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A community for current and potential expats, students, and any foreigners living in the People's Republic of China. Ask questions and find advice about shopping, getting around, paying bills, choosing services, housing, technology, and adjusting to a new lifestyle in one of the most fascinating countries on Earth.
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2024.05.14 06:31 Anenome5 Society without a State

https://mises.org/mises-daily/society-without-state
In attempting to outline how a “society without a state” — that is, an anarchist society — might function successfully, I would first like to defuse two common but mistaken criticisms of this approach. First, is the argument that in providing for such defense or protection services as courts, police, or even law itself, I am simply smuggling the state back into society in another form, and that therefore the system I am both analyzing and advocating is not “really” anarchism. This sort of criticism can only involve us in an endless and arid dispute over semantics. Let me say from the beginning that I define the state as that institution which possesses one or both (almost always both) of the following properties: (1) it acquires its income by the physical coercion known as “taxation”; and (2) it asserts and usually obtains a coerced monopoly of the provision of defense service (police and courts) over a given territorial area. An institution not possessing either of these properties is not and cannot be, in accordance with my definition, a state. On the other hand, I define anarchist society as one where there is no legal possibility for coercive aggression against the person or property of an individual. Anarchists oppose the state because it has its very being in such aggression, namely, the expropriation of private property through taxation, the coercive exclusion of other providers of defense service from its territory, and all of the other depredations and coercions that are built upon these twin foci of invasions of individual rights.
Nor is our definition of the state arbitrary, for these two characteristics have been possessed by what is generally acknowledged to be states throughout recorded history. The state, by its use of physical coercion, has arrogated to itself a compulsory monopoly of defense services over its territorial jurisdiction. But it is certainly conceptually possible for such services to be supplied by private, non-state institutions, and indeed such services have historically been supplied by other organizations than the state. To be opposed to the state is then not necessarily to be opposed to services that have often been linked with it; to be opposed to the state does not necessarily imply that we must be opposed to police protection, courts, arbitration, the minting of money, postal service, or roads and highways. Some anarchists have indeed been opposed to police and to all physical coercion in defense of person and property, but this is not inherent in and is fundamentally irrelevant to the anarchist position, which is precisely marked by opposition to all physical coercion invasive of, or aggressing against, person and property.
The crucial role of taxation may be seen in the fact that the state is the only institution or organization in society which regularly and systematically acquires its income through the use of physical coercion. All other individuals or organizations acquire their income voluntarily, either (1) through the voluntary sale of goods and services to consumers on the market, or (2) through voluntary gifts or donations by members or other donors. If I cease or refrain from purchasing Wheaties on the market, the Wheaties producers do not come after me with a gun or the threat of imprisonment to force me to purchase; if I fail to join the American Philosophical Association, the association may not force me to join or prevent me from giving up my membership. Only the state can do so; only the state can confiscate my property or put me in jail if I do not pay its tax tribute. Therefore, only the state regularly exists and has its very being by means of coercive depredations on private property.
Neither is it legitimate to challenge this sort of analysis by claiming that in some other sense, the purchase of Wheaties or membership in the APA is in some way “coercive.” Anyone who is still unhappy with this use of the term “coercion” can simply eliminate the word from this discussion and substitute for it “physical violence or the threat thereof,” with the only loss being in literary style rather than in the substance of the argument. What anarchism proposes to do, then, is to abolish the state, that is, to abolish the regularized institution of aggressive coercion.
It need hardly be added that the state habitually builds upon its coercive source of income by adding a host of other aggressions upon society, ranging from economic controls to the prohibition of pornography to the compelling of religious observance to the mass murder of civilians in organized warfare. In short, the state, in the words of Albert Jay Nock, “claims and exercises a monopoly of crime” over its territorial area.
The second criticism I would like to defuse before beginning the main body of the paper is the common charge that anarchists “assume that all people are good” and that without the state no crime would be committed. In short, that anarchism assumes that with the abolition of the state a New Anarchist Man will emerge, cooperative, humane, and benevolent, so that no problem of crime will then plague the society. I confess that I do not understand the basis for this charge. Whatever other schools of anarchism profess — and I do not believe that they are open to the charge — I certainly do not adopt this view. I assume with most observers that mankind is a mixture of good and evil, of cooperative and criminal tendencies. In my view, the anarchist society is one which maximizes the tendencies for the good and the cooperative, while it minimizes both the opportunity and the moral legitimacy of the evil and the criminal. If the anarchist view is correct and the state is indeed the great legalized and socially legitimated channel for all manner of antisocial crime — theft, oppression, mass murder — on a massive scale, then surely the abolition of such an engine of crime can do nothing but favor the good in man and discourage the bad.
A further point: in a profound sense, no social system, whether anarchist or statist, can work at all unless most people are “good” in the sense that they are not all hell-bent upon assaulting and robbing their neighbors. If everyone were so disposed, no amount of protection, whether state or private, could succeed in staving off chaos. Furthermore, the more that people are disposed to be peaceful and not aggress against their neighbors, the more successfully any social system will work, and the fewer resources will need to be devoted to police protection. The anarchist view holds that, given the “nature of man,” given the degree of goodness or badness at any point in time, anarchism will maximize the opportunities for the good and minimize the channels for the bad. The rest depends on the values held by the individual members of society. The only further point that need be made is that by eliminating the living example and the social legitimacy of the massive legalized crime of the state, anarchism will to a large extent promote peaceful values in the minds of the public.
We cannot of course deal here with the numerous arguments in favor of anarchism or against the state, moral, political, and economic. Nor can we take up the various goods and services now provided by the state and show how private individuals and groups will be able to supply them far more efficiently on the free market. Here we can only deal with perhaps the most difficult area, the area where it is almost universally assumed that the state must exist and act, even if it is only a “necessary evil” instead of a positive good: the vital realm of defense or protection of person and property against aggression. Surely, it is universally asserted, the state is at least vitally necessary to provide police protection, the judicial resolution of disputes and enforcement of contracts, and the creation of the law itself that is to be enforced. My contention is that all of these admittedly necessary services of protection can be satisfactorily and efficiently supplied by private persons and institutions on the free market.
