Posts filtered by tags: Late Stage Capitalism[x]


 

Leaseholders in building sheathed in flammable Grenfell cladding sent a £2m bill for repairs

In the UK, many people who live in multiunit buildings -- the sort of thing that would be a condo or co-op in the US -- live under the leaseholder/freeholder system, a relic of feudalism that has been updated for the age of inequality thanks to hedge funds and other socially useless financial engineers. (more…)
Tags: Post, UK, News, US, Inequality, Vincent Tchenguiz, Croydon, Grenfell, Late Stage Capitalism, Guillotine Watch, Weaponized Shelter, Parasitism


MLK: anti-capitalist activist

You've heard "I have a dream," but how about "Call it democracy, or call it democratic socialism, but there must be a better distribution of wealth within this country for all God’s children?" (more…)
Tags: Post, News, Race, Mlk, Class War, Late Stage Capitalism, Intersectional Solidarity


Scottish police confirm requests from world governments to find money laundered through "the UK's homegrown secrecy vehicle"

Scottish Limited Partnerships (previously) are notorious corporate entities whose true owners are easily disguised, making them perfect vehicles for money laundry. (more…)
Tags: Post, UK, News, Scotland, Hmrc, Piketty, Money Laundering, Ukpoli, Late Stage Capitalism, Oligarchy, Guillotine Watch, Financial Secrecy, Slps


Web developers publish open letter taking Google to task for locking up with web with AMP

I have often thought that you can divide up the risks of the big internet platforms by plotting a 2X2 grid; on one axis is "wants to spy on everything you do" and on the other is "wants to control everything you do" -- Apple scores low on the first axis (they don't much want to spy on you), and high on the second (they want to control you in intimate and pervasive ways); Google is the reverse (wants to spy on you, but is so capable of following you wherever you go that it doesn't need to contr...
Tags: Apple, Google, Facebook, Post, Publishing, News, Web Theory, Competition, AMP, Platforms, Late Stage Capitalism


Nebraska State Senator proposes constitutional amendment to allow corporations to create tiny, sovereign nations with no laws, taxes or rules

Nebraska State Senator Paul Schumacher [R-22] [(402) 471-2715] has proposed an amendment to the state constitution that would create 36-square-mile regions in the state where corporations would enjoy up to 99 years of sovereignty, with "no city or state taxes and no local or state regulations." (more…)
Tags: Post, Science Fiction, News, Christ What An Asshole, Republicans, Gop, Nebraska, Nebraska State, Late Stage Capitalism, Dystopia Watch, Franchulates, Paul Schumacher


You absolutely must secure your home router and you probably can't

Lucian Constantin's Motherboard guide to protecting your home router is full of excellent, nearly impossible-to-follow advice that you should follow, but probably won't. (more…)
Tags: Security, Post, Business, Copyfight, News, Fcc, Net Neutrality, Competition, Infosec, Dmca, Howto, Lucian Constantin, CFAA, Late Stage Capitalism, Monopolism


For 20+ years, Japan's largest companies have been riddled with corruption and fraud

For months, Japan's much-vaunted manufacturing sector has been wracked by scandal after scandal, as the country's biggest corporations admit to decades of systematic fraud that started in the boardroom and went to the factory floor, with scandals hitting "Nissan Motor, Subaru, Toray Industries, Kobe Steel and Mitsubishi Materials" among others. (more…)
Tags: Post, Business, Corruption, Japan, News, Fukushima, Japan Inc, Mitsubishi Materials, Late Stage Capitalism, Zaibatsus, Nissan Motor Subaru Toray Industries Kobe Steel


The guy whose DRM for juice company cratered last year now sells "raw water" packed with all the microbes and amoebas you can stomach

The Juicero was a $400 "juicer" that squeezed packets of DRM-locked fruit pulp, an idea so perverse that it got honorable mention in DRM's worst moments of 2017, and inspired sighs of relief when the business cratered in 2017, as evidence of the fundamental soundness of human judgment in a year plagued by serious lapses in same. (more…)
Tags: Gadgets, Post, Business, News, Woo, Darwin Awards, Late Stage Capitalism, Juicero, Water Is Life, You Have Died Of Dysentery


