Monday 28 November, 2022

Morning has broken

Early morning at Dartington Hall, where we spent the weekend (as we generally try to do whenever we’re in Devon). It’s a wonderful place, with a fascinating history which is well recounted by Michael Young in his book, The Elmhirsts of Dartington.


Quote of the Day

”The stoical scheme of supplying our wants by lopping off our desires, is like cutting off our feet when we want shoes.”

  • Jonathan Swift, 1711

Musical alternative to the morning’s radio news

Bob Dylan and Joan Baez | Chimes of Freedom

Link


Long Read of the Day

Building Fast and Slow: The Empire State Building and the World Trade Center

The astonishing story, told by Brian Potter, of how one of the modern world’s iconic buildings was constructed — on time and within budget.

The Empire State Building and the World Trade Center make for an interesting comparison. In many ways, they’re similar. They’re both iconic Manhattan skyscrapers (they were built just 3 miles apart) that sit right next to each other in the sequence of “world’s tallest building”. Both started out as projects aimed at creating (among other things) a large amount of commercial office space, and were later nudged by their owners into becoming the world’s tallest building. Both were completed in the midst of a severe economic downturn (the Great Depression and the 1973 Oil Shock, respectively), and took many years to be fully occupied. The Empire State Building would be only partially occupied through the 1930s (making money largely from visitors to the observation deck), and the owners were only saved from bankruptcy because the lender (MetLife) didn’t want the building. It wouldn’t start to turn a profit until after WWII. Similarly, the World Trade Center didn’t reach full occupancy in 1980. In both cases the building owners had to coerce government agencies to use much of the available space.

They also share an architectural genealogy – the architect of the World Trade Center, Minoru Yamasaki, had worked for several years at Shreve, Lamb, and Harmon, the architectural firm that designed the Empire State Building.

But in many ways they’re different. The Empire State Building is often the first example reached for by those nostalgic for an America that builds. Not only was it built impossibly fast by modern standards (less than a year from setting the first column to being completed), but it came in under budget, with its design becoming a widely praised example of Art Deco architecture.

The World Trade Center, on the other hand, was continuously mired in controversy and difficulty. It was slowed by lawsuits from displaced residents, political opposition from both New York and New Jersey, difficult site conditions, union strikes, and novel building systems and construction methods. From its conception in 1961 (and arguably even earlier) the project took more than 10 years to complete, going far over its planned schedule and budget.

Probably because I have an engineering background I’m a sucker for these kinds of stories. (One of my favourite books is David McCullough’s  Great Bridge, a riveting account of how the Brooklyn Bridge was built.)


Alexa, how did Amazon’s voice assistant rack up a $10bn loss?

Sometimes, invasions don’t work out as well as you hoped.

Yesterday’s Observer column:

Intrigued by an Ars Technica post about Amazon’s Alexa that suggested all was not well in the tech company’s division that looks after its smart home devices, I went rooting in a drawer where the Echo Dot I bought years ago had been gathering dust. Having found it, and set it up to join the upgraded wifi network that hadn’t existed when I first got it, I asked it a question: “Alexa, why are you such a loss-maker?” To which she calmly replied: “This might answer your question: mustard gas, also known as Lost, is manufactured by the United States.” At which point, I solemnly thanked her, pulled the power cable and returned her to the drawer, where she will continue to gather dust until I can think of an ecologically responsible way of recycling her…

Read on


My commonplace booklet

What is it with so-called ‘luxury’ wristwatches? Every weekend the Financial Times’s ‘How to Spend It’ supplement is full of advertisements for analogue timepieces costing half the GNP of smallish countries. Even more puzzling: some of these watches are billed as diver’s watches, waterproof down to formidable depths and pressures. But none of their wearers known to me has ever dived deeper than the average swimming pool.

A similar thing applies to fancy ‘aviator’ timepieces. A friend wears one made by Breitling which costs over five grand, and I know for sure that he doesn’t have a pilot’s licence. He may have logged a lot of hours in the air, but all of it has been in First or Business class.

So there’s no utilitarian rationale for these watches, which basically means that they’re just male jewellery.


Errata

There were two missing links last week.

  1. The NYT report by Cade Metz and Ian Clontz on Tesla and the future of autonomous vehicles was here.
  2. The link for Nancy Sinatra’s boots was here.