One important caveat before we begin the body of this paper: new proposals such as anarchism are almost always gauged against the implicit assumption that the present, or statist system works to perfection. Any lacunae or difficulties with the picture of the anarchist society are considered net liabilities, and enough to dismiss anarchism out of hand. It is, in short, implicitly assumed that the state is doing its self-assumed job of protecting person and property to perfection. We cannot here go into the reasons why the state is bound to suffer inherently from grave flaws and inefficiencies in such a task. All we need do now is to point to the black and unprecedented record of the state through history: no combination of private marauders can possibly begin to match the state’s unremitting record of theft, confiscation, oppression, and mass murder. No collection of Mafia or private bank robbers can begin to compare with all the Hiroshimas, Dresdens, and Lidices and their analogues through the history of mankind.
This point can be made more philosophically: it is illegitimate to compare the merits of anarchism and statism by starting with the present system as the implicit given and then critically examining only the anarchist alternative. What we must do is to begin at the zero point and then critically examine both suggested alternatives. Suppose, for example, that we were all suddenly dropped down on the earth de novo and that we were all then confronted with the question of what societal arrangements to adopt. And suppose then that someone suggested: “We are all bound to suffer from those of us who wish to aggress against their fellow men. Let us then solve this problem of crime by handing all of our weapons to the Jones family, over there, by giving all of our ultimate power to settle disputes to that family. In that way, with their monopoly of coercion and of ultimate decision making, the Jones family will be able to protect each of us from each other.” I submit that this proposal would get very short shrift, except perhaps from the Jones family themselves. And yet this is precisely the common argument for the existence of the state. When we start from the zero point, as in the case of the Jones family, the question of “who will guard the guardians?” becomes not simply an abiding lacuna in the theory of the state but an overwhelming barrier to its existence.
A final caveat: the anarchist is always at a disadvantage in attempting to forecast the shape of the future anarchist society. For it is impossible for observers to predict voluntary social arrangements, including the provision of goods and services, on the free market. Suppose, for example, that this were the year 1874 and that someone predicted that eventually there would be a radio-manufacturing industry. To be able to make such a forecast successfully, does he have to be challenged to state immediately how many radio manufacturers there would be a century hence, how big they would be, where they would be located, what technology and marketing techniques they would use, and so on? Obviously, such a challenge would make no sense, and in a profound sense the same is true of those who demand a precise portrayal of the pattern of protection activities on the market. Anarchism advocates the dissolution of the state into social and market arrangements, and these arrangements are far more flexible and less predictable than political institutions. The most that we can do, then, is to offer broad guidelines and perspectives on the shape of a projected anarchist society.
One important point to make here is that the advance of modern technology makes anarchistic arrangements increasingly feasible. Take, for example, the case of lighthouses, where it is often charged that it is unfeasible for private lighthouse operators to row out to each ship to charge it for use of the light. Apart from the fact that this argument ignores the successful existence of private lighthouses in earlier days, as in England in the eighteenth century, another vital consideration is that modern electronic technology makes charging each ship for the light far more feasible. Thus, the ship would have to have paid for an electronically controlled beam which could then be automatically turned on for those ships which had paid for the service.
Let us turn now to the problem of how disputes — in particular disputes over alleged violations of person and property — would be resolved in an anarchist society. First, it should be noted that all disputes involve two parties: the plaintiff, the alleged victim of the crime or tort and the defendant, the alleged aggressor. In many cases of broken contract, of course, each of the two parties alleging that the other is the culprit is at the same time a plaintiff and a defendant.
An important point to remember is that any society, be it statist or anarchist, has to have some way of resolving disputes that will gain a majority consensus in society. There would be no need for courts or arbitrators if everyone were omniscient and knew instantaneously which persons were guilty of any given crime or violation of contract. Since none of us is omniscient, there has to be some method of deciding who is the criminal or lawbreaker which will gain legitimacy; in short, whose decision will be accepted by the great majority of the public.
In the first place, a dispute may be resolved voluntarily between the two parties themselves, either unaided or with the help of a third mediator. This poses no problem, and will automatically be accepted by society at large. It is so accepted even now, much less in a society imbued with the anarchistic values of peaceful cooperation and agreement. Secondly and similarly, the two parties, unable to reach agreement, may decide to submit voluntarily to the decision of an arbitrator. This agreement may arise either after a dispute has arisen, or be provided for in advance in the original contract. Again, there is no problem in such an arrangement gaining legitimacy. Even in the present statist era, the notorious inefficiency and coercive and cumbersome procedures of the politically run government courts has led increasing numbers of citizens to turn to voluntary and expert arbitration for a speedy and harmonious settling of disputes.
Thus, William C. Wooldridge has written that
Wooldridge adds the important point that, in addition to the speed of arbitration procedures vis-à-vis the courts, the arbitrators can proceed as experts in disregard of the official government law; in a profound sense, then, they serve to create a voluntary body of private law. “In other words,” states Wooldridge, “the system of extralegal, voluntary courts has progressed hand in hand with a body of private law; the rules of the state are circumvented by the same process that circumvents the forums established for the settlement of disputes over those rules…. In short, a private agreement between two people, a bilateral “law,” has supplanted the official law. The writ of the sovereign has cease to run, and for it is substituted a rule tacitly or explicitly agreed to by the parties. Wooldridge concludes that “if an arbitrator can choose to ignore a penal damage rule or the statute of limitations applicable to the claim before him (and it is generally conceded that he has that power), arbitration can be viewed as a practically revolutionary instrument for self-liberation from the law….”2
It may be objected that arbitration only works successfully because the courts enforce the award of the arbitrator. Wooldridge points out, however, that arbitration was unenforceable in the American courts before 1920, but that this did not prevent voluntary arbitration from being successful and expanding in the United States and in England. He points, furthermore, to the successful operations of merchant courts since the Middle Ages, those courts which successfully developed the entire body of the law merchant. None of those courts possessed the power of enforcement. He might have added the private courts of shippers which developed the body of admiralty law in a similar way.