Big Weed: ten farms could supply all of America with marijuana

When Washington State legalized recreational marijuana three years ago, it created a licensing regime that was supposed to protect and encourage small growers, but the data shows that marijuana growing has consolidated into a few large suppliers, even as the price per gram has fallen -- and that the industry's embrace of exotic derivatives like edibles and concentrates is capital-intensive and inaccessible to small, independent providers. (more…)
Tags: Post, Business, News, Weed, California, Race, America, Economics, War On Some Drugs, Washington State, War On Drugs, Bong Bong, Stop And Frisk, Late Stage Capitalism, Big Weed, Returns To Scale


All that stuff that was "killed by the net"? The real culprit was hedge funds

The web blew up at the same time as the Reagan/Clinton/Bush financial bombs were detonating, leading to a huge private equity bubble in which super-wealthy Americans used debt financing and other forms of financial engineering to buy out successful companies, then hollowed them out, selling off their real-estate and plant, loading them up with debt, and raiding their reserve funds. (more…)
Tags: Post, News, Finance, Private Equity, Hedge Funds, Late Stage Capitalism, Financial Engineering, Euthanize Rentiers, Parasitism, Reagan Clinton Bush


Hedge funds killed the newspaper industry, not the web

The web came of age with no-holds-barred finance capitalism, so it's hard to decide which of the last twenty years' worth of changes are the result of the tech industry, or of financialization, or a toxic mix of both. (more…)
Tags: Post, Business, News, Private Equity, Piketty, Media Theory, Late Stage Capitalism, Vulture Capitalism, Guillotine Watch, Correlation Is Not Causation, Euthanize Rentiers


For 40 years, American Conservatives have filed down the definition of "corruption," turning the Framers' spear into a blunt stub

Zephyr Teachout's (previously) 2014 book Corruption in America is an incredibly important, timely book about the way that American policy and politics have been distorted by money, something that's gotten steadily worse as it is supercharged by (and supercharges) wealth inequality. (more…)
Tags: Post, Corruption, News, America, Citizens United, Bribery, Zephyr Teachout, Late Stage Capitalism, Buckley v Valeo


California's record poverty and real-estate bubble are creating a "wheel-estate" boom of people with good jobs living in their cars

Extreme housing prices in California -- driven by a combination of speculation, favorable legal/tax positions for landlords, foreclosures after the 2008 crisis, and an unwillingness to build public housing -- has created vast homeless encampments, but there's a less visible side to the crisis: working people in "good jobs" who have to live in their cars. (more…)
Tags: Post, News, Makers, California, Economics, Homelessness, Automotive, Inequality, Urban Theory, Late Stage Capitalism, Car Culture, Weaponized Shelter, Euthanize Rentiers, Wheel Estate


Peter Thiel: the "libertarian" who loves mass government surveillance, monopolies, and censorship

Peter Thiel thinks that it was a mistake to let women vote; that democracy is incompatible with "freedom" (because poor people will tax rich people if they get to elect their own leaders); that the major problem with the mass government surveillance that Edward Snowden revealed was that it was incompetently conducted (which is why he started Palantir, a mass surveillance contractor that sells spying services to authoritarian states); that free markets are inefficient and should be replaced wit...
Tags: Post, News, Christ What An Asshole, Edward Snowden, Peter Thiel, Palantir, Trumpism, Late Stage Capitalism, Guillotine Watch, Euthanize Rentiers


"Financial dominatrix" orders the rich men who submit to her to operate a "crypto slave farm" to mine bitcoin

Theodora is a "financial dominatrix," a woman who sexually gratifies rich and powerful men by humiliating them with orders to give her money; in the age of cryptocurrency, she says her clients are now operating a "crypto slave farm" of cryptocurrency mining rigs built to her specification, which mine bitcoin and other cryptocurrencies for her. (more…)
Tags: Twitter, Post, News, Sex, Bitcoin, Cryptocurrency, Theodora, Masochism, Domination, Late Stage Capitalism, Asic Sexuality


Trump's Space Council chief says space is "not a commons" and promises that it will become property of US corporations

In a speech last week, US National Space Council executive director Scott Pace rejected the idea that space was a "global commons" or "the common heritage of mankind" and vowed to make the USA "the most attractive jurisdiction in the world for private-sector investment and innovation in outer space." (more…)
Tags: Post, Science Fiction, Space, Usa, News, Christ What An Asshole, US, Trumpism, Late Stage Capitalism, US National Space Council, Scott Pace, Late-stage Astrocapitalism, Shitty Futurism, Trump s Space Council


