On this day in 1917, Stella Cunliffe was born. She became the first female President of the @RoyalStatSoc in 1975 and during her life was associated with many famous institutions including the British Girl Guides, the Guinness Brewery and the Home Office. 1/9

Born in Surrey, she was the first person from her school to go onto University, gaining a degree in Economics from the London School of Economics in 1938. 2/9
Her statistical career began in 1939, when she joined the Danish Bacon company, working on food allocations. During the war she was in charge of rationing in London. The bacon ration was 3 or 4 rashers per person per week. 3/9
At the end of the war she joined The Girl Guides and went to Europe to help feed the war refugees. She was also among the first civilian volunteers to go to Belsen Concentration Camp to oversee the de-lousing of inmates there. 4/9
Cunliffe then took a job as a statistician at the Guinness Brewery @GuinnessGB where she stayed for 25 years. It was here that she famously redesigned the instructions for quality control workers who had to accept or reject the handmade beer barrels. 5/9

More from History

THREAD: With #silversqueeze trending on Twitter, it appears that this week's market spectacle may well be in the silver market.

A perfect moment for a thread on the Hunt Brothers and their alleged attempt to corner the silver market...


1/ First, let's set the stage.

The Hunt Brothers - Nelson Bunker Hunt, William Herbert Hunt, and Lamar Hunt - were the sons of Texas tycoon H.L. Hunt.

H.L. Hunt had amassed a billion-dollar fortune in the oil industry.

He died in 1974 and left that fortune to his family.


2/ After H.L.'s passing, the Hunt Brothers had taken over the family holdings and successfully managed to expand the Hunt empire.

By the late 1970s, the family's fortune was estimated to be ~$5 billion.

In the financial world, the Hunt name was as good as gold (or silver!).


3/ But the 1970s were a turbulent time in America.

Following the oil crisis of the early 1970s, the U.S. had entered a period of stagflation - a dire macroeconomic condition characterized by high inflation, low growth, and high unemployment.


4/ The Hunt Brothers - particularly Nelson Bunker and William Herbert - believed that the inflationary environment would persist and destroy the value of their family's holdings.

To hedge this risk, they turned to silver.

They began buying the metal at ~$3 per ounce in 1973.

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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.