the governor and company of the merchants of great britain, trading to the south seas and other parts of america, and for the encouragement of fishery

Though not the only joint-stock venture to hedge its liabilities and ultimately prove ruinous for investors, the South Sea Company (official long form above), founded as a public-private partnership—with the support of the government hoping to offset some of the national debt incurred during its involvement with the War of the Spanish Succession and its own colonial activities—in 1711, was the most spectacular economic bubble, bankrupting thousands of investors and speculators who had underwritten the enterprise. Originally incorporated as a substitute revenue generating operation when a national lottery scheme run on behalf of the Crown failed to turn a profit (the jackpot winners were deprived of their prizes), the public was instead invited to purchase shares of a chartered company with a monopoly over trade with Spain and Portugal and would in time collect dividends from the profits. The stock price was inflated by those late-comers not wanting to miss out (taking out loans to take part) on an opportunity and rife mismanagement, including a not insignificant amount of business in the trafficking of enslaved individuals from Africa to Central and South America—and though huge sums of money were trading hands, the company failed to be profitable and engaged in increasing debt for equity swaps until the price increased in a frenzy from £100 to over £1000 in the course of a few months in 1720, falling just as precipitously at an even faster pace. A decade after its founding, on this day, with recriminations rampant and with the aristocracy, the merchant classes as well as the working poor duped and financially broken, the Committee of Inquiry on the South Sea Bubble came forth with their findings, revealing fraud and corruption at all levels. Amazingly the newly appointed First Lord of the Treasury, Robert Walpole, was able to restore public confidence in the financial market and the company continued—this time focusing its efforts on whaling—until the reign of Victoria, finally dissolved in 1838.

boxing day

Probably an epithet meaning “the crowned one” rather than an actual given name (compare to Saint Corona), this second Christmas marks Saint Stephen’s Day, venerated as the protomartyr (*1-†36) of the Christian faith, the early bishop of Jerusalem stoned to death (lapidation) for his blasphemy against the Sanhedrin, which was witnessed by Saul called Paul whom subsequently spread his sacrifice and steadfastness. As possibly a painful reminder, Stephen’s patronage includes bricklayers and is invoked against headaches. Further as responsible for the distribution of alms for the poor in his office, Stephen’s feast day became associated with opening the charity boxes and donating gratuities to service people and the needy, but aligned with—sometimes supplanted by Black Friday (it took off when the US and Canadian dollars reached parity), in many Commonwealth nations, it has become a day with emphasis on shopping and sales.

7x7

mercury rising: surveying the lasting damage that the hottest year on record has brought  

guardians of the galaxy: Space Force (previously) service members receive a new title  

deluxe apartment in the sky: artist granted viewing of exclusive properties on Billionaires’ Row in Manhattan 

lp: a playlist of James Baldwin’s record collection  

🌊: the Great Wave off Kanagawa in Lego form 

 lassen sie mich also sagen, dass dies ernst ist—bitte nehmen sie das auch ernst: Angela Merkel’s March address and appeal on coronavirus lauded as Speech of the Year 

 heat gap: climatic gentrification across city districts leads to worse outcomes for the poorest residents

zucked

Much like the laisse-faire champion of free-markets who only thought it was the government’s place to intervene in monopolies when there was demonstrable consumer harm—never mind about democratic harm or erecting barriers to entry—the US judge and Solicitor General Robert Bork (and author of such titles as Slouching Towards Gomorrah) whose name became a verb for those (righteously) villifed and held to account by the mass media, the anti-social media conglomerate (previously) has finally generated enough ill-will to call to action the Federal Trade Commission joining suit with forty-six states attorneys general plus Guam and Washington, DC to get roundly borked and broken up.
Since the last times the American government was compelled to take legal and legislative actions against Ma Bell and then Big Blue, tech and telecos have seen few restrictions and rather nurtured and coddled to become some of the most powerful companies in the world. The FTC is charged with protecting consumers from cartels and monopolistic and monopsonistic practises and while perhaps a bit too timid over the past couple of decades, it has gathered up its courage and decided to push forward during this lame-duck session. Of course this corporate bully, armed to the teeth yet claiming it’s being undermined and unfairly assaulted—is formible with virtually unlimited resources to lobby, leverage the public (the fight comes to us too and we can continue to not dally in that walled-garden) and rail against regulation and dial-up the victimhood. These staid giants of industry are built on the model of suppressing or absorbing the competition and know no other route to success.

year in search

Via The Curious Brain, we are directed towards a superlative, year-end compliation that waxes exsistential and exegetical with search-engine queries of why besting what and how illustrated in this emotional video short. Despite the potential for misinformation, baiting outrage and holding up an unflattering mirror for us scrutinise or more often avert our eyes from, the internet and technology are owed a debt of gratitude for helping us muddle through 2020 and remember whom and what we’ve lost, what's irreplacable and what can be brought back better. Keep on seeking, keep on searching.

