Search
164 results for “sparse_array”
-
"William Butler Yeats," John Singer Sargent, 1907.
Y'all know Sargent, the great society portraitist, by now.
In the early 1900s, Sargent was at the height of his fame, but also starting to slow down a bit. He'd gone hither and yon doing portraits of anybody who was anybody, and had weathered the "Madame X" scandal, and had continued to work at a prolific pace. But soon after this portrait (a commission, to be the frontispiece to a collection of Yeats' poetry), he officially closed his London studio and slowed down significantly....but still painted, almost up until his passing in 1925.
Yeats (1865-1913) was an Irish poet, playwright, and critic who was one of the great figures of 20th century literature. He co-founded Dublin's Abbey Theatre, was the driving force behind the Irish Literary Revival, was an Irish Nationalist, and received the 1923 Nobel Prize for Literature.
Although he was in his 40s when this was drawn, he looks quite young. Yeats was known to be fussy about his appearance, and to cultivate a Boho image; perhaps Sargent was being flattering. But spare charcoal-on-paper style works wonderfully.
Happy Portrait Monday!
From a private collection.
-
Christiano Filippini’s Flames of Heaven – Symphony of the Universe Review
By Twelve
Choosing new music to review is an interesting process. Once you pick a thing, you’re pretty much locked into it. So I try to forecast: what will I be okay with listening to over and over again for the next week or two? Having just reviewed Lykke, I was very much in the mood for something more upbeat, and I didn’t have to read far past the band name Christiano Filippini’s Flames of Heaven to know Symphony of the Universe fit the bill. Indeed, when I requested the files for review, Dolphin Whisperer, overheard the request. “Is that Italian power metal?” he asked. “It sounds like Italian power metal.” “I didn’t check,” I answered. “But yes.” We were right. Symphony of the Universe is Flames of Heaven’s sophomore full-length, and it is as Italian, power-y, and cheesy as you’re thinking. In that way, you and D.W. are very much alike.
On that note, I’m having trouble getting this review going because Flames of Heaven really does sound exactly like you might expect given its name, origin, and album photo. Their hallmark: fast, bombastic power metal in the Rhapsody of Fire vein, augmented with keys and arrangements (from Filippini himself), but largely focusing on symphonic/power riffs (Michele Vioni) and high-tenor vocals (Marco Pastorino, Fallen Sanctuary). After a brief orchestral intro track, “On the Wings of Phoenix” sets the stage expertly: the main melody carried by lead guitars in perfect emulation of the impressively catchy chorus, the whole a dedication to adventure, rebirth, and hope. “The Archangel’s Warcry” puts keys at the forefront, creating an epic feel while also boasting one of the most impressive guitar solos on the album. Again, we hear it: a catchy chorus, an upbeat style, a sense of venturing that gets the head nodding even hours later. This is Flames of Heaven’s style, and they’re comfortable in it.
Not that there’s no variety on Symphony of the Universe, though it is a bit sparser than I’d personally prefer. There are straightforward European-style power metal tracks like “Midnight Riders” and “On the Wings of Phoenix,” epics like “The Archangels’ Warcry” and “Symphony of the Universe,” and then traditionally-inspired songs like “Don’t Leave Me Tonight”—the requisite power ballad—and “Tears of Love and Hate.” These songs dial back on the epic fantasy imagery and tread even more familiar roads—love, heartbreak, relationships. The music style similarly changes, dialing back the speed and “power” for a more trad-metal sound (though they do give bassist Giorgio Terenziani a somewhat-rare chance to shine, which is welcome). “When Love Burns” even reminds me of Brother Firetribe, which is not something I say often.
That means there’s a lot going on in Symphony of the Universe. The whole album runs sixty-nine minutes over thirteen tracks, two of which are instrumental bookends. It shifts styles often, though the base formula stays firmly in the “cheesy” Euro-power style. This means it’s a lot to listen to all at once, and I would even suggest that every song could have at least one minute trimmed from it without negatively impacting its quality, and no song over seven minutes needs to be longer than five, especially in “Darkside of Gemini” and “On the Wings of Phoenix.” The number of false stops, “one last chorus” instances, and lengthy interludes add up; I honestly think Symphony of the Universe could be twenty to thirty minutes shorter and better for it, because there wouldn’t be time for ear fatigue to build up. Whether by removing stylistically-clashing songs like “Tears of Love and Hate” (especially jarring, as it follows the monumental “The Archangel’s Warcry”), or cutting down on excess choruses and add-ons at the end of long songs, it seems Flames of Heaven could have edited a lot more of this project than they have.
My feelings for Symphony of the Universe are conflicted: it’s a genuinely fun, catchy album and a reliable, if predictable, sample of modern European power metal. I got the power metal pick-me-up I was hunting for, but there’s simply too much of it—and so much relies on an industry-standard formula. As a whole, Symphony of the Universe splinters under its enormous weight. There’s a great album in here, but the whole feels less than the sum of its parts.