How then did these private, “anarchistic,” and voluntary courts ensure the acceptance of their decisions? By the method of social ostracism, and by the refusal to deal any further with the offending merchant. This method of voluntary “enforcement,” indeed proved highly successful. Wooldridge writes that “the merchants’ courts were voluntary, and if a man ignored their judgment, he could not be sent to jail…. Nevertheless, it is apparent that … [their] decisions were generally respected even by the losers; otherwise people would never have used them in the first place…. Merchants made their courts work simply by agreeing to abide by the results. The merchant who broke the understanding would not be sent to jail, to be sure, but neither would he long continue to be a merchant, for the compliance exacted by his fellows … proved if anything more effective than physical coercion.”3 Nor did this voluntary method fail to work in modern times. Wooldridge writes that it was precisely in the years before 1920, when arbitration awards could not be enforced in the courts,
It should also be pointed out that modern technology makes even more feasible the collection and dissemination of information about people’s credit ratings and records of keeping or violating their contracts or arbitration agreements. Presumably, an anarchist society would see the expansion of this sort of dissemination of data and thereby facilitate the ostracism or boycotting of contract and arbitration violators.
How would arbitrators be selected in an anarchist society? In the same way as they are chosen now, and as they were chosen in the days of strictly voluntary arbitration: the arbitrators with the best reputation for efficiency and probity would be chosen by the various parties on the market. As in other processes of the market, the arbitrators with the best record in settling disputes will come to gain an increasing amount of business, and those with poor records will no longer enjoy clients and will have to shift to another line of endeavor. Here it must be emphasized that parties in dispute will seek out those arbitrators with the best reputation for both expertise and impartiality and that inefficient or biased arbitrators will rapidly have to find another occupation.
Thus, the Tannehills emphasize:
If desired, furthermore, the contracting parties could provide in advance for a series of arbitrators:
Arbitration, then, poses little difficulty for a portrayal of the free society. But what of torts or crimes of aggression where there has been no contract? Or suppose that the breaker of a contract defies the arbitration award? Is ostracism enough? In short, how can courts develop in the free-market anarchist society which will have the power to enforce judgments against criminals or contract breakers?
In the wide sense, defense service consists of guards or police who use force in defending person and property against attack, and judges or courts whose role is to use socially accepted procedures to determine who the criminals or tortfeasors are, as well as to enforce judicial awards, such as damages or the keeping of contracts. On the free market, many scenarios are possible on the relationship between the private courts and the police; they may be “vertically integrated,” for example, or their services may be supplied by separate firms. Furthermore, it seems likely that police service will be supplied by insurance companies who will provide crime insurance to their clients. In that case, insurance companies will pay off the victims of crime or the breaking of contracts or arbitration awards and then pursue the aggressors in court to recoup their losses. There is a natural market connection between insurance companies and defense service, since they need pay out less benefits in proportion as they are able to keep down the rate of crime.
Courts might either charge fees for their services, with the losers of cases obliged to pay court costs, or else they may subsist on monthly or yearly premiums by their clients, who may be either individuals or the police or insurance agencies. Suppose, for example, that Smith is an aggrieved party, either because he has been assaulted or robbed, or because an arbitration award in his favor has not been honored. Smith believes that Jones is the party guilty of the crime. Smith then goes to a court, Court A, of which he is a client, and brings charges against Jones as a defendant. In my view, the hallmark of an anarchist society is one where no man may legally compel someone who is not a convicted criminal to do anything, since that would be aggression against an innocent man’s person or property. Therefore, Court A can only invite rather than subpoena Jones to attend his trial. Of course, if Jones refused to appear or send a representative, his side of the case will not be heard. The trial of Jones proceeds. Suppose that Court A finds Jones innocent. In my view, part of the generally accepted law code of the anarchist society (on which see further below) is that this must end the matter unless Smith can prove charges of gross incompetence or bias on the part of the court.
Suppose, next, that Court A finds Jones guilty. Jones might accept the verdict, because he too is a client of the same court, because he knows he is guilty, or for some other reason. In that case, Court A proceeds to exercise judgment against Jones. Neither of these instances poses very difficult problems for our picture of the anarchist society. But suppose, instead, that Jones contests the decision; he then goes to his court, Court B, and the case is retried there. Suppose that Court B, too, finds Jones guilty. Again, it seems to me that the accepted law code of the anarchist society will assert that this ends the matter; both parties have had their say in courts which each has selected, and the decision for guilt is unanimous.
Suppose, however, the most difficult case: that Court B finds Jones innocent. The two courts, each subscribed to by one of the two parties, have split their verdicts. In that case, the two courts will submit the case to an appeals court, or arbitrator, which the two courts agree upon. There seems to be no real difficulty about the concept of an appeals court. As in the case of arbitration contracts, it seems very likely that the various private courts in the society will have prior agreements to submit their disputes to a particular appeals court. How will the appeals judges be chosen? Again, as in the case of arbitrators or of the first judges on the free market, they will be chosen for their expertise and their reputation for efficiency, honesty, and integrity. Obviously, appeals judges who are inefficient or biased will scarcely be chosen by courts who will have a dispute. The point here is that there is no need for a legally established or institutionalized single, monopoly appeals court system, as states now provide. There is no reason why there cannot arise a multitude of efficient and honest appeals judges who will be selected by the disputant courts, just as there are numerous private arbitrators on the market today. The appeals court renders its decision, and the courts proceed to enforce it if, in our example, Jones is considered guilty — unless, of course, Jones can prove bias in some other court proceedings.
No society can have unlimited judicial appeals, for in that case there would be no point to having judges or courts at all. Therefore, every society, whether statist or anarchist, will have to have some socially accepted cutoff point for trials and appeals. My suggestion is the rule that the agreement of any two courts, be decisive. “Two” is not an arbitrary figure, for it reflects the fact that there are two parties, the plaintiff and the defendant, to any alleged crime or contract dispute.
If the courts are to be empowered to enforce decision against guilty parties, does this not bring back the state in another form and thereby negate anarchism? No, for at the beginning of this paper I explicitly defined anarchism in such a way as not to rule out the use of defensive force — force in defense of person and property — by privately supported agencies. In the same way, it is not bringing back the state to allow persons to use force to defend themselves against aggression, or to hire guards or police agencies to defend them.
It should be noted, however, that in the anarchist society there will be no “district attorney” to press charges on behalf of “society.” Only the victims will press charges as the plaintiffs. If, then, these victims should happen to be absolute pacifists who are opposed even to defensive force, then they will simply not press charges in the courts or otherwise retaliate against those who have aggressed against them. In a free society that would be their right. If the victim should suffer from murder, then his heir would have the right to press the charges.
