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robertogreco : ponzischemes   11

is everything an MLM
"When I tweeted out the piece, a fellow academic responded: “This sounds….familiar: ‘CorePower churns out thousands more “certified” teachers than the company offers to employ.’”

She’s referring to the overproduction of PhDs: too many people coming through grad school, and too few sustainable academic jobs. And as anyone in any field understands, when there’s way more qualified applicants than jobs, the existing jobs can demand more of applicants (more qualifications, less money) while applicants lower their own expectations (for compensation, for benefits, for job security, for course load and service, for location).

So why don’t academic departments just decrease the number of PhD students they accept? Because those students have become an integral cog in the contemporary university. A recent report by the National Research Council on"Addressing the Nation's Changing Needs for Biomedical and Behavioral Scientists" found that the number of new PhDs awarded every year “is well "is well above that needed to keep pace with growth in the U.S. economy and to replace those leaving the workforce as a result of retirement and death." The report suggests that there should be no increase in the number of PhDs, but does not call for a decrease: “to change suddenly the numbers of people could be very disruptive to the research that’s going on at the present time.”

Put differently, those PhD students are providing (cheap!) labor in labs; to decrease the flow of incoming students would necessitate a dramatic rethinking of the funding/viability of various labs. The Humanities don’t have labs, but they do have massive numbers of undergraduate courses that need teaching. In English programs, it’s some version of “comp,” or composition; in foreign language programs, it’s intro language classes; in communications, it’s public speaking. Many of these courses are mandated “core” in some capacity, ensuring an unwavering stream of students, and an unwavering demand for (again, very cheap) graduate student labor to serve them. To decrease the number of graduate students, again, would be to decrease the supply of cheap labor. To rectify the loss, you’d either have to hire adjuncts or more professors (both more expensive than graduate students) or decrease the number of admitted students (and a loss, to the university, of an income stream).

Some schools start PhD programs — even though they know that their institution is not prestigious enough to place its graduates in “good” jobs, unless they are truly stellar — as a sort of labor generator: lure students with the promise of tuition remission, and you’ve got at least four years of their labor. Some MA programs also provide tuition remission in exchange for TA’ing; others are simply “money makers,” with no opportunity to TA, just the opportunity for 10-40 students pay full tuition, even if the chances of moving on to a PhD program (or full-time employment in their field) is small.

We talk a lot about how “for-profit” colleges (Cappella, Phoenix, dozens of others) exploit students’ internalized belief that the only way to pull themselves and their families up through the capitalist system is a degree — no matter if they have to take out massive amounts of debt to do it, no matter if they’re steered towards degree programs (massage therapy) in which there’s little chance to find employment that will even cover your loan payment, let alone allow the student to pull themselves up the class ladder. (Of course, a degree can provide that route — but usually it can be obtained for much, much less at the local community college.)

For first generation college students with little or no inherited knowledge of how college or student loans work, for-profit colleges can be incredibly appealing. They target you; they tell you that you could have a different life, a secure life, a career, everything you’ve dreamed of, just by enrolling. (For the twentieth time, read Tressie McMillan Cottom’s Lower Ed for an in-depth account of how for profit colleges target, recruit, and exploit these populations)

But academia — specifically, higher ed — does something different. Like my yoga teacher, they affirm what so many of us wanted to believe about ourselves: that we’re good enough, smart enough, potential-filled enough, to go to grad school. Maybe it started when you wrote a paper you were particularly proud of, and your professor told you, off-handedly, “maybe you should think about grad school.” Maybe someone else in your life — the parent of a friend, someone you nannied for, your parent — told you the same. When my undergrad professor told me as much, it was like someone had unfogged the windshield of my life: oh, yes, there’s the road in front of me!

Everyone I met in grad school had some version of this story. Once the aptitude was discerned, in our minds, into something like destiny. You ask for letters of recommendation, and your professors write them. You apply to grad schools, and some accept you. Instead of thinking about should I go to grad school, it becomes which grad school should I go to? And because you’ve already made the decision, it’s difficult to divert when the road conditions become more and more difficult.