Rating: 2.5/5.0
DR: 6 | Format Reviewed: 320 kb/s mp3
Label: Limb Music
Websites: flamesofheaven.bandcamp.com | facebook.com/cristianofilippinisflamesofheaven
Releases Worldwide: November 14th, 2025#25 #2025 #brotherFiretribe #christianoFilippinisFlamesOfHeaven #fallenSanctuary #italianMetal #limbMusic #nov25 #powerMetal #review #reviews #rhapsodyOfFire #symphonicMetal #symphonyOfTheUniverse
-
Today I posted a letter. It fell with a clunk into an empty Australia Post letter box.
Why did I send a letter in this day and age? It is because Medicare still uses cheques. This scheme is called the Pay Doctor Via Claimant (PDVC) scheme and works something like this:
1. Doctor provides a service and the patient pays for the service including the doctor's gap fee.
2. Medicare mails (!!!) a cheque (!!!!) written to the name of the doctor. They mail this cheque to the doctor's patient (!!!), not directly to the doctor.
3. The legislators who devised this scheme years ago hoped that the patient would be good enough to then put the cheque into a new envelope and post the cheque to the doctor or otherwise give it to them!!! They hoped that this person is not a young person who has never seen a cheque, has no idea what it is, and just bins another piece of paper without really thinking about it. The legislators of yore thought that patients have a life mercifully low in life admin, working (or looking for a job), free of family care responsibilities and loads of free time to have the spare capacity to remember to do Medicare's job free of charge and mail the cheque. I am guessing the legislators of yore subconsciously assumed that the wife would be living a life of leisure with plenty of spare time and energy to do this task.
4. The legislators of yesteryear thought that it is a great use of the time of the admin staff of doctor's to find a bank branch (!!!) and bank the cheque. They thought that it is a great use of the time of the admin staff to reconcile services provided to patients and Medicare cheques received, then follow up every patient who may have forgotten to forward the cheque. The historic legislators thought that this scheme will thwart the dastardly doctors who seek to rip off Medicare.Because of this convoluted scheme, Medicare has then had to create another scheme called the 90 Day Pay Doctor Scheme, where a doctor can apply for a cheque to be cancelled if it has not been sent to them by the patient etc. I kid you not: https://www.servicesaustralia.gov.au/90-day-pay-doctor-cheque-scheme
Most Australians stopped using cheques years ago and are just waiting for the Australian government to discover that electronic banking is more efficient for everyone. The Australian federal government is hoping that by 30/6/2028 government services will no longer use cheques.
In 2025, the only one who really benefits from this scheme is probably Australia Post. I agree that retaining snail mail services has merits, even though less than 3% of letters are sent by individuals: https://theconversation.com/australia-post-wants-to-charge-more-for-stamps-next-year-heres-why-it-has-to-keep-letters-alive-244503
-
Amid Continued #Sovereignty Campaign, #Wabanaki REACH Creates Play as Part of Truth-Telling Project
Evan Popp, Maine Beacon
Thu, August 31, 2023"As part of a truth-telling initiative that seeks to illuminate the issue of land claims and the 1980 #SettlementAct as well as celebrate the resilience of #Indigenous communities, the group #WabanakiREACH has partnered with a #Maine-based #theater organization to create a play developed by and for #Wabanaki people.
"The play, titled where the river widens, is an original, community-developed production and is being put on in partnership with #ThreadbareTheatreWorkshop, a group located on the Blue Hill peninsula. The work is the first public offering based on a project in which Wabanaki REACH — an organization supporting Indigenous self-determination through education and other restorative practices — spent a year gathering more than 40 oral history interviews from Wabanaki people and those in Maine about Maine Indian land claims and the 1980 Settlement Act.
"As Beacon previously reported, Wabanaki tribes have long argued that the Settlement Act has stifled tribes’ economic development and allowed the state to treat sovereign Indigenous nations as municipalities, creating a paternalistic and unfair relationship that no other federally-recognized tribe is subject to. Given that, the Wabanaki have created a grassroots movement in the last couple years behind reforming the Settlement Act to recognize the tribes’ inherent sovereignty, but opposition from Gov. #JanetMills has stymied such efforts despite broad support for change from the public.
"Earlier this year, tribal leaders also attempted to pass a bill to ensure that the Wabanaki would have access to most federal laws that benefit Indigenous tribes around the country. Proponents of that legislation noted that because of the Settlement Act, any federal law enacted after 1980 for the benefit of tribes across the U.S. that impacts the application of Maine law doesn’t apply to the Wabanaki unless they are specifically included in the measure by Congress. However, Mills in June vetoed the measure pushed by tribal leaders to rectify that situation.