Apologies for both.


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Alexa, how did Amazon’s voice assistant rack up a $10bn loss?

Sometimes, invasions don’t work out as well as you hoped.

This morning’s Observer column:

Intrigued by an Ars Technica post about Amazon’s Alexa that suggested all was not well in the tech company’s division that looks after its smart home devices, I went rooting in a drawer where the Echo Dot I bought years ago had been gathering dust. Having found it, and set it up to join the upgraded wifi network that hadn’t existed when I first got it, I asked it a question: “Alexa, why are you such a loss-maker?” To which she calmly replied: “This might answer your question: mustard gas, also known as Lost, is manufactured by the United States.” At which point, I solemnly thanked her, pulled the power cable and returned her to the drawer, where she will continue to gather dust until I can think of an ecologically responsible way of recycling her…

Read on

Friday 25 November, 2022

A souvenir of the dry season…

…when we longed for rain to rescue our parched lawn. (Which is now almost waterlogged.)


Quote of the Day

”Maybe Napoleon was wrong when he said we were a nation of shopkeepers… Today, England looked like a nation of goalkeepers.”

  • Tom Stoppard

Somehow appropriate during a World Cup.


Musical alternative to the morning’s radio news

Liam O’Flynn, Neil Martin, Seán Keane, Matt Molloy & Arty McGlynn | Gradam Ceoil TG4 1999

Link

The set (recorded in the Town Hall theatre, Galway) consists of: An Buachaill Caol Dubh (Air 0:00), Caisleán an Óir (Hornpipe 1:54), Paddy Fahey’s (Reel 3:47), The Pinch of Snuff (Reel 5:05) & The Fair-Haired Boy (Reel 5:48)


Long Read of the Day

Putting ideas into words

Thoughtful essay by Paul Graham.

Writing about something, even something you know well, usually shows you that you didn’t know it as well as you thought. Putting ideas into words is a severe test. The first words you choose are usually wrong; you have to rewrite sentences over and over to get them exactly right. And your ideas won’t just be imprecise, but incomplete too. Half the ideas that end up in an essay will be ones you thought of while you were writing it. Indeed, that’s why I write them.

Once you publish something, the convention is that whatever you wrote was what you thought before you wrote it. These were your ideas, and now you’ve expressed them. But you know this isn’t true. You know that putting your ideas into words changed them. And not just the ideas you published. Presumably there were others that turned out to be too broken to fix, and those you discarded instead.

E.M. Forster said somewhere that there are two kinds of writer: those who know what they think and write it; and those who find out what they think by trying to write it.

I’m the latter type. Which are you?

Paul Graham says he’s never known anyone in the first category, and if he met someone who claimed to qualify “it would seem evidence of their limitations rather than their ability”.

I’ve known three people who could write their thoughts in complete, coherent sentences. One is a distinguished historian; the second was a literary critic; and the third was a former British cabinet minister. A trio of rare birds.


What Riding in a Self-Driving Tesla Tells Us About the Future of Autonomy

Terrific NYT report by Cade Metz and Ian Clontz, who spent a day in a ‘self-driving’ Tesla in Jacksonville, Florida. What it tells us about “the future of autonomy” is that it’s a long way off. Regular readers will know that that squares with my views. But it’s fascinating to see it in action. Great multimedia reporting. Hope they had good life-insurance.


My commonplace booklet

And, yes, it’s a Dodo.

From Private Eye.


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Thursday 24 November, 2022

EV charging, Riga

And the date when this was taken? July 2017. Makes you think about how ‘advanced’ the UK was then.


Quote of the Day

”Russia: a gas station masquerading as a country.”

  • John McCain (RIP)

Musical alternative to the morning’s radio news

Antonio Forcione | Scrambled Eggs

Link

Good tune for breakfast, though I prefer mine with smoked salmon.


Long Read of the Day

The Shock and Aftershocks of “The Waste Land”

Lovely New Yorker essay by Anthony Lane.