What of the Hatfield-and-McCoy problem? Suppose that a Hatfield kills a McCoy, and that McCoy’s heir does not belong to a private insurance, police agency, or court, and decides to retaliate himself? Since under anarchism there can be no coercion of the noncriminal, McCoy would have the perfect right to do so. No one may be compelled to bring his case to a court. Indeed, since the right to hire police or courts flows from the right of self-defense against aggression, it would be inconsistent and in contradiction to the very basis of the free society to institute such compulsion.
Suppose, then, that the surviving McCoy finds what he believes to be the guilty Hatfield and kills him in turn? What then? This is fine, except that McCoy may have to worry about charges being brought against him by a surviving Hatfield. Here it must be emphasized that in the law of the anarchist society based on defense against aggression, the courts would not be able to proceed against McCoy if in fact he killed the right Hatfield. His problem would arise if the courts should find that he made a grievous mistake and killed the wrong man; in that case, he in turn would be found guilty of murder. Surely, in most instances, individuals will wish to obviate such problems by taking their case to a court and thereby gain social acceptability for their defensive retaliation — not for the act of retaliation but for the correctness of deciding who the criminal in any given case might be. The purpose of the judicial process, indeed, is to find a way of general agreement on who might be the criminal or contract breaker in any given case. The judicial process is not a good in itself; thus, in the case of an assassination, such as Jack Ruby’s murder of Lee Harvey Oswald, on public television, there is no need for a complex judicial process, since the name of the murderer is evident to all.
Will not the possibility exist of a private court that may turn venal and dishonest, or of a private police force that turns criminal and extorts money by coercion? Of course such an event may occur, given the propensities of human nature. Anarchism is not a moral cure-all. But the important point is that market forces exist to place severe checks on such possibilities, especially in contrast to a society where a state exists. For, in the first place, judges, like arbitrators, will prosper on the market in proportion to their reputation for efficiency and impartiality. Secondly, on the free market important checks and balances exist against venal courts or criminal police forces. Namely, that there are competing courts and police agencies to whom victims may turn for redress. If the “Prudential Police Agency” should turn outlaw and extract revenue from victims by coercion, the latter would have the option of turning to the “Mutual” or “Equitable” Police Agency for defense and for pressing charges against Prudential. These are the genuine “checks and balances” of the free market, genuine in contrast to the phony check and balances of a state system, where all the alleged “balancing” agencies are in the hands of one monopoly government. Indeed, given the monopoly “protection service” of a state, what is there to prevent a state from using its monopoly channels of coercion to extort money from the public? What are the checks and limits of the state? None, except for the extremely difficult course of revolution against a power with all of the guns in its hands. In fact, the state provides an easy, legitimated channel for crime and aggression, since it has its very being in the crime of tax theft, and the coerced monopoly of “protection.” It is the state, indeed, that functions as a mighty “protection racket” on a giant and massive scale. It is the state that says: “Pay us for your ‘protection’ or else.” In the light of the massive and inherent activities of the state, the danger of a “protection racket” emerging from one or more private police agencies is relatively small indeed.
Moreover, it must be emphasized that a crucial element in the power of the state is its legitimacy in the eyes of the majority of the public, the fact that after centuries of propaganda, the depredations of the state are looked upon rather as benevolent services. Taxation is generally not seen as theft, nor war as mass murder, nor conscription as slavery. Should a private police agency turn outlaw, should “Prudential” become a protection racket, it would then lack the social legitimacy which the state has managed to accrue to itself over the centuries. “Prudential” would be seen by all as bandits, rather than as legitimate or divinely appointed “sovereigns” bent on promoting the “common good” or the “general welfare.” And lacking such legitimacy, “Prudential” would have to face the wrath of the public and the defense and retaliation of the other private defense agencies, the police and courts, on the free market. Given these inherent checks and limits, a successful transformation from a free society to bandit rule becomes most unlikely. Indeed, historically, it has been very difficult for a state to arise to supplant a stateless society; usually, it has come about through external conquest rather than by evolution from within a society.
Within the anarchist camp, there has been much dispute on whether the private courts would have to be bound by a basic, common law code. Ingenious attempts have been made to work out a system where the laws or standards of decision-making by the courts would differ completely from one to another.7 But in my view all would have to abide by the basic law code, in particular, prohibition of aggression against person and property, in order to fulfill our definition of anarchism as a system which provides no legal sanction for such aggression. Suppose, for example, that one group of people in society holds that all redheads are demons who deserve to be shot on sight. Suppose that Jones, one of this group, shoots Smith, a redhead. Suppose that Smith or his heir presses charges in a court, but that Jones’s court, in philosophic agreement with Jones, finds him innocent therefore. It seems to me that in order to be considered legitimate, any court would have to follow the basic libertarian law code of the inviolate right of person and property. For otherwise, courts might legally subscribe to a code which sanctions such aggression in various cases, and which to that extent would violate the definition of anarchism and introduce, if not the state, then a strong element of statishness or legalized aggression into the society.
But again I see no insuperable difficulties here. For in that case, anarchists, in agitating for their creed, will simply include in their agitation the idea of a general libertarian law code as part and parcel of the anarchist creed of abolition of legalized aggression against person or property in the society.
In contrast to the general law code, other aspects of court decisions could legitimately vary in accordance with the market or the wishes of the clients; for example, the language the cases will be conducted in, the number of judges to be involved, and so on.
There are other problems of the basic law code which there is no time to go into here: for example, the definition of just property titles or the question of legitimate punishment of convicted offenders — though the latter problem of course exists in statist legal systems as well.8 The basic point, however, is that the state is not needed to arrive at legal principles or their elaboration: indeed, much of the common law, the law merchant, admiralty law, and private law in general, grew up apart from the state, by judges not making the law but finding it on the basis of agreed-upon principles derived either from custom or reason.9 The idea that the state is needed to make law is as much a myth as that the state is needed to supply postal or police services.
Enough has been said here, I believe, to indicate that an anarchist system for settling disputes would be both viable and self-subsistent: that once adopted, it could work and continue indefinitely. How to arrive at that system is of course a very different problem, but certainly at the very least it will not likely come about unless people are convinced of its workability, are convinced, in short, that the state is not a necessary evil.