"Given the power of the stories Wabanaki REACH was able to collect on the subject, Maria Girouard, the group’s executive director, said the organization felt it was important to share those experiences with a wider audience via theater.
“We were so moved by the stories we gathered, it was a natural next step to talk about theater as a way of continuing to move the conversation from the head to the heart, to reach more people, and to gather in community,” Girouard said.
"The play is set outdoors along the #PenobscotRiver, which itself has been the subject of land claim disputes and issues related to tribal sovereignty. It stitches together music, song, dance and the interviews from Beyond the Claims: Stories from the Land & the Heart — the name of the Wabanaki REACH truth-telling initiative.
"A news release about where the river widens also describes it as a 'poetic, spare, lyrical movement through stories, place, and time” and a thought-provoking play that “not only illuminates a complex and tumultuous era, but celebrates the beauty, creativity, and resilience of Wabanaki people.'
"#Threadbare said they are excited to be working with Wabanaki REACH on the play, which features #LilahAkins, #EstherAnne, #NickBear, #WolatqinBear, #AndreaFrancis, #MariaGirouard, #DaleLolar, #GeorgeLoring, #MargoLukens, #JoshuaMcCarey, and #ErlenePaul as co-creators and performers.
"'Threadbare’s way of co-creating, not only with community members but inspired by them, aligns so beautifully with Wabanaki REACH’s values of connection and joy,' said Kate Russell, artistic director of Threadbare Theatre Workshop. 'I am grateful for the generous folks who have come together this summer to create and perform this play — they are brilliant.'
"There will be two public performances of the hour-long play on Indian Island on Sept. 16 and Sept. 17 at 5 p.m. With space limited, those who want to attend must register ahead of time to reserve seats by visiting wabanakireach.org."
https://news.yahoo.com/amid-continued-sovereignty-campaign-wabanaki-222018960.html
#IndigenousNews #WabanakiConfederacy #PenobscotNation #Maliseet #Passamaquoddy #Mikmaq #FirstNations #MaineTribes #Arts #Theatre #TruthTelling #NativeAmericans
-
“Anyone who has ever struggled with poverty knows how extremely expensive it is to be poor”*…
We’ve become a nation of credit and debit card users. As of this year, Pew reports, 42% of Americans don’t use cash for purchases in a typical week (up from 24% in 2015); another 46% use a mix of cash and plastic; only 12% use mostly (or entirely) cash. The Federal Reserve reports, unsuprisingly, that cash remains the dominant mode for the elderly and the poor; debit cards, for lower-to-middle-income households.
NBER unpacks one little-understood consequence of this shift…
Every time a consumer swipes a credit card, the merchant pays an interchange fee—typically around 1.9 percent of the transaction value—most of which funds the rewards that cardholders receive. Because merchants generally charge the same prices regardless of how customers pay, consumers who use cash or debit cards effectively help finance the rewards enjoyed by credit card users. In Who Pays for Payments? (NBER Working Paper 35067), Mark L. Egan, Gregor Matvos, Amit Seru, Lulu Wang, and Vincent Yao use novel merchant-level data from Fiserv—one of the largest US merchant acquirers—to measure how the payment system redistributes resources.
The primary dataset contains establishment-level payment data from 2006 to 2022, including total payment values, transaction counts, and interchange fees paid for different card types…
… The researchers’ analysis using these datasets suggests that interchange fees transfer approximately $30 billion annually from cash and debit card users to credit card users. Cash users lose about 96 basis points of purchasing power, and regulated debit card users lose roughly 47 basis points, while basic and premium credit card users gain approximately 48 and 59 basis points, respectively. Because credit card use rises with income, the system generates an estimated $9.2 billion annual transfer from households earning less than $150,000 to those earning more.
Two forces moderate this redistribution. First, the tendency for cash, debit, and credit card users to shop at different merchants limits the overlap necessary for cross-subsidization. Second, where overlap does occur, such as at large grocery stores and gas stations, interchange fees tend to be lower due to sector discounts and negotiated rates. Together, these forces reduce the transfer by approximately 25 percent relative to the transfer that would occur with homogeneous consumers and merchants.
The researchers also examine the redistributive consequences of two specific developments in the payment system. The first is the Durbin Amendment, which capped interchange fees on debit cards issued by large banks. The authors show that one perhaps unintended consequence of the amendment was that it primarily benefited credit card users through lower retail prices at the expense of regulated debit card users, who lost approximately $9.6 billion in rewards and free checking benefits. This was a net transfer from middle-income to higher-income households. The second development is the rise of premium credit cards, which grew from 15 percent of credit card volume in 2006 to 60 percent by 2022. This has also been a regressive development. While premium cardholders gained about $7.9 billion, debit card users—not cash users—bore the largest dollar losses because they shop most frequently alongside premium card users…
The rich getting richer: “Who Ultimately Pays Credit Card Interchange Fees?” from @nber.org.