Daranide, a 1958 drug, used to be free - now it costs your insurer at least $109,500/year

Daranide is a drug that was approved for treating glaucoma in 1958; the public domain drug's manufacture has shifted around for decades, sending its price soaring and plummeting from $0.50/dose to $1365, down to free, and now to $109,500, courtesy of Strongbridge Biopharma, new owners of Taro Pharmaceutical Industries, who started making the drug after Merck discontinued its production. (more…)
Tags: Post, News, Merck, Pharma, Greed, Late Stage Capitalism, Periodic Paralysis, Strongbridge Biopharma, Taro Pharmaceutical Industries


The majority of US workers live in "employment monopsonies" where there is little or no competition for workers

In Labor Market Concentration, a new working paper from economists at U Penn, U Navarra and the Roosevelt Institute, researchers analyze a large US government data-set to determine how many workers live in markets where there is effective only one or two employers, a situation called "monoposony" (when a single buyer has a monopoly). (more…)
Tags: Post, News, Labor, US, Employment, Economics, Usausausa, Piketty, Class War, Roosevelt Institute, Chicago School, Late Stage Capitalism, Anti-trust, Guillotine Watch, Wage Stagnation, Monoposonies


Ted Chiang: Elon Musk's fear of runaway AI is a projection of his repressed terror of runaway corporations

Why do billionaires like Elon Musk make terrified pronouncements about the imminent rise of self-aware, murderous AIs that use us to reproduce themselves, controlling us instead of serving us? (more…)
Tags: Post, Science Fiction, Elon Musk, News, Machine Learning, Piketty, Ai, Ted Chiang, Eschatology, Late Stage Capitalism, Inconvenient Gut Flora, The End Of The World V The End Of Capitalism


Disney buys Fox in all-stock deal, making Rupert Murdoch the largest shareholder in the company

Most of 21st Century Fox's assets now belong to Disney, a company that is famous for its liberal messaging and blockbuster movies that stress social justice themes, from Star Wars to Coco to Frozen, and Rupert Murdoch, the architect of the right-wing takeover of nations on several continents, is now the single largest shareholder in Disney. (more…)
Tags: Post, Business, News, Disney, Fox, Rupert Murdoch, Activist Investor, Late Stage Capitalism, Digger Disney, Star Wars to Coco


100 million Americans live in areas where every single ISP has admitted to violating net neutrality

Trump FCC Chairman Ajit Pai -- a former Verizon exec -- says that we can count on ISPs to voluntarily refrain from abusing their natural monopolies to degrade service to their customers in order to maximize their profits. (more…)
Tags: Verizon, Post, News, Cable Company Fuckery, Fcc, Net Neutrality, Web Theory, Telcoms, Competition, Ajit Pai, Late Stage Capitalism, A Fox For Every Henhouse, Trump FCC, A Gator For Every Swamp, Dingo Babysitters, Break The Net


Americans have no savings, with good reason: housing, education and health care costs are out of control, wages are stagnant, and the Fed has suppressed interest rates

The American savings crisis is a time-bomb, as multiple generations hurtle toward retirement with effectively no savings, and experts are now saying that having $1 million in the bank on retirement day isn't enough. Future generations will either have to let their parents starve or compromise their own ability to produce the next generation while caring for the previous one (this is the crisis underway in China and Japan right now). (more…)
Tags: Post, Japan, News, Finance, China, Fed, Eschatology, Demographics Are Destiny, Late Stage Capitalism, Wage Stagnation, It's The Economy Stupid, Casino Capitalism, Everybody Knows


Investigation into emergency rooms shows that for-profit hospitals engage in billions in price-gouging

Vox undertook a deep investigation into emergency room pricing, finding that emergency rooms, being the most monopolistic aspect of hospital care (because you don't shop for an ER while you're having a heart attack in the back of an ambulance) are also the most abusive and price-gouging. (more…)
Tags: Post, News, Gop, Medicare, Vox, ACA, Single Payer, Late Stage Capitalism, Guillotine Watch, Reality Has A Well-known Left-wing Bias, Socialized Medicine, Health Profiteers