[Murray Rothbard delivered this talk 32 years ago today at the American Society for Political and Legal Philosophy (ASPLP), Washington, DC: December 28, 1974. It was first published in The Libertarian Forum, volume 7.1, January 1975, available in PDF and ePub.]
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2024.05.14 06:30 Anenome5 Society without a State - Rothbard

https://mises.org/mises-daily/society-without-state
In attempting to outline how a “society without a state” — that is, an anarchist society — might function successfully, I would first like to defuse two common but mistaken criticisms of this approach. First, is the argument that in providing for such defense or protection services as courts, police, or even law itself, I am simply smuggling the state back into society in another form, and that therefore the system I am both analyzing and advocating is not “really” anarchism. This sort of criticism can only involve us in an endless and arid dispute over semantics. Let me say from the beginning that I define the state as that institution which possesses one or both (almost always both) of the following properties: (1) it acquires its income by the physical coercion known as “taxation”; and (2) it asserts and usually obtains a coerced monopoly of the provision of defense service (police and courts) over a given territorial area. An institution not possessing either of these properties is not and cannot be, in accordance with my definition, a state. On the other hand, I define anarchist society as one where there is no legal possibility for coercive aggression against the person or property of an individual. Anarchists oppose the state because it has its very being in such aggression, namely, the expropriation of private property through taxation, the coercive exclusion of other providers of defense service from its territory, and all of the other depredations and coercions that are built upon these twin foci of invasions of individual rights.
Nor is our definition of the state arbitrary, for these two characteristics have been possessed by what is generally acknowledged to be states throughout recorded history. The state, by its use of physical coercion, has arrogated to itself a compulsory monopoly of defense services over its territorial jurisdiction. But it is certainly conceptually possible for such services to be supplied by private, non-state institutions, and indeed such services have historically been supplied by other organizations than the state. To be opposed to the state is then not necessarily to be opposed to services that have often been linked with it; to be opposed to the state does not necessarily imply that we must be opposed to police protection, courts, arbitration, the minting of money, postal service, or roads and highways. Some anarchists have indeed been opposed to police and to all physical coercion in defense of person and property, but this is not inherent in and is fundamentally irrelevant to the anarchist position, which is precisely marked by opposition to all physical coercion invasive of, or aggressing against, person and property.
The crucial role of taxation may be seen in the fact that the state is the only institution or organization in society which regularly and systematically acquires its income through the use of physical coercion. All other individuals or organizations acquire their income voluntarily, either (1) through the voluntary sale of goods and services to consumers on the market, or (2) through voluntary gifts or donations by members or other donors. If I cease or refrain from purchasing Wheaties on the market, the Wheaties producers do not come after me with a gun or the threat of imprisonment to force me to purchase; if I fail to join the American Philosophical Association, the association may not force me to join or prevent me from giving up my membership. Only the state can do so; only the state can confiscate my property or put me in jail if I do not pay its tax tribute. Therefore, only the state regularly exists and has its very being by means of coercive depredations on private property.
Neither is it legitimate to challenge this sort of analysis by claiming that in some other sense, the purchase of Wheaties or membership in the APA is in some way “coercive.” Anyone who is still unhappy with this use of the term “coercion” can simply eliminate the word from this discussion and substitute for it “physical violence or the threat thereof,” with the only loss being in literary style rather than in the substance of the argument. What anarchism proposes to do, then, is to abolish the state, that is, to abolish the regularized institution of aggressive coercion.
It need hardly be added that the state habitually builds upon its coercive source of income by adding a host of other aggressions upon society, ranging from economic controls to the prohibition of pornography to the compelling of religious observance to the mass murder of civilians in organized warfare. In short, the state, in the words of Albert Jay Nock, “claims and exercises a monopoly of crime” over its territorial area.
The second criticism I would like to defuse before beginning the main body of the paper is the common charge that anarchists “assume that all people are good” and that without the state no crime would be committed. In short, that anarchism assumes that with the abolition of the state a New Anarchist Man will emerge, cooperative, humane, and benevolent, so that no problem of crime will then plague the society. I confess that I do not understand the basis for this charge. Whatever other schools of anarchism profess — and I do not believe that they are open to the charge — I certainly do not adopt this view. I assume with most observers that mankind is a mixture of good and evil, of cooperative and criminal tendencies. In my view, the anarchist society is one which maximizes the tendencies for the good and the cooperative, while it minimizes both the opportunity and the moral legitimacy of the evil and the criminal. If the anarchist view is correct and the state is indeed the great legalized and socially legitimated channel for all manner of antisocial crime — theft, oppression, mass murder — on a massive scale, then surely the abolition of such an engine of crime can do nothing but favor the good in man and discourage the bad.
A further point: in a profound sense, no social system, whether anarchist or statist, can work at all unless most people are “good” in the sense that they are not all hell-bent upon assaulting and robbing their neighbors. If everyone were so disposed, no amount of protection, whether state or private, could succeed in staving off chaos. Furthermore, the more that people are disposed to be peaceful and not aggress against their neighbors, the more successfully any social system will work, and the fewer resources will need to be devoted to police protection. The anarchist view holds that, given the “nature of man,” given the degree of goodness or badness at any point in time, anarchism will maximize the opportunities for the good and minimize the channels for the bad. The rest depends on the values held by the individual members of society. The only further point that need be made is that by eliminating the living example and the social legitimacy of the massive legalized crime of the state, anarchism will to a large extent promote peaceful values in the minds of the public.
We cannot of course deal here with the numerous arguments in favor of anarchism or against the state, moral, political, and economic. Nor can we take up the various goods and services now provided by the state and show how private individuals and groups will be able to supply them far more efficiently on the free market. Here we can only deal with perhaps the most difficult area, the area where it is almost universally assumed that the state must exist and act, even if it is only a “necessary evil” instead of a positive good: the vital realm of defense or protection of person and property against aggression. Surely, it is universally asserted, the state is at least vitally necessary to provide police protection, the judicial resolution of disputes and enforcement of contracts, and the creation of the law itself that is to be enforced. My contention is that all of these admittedly necessary services of protection can be satisfactorily and efficiently supplied by private persons and institutions on the free market.