Pair with Annie Lowrey on another burden– a “time tax”– that falls disportionately on the neediest: “How American Bureaucracy (Literally) Steals Years From Your Life“:
Washington currently estimates that Americans spend 12 billion hours a year filling out government forms, meaning the average person spends six 8-hour workdays filing their taxes, signing up for Medicaid, renewing their driver’s licenses, and applying for government loans. At prevailing wages, this uncompensated labor is worth $430 billion a year. If Washington were to create a Department of Bureaucracy to take on the paperwork it shunts to citizens, the agency would require 5.9 million employees, making it four times the size of the active-duty military. The DOB’s payroll would be larger than that of every other federal department combined.
The nation’s paperwork regime frustrates every resident, and particularly lower-income residents who use more government programs and interact more frequently with public officials. The political scientist Elizabeth Cohen has done seminal work exploring time as a potent, if obscure, form of political currency. “The devaluation of a person or group’s political time is a structural obstacle to equality,” she writes. Yet we can’t measure time and effort as easily as we measure dollars, and we don’t even try. The 12-billion-hour estimate is an undercount, and an egregious one…
* James Baldwin (see also Terry Pratchett’s “Boots theory“)
###
As we second-guess secreted subventions, we might spare a thought for Jean-Baptiste Colbert; he died on this date in 1683. A French statesman who served as First Minister of State under the rule of King Louis XIV from 1661 until his death. His lasting impact on the organization of the country’s politics and markets, known as Colbertism, a form of the mercantilism so popular in the Trump Administration today. Colbert also helped craft the Code Noir, a legal instrument that sanctioned an intentionally brutal system of torture and repression to enforce institutional slavery in the French colonial empire and restrict the enterprise of free Black people.
Though Colbert was more competent and less crony-ish than the crew at “work” in D.C. over the last couple of years, his goal of a healthy economy was frustrated by a King whose spending out-ran (and whose favoritism undermined) Colbert’s efforts. In the longer run, many economists suggest that “Colbertism” has contributed to contributed to a lack of adaptability in French industry and a hostility to technological innovation.
#bureaucracy #business #cash #Colbert #Colbertism #creditCardFees #creditCards #culture #debitCards #economics #France #history #JeanBaptisteColbert #mercantilism #politics #redTape #time #timeTax #trade -
“Anyone who has ever struggled with poverty knows how extremely expensive it is to be poor”*…
We’ve become a nation of credit and debit card users. As of this year, Pew reports, 42% of Americans don’t use cash for purchases in a typical week (up from 24% in 2015); another 46% use a mix of cash and plastic; only 12% use mostly (or entirely) cash. The Federal Reserve reports, unsuprisingly, that cash remains the dominant mode for the elderly and the poor; debit cards, for lower-to-middle-income households.
NBER unpacks one little-understood consequence of this shift…
Every time a consumer swipes a credit card, the merchant pays an interchange fee—typically around 1.9 percent of the transaction value—most of which funds the rewards that cardholders receive. Because merchants generally charge the same prices regardless of how customers pay, consumers who use cash or debit cards effectively help finance the rewards enjoyed by credit card users. In Who Pays for Payments? (NBER Working Paper 35067), Mark L. Egan, Gregor Matvos, Amit Seru, Lulu Wang, and Vincent Yao use novel merchant-level data from Fiserv—one of the largest US merchant acquirers—to measure how the payment system redistributes resources.
The primary dataset contains establishment-level payment data from 2006 to 2022, including total payment values, transaction counts, and interchange fees paid for different card types…
… The researchers’ analysis using these datasets suggests that interchange fees transfer approximately $30 billion annually from cash and debit card users to credit card users. Cash users lose about 96 basis points of purchasing power, and regulated debit card users lose roughly 47 basis points, while basic and premium credit card users gain approximately 48 and 59 basis points, respectively. Because credit card use rises with income, the system generates an estimated $9.2 billion annual transfer from households earning less than $150,000 to those earning more.
Two forces moderate this redistribution. First, the tendency for cash, debit, and credit card users to shop at different merchants limits the overlap necessary for cross-subsidization. Second, where overlap does occur, such as at large grocery stores and gas stations, interchange fees tend to be lower due to sector discounts and negotiated rates. Together, these forces reduce the transfer by approximately 25 percent relative to the transfer that would occur with homogeneous consumers and merchants.