Bad funding situation? You’ll make it work. Too many MA and PhDs means you have to “professionalize” (go to many conferences, publish many peer-reviewed papers) on your own dime? You’ll make it work. Take out loans to cover that conference travel; take out loans to live over the summer because there’s no funding available; take out loans to finish your dissertation because your school ran out of it; take out loans to travel to MLA to be one of 15 people interviewing for a job you don’t want. Again: You’ll make it work. You’re already too far down the road.

Job market’s so tight that you have to move away from your partner for a year of a post doc, then another post-doc across the country, then a job in a place far from family that pays less than a high school teacher? Again, you’ll make it work. You get to do something you love, the refrain goes. All jobs are bad, someone will tell you.

To give up is shameful, but why? Where does that shame come from? We internalize the failure as our own, instead of a failure that was set up, save for a select few, from the start. Put differently, getting spit out by the contemporary academic establishment isn’t a mark of failure; it’s a sign that the system is working as intended. Those who aren’t spit out are absorbed into the pyramid — as adjuncts, as tenure track. And no matter how much they advocate for ethical treatment, no matter how much they support graduate unions, there’s only so much you can do when your university keeps admitting graduate students.

Which isn’t to say there’s nothing. I’ve always deeply admired the Communications program at the University of Wisconsin, which only accepts as many PhD students as it honestly believes it can place in jobs. That means incredible selectivity, but it also means keeping its numbers incredibly low. (I didn’t get accepted there, which maybe should have been a sign that I should’ve have kept going!) I know a number of professors who are increasingly working with graduate students, from the beginning, on how to “professionalize” towards career paths that may or may not lead outside of academia. I know tenured professors who fund graduate student travel to conferences, and who only publish in open-source journals, and who speak frankly to their undergrad students about the realities and debt and burnout incurred through the graduate school process.

There are so many good and ethical actors within the system. But it’s not enough to counter the absorbing, flattering, hope-igniting energy of contemporary academia, which subsists on the infinite stream of students so eager for someone to tell them that the thing they love to think about it, the thing that feels nourishing and explosive and electric, they can have that thing all the time. That’s how I used to talk about my path to grad school: I wanted a way to think about the things I was thinking about for the rest of my life. All I needed was that one teacher to tell me I could. What I didn’t realize is that there were, and are, so many paths, professional and otherwise, to think about those things for the rest of my life.

To suggest as much, though, feels subversive — or at least un-American in some weird way. Of course you should pursue your dream! But what if “my dream” was actually just a fear of other options + an addiction to compliments + a few well-written undergraduate papers?

When I first suggested that yoga teacher training was an MLM, someone rightly responded: “it feels like everything today is an MLM.” That’s what happens when an industry is fully enveloped by capitalism: When a hedge fund buys a yoga company — or when universities are figured as money-making businesses, with actual consultants hired to lead them. You can blame massive constructive initiatives intended to lure students, but the real problem is the one no one wants to talk about: the massive divestment of state funds, aka tax dollars, across the board. Over the last thirty years, our elected officials have decided that higher education isn’t a societal investment. It’s a capitalist business that must sustain itself. It doesn’t matter how much the head of a graduate department wants to increase graduate pay when the budget has been squeezed so tightly and tuition has already exponentially risen to counter it. There’s no there, there.

The fault with thinking of academia as a pyramid scheme is that there’s no one at the top — just the increasingly ambivalent structure, the ever-reproducing base. You could say administration profits, or football coaches profit. But it increasingly feels like a system in which no one wins: not the students, not their … [more]
capitalism  academia  annehelenpetersen  labor  work  markets  highered  pyramidschemes  ponzischemes  yoga  mlms  multi-levelmarketingschemes  exploitation  colleges  universities  srg  gradschool 
5 weeks ago by robertogreco
Why capitalism can’t survive without socialism - Vox
"Sean Illing

This raises a thorny question: The kinds of skills this technological economy rewards are not skills that a majority of the population possesses. Perhaps a significant number of people simply can’t thrive in this space, no matter how much training or education we provide.

