BC HISTORY
Saved by @jay_millerjay

Accountancy is more likely to be mocked than celebrated (or condemned), but accountants, far more than poets, are the unacknowledged legislators of the world.

1/

 Though "bean counters" are employed by firms, they are notionally bound by a professional code of ethics every bit as serious as the Hippocratic Oath: "count things honestly." Without an accurate accounting of quantities, you can't make good decisions on quality.

2/
Though accountancy concerns itself with counting things, it is inextricably bound up with the realm of ideas, and accounting conventions (how you account for things) are philosophical matters, not empirical ones.

3/
It's no coincidence that #ModernMonetaryTheory owes more to accountancy than it does to economics. Economic accounts of the economy have an unfortunate tendency to proceed from first principles, creating models based on pure reason, without checking in on the actual world.

4/
For example, neoclassical econ's "homo economicus," the rational value-maximizing actor who populated so many models; or economists' insistence on targeting inflation with interest rates; or treating national "debts" like they were household debts.

5/
It's telling that the greatest economics revolution of my lifetime was "behavioral economics," which could also be called "checking to see whether real people act like we've assumed they acted."

6/
If it seems weird that economists would spend generations operating on the incorrect assumption that people behave in a certain way without ever checking, consider that Aristotle assumed women had fewer teeth than men, - and never bothered to count.

https://t.co/dApCRKT9yj

7/
Accountants check, and what they find is…gnarly. In "An Accounting Model of the UK Exchequer," @spatchcockable, @widespreadhaze and Neil Wilson offer a mindbending account (heh) of where money comes from (hint: not taxes), and where it goes ("poof").

https://t.co/5pJBIfYkUN

8/
The authors did a two-part @MMTpodcast interview describing the paper's findings, and it is the most extraordinary 2.5h audio you're likely to find: not just the realities of money, but the deliberate obfuscation thereof.

https://t.co/IdK92zx2sX

https://t.co/lmCAQfTXQv

9/
One thing the Exchequer paper reveals is that accountants bat for both teams: team clarity and team obscurity. As many finance scandals and finance dramas have reminded us, accounting can be turned to obscuring and dazzling rather than revelation.

10/
After all, somewhere in HM Exchequer is a team of accountants who know EXACTLY how money works - and know that it's nothing like the account produced by economists or politicians. They know it because they are in charge of it. They do money, all day long.

11/
When accountants go rogue, things get bad. And thanks to neoclassical economics - and its emphasis on the "efficiency" of monopolies - we are living through a golden age of ghastly accounting fraud.

12/
Just four companies - @ey, @kpmg, @pwc and @deloitte - audit the books of 97% of the 350 largest UK companies; but they make far more selling these companies consulting services, and have made a habit of lying about those books in order to boost their consulting income.

13/
Accountancy is meant to be a profession that understands that conflicts of interest are a moral hazard. But just as doctors convince themselves they won't get addicted to their own painkillers, accountants talk themselves into believing that conflicts won't corrupt them.

14/
That's how the Big Four accounting companies came to sign off Carillion's fraudulent books. The company hid £7b worth of debts, took on management of vital government services up and down the country, then collapsed, leaving the nation stranded.

https://t.co/4TII4dPMMp

15/
For the Big Four, Carillion's collapse was a feature, not a bug. After all, the only accounting firms large enough to oversee its bankruptcy were...the Big Four, who billed millions for cleaning up the mess left behind by their own fraud.

16/
Accounting fraud is a fascinating potential fracture line in economic reform. After all, fraudulent accountants may help SOME plutes get rich - like, say Bernie Madoff, or Donald Trump - but they often do so at the expense of OTHER plutes.

17/
Like @exxonmobil, which lied to its investors for 11 years about the value of its shale-gas holdings, which it purchased at the peak of the fracking bubble and whose revenues and liabilities it has buried in its financial statements ever since.

https://t.co/hpSWKt1ahr

18/
The company is finally writing down $19.3b worth of those assets, but the true figure is more like $50b. And yes, Exxon's big investors include a lot of passive funds that invest pension savings, meaning this hurts Main Street as well as Wall Street.