One important caveat before we begin the body of this paper: new proposals such as anarchism are almost always gauged against the implicit assumption that the present, or statist system works to perfection. Any lacunae or difficulties with the picture of the anarchist society are considered net liabilities, and enough to dismiss anarchism out of hand. It is, in short, implicitly assumed that the state is doing its self-assumed job of protecting person and property to perfection. We cannot here go into the reasons why the state is bound to suffer inherently from grave flaws and inefficiencies in such a task. All we need do now is to point to the black and unprecedented record of the state through history: no combination of private marauders can possibly begin to match the state’s unremitting record of theft, confiscation, oppression, and mass murder. No collection of Mafia or private bank robbers can begin to compare with all the Hiroshimas, Dresdens, and Lidices and their analogues through the history of mankind.
This point can be made more philosophically: it is illegitimate to compare the merits of anarchism and statism by starting with the present system as the implicit given and then critically examining only the anarchist alternative. What we must do is to begin at the zero point and then critically examine both suggested alternatives. Suppose, for example, that we were all suddenly dropped down on the earth de novo and that we were all then confronted with the question of what societal arrangements to adopt. And suppose then that someone suggested: “We are all bound to suffer from those of us who wish to aggress against their fellow men. Let us then solve this problem of crime by handing all of our weapons to the Jones family, over there, by giving all of our ultimate power to settle disputes to that family. In that way, with their monopoly of coercion and of ultimate decision making, the Jones family will be able to protect each of us from each other.” I submit that this proposal would get very short shrift, except perhaps from the Jones family themselves. And yet this is precisely the common argument for the existence of the state. When we start from the zero point, as in the case of the Jones family, the question of “who will guard the guardians?” becomes not simply an abiding lacuna in the theory of the state but an overwhelming barrier to its existence.
A final caveat: the anarchist is always at a disadvantage in attempting to forecast the shape of the future anarchist society. For it is impossible for observers to predict voluntary social arrangements, including the provision of goods and services, on the free market. Suppose, for example, that this were the year 1874 and that someone predicted that eventually there would be a radio-manufacturing industry. To be able to make such a forecast successfully, does he have to be challenged to state immediately how many radio manufacturers there would be a century hence, how big they would be, where they would be located, what technology and marketing techniques they would use, and so on? Obviously, such a challenge would make no sense, and in a profound sense the same is true of those who demand a precise portrayal of the pattern of protection activities on the market. Anarchism advocates the dissolution of the state into social and market arrangements, and these arrangements are far more flexible and less predictable than political institutions. The most that we can do, then, is to offer broad guidelines and perspectives on the shape of a projected anarchist society.
One important point to make here is that the advance of modern technology makes anarchistic arrangements increasingly feasible. Take, for example, the case of lighthouses, where it is often charged that it is unfeasible for private lighthouse operators to row out to each ship to charge it for use of the light. Apart from the fact that this argument ignores the successful existence of private lighthouses in earlier days, as in England in the eighteenth century, another vital consideration is that modern electronic technology makes charging each ship for the light far more feasible. Thus, the ship would have to have paid for an electronically controlled beam which could then be automatically turned on for those ships which had paid for the service.
Let us turn now to the problem of how disputes — in particular disputes over alleged violations of person and property — would be resolved in an anarchist society. First, it should be noted that all disputes involve two parties: the plaintiff, the alleged victim of the crime or tort and the defendant, the alleged aggressor. In many cases of broken contract, of course, each of the two parties alleging that the other is the culprit is at the same time a plaintiff and a defendant.
An important point to remember is that any society, be it statist or anarchist, has to have some way of resolving disputes that will gain a majority consensus in society. There would be no need for courts or arbitrators if everyone were omniscient and knew instantaneously which persons were guilty of any given crime or violation of contract. Since none of us is omniscient, there has to be some method of deciding who is the criminal or lawbreaker which will gain legitimacy; in short, whose decision will be accepted by the great majority of the public.
In the first place, a dispute may be resolved voluntarily between the two parties themselves, either unaided or with the help of a third mediator. This poses no problem, and will automatically be accepted by society at large. It is so accepted even now, much less in a society imbued with the anarchistic values of peaceful cooperation and agreement. Secondly and similarly, the two parties, unable to reach agreement, may decide to submit voluntarily to the decision of an arbitrator. This agreement may arise either after a dispute has arisen, or be provided for in advance in the original contract. Again, there is no problem in such an arrangement gaining legitimacy. Even in the present statist era, the notorious inefficiency and coercive and cumbersome procedures of the politically run government courts has led increasing numbers of citizens to turn to voluntary and expert arbitration for a speedy and harmonious settling of disputes.
Thus, William C. Wooldridge has written that
Wooldridge adds the important point that, in addition to the speed of arbitration procedures vis-à-vis the courts, the arbitrators can proceed as experts in disregard of the official government law; in a profound sense, then, they serve to create a voluntary body of private law. “In other words,” states Wooldridge, “the system of extralegal, voluntary courts has progressed hand in hand with a body of private law; the rules of the state are circumvented by the same process that circumvents the forums established for the settlement of disputes over those rules…. In short, a private agreement between two people, a bilateral “law,” has supplanted the official law. The writ of the sovereign has cease to run, and for it is substituted a rule tacitly or explicitly agreed to by the parties. Wooldridge concludes that “if an arbitrator can choose to ignore a penal damage rule or the statute of limitations applicable to the claim before him (and it is generally conceded that he has that power), arbitration can be viewed as a practically revolutionary instrument for self-liberation from the law….”2
It may be objected that arbitration only works successfully because the courts enforce the award of the arbitrator. Wooldridge points out, however, that arbitration was unenforceable in the American courts before 1920, but that this did not prevent voluntary arbitration from being successful and expanding in the United States and in England. He points, furthermore, to the successful operations of merchant courts since the Middle Ages, those courts which successfully developed the entire body of the law merchant. None of those courts possessed the power of enforcement. He might have added the private courts of shippers which developed the body of admiralty law in a similar way.
