (1861-1865), so I think it should be possible to narrow down their precise names and identities.

And this week I want to start from one. What do we know about this person who American records call John Williams?
ECONOMY

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Patrick McKenzie
Patrick McKenzie
@patio11
It’s underremarked upon that stablecoins accomplish basically all of the original design goals for Bitcoin qua a transactional mechanism (instant free value transfer anywhere), but that nobody cares about this because nobody ever cared about that part of the pitch.

“Why do people care about stablecoins then?”

A mix of “they encourage dollar-denominated liquidity in the cryptocurrency ecosystem and discourage withdrawal of the same” and “they’re good for money laundering.”

“But they make value transfer between exchanges much faster!”

This was a solved problem in traditional finance, too, mostly through the extension of credit. (It doesn’t matter how long settlement takes if there is sufficient trust to enable credit.)

The Bitcoin ecosystem is *positively allergic* to credit, so you have to call it a coin for them to accept it. And after you call it a coin they ignore everything the world has learned about credit, like risk management.

“Stablecoins aren’t credit!”

They’re pretty much exactly credit? A tether is a zero-coupon Bitfinex bond with a non-functioning call option. I
TECH
Jaya_Upadhyaya
Jaya_Upadhyaya
@Jayalko1
SRI CHAMPAKADHAMA SWAMY, BANNERGHATTA HILL, BENGALURU (KAR)
#bharatmandir

The shrine is dedicated to Sri Vishnu along with Devi Lakshmi and Bhoodevi.
It is built in an area full of Champaka trees.
As champaka flowers are offered to Sri Vishnu here, it is called Champakadhama.


It is believed that King Janmejaya had sarpa-dosha. To get rid of it, he took bath in the nearby pond. He emerged with a golden body and sarpa-dosha was also removed. The pond is called Swarnamukhi and believed to have curative powers.
Sri Vishnu murti was consecrated by him.


It is also believed that this forest area was the Dandakaranya where Sri Ram stayed in exile.
Some believe that the original shrine was built by Pandavas.
The pushkarni/pond is emptied once a year so that the rock at the bottom (which has image of Anjaneya) may be worshipped.
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meilong
meilong
@meilong15
一个北大毕业的殡葬工自述武汉封城期间的经历，凄惨。这应该才是武汉的真实情景，跟很多人的叙述是吻合的。


https://t.co/QYTO1SYedG
WUHAN FUNERAL WORKERS REPORT
Patrick McKenzie
Patrick McKenzie
@patio11
So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.


The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.

This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.

The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."

This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
CRYPTO
foone
foone
@Foone
You want to know something about how bullshit insane our brains are?
OK, so there's a physical problem with our eyes: We move them in short fast bursts called "saccades", right? very quick, synchronized movements.
The only problem is: they go all blurry and useless during this

having your vision turn into a blurry mess every time you move your eyes is obviously not a good idea, so our brains hide it from us. Now, imagine you're an engineer and you have this problem.

You've got some obvious solutions you could do.
1. make the vision go black during movement. (Some VR games do this!)
2. just keep showing the last thing we saw prior to movement

both are good options with different downsides, but OH NO. this is assuming everything makes sense and is chronological and (regular) logical.
Your brain does neither of these options, really.

first, it basically puts your visual system on "pause". You're not seeing blackness or even nothing, you're just not seeing period.
then when you finish your saccade, it shows you what you now see at the new position. and then it pretends it can time travel.
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