Eric Weinstein

I think that's an interesting question, and it depends a lot on your view of education. Buckminster Fuller (a prominent American author and architect who died in 1983) said something to the effect of, "We're all born geniuses, but something in the process of living de-geniuses us." I think with several years more hindsight, we can see that the thing that de-geniuses us is actually our education.

The problem is that we have an educational system that's based on taking our natural penchant for exploration and fashioning it into a willingness to take on mind-numbing routine. This is because our educational system was designed to produce employable products suitable for jobs, but it is jobs that are precisely going to give way to an economy increasingly based on one-off opportunities.

Sean Illing

That’s a problem with a definable but immensely complicated solution.

Eric Weinstein

Part of the question is, how do we disable an educational system that is uniformizing people across the socioeconomic spectrum in order to remind ourselves that the hotel maid who makes up our bed may in fact be an amateur painter? The accountant who does our taxes may well have a screenplay that he works on after the midnight hour? I think what is less clear to many of our bureaucrats in Washington is just how much talent and creativity exists through all walks of life.

What we don't know yet is how to pay people for those behaviors, because many of those screenplays and books and inventions will not be able to command a sufficiently high market price, but this is where the issue of some kind of hybridization of hypercapitalism and hypersocialism must enter the discussion.

“We will see the beginning stirrings of revolution as the cost for this continuing insensitivity”
Sean Illing

Let's talk about that. What does a hybrid of capitalism and socialism look like?

Eric Weinstein

I don't think we know what it looks like. I believe capitalism will need to be much more unfettered. Certain fields will need to undergo a process of radical deregulation in order to give the minority of minds that are capable of our greatest feats of creation the leeway to experiment and to play, as they deliver us the wonders on which our future economy will be based.

By the same token, we have to understand that our population is not a collection of workers to be input to the machine of capitalism, but rather a nation of souls whose dignity, well-being, and health must be considered on independent, humanitarian terms. Now, that does not mean we can afford to indulge in national welfare of a kind that would rob our most vulnerable of a dignity that has previously been supplied by the workplace.

People will have to be engaged in socially positive activities, but not all of those socially positive activities may be able to command a sufficient share of the market to consume at an appropriate level, and so I think we're going to have to augment the hypercapitalism which will provide the growth of the hypersocialism based on both dignity and need.

Sean Illing

I agree with most of that, but I’m not sure we’re prepared to adapt to these new circumstances quickly enough to matter. What you’re describing is a near-revolutionary shift in politics and culture, and that’s not something we can do on command.

Eric Weinstein

I believe that once our top creative class is unshackled from those impediments which are socially negative, they will be able to choose whether capitalism proceeds by evolution or revolution, and I am hopeful that the enlightened self-interest of the billionaire class will cause them to take the enlightened path toward finding a rethinking of work that honors the vast majority of fellow citizens and humans on which their country depends.

Sean Illing

Are you confident that the billionaire class is so enlightened? Because I'm not. All of these changes were perceptible years ago, and yet the billionaire class failed to take any of this seriously enough. The impulse to innovate and profit subsumes all other concerns as far as I can tell."



"Sean Illing

I suppose that’s my point. If the people with the power to change things are sufficiently cocooned that they fail to realize the emergency while there’s still time to act, where does that leave us?

Eric Weinstein

Well, the claim there is that there will be no warning shots across the bow. I guarantee you that when the Occupy Wall Street demonstrators left the confines of Zuccotti Park and came to visit the Upper East Side homes of Manhattan, it had an immediate focusing on the mind of those who could deploy a great deal of capital. Thankfully, those protesters were smart enough to realize that a peaceful demonstration is the best way to advertise the potential for instability to those who have yet to do the computation.