How then did these private, “anarchistic,” and voluntary courts ensure the acceptance of their decisions? By the method of social ostracism, and by the refusal to deal any further with the offending merchant. This method of voluntary “enforcement,” indeed proved highly successful. Wooldridge writes that “the merchants’ courts were voluntary, and if a man ignored their judgment, he could not be sent to jail…. Nevertheless, it is apparent that … [their] decisions were generally respected even by the losers; otherwise people would never have used them in the first place…. Merchants made their courts work simply by agreeing to abide by the results. The merchant who broke the understanding would not be sent to jail, to be sure, but neither would he long continue to be a merchant, for the compliance exacted by his fellows … proved if anything more effective than physical coercion.”3 Nor did this voluntary method fail to work in modern times. Wooldridge writes that it was precisely in the years before 1920, when arbitration awards could not be enforced in the courts,
It should also be pointed out that modern technology makes even more feasible the collection and dissemination of information about people’s credit ratings and records of keeping or violating their contracts or arbitration agreements. Presumably, an anarchist society would see the expansion of this sort of dissemination of data and thereby facilitate the ostracism or boycotting of contract and arbitration violators.
How would arbitrators be selected in an anarchist society? In the same way as they are chosen now, and as they were chosen in the days of strictly voluntary arbitration: the arbitrators with the best reputation for efficiency and probity would be chosen by the various parties on the market. As in other processes of the market, the arbitrators with the best record in settling disputes will come to gain an increasing amount of business, and those with poor records will no longer enjoy clients and will have to shift to another line of endeavor. Here it must be emphasized that parties in dispute will seek out those arbitrators with the best reputation for both expertise and impartiality and that inefficient or biased arbitrators will rapidly have to find another occupation.
Thus, the Tannehills emphasize:
If desired, furthermore, the contracting parties could provide in advance for a series of arbitrators:
Arbitration, then, poses little difficulty for a portrayal of the free society. But what of torts or crimes of aggression where there has been no contract? Or suppose that the breaker of a contract defies the arbitration award? Is ostracism enough? In short, how can courts develop in the free-market anarchist society which will have the power to enforce judgments against criminals or contract breakers?
In the wide sense, defense service consists of guards or police who use force in defending person and property against attack, and judges or courts whose role is to use socially accepted procedures to determine who the criminals or tortfeasors are, as well as to enforce judicial awards, such as damages or the keeping of contracts. On the free market, many scenarios are possible on the relationship between the private courts and the police; they may be “vertically integrated,” for example, or their services may be supplied by separate firms. Furthermore, it seems likely that police service will be supplied by insurance companies who will provide crime insurance to their clients. In that case, insurance companies will pay off the victims of crime or the breaking of contracts or arbitration awards and then pursue the aggressors in court to recoup their losses. There is a natural market connection between insurance companies and defense service, since they need pay out less benefits in proportion as they are able to keep down the rate of crime.
Courts might either charge fees for their services, with the losers of cases obliged to pay court costs, or else they may subsist on monthly or yearly premiums by their clients, who may be either individuals or the police or insurance agencies. Suppose, for example, that Smith is an aggrieved party, either because he has been assaulted or robbed, or because an arbitration award in his favor has not been honored. Smith believes that Jones is the party guilty of the crime. Smith then goes to a court, Court A, of which he is a client, and brings charges against Jones as a defendant. In my view, the hallmark of an anarchist society is one where no man may legally compel someone who is not a convicted criminal to do anything, since that would be aggression against an innocent man’s person or property. Therefore, Court A can only invite rather than subpoena Jones to attend his trial. Of course, if Jones refused to appear or send a representative, his side of the case will not be heard. The trial of Jones proceeds. Suppose that Court A finds Jones innocent. In my view, part of the generally accepted law code of the anarchist society (on which see further below) is that this must end the matter unless Smith can prove charges of gross incompetence or bias on the part of the court.
Suppose, next, that Court A finds Jones guilty. Jones might accept the verdict, because he too is a client of the same court, because he knows he is guilty, or for some other reason. In that case, Court A proceeds to exercise judgment against Jones. Neither of these instances poses very difficult problems for our picture of the anarchist society. But suppose, instead, that Jones contests the decision; he then goes to his court, Court B, and the case is retried there. Suppose that Court B, too, finds Jones guilty. Again, it seems to me that the accepted law code of the anarchist society will assert that this ends the matter; both parties have had their say in courts which each has selected, and the decision for guilt is unanimous.
Suppose, however, the most difficult case: that Court B finds Jones innocent. The two courts, each subscribed to by one of the two parties, have split their verdicts. In that case, the two courts will submit the case to an appeals court, or arbitrator, which the two courts agree upon. There seems to be no real difficulty about the concept of an appeals court. As in the case of arbitration contracts, it seems very likely that the various private courts in the society will have prior agreements to submit their disputes to a particular appeals court. How will the appeals judges be chosen? Again, as in the case of arbitrators or of the first judges on the free market, they will be chosen for their expertise and their reputation for efficiency, honesty, and integrity. Obviously, appeals judges who are inefficient or biased will scarcely be chosen by courts who will have a dispute. The point here is that there is no need for a legally established or institutionalized single, monopoly appeals court system, as states now provide. There is no reason why there cannot arise a multitude of efficient and honest appeals judges who will be selected by the disputant courts, just as there are numerous private arbitrators on the market today. The appeals court renders its decision, and the courts proceed to enforce it if, in our example, Jones is considered guilty — unless, of course, Jones can prove bias in some other court proceedings.
No society can have unlimited judicial appeals, for in that case there would be no point to having judges or courts at all. Therefore, every society, whether statist or anarchist, will have to have some socially accepted cutoff point for trials and appeals. My suggestion is the rule that the agreement of any two courts, be decisive. “Two” is not an arbitrary figure, for it reflects the fact that there are two parties, the plaintiff and the defendant, to any alleged crime or contract dispute.
If the courts are to be empowered to enforce decision against guilty parties, does this not bring back the state in another form and thereby negate anarchism? No, for at the beginning of this paper I explicitly defined anarchism in such a way as not to rule out the use of defensive force — force in defense of person and property — by privately supported agencies. In the same way, it is not bringing back the state to allow persons to use force to defend themselves against aggression, or to hire guards or police agencies to defend them.