19/
But as ever, those pension-savers are the Lucky Duckies here, because - joke's on us - Americans have basically no pension savings, thanks to the wage stagnation and asset inflation that left almost all working Americans facing penury in old age.

20/
Hey, at least they're not getting ripped off by Exxon! The real victims of this decade-long, multibillion-dollar fraud are the same people who got snookered into buying into shitty Trump casinos and luxury buildings: rich people.

21/
By definition, rich people deal in quantities that exceed their ability to personally count so they are especially vulnerable to scam accounting. It's only when the frauds tank a company we all suffer, as jobs and businesses disappear, screwing workers and cities.

22/
The absence of a neutral ref and scorekeeper is a really big deal in online business and policy circles. The ad-tech duopoly isn't merely content to price-gouge advertisers - they also lie about what those sky-high prices are paying for:

https://t.co/pmWMTNsPRp

23/
But each member of the duopoly has a different scam. Google's frauds are complex, behind-the-scenes market manipulations, an abstruse, mathematical grift that leverages complexity and monopoly to fleece its customers.

https://t.co/gDyvaKtkwZ

24/
Facebook is much more straightforward. It just lies. Back in 2016, FB lied about how many people were watching videos, and encouraged hundreds of media company to beggar themselves to chase fraudulent video dollars:

https://t.co/GmcR3tDc8B

25/
Accounting fraud is in Facebook's DNA. After all, this is a company whose primary sales-pitch is, "We will count everything you do and then charge people to help them sell you stuff."

26/
This proposition is intrinsically hard to evaluate. How can a customer know if their FB ad generated a sale, or whether it was an ad elsewhere, or random chance, or even that elusive beast, customer loyalty?

27/
The main source for the belief in Facebook's efficacy is...Facebook. It's not a neutral party, and the accountants who sign off on its books have repeatedly shown themselves to be untrustworthy.

28/
Here's the latest scandal: since 2018, FB's been defending a class-action suit brought by its customers who claim that FB lied about "potential reach" - that is, how many users would see their ads.

https://t.co/alNpNJ8PZw

29/
And while FB strenuously denies that the inaccuracies in "potential reach" metrics were just normal, unpredictable variations in user behaviors, a whistleblowing FB product manager has produced emails in which they warn execs that they're committing fraud.

30/
The execs who got these memos rejected them, telling the product manager that acting on them would have "significant revenue impact" - that is, "Our customers wouldn't buy our products if we were truthful about them."

31/
The fraudulent reach figures begat fraudulent revenues, and those revenues were fraudulently reported to investors. Those investors will now take a haircut if FB loses in court.

32/
Accounting fraud's pathology is bimodal: it abets the wage-theft and austerity that harms the poorest and most vulnerable - but also the reporting scams that harpoon finance's biggest whales.

33/
It's a curious alliance of interests. For now, it seems like Big Tech is going to be antitrust and anti-corruption's harbinger, but I wouldn't count accountancy out - it's got exactly the right kinds of enemies to fire sustained political will.

34/
If you'd prefer to read or share this thread as a blog post, here it is on https://t.co/iSBh8s9m7q, a site that is entirely free of ads, trackers, or surveillance:

https://t.co/niVePUyzgf

eof/

More from Cory Doctorow #BLM

Cory Doctorow #BLM
Cory Doctorow #BLM
@doctorow
While many Amazon warehouse workers in Europe have unionized, its brutalized, underpaid, routinely maimed US workforce remains tragically unorganized, thanks to the US's weak labor laws that make forming a union far harder than at any time since the Gilded Age.

1/


But all that may be about to change: 6000 warehouse workers in #BHM1, the massive Amazon warehouse in Bessemer, AL, will vote next month on a push to unionize under the

Amazon, like other tech giants, is absolutely reliant on building and maintaining a competitive advantage by exploiting technology to drive wages ever downward while ducking responsibility for harming workers.

3/

Big Tech is pants-wettingly afraid of unionization, and that goes double for any solidarity between high-paid tech workers and misclassified/outsourced warehouse workers and other "unskilled" laborers.

