‘Higher leverage may undermine government measures to stem the steepest three-week rout in the nation’s equities in a quarter-century. Margin traders reduced positions for nine days through Thursday, the longest stretch of declines on record, even as the central bank cut interest rates and the securities regulator eased margin-trading rules.’
A timeline from Bloomberg.
Via Marginal Revolution: Musings On The Chinese Market Mania.
Also, via Marginal Revolution:
He was replaced by Euclid Tsakalotos, an Oxford-educated Marxist who is considered more pragmatic than the hardline Mr Varoufakis.
As previously posted: It never really works.
A follow-up on that Chilean cybernetic revolution that never panned-out, right before Pinochet came to power:
‘Yet central planning had been powerfully criticized for being unresponsive to shifting realities, notably by the free-market champion Friedrich Hayek. The efforts of socialist planners, he argued, were bound to fail, because they could not do what the free market’s price system could: aggregate the poorly codified knowledge that implicitly guides the behavior of market participants. Beer and Hayek knew each other; as Beer noted in his diary, Hayek even complimented him on his vision for the cybernetic factory, after Beer presented it at a 1960 conference in Illinois. (Hayek, too, ended up in Chile, advising Augusto Pinochet.) But they never agreed about planning. Beer believed that technology could help integrate workers’ informal knowledge into the national planning process…’
This is the New Yorker, so you’ve probably got to play to your audience a bit:
‘The problem with today’s digital utopianism is that it typically starts with a PowerPoint slide in a venture capitalist’s pitch deck. As citizens in an era of Datafeed, we still haven’t figured out how to manage our way to happiness. But there’s a lot of money to be made in selling us the dials.’
Well, we’ve certainly seen enough faith in techo- and bureaucrats to harness the current high rate of technological change to better human life through government lately, as it seems a hallmark of the progressive Left. Beneath such dreams is a lot of grubby politics, incompetence, personal and professional commitments, self-interest, cronyism, cynicism, etc.
Click through for the photo.
‘The system, designed by British cybernetician Stafford Beer, was supposed to allow powerful men to make decisions about production, labor, and transport in real time using up-to-the-minute economic information provided directly by workers on the factory floors of dozens of newly nationalized companies’
A shag carpet probably would have been out of place, but I like the white pod chairs (Captain Kirk to the bridge for fuel price re-allocations).
‘In fact, the network that fed the system was little more than a series of jury-rigged Telex machines with human operators, transmitting only the simplest data, which were slapped onto old-style Kodak slides—again, by humans. The controls on the chairs merely allowed the operator to advance to the next slide’
In working towards a theme, check out Buzludzha, the abandoned communist monument in Bulgaria’s Balkan mountains, which still draws up to 50,000 Bulgarian Socialists for a yearly pilgrimage. Human Planet’s Timothy Allen visited the structure in the snow and took some haunting photos. You will think you’ve stepped into a Bond film and one of Blofeld’s modernist lairs, but with somewhat Eastern Orthodox tile frescos of Lenin and Marx gazing out at you, abandoned to time, the elements and to nature.
Cities should be magnets for creativity and culture? –From The Atlantic: Richard Florida On The Decline Of The Blue-Collar Man…From Grist.Org Via The New Republic Via The A & L Daily: ‘Getting Past “Ruin Porn” In Detroit’… some people don’t want you to have the economic freedom to live in the suburbs: From Foreign Policy: ‘Urban Legends, Why Suburbs, Not Cities, Are The Answer’