Essays

‘Data is the new oil’: Tech giants may be huge, but nothing matches big data

"'Data is the new oil,' declared Clive Humby, a Sheffield mathematician who with his wife, Edwina Dunn, made £90m helping Tesco with its Clubcard system. Though he said it in 2006, the realisation that there is a lot of money to be made – and lost – through the careful or careless marshalling of 'big data' has only begun to dawn on many business people. About 90% of all the data in the world has been generated in the past two years (a statistic that is holding roughly true even as time passes). There are about 2.7 zettabytes of data in the digital universe, where 1ZB of data is a billion terabytes (a typical computer hard drive these days can hold about 0.5TB, or 500 gigabytes)." Continue reading →

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NSA’s surveillance “most serious attacks on free speech we’ve ever seen.”

"The chilling of free speech isn’t just a consequence of surveillance. It’s also a motive. We adopt the art of self-censorship, closing down blogs, watching what we say on Facebook, forgoing 'private' email for fear that any errant word may come back to haunt us in one, five or fifteen 15 years. 'The mind's tendency to still feel observed when alone... can be inhibiting,' writes Janna Malamud Smith. Indeed. Peggy Noonan, describing a conversation with longtime civil liberties advocate Nat Hentoff, writes that 'the inevitable end of surveillance is self-censorship.' Hentoff stressed that privacy invasions of this magnitude are 'attempts to try to change who we are as Americans.'" Continue reading →

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Snowden leaks: the real take-home

"To Gen X, a job for life with the NSA was a probably-impossible dream — it's what their parents told them to expect, but few of their number achieved. To Gen Y the idea of a job for life is ludicrous and/or impossible. This means the NSA and their fellow swimmers in the acronym soup of the intelligence-industrial complex are increasingly reliant on nomadic contractor employees, and increasingly subject to staff churn. There is an emerging need to security-clear vast numbers of temporary/transient workers ... and workers with no intrinsic sense of loyalty to the organization. Edward Snowden is 30: he was born in 1983. Generation Y started in 1980-82. I think he's a sign of things to come." Continue reading →

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Mike Gogulski: We Need Freedom of Speech in our Financial Commerce

"Financial privacy has almost completely disappeared, except for the very wealthiest. Cash transactions larger than $10,000, €5,000, €2,500,€1,500, €1,000 and now even €500 are being or have been outlawed in some places. And on and on. The suppression of financial speech is being used as a weapon of war against the people of this planet just as surely as drone strikes, pervasive surveillance and land mines are and have been. The time has come to begin separating money and currency from state, irrevocably and irretrievably. Free people and a free world deserve currencies that they control directly." Continue reading →

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Dealing with Cops These Days

"In a word – don’t. You are dealing with perhaps the worst possible tag-team combination: Someone with legal power over you who is held to a different – and far more lenient – standard than you are. A cop can: Commit assault with near-impunity. He can draw his firearm and point it at you – even shoot at you – without fear of life-altering consequences – such as a felony record for brandishing and reckless endangerment. He can rely on his cronies and the system to cover up or minimize his errors of judgment, even when they involve serious harm to innocent people such as yourself. His word will be treated as legal tender in court – while yours is considered suspect. His very person is anointed." Continue reading →

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Arbitrary enforcement, secrecy, self-interest, and the loss of government legitimacy

"The drug war and the national security scandals have overlapped in so many ways, not the least of which is a growing sense of the erosion of the very foundation of legitimacy of government. There are laws you must follow, but we’re not going to tell you what they are, or our interpretation of what they mean, but you must follow them anyway, and we’re going to gag you so you can’t talk about these laws you must follow, and if you try to take it to court, we’re going to invoke national security and say that the courts can’t be allowed to discuss it, plus since it’s secret it doesn’t exist anyway." Continue reading →

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The Man Who Was Treated for $17,000 Less

"Most people are unaware that if they don't use insurance, they can negotiate upfront cash prices with hospitals and providers substantially below the 'list' price. Doctors are happy to do this. We get paid promptly, without paying office staff to wade through the insurance-payment morass. So we canceled the surgery and started the scheduling process all over again, this time classifying my patient as a 'self-pay' (or uninsured) patient. He underwent his operation the very next day, with a total bill of just a little over $3,000, including doctor and hospital fees. He ended up saving $17,000 by not using insurance." Continue reading →

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ObamaCare Pushes Big Medical Practice Changes

"More than half the doctors are now working for hospitals and other institutions, rather than in private practice. Hospitals are using their new doctor employees to get more money out of Medicare. The other major unintended consequence is the boost to consumer-directed health care. The cheapest plans are going to have deductibles of $5,000 or more. Millions of patients are going to be buying care with their own money, rather than with a third-party payer’s money. Accenture predicts the number of walk-in clinics is going to double in the next few years. They are doing what the ACOs are unlikely to do: lowering costs, increasing quality, and improving access to care." Continue reading →

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Don’t Be Fooled, ObamaCare Will Drive Up Unemployment and Healthcare Costs

"To the extent that prices are prevented from rising, it will create enhanced rationing by waiting. And almost anything patients and doctors to do circumvent the cost of waiting will also add to the money cost of care. For example, an increasing number of primary care doctors are becoming concierge doctors. For a fee of about $2,000 a year, patients get same day or next day appointments, more time with the physician and someone who acts as their agent in dealing with other parts of a complex heath care system. Yet physicians who become concierge doctors typically replace a practice that sees about 2,500 patients with one that sees only about 500." Continue reading →

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Obamacare, Stimulus, and Other Disasters

"John Lott is best known to the public for his outstanding analysis of gun control legislation, but his research as an economist extends far beyond that topic; and he here gives us a devastating account that covers the full range of the Obama Administration’s economic policy. One would expect a book by John Lott to say something informative about gun control, and our author does not disappoint us. It transpires that he met President Obama when both of them served on the law school faculty of the University of Chicago." Continue reading →

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