The researchers also examine the redistributive consequences of two specific developments in the payment system. The first is the Durbin Amendment, which capped interchange fees on debit cards issued by large banks. The authors show that one perhaps unintended consequence of the amendment was that it primarily benefited credit card users through lower retail prices at the expense of regulated debit card users, who lost approximately $9.6 billion in rewards and free checking benefits. This was a net transfer from middle-income to higher-income households. The second development is the rise of premium credit cards, which grew from 15 percent of credit card volume in 2006 to 60 percent by 2022. This has also been a regressive development. While premium cardholders gained about $7.9 billion, debit card users—not cash users—bore the largest dollar losses because they shop most frequently alongside premium card users…
The rich getting richer: “Who Ultimately Pays Credit Card Interchange Fees?” from @nber.org.
Pair with Annie Lowrey on another burden– a “time tax”– that falls disportionately on the neediest: “How American Bureaucracy (Literally) Steals Years From Your Life“:
Washington currently estimates that Americans spend 12 billion hours a year filling out government forms, meaning the average person spends six 8-hour workdays filing their taxes, signing up for Medicaid, renewing their driver’s licenses, and applying for government loans. At prevailing wages, this uncompensated labor is worth $430 billion a year. If Washington were to create a Department of Bureaucracy to take on the paperwork it shunts to citizens, the agency would require 5.9 million employees, making it four times the size of the active-duty military. The DOB’s payroll would be larger than that of every other federal department combined.
The nation’s paperwork regime frustrates every resident, and particularly lower-income residents who use more government programs and interact more frequently with public officials. The political scientist Elizabeth Cohen has done seminal work exploring time as a potent, if obscure, form of political currency. “The devaluation of a person or group’s political time is a structural obstacle to equality,” she writes. Yet we can’t measure time and effort as easily as we measure dollars, and we don’t even try. The 12-billion-hour estimate is an undercount, and an egregious one…
* James Baldwin (see also Terry Pratchett’s “Boots theory“)
###
As we second-guess secreted subventions, we might spare a thought for Jean-Baptiste Colbert; he died on this date in 1683. A French statesman who served as First Minister of State under the rule of King Louis XIV from 1661 until his death. His lasting impact on the organization of the country’s politics and markets, known as Colbertism, a form of the mercantilism so popular in the Trump Administration today. Colbert also helped craft the Code Noir, a legal instrument that sanctioned an intentionally brutal system of torture and repression to enforce institutional slavery in the French colonial empire and restrict the enterprise of free Black people.
Though Colbert was more competent and less crony-ish than the crew at “work” in D.C. over the last couple of years, his goal of a healthy economy was frustrated by a King whose spending out-ran (and whose favoritism undermined) Colbert’s efforts. In the longer run, many economists suggest that “Colbertism” has contributed to contributed to a lack of adaptability in French industry and a hostility to technological innovation.
#bureaucracy #business #cash #Colbert #Colbertism #creditCardFees #creditCards #culture #debitCards #economics #France #history #JeanBaptisteColbert #mercantilism #politics #redTape #time #timeTax #trade -
“Anyone who has ever struggled with poverty knows how extremely expensive it is to be poor”*…
We’ve become a nation of credit and debit card users. As of this year, Pew reports, 42% of Americans don’t use cash for purchases in a typical week (up from 24% in 2015); another 46% use a mix of cash and plastic; only 12% use mostly (or entirely) cash. The Federal Reserve reports, unsuprisingly, that cash remains the dominant mode for the elderly and the poor; debit cards, for lower-to-middle-income households.
NBER unpacks one little-understood consequence of this shift…
Every time a consumer swipes a credit card, the merchant pays an interchange fee—typically around 1.9 percent of the transaction value—most of which funds the rewards that cardholders receive. Because merchants generally charge the same prices regardless of how customers pay, consumers who use cash or debit cards effectively help finance the rewards enjoyed by credit card users. In Who Pays for Payments? (NBER Working Paper 35067), Mark L. Egan, Gregor Matvos, Amit Seru, Lulu Wang, and Vincent Yao use novel merchant-level data from Fiserv—one of the largest US merchant acquirers—to measure how the payment system redistributes resources.
The primary dataset contains establishment-level payment data from 2006 to 2022, including total payment values, transaction counts, and interchange fees paid for different card types…
… The researchers’ analysis using these datasets suggests that interchange fees transfer approximately $30 billion annually from cash and debit card users to credit card users. Cash users lose about 96 basis points of purchasing power, and regulated debit card users lose roughly 47 basis points, while basic and premium credit card users gain approximately 48 and 59 basis points, respectively. Because credit card use rises with income, the system generates an estimated $9.2 billion annual transfer from households earning less than $150,000 to those earning more.
Two forces moderate this redistribution. First, the tendency for cash, debit, and credit card users to shop at different merchants limits the overlap necessary for cross-subsidization. Second, where overlap does occur, such as at large grocery stores and gas stations, interchange fees tend to be lower due to sector discounts and negotiated rates. Together, these forces reduce the transfer by approximately 25 percent relative to the transfer that would occur with homogeneous consumers and merchants.