4/

Amazon has gone so far as to hire the Pinkertons, renowned as some of history's most violent anti-worker terrorists, to bust unionization drives in its
BUSINESS
Cory Doctorow #BLM
Cory Doctorow #BLM
@doctorow
There are lots of problems with ad-tech:

* being spied on all the time means that the people of the 21st century are less able to be their authentic selves;

* any data that is collected and retained will eventually breach, creating untold harms;

1/


* data-collection enables for discriminatory business practices ("digital redlining");

* the huge, tangled hairball of adtech companies siphons lots (maybe even most) of the money that should go creators and media orgs; and

2/

* anti-adblock demands browsers and devices that thwart their owners' wishes, a capability that can be exploited for even more nefarious purposes;

That's all terrible, but it's also IRONIC, since it appears that, in addition to everything else, ad-tech is a fraud, a bezzle.

3/

Bezzle was John Kenneth Galbraith's term for "the magic interval when a confidence trickster knows he has the money he has appropriated but the victim does not yet understand that he has lost it." That is, a rotten log that has yet to be turned over.

4/

Bezzles unwind slowly, then all at once. We've had some important peeks under ad-tech's rotten log, and they're increasing in both intensity and velocity. If you follow @Chronotope, you've had a front-row seat to the
INTERNET
Advertisement
Cory Doctorow
Cory Doctorow
@doctorow
It's been eight years since @aaronsw took his own life. Aaron had been charged with 13 felonies under the Computer Fraud and Abuse Act (#CFAA) for violating the terms of service on the @JSTOR database of scholarly articles.

1/


Prosecutors Stephen Heymann and Carmen Ortiz didn't dispute that Aaron was allowed to access the articles he retrieved. Rather, they said that the WAY he accessed them (using a script instead of clicking on links) was a terms-of-service violation and hence a crime.

2/

In other words: any business could conjure a felony out of thin air by making you click through an unreadable garbage-novella of legalese proscribing the use of a service they granted you access to. Violate any of those terms and you face a prison sentence.

3/

This isn't law as we know it, it's Felony Contempt of Business Model, and the most alarming thing was that this interpretation of the CFAA wasn't completely ridiculous, given how badly drafted that law is.

4/

Ronald Reagan signed CFAA into law. Fed prosecutors had been seeking broad authority to punish "hacking" and had drawn up an absurdly broad definition of cybercrime that would give them latitude to go after anyone they didn't like.

5/
ALL
Cory Doctorow #BLM
Cory Doctorow #BLM
@doctorow
Republican North Dakota legislators have introduced #SB2333, a bill that prohibits large tech companies from locking their users into a single app store or payment processor.

https://t.co/PgyhgOhFAl

1/


While his has implications for Android and other large tech platforms, its most immediate and far-reaching effects with be on Apple, whose Ios platform uses lock-in to monopolize both apps and payments (and another domain, not mentioned in the bill: repairs).

2/

Predictably, this has thrown Apple into a fury, with Apple's privacy chief @erikn telling the SD legislature that Apple uses its monopoly over the app store to protect its users' privacy and

Neuenschwander makes a good, but incomplete, point. To the extent that Apple has the same interests as its users, it uses its app store monopoly to lock out bad apps (to the best of its ability).

4/

But when Apple's interests diverge from its users' interests, the prohibition on sideloading apps actively harms those users' privacy and security. Think of how Apple caved to Chinese state demands to remove working VPNs from the Ios app store to facilitate mass surveillance.

5/
BUSINESS
Cory Doctorow #BLM
Cory Doctorow #BLM
@doctorow
We are in an extraordinary moment, but not an entirely unprecedented one. Since the earliest days, societies have had to cope with disasters that wiped out the ability of everyday people to service their debts and thus threatened to destroy their societies.

1/


If you've read U Missouri econ prof Michael Hudson's writings on the subject, you know that for millennia, rulers in these circumstances simply wiped out the debts, declaring a "jubilee" that allowed people to rebuild after disasters rather than being trapped in debt spirals.