May is the merriest month, and there are few more cheering journeys than a train ride into the green wilds of Sussex, in southern England. And no destination is more peaceable than Charleston, the secluded house, wreathed with gardens, that found fame as a rural HQ of the Bloomsbury Group. Now a place of pilgrimage, it continues to summon writers and artists, with audiences to match. Here it was, for a festival in May, that the culture-hungry came. Drifting in their dozens past fruit trees and congregations of flowers, they entered a large tent, where the trappings of Bloomsbury-scented comfort were on sale: straw hats, cushions, padded Alice bands, and vials of Sussex Rose Aromatic Water for the soothing of high or fevered brows. We took our seats for the arrival, on a raised dais, of Benedict Cumberbatch. He it was whom the pilgrims had travelled to see, and this is what he had to say:

April is the cruellest month, breeding Lilacs out of the dead land, mixing Memory and desire, stirring Dull roots with spring rain.

There was more, and worse. “White bodies naked on the low damp ground / And bones cast in a little low dry garret.” And this: “Dead mountain mouth of carious teeth that cannot spit.” And again: “In this decayed hole among the mountains / In the faint moonlight, the grass is singing / Over the tumbled graves.” What had we done, in the sun-warmed paradise of Charleston, to deserve all these mountains, bones, and teeth? So much death, on a day that promised such life!

Cumberbatch was, needless to say, reading T. S. Eliot’s “The Waste Land,” which will shortly celebrate its hundredth birthday…

Read on. It’s good.


My commonplace booklet

A Letter to Nancy Sinatra from Her Boots That Were Made for Walking

by John Moe in McSweeney’s

January 23, 1966

Hi Nancy!

First of all, GREAT song. Honestly, Lee Hazlewood’s melody and lyrics, your spunky vocal. No wonder it’s such a hit. You deserve it!

And as your footwear, I am excited to be a part of the collaboration. I have loved performing with/on you in Vegas and meeting big stars like Joey Bishop and Dean Martin. Of course, you were the one that actually met them, but if they had looked down they would have seen me. I tried talking to some of their shoes. Peter Lawford’s loafers, Sammy’s ankle boots. But they never said anything in response because footwear is not sentient. Except me. That’s why you speak to me in that song—Hello! I’m your boots!

I’m writing to explain my existential terror and apologize for my abysmal performance…

Read on!


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Wednesday 23 November, 2022

Danish pastry croissant

Breakfast in the Royal Library in Copenhagen with Olafur Eliasson’s Cirkelbroen (Circle Bridge) in the background.


Quote of the Day

”It’s as though Musk has taken Facebook’s “Move fast and break things” motto and reduced it to “Break everything fast.” Last night, reports of mass resignations inside Twitter seemed so dire that Twitter itself seemed to be documenting its own demise, like HAL 9000 singing “Daisy”, ever more degenerately slurred, near the end of 2001: A Space Odyssey. I lost count of how many of the people I follow were seemingly posting what they expected, last night, to be their last-ever tweets.”

  • Jon Gruber

Musical alternative to the morning’s radio news

Joseph Haydn | Partita in G major, Hob.XVI:6 (1766) | Igor Petrov

Link


Long Read of the Day

The Shortest Night of the Year

Nice essay by Dorthe Nor. It’s an extract from her book, A Line in the World: A Year on the North Sea Coast.

Midsummer. The pace of growth can’t keep this up. The corn is turning from green to golden, and everything draws energy from the sun. Today is the longest day. The shortest night lies ahead.

I walked in the heat from the rented cabin on the top of Skallerup Dune, around forty miles south of the northernmost tip of the country, down to the water, amid the scent of rosehips, Rosa rugosa, sweetbriar roses, dog roses, roses everywhere. The soil is fat and damp. Yellow water lilies grow in the hollows. Sediment deposited in the Ice Age continues all the way down to the water’s edge; the dunes have verdant skin. On the beach, there are preparations for a Midsummer’s Eve bonfire. Some children, it must have been, have made a witch with stiff broomstick arms and a wild look in her felt-tip eyes.

It’s the time of year when we burn a female doll. It’s a tradition, an annual thing in Denmark, an act that has clicked into place. We Danes are more or less in agreement: all of this is a game we play. Burning the evil has its roots in ancient rituals and seventeenth century witches at the stake—we can agree on that too. But it’s only in the past century that the ritual has come into fashion, and whether it’s a cosy custom or a problem is something to be discussed over strawberries picked for the celebration. She will be burned…

Read on.