6x6

surrogate: Trump issues pardon to former national security advisor Michael Flynn, who pled guilty twice to making false statements to the FBI involving his Russian connections 

thermochromic: windows go from transparent to tinted while generating electricity  

l’atlas: an intriguing new approach to mapping France’s natural glory—via Things Magazine 

 ♚: reimagining the Queen’s Gambit as a MS DOS PC game 

fry guys: one intrepid connoisseur revives a long lost recipe  

stonks: only pausing to take credit for and praise the teetering high of the Dow Jones, Trump presents a very abbreviated brief

bundeskanzlerin

First entering politics in the Revolutions of 1989 as deputy spokesperson for the first and only (independent) democratically elected East German government of Lothar de Maizière, then elected following reunification as a Bundestag representative for Mecklenburg-Vorpommern with several ministerial appointments under Helmut Kohl, Angela Merkel was elevated to General Secretary of her political party, the CDU (Christian Democratic Union) in 1998, succeeding Gerhard Schröder in 2005 after the outcome of federal elections installed a collation among the CDU, its Bavarian sister party the Christian Social Union (CSU) and the Social Democratic Party (SPD) as Chancellor of Germany on this day. Elected to an unprecedented four terms in high office—considered by many the de facto leader of the European Union and since America’s dereliction in 2016 of the free world, Merkel announced she would stand down in October 2018 and not seek a fifth term in 2021.

g20

Held on this weekend in 2008 in host capital Washington, DC at the urging of EU and Australian leadership to expand the coordinated response and recovery for the 2008 financial crisis, the summit, inviting for the first time the twenty most powerful world economies to meet again a month after the G7 had convened at the same venue, achieved its stated goal to reform global financial institutions and articulate areas of contention as well as cooperation.

Framed as a Bretton Woods II—the system of monetary management created in the aftermath of World War II but seen as increasingly ineffective as signatories withdrew, it seemed like a hopeful and promising development with all parties agreeing on the causes and appointing a diverse troika of economies as a steering committee (South Korea, Brazil and the UK), it remains to be seen if world markets are more robust and adaptable for the measures instituted.

6x6

mother lode: the Hubble Space Telescope spies a metal ore asteroid worth an estimated ten-thousand times the global economy of 2019 (previously)—via Slashdot  

8800 blue lick road: one of the best accidental, immersive gaming experiences of the year is this virtual real estate tour 

franchisement: we enjoyed this pairing of articles about the “I Voted!” stickers—first with an overview of their contested origins as a badge of participation once democracy moved towards the secret ballot and the civics exercise that has artists reimagine them  

lorembarnak: a Québécois curse (see previously) generator—via Things Magazine  

seaweeding: Victorian-era hobby lends insight on our changed oceans  

one parsec: a breath-taking visualisation of ten million stars at the centre of the Milky Way

embargo

On this day in 1973, OPEC (then OAPEC, the Organisation of Arab Petroleum Exporting Countries despite Venezuela being a charter member) ministers came to a consensus to use their cartel powers to influence the West’s materiel and monetary support for Israel during the Yom Kippur War when the country made incursions into Syria and Egypt, advancing towards the economic and strategically important Suez Canal (see previously) and retaliated against Canada, Japan, the Netherlands, the UK and the US by a crippling quadrupling of prices, a shock to markets that precipitated the 1973 Oil Crisis.

Geopolitical antecedents factoring into this stand-off included the decrease in American petroleum production post-war and the rise of OPEC, the decision to float world currencies—unpegging them from the price of gold—with the US unilateral withdrawal from the Bretton Woods Accord in 1971 and subsequent recession, plus the never neglected opportunity for proxy warfare between the US and its allies and the Soviet Union on a new frontier. Because the embargo, which lasted until March 1974, failed to change the West’s stance on the Arab-Israeli conflict, history judges it as ineffective despite the long-term effect it had on international economics and gradually over the ensuing decades pushed the US towards more domestic exploration of fossil fuels and towards energy independence and globally pressured reforms for financial institutions to control for inflation.  Intermediate effects included fuel rationing, a slow-down in factory-orders, a shift in preference for smaller automobiles and a pivot towards China for manufacturing. 

coin-op

This curated reflection and speculation from Things Magazine on how an ex-urban (de-centralised), post-pandemic economic model may mainstream the niche and marginal mechanical vending machine is well worth considering from all angles as this may become our new anchor for commerce and culture going forward. Celebrated and cherished as indispensable in some places,  we all might be adopting the posture of the Japanese towards these retail outposts and conveniences in the future.  Reading the articles also made me remember the classic Mold-A-Rama and how advances in three-dimensional printing could really be conscripted to help rehabilitate the economy and build it back better.

pyongyang on the potomac

Not to rest on his laurels in his escalating pursuit of photo-opportunities—not content with gassing a gathering of peaceful protesters to pose, uninvited in front of a church holding a Bible or turning a nomination ceremony into a superspreader event without remorse or going for a joy ride, skipping out of the hospital in an armoured, hermetically sealed vehicle with a retinue of Secret Service agents while highly contagious to wave at small crowd of well-wishers, an impeached, still contagious and steroid-addled Trump was discharged from Walter Reed Medical Centre and remanded to the White House, ascending, gasping for breath a few stairs and dramatically whipped off his mask in a gesture that’s to be interpreted as triumph and full recovery.

