- "Trickle-down" has become a thought-terminating cliche.
Of course your country is better off if you have successful companies and high-income jobs.
- That's just the byproduct of the rest of the world coming back online (plus communications & logistics improving).
Look, if you own a company, or are in a leadership position: the entire world is now open to you, both as source of labor and as potential market. The impact of your decisions has exploded, and the potential revenue and value of your company has also exploded.
OTOH, if you're a line-worker at a factory in Detroit: your competition is now most of the population of the world--and they all expect lower salaries than you do.
What's your argument for why you should keep making 10x or 20x what people in China or India make? Do you just naturally deserve it? Do you figure that companies owe it to you because you share a home country? If so, either the company will bounce and move abroad to one of the many countries willing to welcome them with open arms--or they'll be swiftly replaced by a Chinese equivalent which has 1/10th the labor costs. Either way, your extravagant salary is going to dry up.
American labor in the 50s was simply in the right place at the right time. That's no longer true. There's no way to stop the rest of the world from growing and improving in order to maintain the special status of the American worker. They don't really have a choice: they need to skill up. And yes, push for better social safety nets, though their instinct seems to be in the opposite direction.
- So you'd be better-off if SpaceX and Google were Chinese companies?
Also, a lot of the wealth from the tech industry does spill over to the larger community. You're strictly better off having it. If the US had just stuck with their 1970s economy on the theory that any new industries wouldn't distribute their benefits equally, it would be vastly smaller, less powerful and less wealthy. Surely that's obvious?
- Home ownership rate is higher now than it ever was in the post-war period, actually. It peaked in 2008, and has fallen since then...still higher than the 50s and 60s.
Also, did you ever spend any time in those post-war homes? Most of us would be appalled at the idea of living in a bare-bones 1000 sqft box (with more than 2x as many children per average family).
- The hollowing out of the American middle class is because the huge, wealthy middle class was a post-war anomaly, from a time when the US had the only intact industrial plant in the world, and lack of communication technology and logistical sophistication meant production had to be localized and centralized. So, if you happened to be living in the right places in the US, you could have a house and a car and put a couple kids through college on an (artificially-inflated) factory worker's wage. At the same time, 80% of the population of the world was on the edge of starvation.
Now, thanks to better logistics and communications, companies can move jobs to where labor is cheaper. This has pulled billions of people out of poverty, dramatically reduced the price of goods, and generally improved global well-being--but that was at the cost of the 1% of the 1950s, which is to say the American working class. Now, if you work in a factory in the US, you only make a single-digit multiple of what a factory worker in Korea, Mexico, Germany or Italy makes (though you still have a double-digit advantage on much of the world).
It wasn't sustainable to have a tremendously wealthy middle class in a world that was mostly starving. No amount of trade barriers could maintain that: you're relying on a world market with very little competition, and the other 7 billion people aren't going to be content to sit on their hands.
What you want to do instead is to develop new, cutting-edge, high-paying industries, and thereby keep a competitive advantage on the rest of the world. Maybe you could, I dunno, develop top-notch schools to lure all the best and brightest people from around the world to your country, invite them in, encourage them to stay, and get them to innovate and create here rather than elsewhere. That might just result in whole new, massive, high-paying industries that pick up the slack left by your diminished industrial dominance.
Seems like a good idea to me! But hey, instead, you could always try slamming the door shut, chase out all the dirty foreigners, and just rely on your inherent and intrinsic American superiority to carry you forward. I'm sure that'll work just as well.
- Cash has centralized distribution, but it's very decentralized in use. That's what makes it useful. However, sometimes people might choose to use a centralized service provider (like a bank, or a credit card company) because it's useful. They still have the option of using cash. What's important isn't that every single transaction happens in a fully-decentralized way: it's that decentralized transactions remain an option. That means that banks and credit card companies have to compete with cash, and that they can never have full control of your financial life.
The same is true of cryptocurrency. It's not a problem that centralized service providers exist. If they stop providing useful services, people can just take their cryptocurrency and go home.
- Many of us took programming 101 in Java and so typed this dozens of times without having a clue what it meant.
- The point of cash is that it represents transferrable value that doesn't require an intermediary between you and the person you're transacting with. And yet, banks and credit card companies exist and deal with cash. This does not mean that cash is a useless concept.
- Yeah, I've run a local Kokoro instance, and it doesn't work with Firefox. This uses Kokoro under the hood.
- Money isn't a difficult concept? Tell that to the people of Turkey, on Venezuela, or Argentina. Ask them about the utility of money as a "store of value" or means of transaction. It can be mismanaged to disastrous effect.
Assuming you're in the US or EU, you have a privileged perspective: your currency is widely adopted and has been (relatively) stable. I think smaller countries (and especially the businesses therein) are better able to appreciate a global-by-default, noninflationary store of value they can use to transact with anyone, at an established rate.
You could cut Visa and other CC companies out of the loop: they'd be obsolete. Their functionality would be inherent in the network. That's huge savings, reduced complexity, and you don't have arbitrary companies with the ability to blackmail you.
Microtransactions online would become feasible, and would use the very same infrastructure as multi-billion-dollar global transactions. Nice and simple. No fax machines or SWIFT codes or intermediary banks. No reliance on banks with a monopoly on access to the financial system, that can pull a plug on a project at any time for any reason--or prevent interesting experiments from happening in the first place.
You know some places pay like 20+% fees on remittances? That's a shitload of money that the (relatively poor) destination countries badly need! There's a lot of gouging and rent-seeking that goes on in the economy (https://www.thebignewsletter.com/p/economic-termites-are-eve...), and a lot of it is enabled by the rigid, crufty and archaic financial system. A simple, open, global public system would fundamentally change that.