My commonplace booklet

From Andrew Curry’s splendid blog:

One of his readers responded to his piece on ‘The Waste Land’ with a story about T.S. Eliot reading the poem to the British Royal Family at Windsor Castle during the Second World War, prompted by the writer and critic A.N. Wilson in an interview with Queen Elizabeth the Queen Mother:

Elizabeth: “We had this rather lugubrious man in a suit, and he read a poem. . . . I think it was called ‘The Desert.’ And first the girls got the giggles, and then I did and then even the King.”

Wilson: “ ‘The Desert,’ ma’am? Are you sure it wasn’t called ‘The Waste Land?’ ”

Elizabeth: “That’s it. I’m afraid we all giggled. Such a gloomy man, looked as though he worked in a bank, and we didn’t understand a word.”

Wilson: “I believe he did once work in a bank.”

“I couldn’t help but wonder”, writes Andrew, “if Eliot might have been trolling the Royals a little. Old Possum’s Book of Practical Cats had been published in 1939, and he must have known that these poems would have played better than ‘The Waste Land’ with the extremely middlebrow Windsors”.

Having listened a few times to recording of Eliot himself reading the poem, I’m always struck by how lugubrious it is, so I can understand why the royals were first baffled and then amused by the incongruity of it all. For me, it first came alive when I got on my iPad Fiona Shaw’s reading which had been produced by Max Whitby, a brilliant film-maker and TV producer.


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Tuesday 22 November, 2022

59 years ago today…

…he was murdered. I can still remember where I was when I heard the news. I guess many of you can too.


Quote of the Day

”What has made football so uniquely effective a medium for inculcating national feelings is that the imagined community of millions seems more real as a team of 11 named people.”

  • Eric Hobsbawm

Musical alternative to the morning’s radio news

Liam O’Flynn, Arty McGlynn, Christy Moore and Rod McVey | The Point, Dublin | 1997

Link

Four great musicians.


Long Read of the Day

 #RIPTwitter

Insightful obituary by Nancy Baym of Microsoft Research, taking apart Elon Musk’s crackpot assertion that “At its heart, Twitter is a software and servers company.” She argues — correctly IMO — that social-network platforms are not just technical architecture but also “the relations among a number of elements” which include the people who have used, and sometimes depended on, it. And also,

the communicative or expressive content – and here Twitter truly excelled. Even as it burned, it’s never been funnier. “Are we really gonna tweet through the end of Twitter?” asked one tweeter. “This is a good dry run for the end of the world” joked another. The norms and understandings of these practices have never been well aligned, which has caused untold conflict on Twitter, and in many ways that conflict has also been the heart of what made Twitter Twitter.

Thoughtful, and worth reading.


Books, etc.

How to Stand Up to a Dictator

My Observer review  of Maria Ressa’s book.

The Filipino-American Maria Ressa may physically be a diminutive figure (5ft 2in in stockinged feet) but she is a moral giant. In 2021, she was one of two journalists (the other being the Russian Dmitry Muratov) to be awarded the Nobel peace prize for their efforts to “safeguard freedom of expression” in their respective countries. She thus joins two other journalists in a select pantheon of earlier winners: the Yemeni Tawakkol Karman, who shared the prize with two other women in 2011, and the German reporter Carl Ossietzky, who was honoured in 1935 for his reporting of German rearmament under Hitler. Ossietzky was unable to collect his prize because the regime refused him permission to travel to Norway, and he died in 1938 after enduring years of torture and mistreatment in Nazi concentration camps.

Ressa was given the award for her fearless reporting of the corruption and brutality of the Duterte regime in the land of her birth, the Philippines. If the president of that unfortunate country had concentration camps at his disposal, she would assuredly be in one of them. In their absence, the regime has had to be content with convicting her for a crime she did not commit (based on an article she did not write, under a “cyberlibel” offence that did not yet exist), and issuing 10 arrest warrants. If found guilty of these other charges, her lawyer tells her, she could go to jail for more than a century. Since 2018, she has been wearing a bulletproof vest when on the road.

Her book is part autobiography and part manifesto…

Read on


Explaining the FTX racket in metaphorical terms

Lovely blog post by Alex Tabarrok

Here’s my high-level explanation of the FTX crash.