The researchers also examine the redistributive consequences of two specific developments in the payment system. The first is the Durbin Amendment, which capped interchange fees on debit cards issued by large banks. The authors show that one perhaps unintended consequence of the amendment was that it primarily benefited credit card users through lower retail prices at the expense of regulated debit card users, who lost approximately $9.6 billion in rewards and free checking benefits. This was a net transfer from middle-income to higher-income households. The second development is the rise of premium credit cards, which grew from 15 percent of credit card volume in 2006 to 60 percent by 2022. This has also been a regressive development. While premium cardholders gained about $7.9 billion, debit card users—not cash users—bore the largest dollar losses because they shop most frequently alongside premium card users…
The rich getting richer: “Who Ultimately Pays Credit Card Interchange Fees?” from @nber.org.
Pair with Annie Lowrey on another burden– a “time tax”– that falls disportionately on the neediest: “How American Bureaucracy (Literally) Steals Years From Your Life“:
Washington currently estimates that Americans spend 12 billion hours a year filling out government forms, meaning the average person spends six 8-hour workdays filing their taxes, signing up for Medicaid, renewing their driver’s licenses, and applying for government loans. At prevailing wages, this uncompensated labor is worth $430 billion a year. If Washington were to create a Department of Bureaucracy to take on the paperwork it shunts to citizens, the agency would require 5.9 million employees, making it four times the size of the active-duty military. The DOB’s payroll would be larger than that of every other federal department combined.
The nation’s paperwork regime frustrates every resident, and particularly lower-income residents who use more government programs and interact more frequently with public officials. The political scientist Elizabeth Cohen has done seminal work exploring time as a potent, if obscure, form of political currency. “The devaluation of a person or group’s political time is a structural obstacle to equality,” she writes. Yet we can’t measure time and effort as easily as we measure dollars, and we don’t even try. The 12-billion-hour estimate is an undercount, and an egregious one…
* James Baldwin (see also Terry Pratchett’s “Boots theory“)
###
As we second-guess secreted subventions, we might spare a thought for Jean-Baptiste Colbert; he died on this date in 1683. A French statesman who served as First Minister of State under the rule of King Louis XIV from 1661 until his death. His lasting impact on the organization of the country’s politics and markets, known as Colbertism, a form of the mercantilism so popular in the Trump Administration today. Colbert also helped craft the Code Noir, a legal instrument that sanctioned an intentionally brutal system of torture and repression to enforce institutional slavery in the French colonial empire and restrict the enterprise of free Black people.
Though Colbert was more competent and less crony-ish than the crew at “work” in D.C. over the last couple of years, his goal of a healthy economy was frustrated by a King whose spending out-ran (and whose favoritism undermined) Colbert’s efforts. In the longer run, many economists suggest that “Colbertism” has contributed to contributed to a lack of adaptability in French industry and a hostility to technological innovation.
#bureaucracy #business #cash #Colbert #Colbertism #creditCardFees #creditCards #culture #debitCards #economics #France #history #JeanBaptisteColbert #mercantilism #politics #redTape #time #timeTax #trade -
“Anyone who has ever struggled with poverty knows how extremely expensive it is to be poor”*…
We’ve become a nation of credit and debit card users. As of this year, Pew reports, 42% of Americans don’t use cash for purchases in a typical week (up from 24% in 2015); another 46% use a mix of cash and plastic; only 12% use mostly (or entirely) cash. The Federal Reserve reports, unsuprisingly, that cash remains the dominant mode for the elderly and the poor; debit cards, for lower-to-middle-income households.
NBER unpacks one little-understood consequence of this shift…
Every time a consumer swipes a credit card, the merchant pays an interchange fee—typically around 1.9 percent of the transaction value—most of which funds the rewards that cardholders receive. Because merchants generally charge the same prices regardless of how customers pay, consumers who use cash or debit cards effectively help finance the rewards enjoyed by credit card users. In Who Pays for Payments? (NBER Working Paper 35067), Mark L. Egan, Gregor Matvos, Amit Seru, Lulu Wang, and Vincent Yao use novel merchant-level data from Fiserv—one of the largest US merchant acquirers—to measure how the payment system redistributes resources.
The primary dataset contains establishment-level payment data from 2006 to 2022, including total payment values, transaction counts, and interchange fees paid for different card types…
… The researchers’ analysis using these datasets suggests that interchange fees transfer approximately $30 billion annually from cash and debit card users to credit card users. Cash users lose about 96 basis points of purchasing power, and regulated debit card users lose roughly 47 basis points, while basic and premium credit card users gain approximately 48 and 59 basis points, respectively. Because credit card use rises with income, the system generates an estimated $9.2 billion annual transfer from households earning less than $150,000 to those earning more.