I dunno. Your attitude seems the same, to me, as somebody from 1994 who's happily using AOL to read the news, chat, and send emails (though only to other AOL members, of course) saying "What's the utility of this 'internet' thing? I can already do all that stuff! Networking is well-understood, and the 'internet' doesn't bring anything new to the table!" Their perspective on what was desirable or possible was strictly limited by the status quo. Just as was the case then, the best and most interesting use cases of cryptocurrency probably aren't even imagined yet: the infrastructure is necessary to imagine them.
- Yeah, there's a line early in the article about use, the gist of which is "[unlike cryptocurrency] the utility of the internet was obvious from the start".
But it seemed pretty obvious to me more than a decade ago what cryptocurrency would be useful for. I remember the ideas flying around in the early days.
It's been a bumpy road...but then, I also remember through the late 90s (and especially after the dotcom crash) when there were countless takes on how the Internet (and PCs in general) had been vastly overhyped. "Computers were supposed to eliminate paper, but we're using more paper than ever! We were supposed to do all our shopping and get our news from the internet, but Sears is thriving and I still get my daily newspaper every morning!"
Somebody could absolutely have made a book out of all the overpromises of the "Internet Superhighway" era.
The path to general use for cryptocurrency has been, and will continue to be, rocky. Moreso than the net. It inherently involves money--lots of money--and so it's been rife with scams. "Nigerian Princes" on steroids.
But I can tell you guys: before the rush of investors and crazy bubbles, before the scams and collapses, long before hucksters like Trump got involved, there was a group of people to whom the potential of cryptocurrency seemed obvious.
- Ehh, I would put it differently: purposefully decentralized societies are ineffective, and create a power vacuum that tends to be quickly filled. Assuming they would have worked requires a view of human nature that I just don't buy. Along comes a Lenin, or a Mao, or a Trump, or a Robespierre, who starts giving rousing speeches about how dangerous forces are rising against the movement, and next thing you know you've got concentration camps, guillotines, mass shootings, and so on. And that environment rewards authority and tyranny.
- I guess 1919 is a bit late for rose colored glasses--though there's a shocking number of people who are still nostalgic for Bolshevism after _everything_.
You get my point, though. It's one thing to propose an idyllic society. It's another thing to try to implement it. In all cases where there's been a serious attempt at implementation on any scale above local and short-lived, we view the results with horror.
- It's not that hard for a new idea to look good for a couple short months/years. Building an ongoing, self-sustaining society that doesn't go completely off the rails is a whole other thing. There's a reason all these idyllic examples people give (Catalonia, Pre-USSR Ukrainian socialism, Paris Commune) were short-lived. If the Bolshevist revolution had been quashed in 1919, it would be idealized today.
- > Maybe I am too much of a jaded asshole but anyone who writes something like this needs perspective.
This is clearly a person who loved their job, and took it seriously. They had worked hard on something and were looking forward to sharing it. That, frankly, seems healthy. It's the only way to give your everyday life worth and meaning as an employee. It's certainly something that Google cultivated and encouraged. And it's shocking to have it vanish so abruptly.
If you take a more cynical, realistic view, you could never seriously engage with your work. You realize the company doesn't care about you, and you return the sentiment. That might be a more realistic way of viewing your situation, but it's empty of meaning or satisfaction. You'd be correct but unhappy all day every day.
I was always kinda jealous of people who could drink the kool-ade. And even if there's a certain satisfaction in seeing them get a reality check, it's also a shame that somebody who thought they had found meaning and purpose in a community suddenly realize they were just a tool the whole time.
- No, unless somebody starts a stream there's no computation. If nobody is watching, it's idle.
If somebody tunes in, the server figures out where to start the stream and begins streaming.
- I'd be interested if it existed...
- I think that's trying to draw the metaphor too far. The point is just that people have a tendency to be fascinated with their enemies, and exaggerate the differences between them: https://en.wikipedia.org/wiki/Other_(philosophy)
The best and most recent example of that, for a modern American, would be the USSR. You do come across similar processes with, say, Chinese or Arabs, but they're not explicit enemies, and there's more cultural integration and exchange in those cases.
- He was making fun of someone for suggesting that the federal government uses SQL.
Dude has been burning credibility at an amazing pace.
To do that, they needed cars, machinery, home goods, electronics, etc. They had the labor to produce those things, but not the infrastructure. It takes time to build factories, and a skilled labor pool, and a logistics network, and so on.
So where did you go to get the goods & services you needed to rebuild? There was really only one option. The US was exporting cars, factory equipment, heavy machinery, steel, radio, coca cola, etc. They had an intact industrial plant, and had lost (relatively speaking) very few working-age men in the war. That helped them ramp up quickly with internal demand (fed by pent-up war wages).
For reasons laid out above, it wasn't practical to move factories overseas, or outsource parts, or automate. So workers in the areas with factories were in very high demand, and wages went way, way up in those areas. That had knock-on effects: America was just beginning to import oil in large quantities, so American coal & oil was suddenly in high demand. Same with mining, logging, etc. That caused a general boom--specifically favoring labor.
It wasn't because the rest of the world was poor that the American middle class was rich. It was because the rest of the world was developing, and America had a near-monopoly on the means of doing it. What's happened in the meantime is just that the US has lost that monopoly. Now American workers face relatively fair competition. This has been a huge net positive for the world, with cheaper goods and higher wages pretty much across the board...except for American workers.