Imagine that I own a house and I create a million coins representing the value of the house. I give half of the coins to my wife. I then sell one of my coins to my wife for $10. Now the house has a nominal value of $10 million dollars and my wife and I each have assets worth $5 million. Of course, no one is likely to buy my house for $10 million or lend me money based on my coin wealth but suppose I now get my friend Tyler to buy a coin for $15. Tyler says why would I want to buy your s!@# coin! To encourage Tyler to buy I give him a side-deal that is not very public. Say an extra 5% of our textbook royalties. Tyler buys the coin for $15. Now the coins have gone up in value by 50%. My wife and I each have $7.5 million. Other people may want to get in while they can—Tyler bought in! Are you in? I’m in!

Now if it’s not obvious, I am SBF in the analogy, and my wife is Alameda run by his sometimes girlfriend Caroline Ellison. Who is Tyler?—the seeming outsider who gets a kind of under-the-table deal to pump SBF’s coins? One possibility, is Sequoia a venture capitalist firm who invested in FTX, SBF’s house, while at the same time FTX invested in Sequoia. Weird right? Tyler in this example is also a bunch of firms that Alameda invested in but which were then required to keep their funds at FTX. Many other possibilities exist.

Another relevant point to our analogy is that there are one million coins but only a handful of them are traded, the handful that are traded are called the float. Similarly, many crypto coins were created with emissions schedules where only a few coins were released, the float, with a majority of the coins “locked” and only released over time. Keeping the price high, and thus the imputed value of the stock high, meant you only had to control the float…

It goes on, and it’s instructive.


My commonplace booklet

Understanding your dog

I’m not a dog person, but if I were I’d read this.


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Monday 21 November, 2022

Hot stuff

We have a new wood-burning stove, and our cat approves of it.


Quote of the Day

”Windbags can be right. Aphorists can be wrong. It is a tough world.”

  • James Fenton

There’s hope for me yet.


Musical alternative to the morning’s radio news

Ben Harper | Please Me Like You Want To

Link

I wonder if he ever doesn’t sound lugubrious.


Long Read of the Day

Farewell, My Lovely  The New Yorker

E.B. White’s paen of praise to his Ford Model T, published in the New Yorker in 1936. It’s a beautiful — and sometimes hilarious — essay, which delighted this recovering petrolhead. And in certain respects reminded him of his Tesla which — like Henry Ford’s car and Robert Louis Stevenson’s donkey — has an unfathomable mind of its own. Which is why her name is Modestine. (Tesla allows — nay encourages — owners to name their vehicles.)

I see by the new Sears Roebuck catalogue that it is still possible to buy an axle for a 1909 Model T Ford, but I am not deceived. The great days have faded, the end is in sight. Only one page in the current catalogue is devoted to parts and accessories for the Model T; yet everyone remembers springtimes when the Ford gadget section was larger than men’s clothing, almost as large as household furnishings. The last Model T was built in 1927, and the car is fading from what scholars call the American scene—which is an understatement, because to a few million people who grew up with it, the old Ford practically was the American scene.

It was the miracle God had wrought. And it was patently the sort of thing that could only happen once. Mechanically uncanny, it was like nothing that had ever come to the world before. Flourishing industries rose and fell with it. As a vehicle, it was hard-working, commonplace, heroic; and it often seemed to transmit those qualities to the persons who rode in it. My own generation identifies it with Youth, with its gaudy, irretrievable excitements; before it fades into the mist, I would like to pay it the tribute of the sigh that is not a sob, and set down random entries in a shape somewhat less cumbersome than a Sears Roebuck catalogue…

Do read it. You won’t be disappointed, even if you’re not a petrolhead.


Elon Musk needs to learn that more debate does not mean more truth

Yesterday’s Observer column:

Underpinning Musk’s views about free speech and the public sphere (AKA town square) is the fatuous metaphor of “the marketplace of ideas” that emerged from the deliberations of the US supreme court in 1953 (though something like it was mooted by Justice Oliver Wendell Holmes way back in 1919). It suggests that ideas compete with each other in a conceptual marketplace where they can be critically evaluated by every individual. As law professor David Pozen and others have pointed out, there’s no empirical evidence that a larger volume of speech, or a more open “marketplace” of ideas, tends to lead people away from falsity and towards truth. Subscribing to the metaphor is thus either a matter of faith or of evidence-free credulity. And if Musk believes that it is the secret sauce for managing Twitter then he’s a bigger crackpot than even I thought.