“We have a system-wide problem with embedded growth hypotheses that is turning us all into scoundrels and liars”
Sean Illing

But if you're one of those Occupy Wall Street protesters who fired off that peaceful warning shot across the bow six years ago, and you reflect on what’s happened since, do have any reason to think the message was received? Do you not look around and say, “Nothing much has changed”? The casino economy on Wall Street is still humming along. What lesson is to be drawn in that case?

Eric Weinstein

Well, that's putting too much blame on the bankers. I mean, the problem is that the Occupy Wall Street protesters and the bankers share a common delusion. Both of them believe the bankers are more powerful in the story than they actually are. The real problem, which our society has yet to face up to, is that sometime around 1970, we ended several periods of legitimate exponential growth in science, technology, and economics. Since that time, we have struggled with the fact that almost all of our institutions that thrived during the post-World War II period of growth have embedded growth hypotheses into their very foundation.

Sean Illing

What does that mean, exactly?

Eric Weinstein

That means that all of those institutions, whether they're law firms or universities or the military, have to reckon with steady state [meaning an economy with mild fluctuations in growth and productivity] by admitting that growth cannot be sustained, by running a Ponzi scheme, or by attempting to cannibalize others to achieve a kind of fake growth to keep those particular institutions running. This is the big story that nobody reports. We have a system-wide problem with embedded growth hypotheses that is turning us all into scoundrels and liars."



"Sean Illing

So our entire economy is essentially a house of cards, built on outdated assumptions and pushed along with gimmicks like quantitative easing. It seems we’ve gotten quite good at avoiding facing up to the contradictions of our civilization.

Eric Weinstein

Well, this is the problem. I sometimes call this the Wile E. Coyote effect because as long as Wile E. Coyote doesn't look down, he's suspended in air, even if he has just run off a cliff. But the great danger is understanding that everything is flipped. During the 2008 crisis, many commentators said the markets have suddenly gone crazy, and it was exactly the reverse. The so-called great moderation that was pushed by Alan Greenspan, Timothy Geithner, and others was in fact a kind of madness, and the 2008 crisis represented a rare break in the insanity, where the market suddenly woke up to see what was actually going on. So the acute danger is not madness but sanity.

The problem is that prolonged madness simply compounds the disaster to come when sanity finally sets in."
2017  capitalism  socialism  business  dystopia  history  seanilling  ericweinstein  economics  politics  policy  productivity  technology  inequality  revolution  dignity  creativeclass  creativity  repetition  ows  occupywallstreet  banks  banking  finance  ponzischemes  alangreenspan  timothygeitner  civilization  systems  systemsthinking  growth  society  science  automation 
august 2017 by robertogreco
The Servitude Bubble — Bad Words — Medium
"I’m going to call it a Servitude Bubble. For the simple reason that it is largely based on creating armies of servants. You can call them whatever buzzwords you like — “tech-enabled always-on super-hustling freelance personal brand capitalists”. But the truth is simpler. The stuff of the Servitude Bubble makes a small number of people something like neofeudal masters, lords with a corncucopia of on-demand just-in-time luxury services at their fingertips. But only by making a very large number of people glorified neo-servants…butlers, maids, chauffeurs, waiters, etcetera.

The Servitude Bubble is creating “jobs”, sure — but only of the lowest kind: low-end, deskilled, dead-end, go-nowhere “service” jobs — that don’t only crush your soul, damage your psyche, and break your spirit — but waste your potential. Not “service” as in doctors and therapists— “service” as in pedicurists, trash-pickers, and dog-walkers. And so, on balance, it deskills and impoverishes human potential — it doesn’t expand and enrich it. The Servitude Bubble is made of stuff which, en masse, wastes, decimates, and demolishes the thing which counts most: human potential.

