The battle for the Internet in the third world

The Economist notes that US internet giants are squaring up to their Chinese counterparts, not so much in the USA and China as in the third world.  It calls the struggle “The most titanic commercial battle in the world“. Facing off are the towering giants of American and Chinese tech, led by the FAANGs (Facebook, Amazon, Apple, Netflix and Google’s parent, Alphabet) on one side and the BATs (Baidu, Alibaba and Tencent) on the other. These are some of the planet’s biggest firms, with a combined stockmarket capitalisation of more than $4trn. At play are some of its most promising

Continue reading

Welfare and immigration: a contradiction in terms

Karl Denninger points out the fundamental incompatibility between immigration and a welfare state. Fundamentally-incompatible things can be serious trouble. Put gasoline in your diesel-fueled vehicle and see what happens.  Or the converse. Drink a bunch and then go operate some sort of machinery.  The outcome is likely to be very bad. Welfare in general — where you are given a right to take from someone else by force something you want but have not earned — is incompatible with a lot of things. One of the things it’s incompatible with is an “open border”. This is math, not politics.  America

Continue reading

Note the lie in the headline

An article at CNBC caught my eye yesterday, particularly because the headline – and the body of the article – contain a blatant, out-and-out lie, designed to con the consumer. Homeowners are sitting on a record amount of cash – and not tapping it U.S. homeowners today are getting richer by the minute, but they are less likely to cash in on their newfound wealth than during previous housing booms. As home values rise, home equity lines of credit, often used to tap home equity, are flatlining, and the overall amount of money people are taking out of their homes

Continue reading