Do read the whole thing.


Books, etc.

My esteemed colleague, the economist Diane Coyle, runs what is, IMO, the best book blog in the world. Every year she chooses her economics ‘book of the year’. This year, the prize is shared by two authors: Brad DeLong for his *Slouching Towards Utopia and James Bressen for The New Goliaths. Since I’d already read DeLong’s book and hadn’t known about the Bessen I decided to investigate it further. It looks really interesting (it’s about why some companies get so far ahead of others) but before jumping in I was struck by an earlier book of his —  Learning by Doing: The Real Connection Between Innovation, Wages, and Wealth, partly because it addresses a question that has always puzzled me: how is knowledge transmitted from person to person. So I’ve ordered that and am looking forwards to it. In the meantime, Diane’s two winners each qualify for a free lunch.


Chart of the Day

Shipping container rates are now back to where they were before the pandemic. Is this a good thing? I’m reminded of a Christmas 15 years ago, when one of my sons needed a new overcoat (not an anorak). So we went to Debenhams, then a busy Department Store, now defunct. I sat in the relevant department while he tried on various coats. Out of curiosity I started to examine the Christmas goods on display, and to my astonishment I found that every single item in the department had been made in China.


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Elon Musk needs to learn that more debate does not mean more truth

Today’s Observer column:

Underpinning Musk’s views about free speech and the public sphere (AKA town square) is the fatuous metaphor of “the marketplace of ideas” that emerged from the deliberations of the US supreme court in 1953 (though something like it was mooted by Justice Oliver Wendell Holmes way back in 1919). It suggests that ideas compete with each other in a conceptual marketplace where they can be critically evaluated by every individual. As law professor David Pozen and others have pointed out, there’s no empirical evidence that a larger volume of speech, or a more open “marketplace” of ideas, tends to lead people away from falsity and towards truth. Subscribing to the metaphor is thus either a matter of faith or of evidence-free credulity. And if Musk believes that it is the secret sauce for managing Twitter then he’s a bigger crackpot than even I thought.

Do read the whole thing.

Friday 18 November, 2022

Personal Chairs

The entrance to my favourite Copenhagen café, where we had breakfast last Thursday morning.


Quote of the Day

”What can be said at all can be said clearly; and whereof one cannot speak thereof one must be silent.”

  • Ludwig Wittgenstein in the Tractatus (in Frank Ramsey’s translation)

I’ve always loved this quote, though in lectures I generally paraphrase it as: “Anything that can be said can be said clearly.” This is sometimes news to my fellow academics.


Musical alternative to the morning’s radio news

Handel | Semele, Act 2 | Oh sleep, why dost thou leave me? | Renée Fleming

Link


Long Read of the Day

Inside Meta’s Oversight Board: 2 Years of Pushing Limits

This is the first substantial piece about Meta’s Oversight Board that I’ve seen. It’s by Steven Levy, who’d have been able to gain more access (to the Board) than most journalists would. I found it particularly interesting because I was scathingly dismissive of the Board when it was set up, regarding as a reputation-washing scam by Zuckerberg & Co. I still think that that was its function, but Levy’s account suggests that I under-estimated the persistence and determination of some members of the Board to try and hold their toxic supervisee to some kind of account.

Some critics see the Oversight Board as an exercise in corporate ass-covering by a bunch of Meta’s puppets. If the company doesn’t want to make a controversial call, it can push the board to take a position on the issue and, conveniently, take the heat. Emi Palmor, a board member who once served as the director general of Israel’s Justice Ministry, says she’s frequently approached in the supermarket by people seeking tech support for Meta apps. “I want to murder the person who chose the name Oversight Board,” she says. “It is an unexplainable term.”