A bubble occurs when things are overvalued. What are ideas like the above really worth? They might — just might — be worth a little bit of change to a very small group of buyers. Google, Amazon, Apple, a hapless, clueless, doddering old media company here and there. But that’s like saying a subprime loan is “worth” it’s face value because a poor aging grandma can’t squint hard enough to read the fine print. Whether or not a handful of frat-bros is willing to fork over millions to one another for these startups like they were chess pieces in their struggles for corporate mid-life-crisis empire is besides the point."



"So the real servitude in the Servitude Bubble is the definition of “technology”. Once, technology meant stuff that went to the moon…cured fatal diseases…extended the human lifespan…enhanced human agency. Now, “tech” means stuff that…hails taxis…organizes butlers…automatically calls dogwalkers."
umairhaque  2015  sharingeconomy  servitude  labor  technosolutionism  economics  capitalism  inequality  ponzischemes 
july 2015 by robertogreco
Alex O. Awiti: Platform for Engaged Global Citizens: Time to end the multigenerational Ponzi scheme
"Capitalism evolved out of feudalism. Although the basis of power has changed from land to money and the system has become more mobile, the distribution of power and wealth has not changed that much. It’s still a hierarchical power structure, it was not designed with ecological sustainability in mind, and it won’t achieve that as it is currently constituted.

The main reason I believe capitalism is not up to the challenge is that it improperly and systemically undervalues the future. I’ll give two illustrations of this. First, our commodities and our carbon burning are almost universally underpriced, so we charge less for them than they cost. When this is done deliberately to kill off an economic competitor, it’s called predatory dumping; you could say that the victims of our predation are the generations to come, which are at a decided disadvantage in any competition with the present.

Second, the promise of capitalism was always that of class mobility—the idea that a working-class family could bootstrap their children into the middle class. With the right policies, over time, the whole world could do the same. There’s a problem with this, though. For everyone on Earth to live at Western levels of consumption, we would need two or three Earths. Looking at it this way, capitalism has become a kind of multigenerational Ponzi scheme, in which future generations are left holding the empty bag.

You could say we are that moment now. Half of the world’s people live on less than $2 a day, and yet the depletion of resources and environmental degradation mean they can never hope to rise to the level of affluent Westerners, who consume about 30 times as much in resources as they do. So this is now a false promise. The poorest three billion on Earth are being cheated if we pretend that the promise is still possible. The global population therefore exists in a kind of pyramid structure, with a horizontal line marking an adequate standard of living that is set about halfway down the pyramid.

The goal of world civilization should be the creation of something more like an oval on its side, resting on the line of adequacy. This may seem to be veering the discussion away from questions of climate to questions of social justice, but it is not; the two are intimately related. It turns out that the top and bottom ends of our global social pyramid are the two sectors that are by far the most carbon intensive and environmentally destructive, the poorest by way of deforestation and topsoil loss, the richest by way of hyperconsumption. The oval resting sideways on the line of adequacy is the best social shape for the climate.

This doubling of benefits when justice and sustainability are both considered is not unique. Another example: world population growth, which stands at about 75 million people a year, needs to slow down. What stabilizes population growth best? The full exercise of women’s rights. There is a direct correlation between population stabilization in nations and the degree to which women enjoy full human rights. So here is another area in which justice becomes a kind of climate change technology. Whenever we discuss climate change, these social and economic paradigm shifts must be part of the discussion.
Given this analysis, what are my suggestions?

• Believe in science.
• Believe in government, remembering always that it is of the people, by the people, and for the people, and crucial in the current situation.
• Support a really strong follow-up to the Kyoto Protocol.
• Institute carbon cap-and-trade systems.
• Impose a carbon tax designed to charge for the real costs of burning carbon.
• Follow the full “Green New Deal” program now coming together in discussions by the Obama administration.
• Structure global economic policy to reward rapid transitions from carbon-burning to carbon-neutral technologies.
• Support the full slate of human rights everywhere, even in countries that claim such justice is not part of their tradition.
• Support global universal education as part of human-rights advocacy.
• Dispense with all magical, talismanic phrases such as “free markets” and promote a larger systems analysis that is more empirical, without fundamentalist biases.
• Encourage all business schools to include foundational classes in ecology, environmental economics, biology, and history.
• Start programs at these same schools in postcapitalist studies.