Two forces moderate this redistribution. First, the tendency for cash, debit, and credit card users to shop at different merchants limits the overlap necessary for cross-subsidization. Second, where overlap does occur, such as at large grocery stores and gas stations, interchange fees tend to be lower due to sector discounts and negotiated rates. Together, these forces reduce the transfer by approximately 25 percent relative to the transfer that would occur with homogeneous consumers and merchants.
The researchers also examine the redistributive consequences of two specific developments in the payment system. The first is the Durbin Amendment, which capped interchange fees on debit cards issued by large banks. The authors show that one perhaps unintended consequence of the amendment was that it primarily benefited credit card users through lower retail prices at the expense of regulated debit card users, who lost approximately $9.6 billion in rewards and free checking benefits. This was a net transfer from middle-income to higher-income households. The second development is the rise of premium credit cards, which grew from 15 percent of credit card volume in 2006 to 60 percent by 2022. This has also been a regressive development. While premium cardholders gained about $7.9 billion, debit card users—not cash users—bore the largest dollar losses because they shop most frequently alongside premium card users…
The rich getting richer: “Who Ultimately Pays Credit Card Interchange Fees?” from @nber.org.
Pair with Annie Lowrey on another burden– a “time tax”– that falls disportionately on the neediest: “How American Bureaucracy (Literally) Steals Years From Your Life“:
Washington currently estimates that Americans spend 12 billion hours a year filling out government forms, meaning the average person spends six 8-hour workdays filing their taxes, signing up for Medicaid, renewing their driver’s licenses, and applying for government loans. At prevailing wages, this uncompensated labor is worth $430 billion a year. If Washington were to create a Department of Bureaucracy to take on the paperwork it shunts to citizens, the agency would require 5.9 million employees, making it four times the size of the active-duty military. The DOB’s payroll would be larger than that of every other federal department combined.
The nation’s paperwork regime frustrates every resident, and particularly lower-income residents who use more government programs and interact more frequently with public officials. The political scientist Elizabeth Cohen has done seminal work exploring time as a potent, if obscure, form of political currency. “The devaluation of a person or group’s political time is a structural obstacle to equality,” she writes. Yet we can’t measure time and effort as easily as we measure dollars, and we don’t even try. The 12-billion-hour estimate is an undercount, and an egregious one…
* James Baldwin (see also Terry Pratchett’s “Boots theory“)
###
As we second-guess secreted subventions, we might spare a thought for Jean-Baptiste Colbert; he died on this date in 1683. A French statesman who served as First Minister of State under the rule of King Louis XIV from 1661 until his death. His lasting impact on the organization of the country’s politics and markets, known as Colbertism, a form of the mercantilism so popular in the Trump Administration today. Colbert also helped craft the Code Noir, a legal instrument that sanctioned an intentionally brutal system of torture and repression to enforce institutional slavery in the French colonial empire and restrict the enterprise of free Black people.
Though Colbert was more competent and less crony-ish than the crew at “work” in D.C. over the last couple of years, his goal of a healthy economy was frustrated by a King whose spending out-ran (and whose favoritism undermined) Colbert’s efforts. In the longer run, many economists suggest that “Colbertism” has contributed to contributed to a lack of adaptability in French industry and a hostility to technological innovation.
#bureaucracy #business #cash #Colbert #Colbertism #creditCardFees #creditCards #culture #debitCards #economics #France #history #JeanBaptisteColbert #mercantilism #politics #redTape #time #timeTax #trade -
“Anyone who has ever struggled with poverty knows how extremely expensive it is to be poor”*…
We’ve become a nation of credit and debit card users. As of this year, Pew reports, 42% of Americans don’t use cash for purchases in a typical week (up from 24% in 2015); another 46% use a mix of cash and plastic; only 12% use mostly (or entirely) cash. The Federal Reserve reports, unsuprisingly, that cash remains the dominant mode for the elderly and the poor; debit cards, for lower-to-middle-income households.
NBER unpacks one little-understood consequence of this shift…
Every time a consumer swipes a credit card, the merchant pays an interchange fee—typically around 1.9 percent of the transaction value—most of which funds the rewards that cardholders receive. Because merchants generally charge the same prices regardless of how customers pay, consumers who use cash or debit cards effectively help finance the rewards enjoyed by credit card users. In Who Pays for Payments? (NBER Working Paper 35067), Mark L. Egan, Gregor Matvos, Amit Seru, Lulu Wang, and Vincent Yao use novel merchant-level data from Fiserv—one of the largest US merchant acquirers—to measure how the payment system redistributes resources.