2/

In a new essay on @NakedCapitalism called "How an 'Act of God' Pandemic Is Destroying the West: The US Is Saving the Financial Sector, Not the Economy," Hudson reveals the abyss on whose brink we are balanced, and what we must do to pull back from

Hudson's oft-repeated golden rule is "Debts that can't be paid, won't be paid." That is to say: making it harder to declare bankruptcy, or binding debtors over to arbitration or wage-garnishing won't actually get them to pay debts they cannot afford.

4/

This is a very sharp observation in the US context. The 2008 crisis was "solved" by bailing out finance, not people - and so the finance sector was able to lend to consumers to buy things again, while consumer debt mounted to spectacular levels.

5/
ECON

More from History

Shalini Singh Sengar
Shalini Singh Sengar
@Maverickmusafir
Remembering Colonel Anil Kaul, VrC (Retd) on his 3rd Death Anniversary.

“It was October 12, 1987, exactly 5:55 pm as I was… coming out of the cupola of my T-72 tank on a steamy evening in an unknown place called Kokkuvil in the Jaffna district of Northern Sri Lanka.+


I froze in that confined space at what I saw. An LTTE militant stood at 60 meters aiming his rocket-propelled gun at my tank.

In a flash he fired. Probably having lost his nerve he aimed too low. The projectile hit the left mudguard of the tank, but for some inexplicable reason+


did not explode. It then hit the side of the main gun and then exploded on top of the turret, all in a fraction of a second. Before I knew, it seemed I had received a straight right punch so to say to my chin. I saw some blood appear on my left hand and there was a sharp drop in+

my eyesight.

Lt Colonel (now Lt Gen) Dalbir Singh, then Commanding Officer of 10 Para Commando, who was standing on the engine deck said to me, “Yaar what a close shave.”

He suddenly saw me and the look on his face told me that something was very very wrong with me. In that+

fraction of a second, as if it was a rewind of my entire life, thoughts raced through my life as to how and when I had landed myself in such a situation…

I asked my gunner to pull out a first field dressing (FFD) which is standard equipment in a first aid box carried in each+
HISTORY
Kaspars Ozolins
Kaspars Ozolins
@lettlander
THREAD: Meditations on marriage metaphors in Ruth

The book of Ruth is, of course, a story about a beautiful marriage. But even before the courtship and the wedding and the important genealogy at the end, we find interesting language that is strikingly reminiscent of Genesis 2:24


That important verse reads:

'Therefore a man shall leave [יַֽעֲזָב] his father and his mother and hold fast [וְדָבַ֣ק] to his wife, and they shall become one flesh.'

The verb עזב can be quite strong in force. For example, Joseph leaves behind [וַיַּעֲזֹ֤ב] his garment as he flees from Pharaoh's wife's sexual advances. Countless times, Israel is depicted abandoning the LORD, for example in Judg 2:12 [וַיַּעַזְב֞וּ], and going after other gods.

Likewise, the verb דבק is rather striking. Lot is mortified of disaster overtaking him [תִּדְבָּקַ֥נִי] as he flees from Sodom. Israel is commanded in Deut 10:20 to cling fast [תִדְבָּ֔ק] to the LORD and serve him and swear by his name.

Together they illustrate how radical God designed marriage to be. Marriage is a real severing of family relations in order to form a new, permanent bond with another human being.

Something very similar to this takes places in Ruth's life.
HISTORY
Advertisement
Suhas S. Hardutt
Suhas S. Hardutt
@HarduttSuhas
THE BATTLE OF TALIKOTA and the destruction of Vijaynagar (Hampi)
26 January 1565

A tale of valor, deception and decimation.

A grim reminder that if we fail to protect our heritage, it will eventually crumble under the onslaught of "forces of anarchy".
(Elaborate thread)


This decisive battle was fought between the Vijayanagara empire and the Deccan sultanates resulting in a rout of Vijayanagara and ending the last major medieval era Hindu kingdom in south India.(1)

The seeds of 1565 encounter were sown more than 250 years earlier when the forces of the Delhi Sultanate, during the time of Alauddin Khilji and later Md Bin Tughlaq swept through southern India in an expansion spree.(2)

By middle of the 14th century, facing rebellions, Tughlaq withdrew to Delhi, leaving behind 2 empires, Bahmani, which ruled the Deccan from Kalaburagi, and Vijayanagara, which ruled most south India with its capital at Vijayanagar.(3)

The Raichur Doab, between the Krishna and Tungabhadra rivers, existed as a natural boundary between these two kingdoms, with wars often breaking out over control of this territory.(4)
HISTORY
Cory Doctorow #BLM
Cory Doctorow #BLM
@doctorow
If you think "It's not censorship unless the government does it," I want to change your mind.