Does the word postcapitalism look odd to you? It should, because you hardly ever see it. We have a blank spot in our vision of the future. Perhaps we think that history has somehow gone away. In fact, history is with us now more than ever, because we are at a crux in the human story. Choosing not to study a successor system to capitalism is an example of another kind of denial, an ostrich failure on the part of the field of economics and of business schools, I think, but it’s really all of us together, a social aporia or fear. We have persistently ignored and devalued the future—as if our actions are not creating that future for our children, as if things never change. But everything evolves. With a catastrophe bearing down on us, we need to evolve at nearly revolutionary speed. So some study of what could improve and replace our society’s current structure and systems is in order. If we don’t take such steps, the consequences will be intolerable. On the other hand, successfully dealing with this situation could lead to a sustainable civilization that would be truly exciting in its human potential."

My sense is that this is very thoughtful.

I have no problems with capitalism as way to link resources and human ingenuity to produce good and services. Consider the expansion of knowledge and technology that has led to great advances in medicine. The reason we are in deep trouble today is because of the way we choose to measure outcomes of good and services. We should depart from GDP and consider using Net Domestic Product (NDP). So this way we account for the deterioration of ecosystem services such as clean air, fertile soils, clean water, and biodiversity. We must now begin to grapple with measuring the real demand of domestic growth and expansion of the so called wellbeing on national and global ecological resources. We must get the accounting right or we will destroy irretrievably, the production base.
kimstanleyrobinson  capitalism  economics  feudalism  future  sustainability  environment  ponzischemes  generations  gdp  ndp  ecosystems  consumerism  consumption  growth  hyperconsumerism  inequality  climatechange 
december 2014 by robertogreco
Tim Carmody spells it out. (with tweets) · maxfenton · Storify
"…after WW2, a professional managerial class figured out they could trade benefits tomorrow for real money today across the workforce.

Early on, this didn't cost them much, because the workforce was young, health care was cheap, & most of it was just paper promises.

Then when the economy got a little tougher, these industries laid off workers & stopped kicking in funds for pensions. Profits still high.

Now, every single one of those industries are laying off even more workers, reducing benefits & weaseling out of those old promises.

What we're seeing is much less global industrial disruption than it is a bad check, a ponzi scheme, a bald-faced transfer of wealth.

A transfer of wealth across classes and generations, coupled with a villainization of the very employees who've been defrauded.

This is no accident of history. This is a fully planned and executed heist. This makes Ocean's Eleven look like a botched stickup…

[one more here]

This is how you murder the future."
industry  labor  inequity  wealthdistribution  wealth  ponzischemes  pensions  2012  finance  economics  history  timcarmody 
july 2012 by robertogreco
The American suburbs are a giant Ponzi scheme | Grist
"Since the end of WWII, our cities & towns have experienced growth using three primary mechanisms:

1. Transfer payments between governments: where the federal or state government makes a direct investment in growth at the local level, such as funding a water or sewer system expansion.

2. Transportation spending: where transportation infrastructure is used to improve access to a site that can then be developed.

3. Public and private-sector debt: where cities, developers, companies, & individuals take on debt as part of the development process, whether during construction or through the assumption of a mortgage.

In each of these mechanisms, the local unit of government benefits from the enhanced revenues associated with new growth. But it also typically assumes the long-term liability for maintaining the new infrastructure. This exchange -- a near-term cash advantage for a long-term financial obligation -- is one element of a Ponzi scheme…"
politics  economics  cities  urban  business  suburbs  suburbia  ponzischemes  government  strongtowns  sustainability  finance  infrastructure  2011  charlesmarohn  future  development  transportation  liabilities  maintenance  urbanism  policy  longterm 
july 2011 by robertogreco
Goodbye academia, I get a life. – blog.devicerandom
"One of my first memories is myself, 5 years old, going to my mother and declare to her, as serious as only children can be: “I will be a scientist.”