Audaciously insulting to the over two hundred thousand Americans who’ve died from COVID-19 complications, the untold millions of affected families and those who’ve lost their livelihoods due to the ensuing economic collapse, he released in a recorded message shortly after his appearance: “Don’t let it dominate you—don’t be afraid of it. You’re going to beat it. We have the best medical equipment. We have the best medicines, all developed recently.” Medical insurance is tied to employment in the US and the situation is quite fraught on both fronts right now, and the level of tax-payer supported housing and healthcare is of course not available to the average citizen and most will experience very different outcomes.

ok looter

Via Pluralistic, we are familiarised with the latest development in a series of leaks over the past few years since the Great Recession that have served to expose the endemic financial crime and money laundering and through such accommodation and facilitation have negated efforts to stop bad actors through sanction and freezing accounts.

Warnings issued and ignored from the international banking system’s own internal watch-dog mechanism for flagging suspicious behaviour, FinCEN (the US Financial Crimes Enforcement Network) and counterparts, were routinely ignored, thus depriving and de-fanging governments from efforts at enforcement and combatting fraud. Oligarchs, mobsters and criminal cartels are the beneficiaries from such lax oversight.

arrivals and departures lounge

Though it was endearing to see a family undertake a cancelled trans-Pacific vacation or to tour airports with a sense of nostalgia and Wanderlust, Singapore Airlines’ plans to take travellers aloft on actual flights to nowhere both starting and ending at Changi airport (the city state bereft of domestic travel opportunities) seems wasteful and perverse. What do you think? Circling the runway is very resource intensive and an economy that need to maintain such circulation seems childish and like a bit of grifting that we’d do better to move beyond and not let a cloying attempt to save a market with no rehabilitation further take down the environment with it.

6x6

fast car: the timelessness of Tracy Chapman’s ballad

call me trim tab: inspiring words from Buckminster Fuller (previously)

call of the wild: New Guinea’s singing dogs are not extinct outside of the captive population after all—via Nag on the Lake with bonus content

brick and mortem: a thoughtful reflection on the disappearing traditional high street, via Things Magazine

syncopation: time-lapse films of plants sprouting with a jazzy musical accompaniment

shine bright like a diamond: researchers in Bristol create betavoltaic batteries out of nuclear waste and gemstones that could last for millennia—see previously

porozumienia sierpniowe

Today celebrates the August Agreement—otherwise known as the Gdańsk Social Accords—reached on the last day of August in 1980 between striking dockworkers on the Baltic and the Polish government over untenable demands, poor working conditions and continual shortages of essentials. The labour strikes had the immediate effect of changing the country’s leadership and revealed endemic corruption and mismanagement that had culminated in the dysfunctional economy and legislature and further led to reforms in the market, freedom of expression, civil rights and launched the Solidarity Movement.

dataviz

Via Waxy, we discover the portfolio of Gladys at Stoxart who turns variations in market prices into quite brilliant landscape works of art. Tracking economic activity generally is subject in itself whose volatility may not be exactly commiserate with realistic topography but one can commission a specific stock’s performance over the time frame of one’s choice.

it is what it is

Former First Lady Michelle Obama gave one of a number of rousing speeches during the first night of the Democratic National Convention—harnessing the handicaps of having only a virtual audience to appeal to voters at this crucial juncture for the future of America with many impactful take-aways including:
“A president’s words have the power to move markets. They can start wars or broker peace. They can summon our better angels or awaken our worst instincts. You simply cannot fake your way through this job. As I’ve said before, being president doesn’t change who you are; it reveals who you are.” Watch the whole of the prepared remarks, read the transcript and find more coverage from NPR at the link above.

6x6

prog rock: internet struggles to identify this mystery recording found on an unlabelled cassette tape

theirtube: a radical and potentially unsettling step outside one’s recom- mendation bubble (see also)

r&d: reconstructing journalistic scenes in three-dimension—via Waxy

gross domestic product: the US economy falls by a third

in the key of g: cucumber vine forms a treble clef

silver apples: the rising and fall of a now obscure pioneering electronic musical duo

there is an old vulcan proverb

With no sense of irony, the US Secretary of State announced during a speech earlier in the week delivered at the Richard Milhous Nixon Presidential Library in Yorba Linda, California, that the “old paradigm of blind engagement with China” had become untenable, and subsequently closed and ordered the expulsion of diplomatic staff in its consulate in Houston—characterising the operation as hub for industrial espionage.
Outside the embassy in Washington, DC the Texas compound was the first for China once relations had been normalised in 1979. In response, Chinese officials ordered the closure of the American consulate in the city of Sichuan capital Chengdu (see previously). These heightened tensions come on top of ongoing trade disputes and deflecting the failure of the US to contain the spread of COVID-19 infections by vociferously blaming China.