The cover story on this week's The Economist is Save the City, a love-note to London's legendarily corrupt, self-governing financial district, ground zero of the global financial collapse, and home to some of the world's top-compensated crooks, whose pay is totally disconnected from their performance.
Naked Capitalism rounds up a ton of online reaction to this puff-piece:
Yes, the City did once fulfil the function of efficiently allocating capital, but that stopped some ten to 20 years ago when the ‘zero sum’ game of financial speculation for the self-enrichment of the participants took over.
As I have said before the City has, with a few exceptions, become the cuckoo in the nest of the UK economy.
It has become gigantic skimming machine/casino. In addition to making taxpayer-underwritten bets, however absurd, it largely serves to diminish the savings and pensions of UK citizens, though outrageous fees, spurious and unwarranted trading and an intermediated structure that favours the interests of the people that work in its own, often-conflicted institutions (plus the people in their various suppliers including brokerages, law firms, accountancy firms, investment and actuarial consultancies, etc, etc) over and above the long-term interests of savers and the needs of the wider economy.
Ian Fraser: The Economist Loses the Plot With This Shallow, Pro-City Propaganda
The families of prisoners in the U.S. often have to pay rates as high as $12.95 for 15 minutes of phone time to stay in touch with an incarcerated spouse, child, or parent. Global Tel-Link Corp. and Securus Technologies are the two main prison phone service providers, and they make a fortune charging poor people […]
Kim Davis isn’t doing her job again. Michael from Muckrock writes, “This time, she’s falling short on responding to public records requests, particularly one relating to her controversial visit with Pope Francis.”
Another Kevin writes, “Last September, the NYPD pulled Kamilah Brock, a black woman, over on suspicion of DUI marijuana. They found nothing but seized her BMW anyway. When she claimed it, they decided she was delusional, no black woman could be a banker and own a BMW, so they threw her in the psych ward […]
Watching Netflix, Hulu or other streaming services can unfortunately be difficult while traveling outside the US. Rather than bypass these restrictions with the help of a complex and slow VPN, choose a faster and simpler solution with Getflix. Instead of rerouting all your Internet traffic through a different server, this handy service only routes the […]
Shake, stir, and muddle your way to delicious homemade cocktails with this must-have bar set. Expect only the finest quality tools from MakersKit — enabling you to unleash your inner mixologist.Top 12 Favorite Things of 2014, Sunset MagazineQuart-size vintage-style Mason jar shakerRetro double jigger for accurate measurementsStrainer & spouts for a mixologist-style smooth pourHardwood muddler […]
The Lytro Illum dares to be different, boasting even more robust features than its first generation predecessor and a sleek design reminiscent of professional DSLRs. What’s so cool about it? Most cameras capture the position of light rays, producing a statoc 2D image.