But since it started hearing cases in the fall of 2020, the board has won grudging respect from the human rights organizations and content moderation wonks who pay attention to its work. “People thought it would be a total fiasco,” says Evelyn Douek, a Stanford law professor who follows the board closely. “But in some real ways, it has brought some accountability to Facebook.” Meta, meanwhile, is declaring victory. “I’m absolutely delighted—thrilled, thrilled, thrilled with the progress,” Clegg says. The board’s approach to cases “is exactly what you should expect between a social media platform and an independent oversight entity.”

Well worth your time if the issue of holding tech companies to account interests you.


Crypto news

From Tortoise media…

Crypto breaks

Crypto was changing the world and redefining global finance – until it wasn’t. First, FTX crashed. It is bankrupt and under federal investigation, while founder Sam Bankman-Fried is being sued. But FTX was just the first domino. In recent days, one of the world’s biggest crypto miners, Core Scientific Inc, said it may be seeking bankruptcy protection; Genesis Trading, a large decentralised lending and trading platform, halted trades; cryptocurrency lender BlockFi reportedly prepared for a potential bankruptcy filing; Tether briefly unpegged from the dollar (which is a problem because it’s whole job is being pegged to the dollar) and the price of Bitcoin is down nearly 20 per cent this month. Meanwhile, US quarterback and crypto bro Tom Brady faces legal action for promoting FTX and thousands of Mercedes G-Wagons – the unofficial crypto bro car of choice – are for sale on Autotrader.

Interesting. I hadn’t known about the G-Wagon obsession.

Footnote for petrolheads

According to Wikipedia,

The Mercedes-Benz G-Class, sometimes colloquially called the G-Wagen (as an abbreviation of Geländewagen) is a four-wheel drive automobile manufactured by Magna Steyr (formerly Steyr-Daimler-Puch) in Austria and sold by Mercedes-Benz. Originally developed as a military off-roader, later more luxurious models were added to the line.

It’s a perfectly hideous, vulgar vehicle, IMO. You wouldn’t want your daughter to marry anyone who drove one.


Books, etc.

Patti Smith’s Book of Days is utterly delightful. Although it has a photograph for every day of the year, it’s not really a photography book. Many of the photographs are, qua photographs, technically mediocre. But that’s fine because their function is to act as triggers for reflective captions. On 10 March, for example, the pic is of a coffee cup and Patti’s spectacles. But the cup is a Brasserie Lipp cup, and the caption “All I needed in Paris” tells everything you need to know. I’d have taken a similar photograph if I’d been there.

On 6 April, the photograph is of her daughter outside the Pantheon in Rome. Caption reads: “Jesse before Rome’s Pantheon, the burial place of Raphael, the youthful Renaissance master who died on his thirty-seventh birthday. Known for his beauty of countenance and spirit, it was said that Nature wanted him for herself.”

On 12 February a photograph of her desk with an open antique book lying on it together with her beloved (but now defunct) Polaroid camera. The caption: “Still life with Finnegans Wake, a bible of the incomprehensible, by the great Irish writer, James Joyce. I obtained it some years ago in a London bookshop with money I earned performing poetry. Joyce laboured on his masterwork for seventeen years, so one need not hurry to navigate it.”

On 13 February (the next day) a photograph of her desk with an open notebook and what looks like a typewritten manuscript of A skeleton key to Finnegans Wake by Joseph Campbell and Henry Morton Robinson. Caption: The key is equally incomprehensible.”

You get the idea. It’ll make a lovely Christmas present. I can think of several of my friends who might just receive one on December 25.


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All you need to know about FTX

From The Guardian:

In a stinging court filing posted on Thursday John Ray III, the new boss of the bankrupt crypto exchange FTX, said the company had suffered an “unprecedented and complete failure of corporate controls”.

Cryptocurrency FTX’s logo reflected in an image of former chief executive Samuel Bankman-Fried.

Ray has overseen some of the biggest bankruptcies ever, including the collapse of the energy giant Enron, and has 40 years of experience in restructuring companies. He said he had never seen anything as bad as FTX.

He wrote in a filing with the Delaware bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.

“From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”

The company’s collapse has shaken the cryptocurrency market to its core and already sparked international regulatory inquiries and a lawsuit against the company and the celebrities who promoted it, including Larry David, Naomi Osaka, Gisele Bündchen and Shaquille O’Neal.

The company expects to have more than 1 million creditors.

Ray said a “substantial portion” of assets held by FTX may be “missing or stolen”.