#BlackHistoryMonth In the Navy, I was fortunate to serve at Commander Cruiser Destroyer Group 2(CCDG2). I reported to duty in 1981 as Radioman Seaman Apprentice(RMSA), and served through 1985 in the communications division achieving the rank of Petty Officer 2nd Class(RM2/SW) /1

In 1937, a trucker got frustrated waiting for his cargo to be unloaded. He later sold his company for $1.1 billion.

Here’s the story of how Malcom McLean made a billion dollars and which startup could be following in his footsteps. (Inspired by our episode with @laurabehrenswu)

In the early 1950s, the shipping industry was a dying business.

New York’s docks were handling half as much domestic cargo in the early 1950s as they had been in the depressed 1930s.

In thirty years, no one had invested significant money in coastal shipping.

Why?

As McLean found out, loading ships was difficult and slow.

A truck or train would deliver items to the port. Each item was unloaded separately, recorded, and carried to storage.

When a ship was ready, each item was taken from storage, counted again, and hauled on-board.

The cost of this labor was significant. As one expert at the time explained:

“A four-thousand-mile voyage for a shipment might consume 50 percent of its costs in covering just the two ten-mile movements through two ports.”

Yet, despite the industry’s issues, it felt little pressure to change.

Foreigners were barred from operating domestically. Cartels ran international routes. And gov. subsidies eased the pain of labor costs.

Reshaping the industry needed an outsider.

Enter Malcolm McLean.

Charles Ponzi and the Postal Service

The story of the man who put the 'Ponzi' in 'Ponzi scheme'

/THREAD/

1/ Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi, a.k.a. Charles Ponzi, was an italian swindler and con-artist.

Born in 1882 in Italy, he became notorious for his money-making fraudulent schemes in North America in the 1920s.

2/ He arrived in Boston in late 1903 with $2.50 in his pocket.

After many professional failures, he moved to Montreal in 1907 and started working as a bank teller at Banco Zarossi, where he rose to the position of bank manager.

3/ This is where he first witnessed the bank's scheme, where Zarossi was funding interest payments using deposits from newly opened accounts instead of investment profits.

4/ Ponzi served 3 years in jail for check forgery and returned to the US after his release.

However, he got involved in smuggling illegal immigrants into the country landing in prison for another 2 years, moving back to Boston after that.

So. I loved #TheDig. Despite being set in the 30's it evoked a lot of my early fieldwork experience in the 80's and some of the things archaeologists were gushing about are still pay of the experience today. And it also evoked the fantasy that I became an archaeologist to chase>

If you just want to enjoy it, and bask in the glow of archaeologists being happy for once, stop reading here >

Because, being aware of that fantasy, I'm also aware of corrosive elements, things that structure how archaeology works, both practically & in the collective imagination which work against that other fantasy, that my work can 'make a difference' contribute to progressive change>

The primary driver of the story is class & it's connection to skill & to land. EP has the right to the land, the choice to dig, the ownership of the artefacts because she is the landowner. We are meant to cheer along when the coroner decides in her favour>

BB is a man of the land, he literally knows the soil of Suffolk by feel. His skill & sense are central to the story. And they are credited with the discovery, which is the most important part of the process, not the analysis, care or interpretation>

Princes of Orissa (1870)

https://t.co/lU805fGjwH