Essays

The Fleeting Beauty of Bubbles and Bonds

"The political calculus is simple: the bottom half of households don't vote, don't contribute to political campaigns and don't have enough income to borrow huge sums of money to enrich the banks. They are thus non-entities in the fiscal-monetary project of maintaining the power structure of the Status Quo. All the Status Quo needs to do is borrow enough money to fund social programs that keep the masses passive and silent. Unfortunately for the Powers That Be, the cost of placating the rapidly increasing marginalized populace is rising much faster than tax revenues." Continue reading →

Continue ReadingThe Fleeting Beauty of Bubbles and Bonds

How long copyright terms make art disappear

"Copyright is a type of censorship—in this case, it suppresses the dissemination of books caught in the copyright 'black hole' as a result of the combination of copyright terms, the orphan works problem (which is a result in part of the lack of a requirement for copyright registration formalities and renewal requirements)." Continue reading →

Continue ReadingHow long copyright terms make art disappear

Dear New Yorkers: Here’s Why Your Rent Is So Ridiculously High

"While the average rent for available apartments in New York City is now over $3,000, the U.S. Census Bureau says renters in New York City were only paying a median of $1,125 in 2011. What gives? The answer is, there are lots of cheap apartments in New York. You just can't get one of them, because they're rent controlled, and tenants with great rent controlled deals cling to their apartments until they die. In Manhattan below 96th Street, 35% of rent regulated apartments are occupied by a tenant who has lived there for more than 20 years. Less than 3% of market-rate tenants have been around that long." Continue reading →

Continue ReadingDear New Yorkers: Here’s Why Your Rent Is So Ridiculously High

A Congregation of Liars: The U.S. Government

"Put aside for a moment that this massive, secret surveillance of all of our emails, phone calls and financial records violates our constitutional rights. I have commented about that before. I want you to consider what a government of lies means to each of us, and to America’s future, when our government officials, led by the president of the United States, routinely lie to us, intentionally and repeatedly. At worst, this destroys whatever trust we have in a government that now controls much of our lives. It engenders fear, disrupting our personal ability to plan our lives, our businesses and to move forward. Living under lies means we can never be certain about our future." Continue reading →

Continue ReadingA Congregation of Liars: The U.S. Government

Plain Old Money Has Gotten Buggy

"Just today I passed a sign at a local check cashing shop, proudly proclaiming 'Send up to $50 for only $5!' Only a 10% minimum fee for transmitting funds? What a bargain. Credit cards don’t work person to person, checks don’t work at pretty much any retail establishment, cash doesn’t work if the bill’s too big, PayPal shuts down if you look at it funny, and you can just lie about how much gold you have (a thing you pointedly cannot do with cryptographic currencies). Bitcoin isn’t perfect. But it’s certainly not competing with perfection. What if money worked as reliably as the Internet?" Continue reading →

Continue ReadingPlain Old Money Has Gotten Buggy

If You Are A Baby Boomer, You Will Go Bankrupt—If You Stay In America

"If you could get an 87% discount on your health care, would you take it? Or would you deliberately stand pat, pay 100%—and go broke? The answer is obvious. So if you cannot afford health care in the United States—or realize that, in the not-too-distant future, you won’t be able to afford it—then the smart move if you are living on a fixed income (or will be soon) is to try to look for a place where health care costs are manageable. A place where you can receive your pension or Social Security check or annuity or whatever, and yet not be afraid that you are one medical emergency away from losing your house and all your money." Continue reading →

Continue ReadingIf You Are A Baby Boomer, You Will Go Bankrupt—If You Stay In America

Will IRS Find Your Small Foreign Bank Account?

"FBAR penalties can be enormous, a civil penalty of $10,000 for each non-willful violation. If your violation is willful, the penalty is the greater of $100,000 or 50% of the amount in the account for each violation. Each year you didn’t file is a separate violation. Criminal penalties are even more frightening, including a fine of $250,000 and 5 years of imprisonment. If the FBAR violation occurs while violating another law (such as tax law, which it often will) the penalties are increased to $500,000 in fines and/or 10 years of imprisonment. Many violent felonies are punished less harshly." Continue reading →

Continue ReadingWill IRS Find Your Small Foreign Bank Account?

The Shoes Keep on Dropping… What Next?

"All branches of the Federal Government have been complicit in the warrantless surveillance of U.S. residents since before World War II when FDR authorized wiretaps of individuals suspected of Nazi sympathies. With the passage of the National Security Act in 1952 and the establishment of the National Security Council, it became standard government practice. Only the rudimentary technology of the time limited its scope. Fear – now of terrorism and whatever other apprehension the government, particularly the executive, can stir up — continues as the principal determinant of 21st century government surveillance of its citizens." Continue reading →

Continue ReadingThe Shoes Keep on Dropping… What Next?

The astonishing collapse of work in America

"Both demand and supply factors are at play in this disheartening dynamic. On the demand side, it seems fairly clear that our contemporary economy is just not generating jobs and work as robustly as it did in the past---even the relatively recent past. This can be seen as a 'structural' problem. For on the supply side, it is apparent that there has been a major behavioral change in America, wherein a growing proportion of working-age Americans are checking out of paid labor altogether. Suffice it to say that not working at all is neither unthinkable nor unaffordable these days, even for adults in the prime of life." Continue reading →

Continue ReadingThe astonishing collapse of work in America

The Case of the Missing $700 Billion

"1. Banks took $700 billion in bailout money and paid off their high-interest debt. That included FDIC-insured CDs, which they called in, leaving seniors and savers without many viable alternatives for safe investing. 2. Banks stopped lending to the public because they found a better deal. If you could take billions of dollars from the government and lend it back to them by buying US bonds, wouldn't you do the same thing? 3. Banks turned a big profit and paid out handsome bonuses to their higher-ups. 4. By reducing interest rates in the public sector, the Treasury reduced the cost of its own massive debt.[...]" Continue reading →

Continue ReadingThe Case of the Missing $700 Billion