It's absolutely true that the First Amendment only prohibits government action to suppress speech based on its content, but the First Amendment is not the last word on censorship.

1/


Here are some kinds of private speech-suppression that I think most of us can agree are censorship: when the John Birch Society burned mountains of rock records and novels - or when Tipper Gore's PMRC pressured record stores to drop punk, metal and rap albums.

2/


Or the Comics Code Authority, which signed up all comics publishers and retailers to block comics if they contained anything unfit for small children, which stunted American comics for generations while their European counterparts created entire sophisticated genres.

3/


Or MPAA ratings, in which a secret group of censors (falsely described as frequently rotated, randomly selected parents - really they're long-serving studio insiders) decides whether movies get NC-17 ratings and thus be blocked from nearly every screen in the country.

4/


(You can learn more about this from Kirby Dick's unmissable doc, "This Film Is Not Yet Rated," which documents both how the MPAA misleads the public about ratings, and uses them to block LGBTQ
HISTORY
Jess Nevins
Jess Nevins
@jessnevins
TIL:

- first Western detective stories translated & published in Japan in *1863*--that's pre-Meiji, even!

- first Chinese-written detective stories featuring Western-style detectives starred women as both detectives and criminals were published in 1907--author Lü Simian (!).

Quote: “This case is so complicated that even Sherlock Holmes would feel helpless if it fell into his hands. [Now] it is solved by a woman who returned from abroad for a brief
visit to her hometown. Who is to say that the wisdom of Chinese cannot compete with the Westerners?”

The lead female detective in these stories, Chu Yi, is a fan of Doyle's Holmes stories and asks herself "What would Sherlock Holmes do?" while crime-solving, but succeeds through her use of martial arts and more "Chinese" attributes--China, not the West, solves the crimes.

Author Lü Simian, btw, is this guy: https://t.co/swPvAxr87J . One of the "four greatest modern Chinese historians," also wrote a landmark work of literary theory, and helped cohere Chinese detective fiction with his stories. Bit of a badass.

Holmes was the dominant influence on Chinese detective fiction of the late-Qing & early Republic years, and the biggest star of Chinese detective fiction of those years, Cheng Xiaoqing's Huo Sang, was a spin on Holmes.
HISTORY

You May Also Like

UN Watch
UN Watch
@UNWatch
The UN just voted to condemn Israel 9 times, and the rest of the world 0.

View the resolutions and voting results here:

The resolution titled "The occupied Syrian Golan," which condemns Israel for "repressive measures" against Syrian citizens in the Golan Heights, was adopted by a vote of 151 - 2 - 14.

Israel and the U.S. voted 'No' https://t.co/HoO7oz0dwr


The resolution titled "Israeli practices affecting the human rights of the Palestinian people..." was adopted by a vote of 153 - 6 - 9.

Australia, Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No' https://t.co/1Ntpi7Vqab


The resolution titled "Israeli settlements in the Occupied Palestinian Territory, including East Jerusalem, and the occupied Syrian Golan" was adopted by a vote of 153 – 5 – 10.

Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No'
https://t.co/REumYgyRuF


The resolution titled "Applicability of the Geneva Convention... to the
Occupied Palestinian Territory..." was adopted by a vote of 154 - 5 - 8.

Canada, Israel, Marshall Islands, Micronesia, and the U.S. voted 'No'
https://t.co/xDAeS9K1kW
SOCIETY
foone
foone
@Foone
An interesting set of games that I've been vaguely interested in since I was a kid, after seeing one at a friend's house and never being able to find it again, was the BATTLES IN A DISTANT DESERT/BATTLES ON DISTANT PLANETS series.


