Category Archives: Media

The Rise And Fall And Rise And Fall Of King Dollar


BOOK REVIEW

Money: How the Destruction of the Dollar Threatens the Global Economy and What We Can Do About It, Authors: Steve Forbes and Elizabeth Ames.

The Money Trap, Author: Robert Pringle.

By Ralph Benko – We live in a world monetary system that makes the U.S. dollar its official reserve currency.

About 60%  of international central bank reserves are Yankee dollars. Some, both right and left, in America and abroad, consider the reserve currency status of the dollar a bug in the software of our world monetary system.

Getting this fixed is, in the opinion of some consequential thinkers, of capital importance for the generation of quality jobs, and equitable prosperity, in America and the world. more> http://tinyurl.com/kgmlxya

Occupational Hazards of Working on Wall Street


By Michael Lewis – “I’m going to Goldman,” is still about as close as it gets in the real world to “I’m going to Harvard,” at least for the fiercely ambitious young person who is ambitious to do nothing in particular.

One moment this herd of graduates of the nation’s best universities are young people — ambitious yes, but still young people — with young people’s ideals and hopes to live a meaningful life.

The next they are essentially old people, at work gaming ratings companies, and designing securities to fail so they might make a killing off the investors they dupe into buying them, and rigging various markets at the expense of the wider society, and encouraging all sorts of people to do stuff with their capital and their companies that they never should do. more> http://tinyurl.com/mrv2zxm

Are reports of IBM sale ‘greatly exaggerated?’


By Dan D’Ambrosio – “It’s hard to buy a smartphone that doesn’t have IBM content in it today,” senior technical staff member Mark Jaffe said.

“I have a Samsung Galaxy S4. I think this has nine chips that we make in it.”

If somebody cracked open Jaffe’s smartphone, there would be no chips bearing the IBM logo. That’s by design.

IBM sells to suppliers who sell to manufacturers including Apple Inc. and Samsung Group. IBM has no plans to launch its equivalent of the “Intel Inside” campaign. more> http://tinyurl.com/mtm2mvq

Global Living Planet Index


By Tom Randall – If animals were stocks, the market would be crashing.

To say the index of animals is underperforming humans is an understatement. More than half of the world’s vertebrates have disappeared between 1970 and 2010.

Humans are currently drawing more from natural resources than the Earth is able to provide. It would take about 1.5 planet Earths to meet the present-day demands that humanity currently makes on nature, according to the WWF (pdf).

If all the people of the world had the same lifestyle as the typical American, 3.9 planet Earths would be needed to keep up with demand. more> http://tinyurl.com/mdb9wjg

Secret Fed Tapes Recorded Goldman’s Capital Game


By Matt Levine – Do read/listen to the story though! It’s fascinating …

… wait. Is that not how it’s supposed to go?

One conclusion you might draw from the tapes is that the regulators and the banks had a very different conception of what social practice they were engaged in.

Goldman was helping Santander play a game against its regulators, while the New York Fed just wanted to be friends with Goldman and not make too much trouble.

It certainly makes it easier to win a game if the other side doesn’t know it’s playing. more> http://tinyurl.com/lq9l238

Related>

Crucial Difference Between Truth and Meaning


BOOK REVIEW

The Life of the Mind, Author: Hannah Arendt.

By Maria Popova – While our thirst for knowledge may be unquenchable because of the immensity of the unknown, the activity itself leaves behind a growing treasure of knowledge that is retained and kept in store by every civilization as part and parcel of its world.

The loss of this accumulation and of the technical expertise required to conserve and increase it inevitably spells the end of this particular world. more> http://tinyurl.com/pcg6m9w

Has Capitalism Reached A Turning Point?


By Steve Denning – The entrenched interests are mutually reinforcing, as society as a whole has come to accept the practices and ideology of 20th Century management as inevitable.

The C-suite is offered extraordinary compensation by their boards for implementing the practices. Business schools teach their students how do it.

Institutional shareholders are complicit. Regulators pursue individual wrong-doing rather than addressing systemic failure. Rating agencies reward malfeasance. Analysts applaud short-term gains and mostly ignore long-term rot.

Politicians, lavished with campaign contributions, stand by and watch. In such a context, it isn’t easy for any individual business leader to take a stand and say: this is simply not right.

It’s the entire society that needs to change. more> http://tinyurl.com/p4as2xl