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Comment Re:Unaccountable (Score 1) 90

You do not appear to understand what a republic or a democracy is, so I'll ignore the last sentence.

"Independent" does not mean unaccountable to the people. The President is independent of Congress, and vice versa, but both are accountable to the people. Well, the current president doesn't seem to think so, but legally he is.

Comment Re:well (Score 2) 90

You are correct. In principle, presidents have no authority whatsoever to dictate how an agency runs. The executive branch should have zero authority over the civil service, which is intended to constitute a fourth co-equal branch of government.

In the US, in principle, the status of the civil service as co-equal to, and independent of, the executive should be added to the Constitution and enshrined in law for good measure. Not that that would help much with the current SCOTUS, but a Constitutional change might possibly persuade the current government that absolute authoritatian control is not as popular as Trump thinks.

Comment Re:who (Score 3, Informative) 90

That is the idea that, in Britain, entities like the NHS and the BBC have operated under. Charters specify the responsibilties and duties, and guarantee the funding needed to provide these, but the organisation is (supposed) to carry these out wholly independently of the government of the day.

It actually worked quite well for some time, but has been under increasing pressure and subject to increasing government sabotage over the past 20-25 years.

It's also the idea behind science/engineering research funding bodies the world over. These should direct funding for grant proposals not on political whim or popularity but on the basis of what is actually needed. Again, though, it does get sabotaged a fair bit.

Exactly how you'd mitigate this is unclear, many governments have - after all - the leading talent in manipulation, corruption, and kickbacks. But presumably, strategies can be devised to weaken political influence.

Comment Re: Shades Of The 2008 Financial Crisis (Score 1) 39

The infection was already there. Anyone who'd invested in any mortgage derived securities was compromised because the underwriting and scoring process was fundamentally fraudulent. Securities are rated and, at least in theory, those ratings are supposed to reflect the degree of risk. But the scoring agencies essentially became captives of the folks minting the securities and just handed out great ratings like halloween candy.

The Fed and the money printing and all that -- concerning as it all was -- really had more to do with making sure the national banking industry and therefore the currency didn't fail. There was a moment there when it really felt like a financial 9/11... like everything could come crashing down all across the world as a result of something that happened in Manhattan.

It's just an anecdote, but I vividly remember the short-term credit markets freezing up and everyone collectively realizing that nearly every business in the country uses short term credit to manage cashflow so that they can decouple employee paychecks and infrastructure purchases from sales and client payments in terms of timing. Most people just didn't know that and, without credit to make the accounting process move fluidly, like half the country was looking down the barrel of "well, we'll pay you when we know we have money in the accounts."

It's easy to run the Fed down now, but we were one or two days away from a grim fable with an unhappy, bloody ending.

Comment Re:This is wrong (Score 5, Interesting) 197

Trying to solve the problem with tips is completely wrong.

No. Tipping is the problem, and the problem has gotten entirely out of hand. Make tipping illegal, and employers will be forced to pay wages that will retain their employees, and then, in turn, raise prices to compensate. At which point, we will have the system that Europe has been using for longer than I know, where being a waiter is not a stop-gap employment option while you're trying to do something else, but a respectable profession. There are establishments I frequent in various parts of the Continent where I see the same waiters working there, year after year, and there is never any problem with the service. Tipping is not expected, and if you do, it's a couple of percent. The prices on the menu are the prices you pay. No extra taxes, no extra tipping. Completely transparent.

It is pure commercial greed that prevents the US from adopting the same rational standard, and instead we get the fraud where the price you see is nowhere near the price you pay, except in very specific, isolated cases like fuel and airline tickets.

Comment Shades Of The 2008 Financial Crisis (Score 1) 39

This all powerfully reminds me of the deals the big banks like Lehman Brothers and Bear Sterns struck back in 2006 and 2007. If you're too young to remember that particular shitshow, the mortgage industry was fundamentally toxic and a bunch of securities were created by mushing bad mortgages in with good ones so that the combination looked secure enough to invest in.

And then THOSE securities were subdivided up and repackaged into even more securities. And so on. And so on.

Bad debt ended up "infecting" the entire market such that it was essentially impossible to invest in "safe" mortgages and so, when the collapse happened, many of the banks found out that the bets they *thought* they were making to hedge their bets on the risky side of the housing bubble were, in fact, just MORE BETS on the risky side of the housing bubble.

At this point it's essentially impossible to invest in technology without investing in AI which means its very hard to bet against AI in the tech industry. And that feels very, very dangerous.

Comment Will we finally learn our lesson? (Score 1) 32

Are we, as a sapient species facing an uncertain prospect of continuence in a world full of rapidly-advancing bullshit going to learn from this catastrophic and absurdly predictable failure of information security, personal and professional ethics, civilian government, market economics, basic common sense, and consumer psychology?

Eight-Ball-Based-On-Cursory-Reading-Of-Literally-Any-Slice-of-Human-History says "no".

What do you say, and why is it also "no"?

Comment Tokenization (Score 3, Interesting) 26

Tokenization seems to mean taking an asset with value, creating a fake representation of it, selling that to someone in exchange for valuable money, and then laughing all the way to the bank. In the case of a bank doing this, the only difference seems to be that there is not as much laughing involved, because they are already at the bank. And in the case of a bank doing this with "stable" coins (that aren't actually stable), they're also skipping the "asset with value" step.

Comment Re:Robot vacuum cleaners - meh (Score 1) 100

That's what's driving the recent increase in asthma: a more aseptic environment.

I ate dirt as a child, and I almost never get sick. My wife lived in a pristine environment and gets sick at the drop of a hat. These anecdotes are examples that are backed up by reams of rigorous science, some of which was done by a friend of mine, looking at the rate of respiratory illness in Papua New Guinea populations pre- and post-westernization. Their conclusion: we would be healthier if we lived with dirt floors.

Comment Re:We've done the experiment (Score 1) 167

230 prevents sites from being prosecuted. So, right now, they do b all moderation of any kind (except to eliminate speech for the other side).

Remove 230 and sites become liable for most of the abuses. Those sites don't have anything like the pockets of those abusing them. The sites have two options - risk a lot of lawsuits (as they're softer targets) or become "private" (which avoids any liability as nobody who would be bothered would be bothered spending money on them). Both of these deal with the issue - the first by getting rid of the abusers, the second by getting rid of the easily-swayed.

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