The pandemic has afforded all of us a refresher course on the five stages of grief, a theoretical and controversial framework for describing how people cope with tragedy: denial, anger, bargaining, depression and acceptance.

https://t.co/nqPmjCvyab

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There is no shortage of takes about what's going on with Gamestop (and other surging stocks), Robinhood and Reddit's r/wallstreetbets, many of them contradictory - at least on the face of them. But I think it's possible for most of these takes to be right. Here's how.

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First you need to understand the underlying mechanics of the story. Stock markets are fundamentally a way of making bets, including bets on the outcome of other peoples' bets, and bets on the outcomes of THOSE bets.

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All this complexity creates lots of exploitable opportunities. Some of these opportunities are considered legitimate and are given respectable names like "arbitrage." Others are considered illegitimate, and are called disreputable things like "stock manipulation."

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A hypothetical Martian observing all this through a telescope could not tell you which kinds of bets were honest and which were dishonest, because the difference isn't about any objective standard, but rather, about power.

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The strategies of powerful people are legit, while the strategies of their would-be dethroners are not legit. Sometimes, even outright frauds are OK if they're done by people with enough power.

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When it's railroading time, you get railroads.

When the railroads turn into the personal satrapies of rail-barons, you get trustbusters.

A couple decades ago, it was online service time. We had the users, the telcoms systems, the computers, the modems, so we got platforms.

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We had that, but we lacked something important: effective antimonopoly enforcement. Lax merger laws allowed companies with access to capital markets to buy out or neutralize all their competitors, so we got monopolies.

Right on schedule, we're getting digital trustbusters.

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Now, some people aren't technically sophisticated, but they do understand a lot about competition law. That's how you get meat-and-taters antitrust proposals like @amyklobuchar's #CALERA, which address the structural problems with antitrust

Klobuchar's bill is hugely important. The reason we have monopolies is that we stopped enforcing anti-monopoly law 40 years ago. Monopoly isn't a tech problem, it's everywhere from sneakers to glass bottles to pro wrestling to candy to

Klobuchar's CALERA doesn't just seek to apply antitrust law to tech - it also explicitly restores the pre-Reagan basis for fighting monopolies: we fight monopolies because they concentrate power and corrupt our politics. All monopolies are guilty unless proven otherwise.

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Surveillance companies assure us that they employ safeguards to ensure that their customers aren't abusing their products to engage in unlawful or unethical surveillance. And yet, inevitably, these companies abuse their tools THEMSELVES.

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It's almost as though being the kind of person who dreams of achieving incredible wealthy by spying on people makes you kind of an asshole.

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Like the people at @VerkadaHQ, "a fast-growing Silicon Valley surveillance startup" whose male employees used its own products to sexually harass their female colleagues and received the barest wrist-slaps for

Male Verkada employees maintained a private Slack channel where executives posted photos of female employees - captured with the company's own surveillance tools - and made sexually explicit remarks about them.

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When this came to light, the company's founder and CEO Filip Kaliszan called an all-hands meeting, expressed disappointment in the harassers, and told them that they could either quit...or lose some stock options. They chose the latter and remain employed there to this day.

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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.

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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.

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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.

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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.

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The Grand Duchy of Luxembourg is a founding member of the EU, but it's also a rogue state, enabling massive corruption throughout the trading bloc; while Cyprus and Malta will sell any corrupt robber-baron EU citizenship, it's Luxembourg that leads in laundering their money.

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As the @TaxJusticeNet's @nickshaxson memorably put it, Luxembourg is "a criminal enterprise with a country attached" - a country where corporations are guaranteed "an easy ride on taxes, disclosure, financial regulations, and criminal

2014's #Luxleaks exposed some of the worst corruption, whereby @PwC worked with Luxembourg officials to secure illegal tax benefits for major corporations and the world's richest

Luxleaks lead to a 2018 EU directive that required member states to publish registers of the true owners of the companies they registered.

