This post on substack is about Pareto’s Law. This has nothing to do with Pareto Efficiency, the idea that equilibrium should be when any reallocation of productive resources will make at least one actor worse off. Pareto’s Law is about the fact that income and wealth …
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The Owen Patterson fiasco is unbelievable. The Conservatives have had an internal coup in which a small band of Brexit fanatics have taken control of the party. In any party that cared about electoral success, Paterson would have been thrown to the wolves, but he is a true …
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It seems to me that politicians are so focussed on winning elections that they never spare a thought about what they need to do when they finally seize the levers of power. Boris Johnson seems particularly deficient in this regard, but he is largely following on …
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This post by Stephen Semler is a welcome reminder of how insanely greedy the US Military Industrial Complex has become. The military in Burma or Pakistan can only dream of the influence of the US Military and their contractors. The scale of the spend …
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In the beginning there was hash Hashcash. Then there was Bitcoin. Then there was an infinity of crypto “currencies.” Nobody apart from nerds paid attention. Then someone realized that with enough pumping, these worthless digital tokens could be given value. The …
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Eric Basmajian makes a good case that an aging population will drag down productivity, growth and inflation.
He has a lot of charts which are certainly suggestive that he’s right.
The outlier of Japan suggests that he’s …
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This article by Doomberg suggests that the copper futures price does not reflect the shortage of the cash physical copper which the market is a derivative of. I’ve seen a lot of suggestions that the gold futures price is manipulated, to keep …
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