https://t.co/no0C8ANzwr

The US election news has largely overshadowed a seismic moment in global finance: Ant, a fintech company that spun out of Alibaba/Alipay, was scheduled to have the world's largest IPO, topping even Aramco, the Saudi sovereign wealth fund.

Then Chinese regulators canceled it.

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As @yvessmith writes in her excellent @nakedcapitalism breakdown, the consensus narrative on this is capricious Chinese regulators changed their minds and jerked the rug out from under Ali's billionaire owner Jack Ma.

The reality is a lot

To understand it, you need to understand the difference between the Chinese and American "money story." In the US, there is widespread, unquestioning faith in the fairytale that money predates the state and is separate from it.

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In this story, people come together to trade but are plagued by disparate goods: if I want to pay for your chickens with a cow, how do you make change? They spontaneously decide that something (gold?) is money and price their cows and chicks in it.

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Then, governments come along tax our gold away, and then to add insult to injury, governments abandon gold and insist that paper is as good as gold, print too much of it and crash the economy!

This probably sounds familiar to you, but it's just not true.

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It's been eight years since @aaronsw took his own life. Aaron had been charged with 13 felonies under the Computer Fraud and Abuse Act (#CFAA) for violating the terms of service on the @JSTOR database of scholarly articles.

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Prosecutors Stephen Heymann and Carmen Ortiz didn't dispute that Aaron was allowed to access the articles he retrieved. Rather, they said that the WAY he accessed them (using a script instead of clicking on links) was a terms-of-service violation and hence a crime.

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In other words: any business could conjure a felony out of thin air by making you click through an unreadable garbage-novella of legalese proscribing the use of a service they granted you access to. Violate any of those terms and you face a prison sentence.

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This isn't law as we know it, it's Felony Contempt of Business Model, and the most alarming thing was that this interpretation of the CFAA wasn't completely ridiculous, given how badly drafted that law is.

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Ronald Reagan signed CFAA into law. Fed prosecutors had been seeking broad authority to punish "hacking" and had drawn up an absurdly broad definition of cybercrime that would give them latitude to go after anyone they didn't like.

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Inequality requires narrative stabilizers. When you have too little and someone else has more than they can possibly use, simple logic dictates that you should take what they have.

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The forbearance exercised by the many when it comes to the wealth of the few isn't down to guards or laws - rather, the laws and the guards are effective because of the STORY, the story of why this is fair, even inevitable.

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Think of the story of monarchy and its relationship to the Church: the Church affirms that the monarch (and the aristocracy) was chosen by God ("dieu et mon droit") and the monarchy reciprocates by giving the Church moral and economic power within the kingdom.

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Capitalism replaced the story of divine will with a story of a self-correcting complex system: humans are born and raised with a variety of aptitudes and tastes, and at any moment, historical exigencies dictate that some individuals are better suited than others to do well.

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When it's railroad time, there are people who were born to oversee the laying of track and the coordination of rail networks: markets find those people, allocate capital to them, and allow them to mobilize that capital to produce shared prosperity for all of us.

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Accountancy is more likely to be mocked than celebrated (or condemned), but accountants, far more than poets, are the unacknowledged legislators of the world.

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Though "bean counters" are employed by firms, they are notionally bound by a professional code of ethics every bit as serious as the Hippocratic Oath: "count things honestly." Without an accurate accounting of quantities, you can't make good decisions on quality.

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Though accountancy concerns itself with counting things, it is inextricably bound up with the realm of ideas, and accounting conventions (how you account for things) are philosophical matters, not empirical ones.

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It's no coincidence that #ModernMonetaryTheory owes more to accountancy than it does to economics. Economic accounts of the economy have an unfortunate tendency to proceed from first principles, creating models based on pure reason, without checking in on the actual world.

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For example, neoclassical econ's "homo economicus," the rational value-maximizing actor who populated so many models; or economists' insistence on targeting inflation with interest rates; or treating national "debts" like they were household debts.

