Why crypto requires a rapid regulatory response. Why a conspiratorial amalgam of anti-vax, anti-government, pro-‘liberty’ doesn’t bode well. A new analytical tool delivers a stark message about wealth distribution in the US. Why an anachronistic white sense of superiority has skewed the reading of recent history – and why this is about to change. Why working on wanting less can lead to more…satisfaction.
QUOTE OF THE WEEK
“By managing what we want instead of what we have, we give ourselves a chance to lead more satisfied lives.” Arthur Brooks in the last article of the week
ARTICLE OF THE WEEK
Willem Buiter, Outlaw Cryptocurrencies Now
(Project Syndicate, 8 February 2022)
Many economists and policymakers will concur with this deeply sceptical take on cryptocurrencies. Even though they can facilitate digital payments, they are intrinsically valueless. Some evident drawbacks: (1) they undergo wild price swings on a regular basis, (2) they consume massive amounts of energy, (3) they enable criminal activity, and (4) they create new financial risks. In Buiter’s opinion, “their booming yet unfathomable popularity demands an urgent regulatory response.” A technical read, but well worth the effort (metered paywall – 7-8 min).
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Justin Ling, 5G and QAnon: how conspiracy theorists steered Canada’s anti-vaccine trucker protest
(The Guardian, 8 February 2022)
This is happening in Canada, but the pattern is the same everywhere (in the Western world): the eruption of conspiracy theories and the declared intention to overthrow elected authorities / governments. The brazen occupation of Ottawa came as a result of unprecedented coordination between various anti-vaccine and anti-government organizations and activists, and has been seized on by similar groups around the world. Among others, Elon Musk and Donald Trump support the inaptly named “liberty convoy”. Our take: the revenge of the anti-vaxxers may herald in a much more turbulent post-Covid world (free access – 3-4 min).
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Barry Ritholtz, The Super Wealthy versus the Merely Rich
(The Big Picture, 7 February 2022)
This claim that inequality is much worse than we think (particularly in the US) comes from a wealth manager, not a leftist commentator. A new analytical tool shows just how lopsided wealth in the US is: the top 10% and top 1% have seen their wealth increase substantially over the past four decades, but it is almost modest compared to the top 0.1% and 0.01%. Those at the top of the pyramid have seen their fortunes disproportionately soar since 1981. Wealth gains among different economic tiers are the following: Bottom Half = $4.8k, Middle 40% = $240k, Top 10% = $2.9m, Top 1% = $16m, Top 0.1% = $89m, Top 0.01% = $500m (free access – reads in less than 5 min).
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Shannon Tiezzi, Chandran Nair on White Privilege in International Relations
(The Diplomat, 4 February 2022)
Chandran, the author of the recently published “Dismantling Global White Privilege – Equity for a Post-Western World” (and a good friend of the Monthly Barometer who’ll be at the Chamonix Summit of Minds in September) argues that “the West harbours an anachronistic sense of superiority over others and retains privileges from its colonial exploits and setting up the ‘international rules-based system.’” A must-read to understand why the 90%+ of the world population that is not white may have a very different perspective from the “White” minority. This is one of the multiple backlashes brewing at the moment (free access – reads in 6-8min).
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Arthur Brooks, How to want less
(The Atlantic, 8 February 2022)
Satisfaction is one of the three core “macronutrients” of happiness (with enjoyment and meaning), and its slippery nature is one of the reasons happiness is so elusive. The “hedonic treadmill” principle (always more) makes us fall into the trap of believing that success will fulfil us, but it is an illusion: when and if we achieve conventional, acquisitive success, we can never get enough. The secret to satisfaction has nothing to do with achievement, money, or stuff. It is rather not to increase our haves. By managing what we want instead of what we have, we give ourselves a chance to lead more satisfied lives (metered paywall – 15 min).
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