The primary dataset contains establishment-level payment data from 2006 to 2022, including total payment values, transaction counts, and interchange fees paid for different card types…
… The researchers’ analysis using these datasets suggests that interchange fees transfer approximately $30 billion annually from cash and debit card users to credit card users. Cash users lose about 96 basis points of purchasing power, and regulated debit card users lose roughly 47 basis points, while basic and premium credit card users gain approximately 48 and 59 basis points, respectively. Because credit card use rises with income, the system generates an estimated $9.2 billion annual transfer from households earning less than $150,000 to those earning more.
Two forces moderate this redistribution. First, the tendency for cash, debit, and credit card users to shop at different merchants limits the overlap necessary for cross-subsidization. Second, where overlap does occur, such as at large grocery stores and gas stations, interchange fees tend to be lower due to sector discounts and negotiated rates. Together, these forces reduce the transfer by approximately 25 percent relative to the transfer that would occur with homogeneous consumers and merchants.
The researchers also examine the redistributive consequences of two specific developments in the payment system. The first is the Durbin Amendment, which capped interchange fees on debit cards issued by large banks. The authors show that one perhaps unintended consequence of the amendment was that it primarily benefited credit card users through lower retail prices at the expense of regulated debit card users, who lost approximately $9.6 billion in rewards and free checking benefits. This was a net transfer from middle-income to higher-income households. The second development is the rise of premium credit cards, which grew from 15 percent of credit card volume in 2006 to 60 percent by 2022. This has also been a regressive development. While premium cardholders gained about $7.9 billion, debit card users—not cash users—bore the largest dollar losses because they shop most frequently alongside premium card users…
The rich getting richer: “Who Ultimately Pays Credit Card Interchange Fees?” from @nber.org.
Pair with Annie Lowrey on another burden– a “time tax”– that falls disportionately on the neediest: “How American Bureaucracy (Literally) Steals Years From Your Life“:
Washington currently estimates that Americans spend 12 billion hours a year filling out government forms, meaning the average person spends six 8-hour workdays filing their taxes, signing up for Medicaid, renewing their driver’s licenses, and applying for government loans. At prevailing wages, this uncompensated labor is worth $430 billion a year. If Washington were to create a Department of Bureaucracy to take on the paperwork it shunts to citizens, the agency would require 5.9 million employees, making it four times the size of the active-duty military. The DOB’s payroll would be larger than that of every other federal department combined.
The nation’s paperwork regime frustrates every resident, and particularly lower-income residents who use more government programs and interact more frequently with public officials. The political scientist Elizabeth Cohen has done seminal work exploring time as a potent, if obscure, form of political currency. “The devaluation of a person or group’s political time is a structural obstacle to equality,” she writes. Yet we can’t measure time and effort as easily as we measure dollars, and we don’t even try. The 12-billion-hour estimate is an undercount, and an egregious one…
* James Baldwin (see also Terry Pratchett’s “Boots theory“)
###
As we second-guess secreted subventions, we might spare a thought for Jean-Baptiste Colbert; he died on this date in 1683. A French statesman who served as First Minister of State under the rule of King Louis XIV from 1661 until his death. His lasting impact on the organization of the country’s politics and markets, known as Colbertism, a form of the mercantilism so popular in the Trump Administration today. Colbert also helped craft the Code Noir, a legal instrument that sanctioned an intentionally brutal system of torture and repression to enforce institutional slavery in the French colonial empire and restrict the enterprise of free Black people.
Though Colbert was more competent and less crony-ish than the crew at “work” in D.C. over the last couple of years, his goal of a healthy economy was frustrated by a King whose spending out-ran (and whose favoritism undermined) Colbert’s efforts. In the longer run, many economists suggest that “Colbertism” has contributed to contributed to a lack of adaptability in French industry and a hostility to technological innovation.
#bureaucracy #business #cash #Colbert #Colbertism #creditCardFees #creditCards #culture #debitCards #economics #France #history #JeanBaptisteColbert #mercantilism #politics #redTape #time #timeTax #trade -
Siriusmo - Einmal in der woche schreien
#electro #electronicmusic
youtu.be/5OfoY3kiejE?...
Siriusmo - Einmal in der Woche... -
Siriusmo - Einmal in der woche schreien
#electro #electronicmusic
youtu.be/5OfoY3kiejE?...
Siriusmo - Einmal in der Woche... -
Siriusmo - Einmal in der woche schreien
#electro #electronicmusic
youtu.be/5OfoY3kiejE?...
Siriusmo - Einmal in der Woche... -
Siriusmo - Einmal in der woche schreien
#electro #electronicmusic
youtu.be/5OfoY3kiejE?...
Siriusmo - Einmal in der Woche... -
Siriusmo - Einmal in der woche schreien
#electro #electronicmusic
youtu.be/5OfoY3kiejE?...
Siriusmo - Einmal in der Woche...