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I am reading through reams of late-1920s communist poetry and easily my favourite title so far is: "To a Lady who Rejected a Poem about Spring as a Petit-Bourgeois Deviation"

The last lines:
"So here's my hat into the air,
Three cheers for your amazing hair,
For coal mines, and for turbines, too,
For steel, the Comintern and you!"

A not exactly graceful (though possibly satirical) title: "Lines Disassociating Myself from Yessenin and Supporting the Otherwise Unfounded Legend that I am a Foremost Proletarian Writer"

An excerpt:
"Goodbye verses of Yessenin
Goodbye literary slop-
You are not the line of Lenin
You are not the line of WAPP

Never shall I moan a
simple lyric from the heart
I'll devote my new corona
to the proletarian art"

The poet was Joseph Freeman, who published much of his revolutionary verse in the New Masses, a stylish journal of the interwar American literary Left.

Today in pulp I look at the scandalous history of lady jeans!

Well there's a turn-up...

The denim jean and its predecessor the dungaree have a long history, and were traditionally seen as work wear for men.

But WWII changed all that...

As women headed for the factories and shipyards they found that a sturdy denim bib-n-brace, paired with a stout headscarf, was the way to go!

Coarse heavy 'jeens' were fine for riveting work, but 1940s women didn't take a shine to them as leisure wear. For one thing they were voluminous and shapeless.

Jeans were also seen as clothing for children. No adult wanted to be seen wearing kid's dungarees in public.

Or did they?

(a thread)
My favorite tv show is Adventure Time. I am here to argue that if you look at the show from an angle of mental health and managing it, Finn and Jake are not the lead characters. Princess Bubblegum is. 1

The most compelling character on the show, to me anyway, is Lemongrab. He was created by PB, the first of the candy people she created to “go wrong”. Lemongrab has devastating anxiety. He doesn’t know and can’t learn how to interact with the world. 2

When he’s lonely, he sneaks into the castle to stare at people while they sleep. PB tries to teach him to cuddle and play with a candy person but he can only poke and slap. He screams, he calls things “unacceptable”, he sentences folks to the dungeon. 3

When given a castle of his own and a clone to keep him company, everything gets donked up. He and his clone make living messed-up people out of their food, they eat each other, it’s a horrifying place. 4

Lemongrab just CAN’T with other people. The more he tries, the more frustrating it gets, so the more he screams.
For the purpose of this thread, Lemongrab represents ANXIETY. 5

At age 24 Amazon let me manage 2500 employees and a $50,000,000 business unit

I learned that leadership at scale is simply about following this one framework

This is going to make you and I hundreds of millions of dollars

Culture is what your people say and do when you are not around

Becoming a master of influencing the behavior of others = becoming a master of culture

There are 3 pillars every leader should use in their language to crush influence

Values
MVP
Heuristics

values are the 5-10 things your company prioritizes as ‘must haves’

They are non negotiables

Individually, they aren’t unique

Together, they create a unique DNA called ‘your

Heuristics are a simple set of rules that drive complex behaviors

In nature, heuristics are what enable ants to build massive ant farms or bees to build huge bee hives

We want to create these in our agency to build something well beyond ourselves

MVP= mission, vision, purpose

The why behind the organization

Everyone, especially now, wants to strive for something more than a paycheck

Not having this in your business will make you obsolete real quick

62nd anniversary of The Day The Music Died.

Some shots from that final show at the Surf Ballroom. That's Waylon Jennings playing bass for both Buddy Holly and Richie Valens. He didn't ride on the plane because he lost a coin flip.

correction - it was Buddy Holly's guitarist Tommy Allsup who lost the plane ride coin flip to Richie Valens; Waylon Jennings reluctantly gave up his seat on the plane to JR "The Big Bopper" Richardson because Richardson had the flu.

In their last conversation, Buddy Holly kidded Jennings for 'chickening out' of the plane ride, and joked "I hope your damn bus freezes up again."

Jennings, joking back, told Holly "I hope your ol' plane crashes." That joke haunted Jennings for decades.

The Surf Ballroom in Clear Lake survives, though, and is still a gem; and still hosts an annual February commemorative Winter Dance Party.