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Luxembourg published theirs in 2019, and @lemondefr partnered with ten media orgs for a year-long analysis of the register, which was published this week: #Openlux. The findings reveal that Luxleaks was just the tip of the

Count Giancarlo Cicogna was a member of the Ciga hotels clan. He was with Ghislaine Maxwell for 4 years. He was 'the man who moulded the Ghislaine we now see. He told her where to get her hair cut, and what to wear.'
https://t.co/XorCl9VKW6

There is a very Ghislaine like character named Madam Anais in the movie La Belle De Jour who runs a Brothel. The film was produced by Marina Cicogna.

Private View of 'Once Upon Time' an Exhibition of Photographs by Marina Cicogna Sponsored by Fiat at the Little Black Gallery,

My view Marina Cicogna looks like Dottie in the Disney Channel series WandaVision.

NY Times covered a story of Countess Marina Cicogna, a woman with a very intetesting life. I am sure she knows many secrets and that gives her power over people of influence.

So, I want to talk about how sexual harassment and fair pay are linked at Google (and beyond), because I think that's an angle that isn't being highlighted enough in the coverage of these walk-outs. I'm going to frame it largely around my personal experience there. Thread.

When I was sexually harassed by the director of the area I was working in, I was afraid to report it because I was worried that "getting him in trouble" would result in the subtle retaliation of missed leadership opportunities.

I wanted to continue working on the team I was on, because I'd gained a lot of very deep knowledge and expertise in that area, as well as reputation and camaraderie with the other folks working in that area. I didn't want to make the situation more "difficult."

To get promoted at Google, several need to happen: 1. you need opportunities for ownership and leadership above your current level (basically, opportunities to show you're working at the next level you're trying to get promoted to). The work you're "assigned" has a big impact.

2. You need glowing reviews from peers, *at or particularly above the level you're hoping to get promoted to.* Basically, you need people a lot more senior than you to say you're doing awesome work.

Yesterday I refused unsafe work. This is how it went.

#onted #onpoli #osstf

1st, to the haters. Since when is it "normal" to go to work scared for your health, your life, and your family's lives? It is our right not be scared at work and our employer (in my case, the gov) needs to put measures in place so we aren't afraid. That is law, not just words.

There were 2 steps to the refusal. Refusing to work to my employer, and refusing to work to the Ministry. If my concerns were addressed in Step 1 - to my employer, there is not need to go to the Ministry. We went to the Ministry.

Involved in my refusal were my administration team, a Health and Safety Inspector from my employer, a Health and Safety Inspector from my union, and later in Step 2, a Ministry of Labour Inspector.

I first stated my specific concerns to my adm. They were so supportive in doing everything in their power to address my concerns. I want to thank them for that. They took my concerns seriously. My concerns were all tied to the increased contagiousness of the new variants:

Thread: This is a long thread about my wife's grand-father: Vinayak Apte.
Born, brought up & lived in Pune. Aptewada, Sadashiv Peth. Qualified as an engineer in 1920s or so. Married around same time.
I promise you this is worth reading, so settle down with your cup of tea....1/n

Around 1921, young Vinayak writes to Mahatma Gandhi expressing his desire to join Bapu & work for freedom struggle.
Bapu writes back saying sending money for the ticket (₹5) & get your backside up here (not exactly these words, but you know what I mean!).
Bapu adds a PS...2/n

"If you change your mind, please return the ₹5 by money order to Sabarmati Ashram" Typical Bapu, you might say! Careful with money.
Vinayak quits his job & decides to go to Sabarmati. Entire extended Apte clan is horrified. Joining that fakir? Giving up your job? Ostracised.

Vinayak goes to Sabarmati with young wife & 2-3 yr old daughter. Wifey not impressed at all, bcoz on arriving there they are assigned to separate living quarters (men & women), celibacy & every1 (incl her, a Brahmin woman) was expected to clean toilets! Horror of horrors..3/n

Wife never forgave Vinayak & Bapu. She had married a engineer & was looking forward to a prosperous life. Life on other hand, was full of austerity. Everyone had to work & was paid a pittance. 5 am wake up.Cook. Clean. Khadi sarees (which btw weigh a ton!) & evening prayers...4/n