Toys R Us is bankrupt, but top execs are cleared to receive $16 million in bonuses

A Justice department attorney representing the people owed money by Toys R Us doesn't believe the bankrupt corporation should pay lavish bonuses to the same executives who drove the toy store chain into the ground. From Judy Robbins filing: “It defies logic and wisdom, not to mention the Bankruptcy Code, that a bankrupt company would now propose further multi-million dollar bonuses for the senior leadership of a company that began the year with employee layoffs and concludes it in the midst of...
Tags: Post, News, Justice, Late Stage Capitalism, Judy Robbins, Keith Phillips


(Virtually) No one should ever own an Echo or any other "voice assistant" product

If you buy one of those intrinsically insecure, always-on "smart speakers" from Google, Amazon, Apple or other players, you're installing a constantly listening presence in your home that by design listens to every word you say, and which is very likely to suffer at least one catastrophic breach that allows hackers (possibly low-level dum-dums like the ransomware creeps who took whole hospitals hostage this year, then asked for a mere $300 to give them back because they were such penny-ante gri...
Tags: Gadgets, Echo, Post, News, Siri, Voice Assistant, Google Amazon Apple, Surveillance Capitalism, Late Stage Capitalism, Smart Speakers, Grinchwatch, Unless You Have Dementia, Zuboff


Treasure Islands: EU publishes a blacklist of 17 tax-havens and a long-list of runner-up tax avoidance jurisdictions

The EU's new blacklist of 17 money-laundering financial secrecy states includes South Korea, Mongolia, Namibia, Panama, Trinidad & Tobago, Bahrain and the United Arab Emirates, and also includes a long-list of places like Guam, Jersey, Guernsey and the Isle of Man. (more…)
Tags: Post, News, Eu, United Arab Emirates, Piketty, Money Laundering, 1 Percent, Tax Havens, Late Stage Capitalism, Panama Papers, Guillotine Watch, Paradise Papers, What About Wyoming, Guam Jersey Guernsey


Morgan Stanley, with a long rapsheet for corporate crimes, says Jeremy Corbyn holding them to account would hurt them worse than the worst Brexit

Morgan Stanley is one of the world's largest banks, so naturally it has racked up a long list of frauds, crimes, and misdemeanors, which it has emerged from largely unscathed, thanks to the unwillingness of governments to tackle corporate crime, especially in the finance sector. (more…)
Tags: Post, News, Finance, Labour, Piketty, Morgan Stanley, Brexit, Jeremy Corbyn, Corbyn, Late Stage Capitalism, Guillotine Watch, Remarkably Frank Admissions


How an influential economics paper used imaginary environmental overregulation to spur low-density luxury housing

Why Do Cities Matter? Local Growth and Aggregate Growth is a 2015 paper written by University of Chicago and UC Berkeley economists Chang-Tai Hsieh and Enrico Moretti, which purports to show that the reasons cities are so expensive is that bourgeois NIMBYism drives affluent people to raise spurious environmental challenges to new developments, stalling growth. (more…)
Tags: Post, News, Economics, Scholarship, University Of Chicago, UC Berkeley, Urban Theory, Neoliberalism, Enrico Moretti, Nimbyism, Late Stage Capitalism, Weaponized Shelter, Roll Over Jane Jacobs, Chang Tai Hsieh


Major investors offer to buy a big stake in Uber -- at a 30% discount

A group of investors led by Softbank -- at a valuation of $48B, 30% lower than the company's valuation at its last finance round, which was followed by string of ghastly scandals including the removal of its founder, Travis Kalanick, from the CEO's office. The company has 20 days to respond.
Tags: Uber, Post, Business, News, Softbank, Travis Kalanick, Late Stage Capitalism, Sic semper tyrannis, Uberschadenfreude


Wells Fargo execs sealed their bonuses by gouging the bank's business customers

Wells Fargo didn't limit its fraud to robbing 2,000,000 ordinary depositors, struggling mortgage borrowers, 800,000 car loan borrowers, mom and pop businesses, and home owners -- the bank's top foreign-exchange desk bankers robbed hundreds of the company's large business customers, in a move that inflated the Fargo execs' annual bonuses. (more…)
Tags: Post, Business, Corruption, News, Finance, Forex, Wells Fargo, Late Stage Capitalism, Equal Opportunity Crooks