These are turn-based wargames for windows 3.x, sharing the same engine.
Battles in a Distant Desert is from 1992, and is based on the first Iraq war (Desert Storm)


and Battles on Distant Planets is from 1991, and takes place in SPACE!
I'm pretty sure this is the one I played as a kid.


They've got 3 options to play with:
* Player vs. Player
* Player vs. Computer
* Computer vs. Computer

So it's a 0-2 player game!


They also did a DOS strategy game called "STARDATE 2140.2: GALACTIC CONQUEST" in 1990, but it seems to be lost.
All the games share an experimental AI system based on neural networks.
FUN
Advertisement
Anshul Pandey
Anshul Pandey
@Anshulspiritual
RISHI ASHTAVAKRA(DEVAL)

Those who are well versed in our ancient scriptures must definitely have come across the name of Ashtavakra Muni. Who was he and what is the story behind his body getting crooked from all sides.

Muni Asit was the son of Pracheta Rishi.


He was childless and this caused a lot of worry to him. But an Akashvani assured him that he should go to Shivji to get all his
worries nullified.

So he along with his wife go to Shivji and after paying him obeisance start singing Shivji's praises.

He describes Shiv as the one who is beyond any other thing, whose glory has no words to describe. After this the couple stands with folded hands in front of Rudradev. The strotras sung in praise of Shiv possess magical qualities even today.

Shiv gets satisfied by them soon and is ready to grant a boon.

Shiva told him that, he very well knew what the Muni desired. He then gives him the "Sansaar Vijay' mantra and asks him to keep reciting it. The Isht devi would come at an appropriate time and fulfill his wish.

Asit Muni kept reciting this mantra for hundred years. The Devi appeared and granted him the boon of a son as a Shivansh. A son was born and was named as Deval. He grew upto be a great scholar well versed and a handsome young man. Asit Muni got him married to Ratnamalavati.
RELIGION
AKASH
AKASH
@AKASHBH95801446
THE SCIENCE BEHIND YAJNA

Fire is, of course, one of the greatest discovery of mankind. Our control over the fire dramatically changed the entire human habits; earlier it was used to cook food, protection from animals and to stay warm.


Among the many applications of fire, one is Yajna (यज्ञ, yajña); also called as Havana (हवन) or Agnihotra (अग्निहोत्र).
Yajna is elaborately described in Yajurveda. In Yajurveda, Yajna is the greatest among all works (Karman). One can purify his /her soul by performing Yajna.

In Vedic culture, it is thought that the holy fire is the mediator between Gods and us; when the offerings are made to Yajna with chanting mantras, it directly reaches the Gods, who bless the people with rains, food, health, and good luck.

According to Apastamba Sutra, the definition of Yajna is Vedic sacrifice; an act by which we surrender something for gods e.g. grains (Anna), pulse, milk and milk product (ghee, butter, curd) fruits, plant juice (soma), etc.

As we said; Yajna is the contact medium for gods and

to seek their blessings.

There are many types of Yajna performed by Hindus for e.g.,

1. Rajsuya Yajna
2. Ashwamedha Yajna
3. Chaaturmasya Yajna
4. Vaajpey Yajna
5. Purushmedha Yajna
6. Sarvamedha Yajna
RELIGION
Queen Preshiii
Queen Preshiii
@preshdeyforyou
Men actually cum faster when having sex with someone they love

Haha y'all fw this tweet very well 😀

So why we're here lemme show you guys WHAT IMPRESSES A MAN MOST IN BED

Sweetie I wanna remind you that every Good sex😍 is based on mutual respect and love❤, so make sure that the guy you’re fucking is worthy of you.

. and never waste effort on a guy who isn't worth it. But as long as you’re convinced of the hero-status of this guy, your endeavours will never be wasted❤.

So Below Are Things He's Secretly Dying for You to Try In Bed👇

• BABE FUCK HIM WITH THE LIGHTS ON😋💡

Men loves it when they see their dick going in and out of our pussy🍑 —They love it so much.

They love to see our creamy💦 pussy wet their dick🍆— They fucking love it 😍

You may be worried about what your husband thinks of your post-breast-feeding boobs, your C-section scar, or that at some point, he'll stop being attracted to you because you look a little — OK, a lot—different than you did on your wedding day.
LIFE