Yesterday night I was in my office in the Department of Chemistry at the University of Cambridge packing my stuff, resolved to not go back to research again -at least not in the shortcoming future.

What has gone wrong?"

"It has been long and painful to discover that it was just an illusion. When I found that academia was not working for me, I got immediately depressed -my whole worldview was crumbling. Then I remembered that I had a life. I liked my life. I had a billion things that I loved to do. I want to do them again. Quitting and reclaiming back your life is not failing. It is waking up and winning."
academia  science  education  research  life  profzischeme  ponzischemes  highereducation  highered  gradschool 
march 2011 by robertogreco
World University Rankings: A reality based on a fraud « Tony Bates
"I am still seething with outrage at the methodology used by the THES World University Rankings.<br />
<br />
Under a headline ‘University rankings key tool in recruiting foreign students’, in today’s Globe and Mail newspaper, Stephen Toope, the President of the University of British Columbia is reported as saying ‘These rankings are looked at by students and parents as part of their decision-making process.’<br />
<br />
Well, if they are, they are being fooled. These university rankings are the equivalent of a Ponzi scheme. Let’s take a close look at the methodology."
rankings  colleges  universities  economics  ponzischemes  via:thelibrarianedge  money  highered  methodology 
september 2010 by robertogreco
Seven Reasons Not to Send Your Kids to College [and five alternatives] - DailyFinance
"Imagine a retirement where you could have an extra $1million to $3 million in the bank with basically no effort. Now imagine telling your kids that you aren't going to send them to college. And, you go on, you want them to immediately start a business or get to work as soon as they finish high school.

These are difficult things to imagine because we've been so scammed by the "career industry" that tells us we need college degrees in order to succeed in life, regardless of how much money we spend for those degrees or what we actually do with our lives during the four to eight years it takes us to get those degrees.

But in my view, the entire college degree industry is a scam, a self-perpetuating Ponzi scheme that needs to stop right now."
colleges  universities  highereducation  highered  cost  debt  alternative  jamesaltucher  ponzischemes  bubbles  higheredbubble  unschooling  deschooling  glvo  education  learning  entrepreneurship  income  travel  handson  apprenticeships  internships 
august 2010 by robertogreco
Sweet Memories Of A Snack Food Financial Scheme : NPR
"And so, Bearman came up with a plan. A scheme. A lie. He told his classmates that every year, on the last day of class, his mother would bake a cake. A huge cake. The most delicious cake you've ever tasted.
humor  children  lunchroomeconomics  economics  ponzischemes  crisis  finance  credit  conmen 
march 2009 by robertogreco
The Biggest Ponzi Scheme of Them All - O'Reilly Radar
"it's increasingly looking like we're going to be stuck here with only one world's resources to draw on ... most reasonable people are aware that we're using up much of our children's inheritance, and handing them debt in exchange, I don't think as a society we've really come to grips with the consequence of that knowledge ... It's clear that getting to a steady-state economy will be hard, perhaps even impossible (although it's worth noting that living systems have accomplished that feat.) But what a challenge! How do we keep the dynamism of modern capitalist economies without borrowing from the future? What does it mean to keep the real costs of what we consume on the balance sheet? Will the economy of the future be built on aesthetic value exchange (the whuffie of Cory Doctorow's imagination), with renewable energy in harness and physical materials seamlessly recycled. Great questions, great opportunities for us to invent the answers!"
timoreilly  sustainability  green  environment  economics  future  bernardmadoff  growth  recession  consumption  2009  bailout  anxiety  capitalism  money  development  ponzischemes  resources  crisis  energy  finance  us  world  global  society  change  gamechanging 
january 2009 by robertogreco

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