It should be noted, however, that in the anarchist society there will be no “district attorney” to press charges on behalf of “society.” Only the victims will press charges as the plaintiffs. If, then, these victims should happen to be absolute pacifists who are opposed even to defensive force, then they will simply not press charges in the courts or otherwise retaliate against those who have aggressed against them. In a free society that would be their right. If the victim should suffer from murder, then his heir would have the right to press the charges.
What of the Hatfield-and-McCoy problem? Suppose that a Hatfield kills a McCoy, and that McCoy’s heir does not belong to a private insurance, police agency, or court, and decides to retaliate himself? Since under anarchism there can be no coercion of the noncriminal, McCoy would have the perfect right to do so. No one may be compelled to bring his case to a court. Indeed, since the right to hire police or courts flows from the right of self-defense against aggression, it would be inconsistent and in contradiction to the very basis of the free society to institute such compulsion.
Suppose, then, that the surviving McCoy finds what he believes to be the guilty Hatfield and kills him in turn? What then? This is fine, except that McCoy may have to worry about charges being brought against him by a surviving Hatfield. Here it must be emphasized that in the law of the anarchist society based on defense against aggression, the courts would not be able to proceed against McCoy if in fact he killed the right Hatfield. His problem would arise if the courts should find that he made a grievous mistake and killed the wrong man; in that case, he in turn would be found guilty of murder. Surely, in most instances, individuals will wish to obviate such problems by taking their case to a court and thereby gain social acceptability for their defensive retaliation — not for the act of retaliation but for the correctness of deciding who the criminal in any given case might be. The purpose of the judicial process, indeed, is to find a way of general agreement on who might be the criminal or contract breaker in any given case. The judicial process is not a good in itself; thus, in the case of an assassination, such as Jack Ruby’s murder of Lee Harvey Oswald, on public television, there is no need for a complex judicial process, since the name of the murderer is evident to all.
Will not the possibility exist of a private court that may turn venal and dishonest, or of a private police force that turns criminal and extorts money by coercion? Of course such an event may occur, given the propensities of human nature. Anarchism is not a moral cure-all. But the important point is that market forces exist to place severe checks on such possibilities, especially in contrast to a society where a state exists. For, in the first place, judges, like arbitrators, will prosper on the market in proportion to their reputation for efficiency and impartiality. Secondly, on the free market important checks and balances exist against venal courts or criminal police forces. Namely, that there are competing courts and police agencies to whom victims may turn for redress. If the “Prudential Police Agency” should turn outlaw and extract revenue from victims by coercion, the latter would have the option of turning to the “Mutual” or “Equitable” Police Agency for defense and for pressing charges against Prudential. These are the genuine “checks and balances” of the free market, genuine in contrast to the phony check and balances of a state system, where all the alleged “balancing” agencies are in the hands of one monopoly government. Indeed, given the monopoly “protection service” of a state, what is there to prevent a state from using its monopoly channels of coercion to extort money from the public? What are the checks and limits of the state? None, except for the extremely difficult course of revolution against a power with all of the guns in its hands. In fact, the state provides an easy, legitimated channel for crime and aggression, since it has its very being in the crime of tax theft, and the coerced monopoly of “protection.” It is the state, indeed, that functions as a mighty “protection racket” on a giant and massive scale. It is the state that says: “Pay us for your ‘protection’ or else.” In the light of the massive and inherent activities of the state, the danger of a “protection racket” emerging from one or more private police agencies is relatively small indeed.
Moreover, it must be emphasized that a crucial element in the power of the state is its legitimacy in the eyes of the majority of the public, the fact that after centuries of propaganda, the depredations of the state are looked upon rather as benevolent services. Taxation is generally not seen as theft, nor war as mass murder, nor conscription as slavery. Should a private police agency turn outlaw, should “Prudential” become a protection racket, it would then lack the social legitimacy which the state has managed to accrue to itself over the centuries. “Prudential” would be seen by all as bandits, rather than as legitimate or divinely appointed “sovereigns” bent on promoting the “common good” or the “general welfare.” And lacking such legitimacy, “Prudential” would have to face the wrath of the public and the defense and retaliation of the other private defense agencies, the police and courts, on the free market. Given these inherent checks and limits, a successful transformation from a free society to bandit rule becomes most unlikely. Indeed, historically, it has been very difficult for a state to arise to supplant a stateless society; usually, it has come about through external conquest rather than by evolution from within a society.
Within the anarchist camp, there has been much dispute on whether the private courts would have to be bound by a basic, common law code. Ingenious attempts have been made to work out a system where the laws or standards of decision-making by the courts would differ completely from one to another.7 But in my view all would have to abide by the basic law code, in particular, prohibition of aggression against person and property, in order to fulfill our definition of anarchism as a system which provides no legal sanction for such aggression. Suppose, for example, that one group of people in society holds that all redheads are demons who deserve to be shot on sight. Suppose that Jones, one of this group, shoots Smith, a redhead. Suppose that Smith or his heir presses charges in a court, but that Jones’s court, in philosophic agreement with Jones, finds him innocent therefore. It seems to me that in order to be considered legitimate, any court would have to follow the basic libertarian law code of the inviolate right of person and property. For otherwise, courts might legally subscribe to a code which sanctions such aggression in various cases, and which to that extent would violate the definition of anarchism and introduce, if not the state, then a strong element of statishness or legalized aggression into the society.
But again I see no insuperable difficulties here. For in that case, anarchists, in agitating for their creed, will simply include in their agitation the idea of a general libertarian law code as part and parcel of the anarchist creed of abolition of legalized aggression against person or property in the society.
In contrast to the general law code, other aspects of court decisions could legitimately vary in accordance with the market or the wishes of the clients; for example, the language the cases will be conducted in, the number of judges to be involved, and so on.
There are other problems of the basic law code which there is no time to go into here: for example, the definition of just property titles or the question of legitimate punishment of convicted offenders — though the latter problem of course exists in statist legal systems as well.8 The basic point, however, is that the state is not needed to arrive at legal principles or their elaboration: indeed, much of the common law, the law merchant, admiralty law, and private law in general, grew up apart from the state, by judges not making the law but finding it on the basis of agreed-upon principles derived either from custom or reason.9 The idea that the state is needed to make law is as much a myth as that the state is needed to supply postal or police services.
Enough has been said here, I believe, to indicate that an anarchist system for settling disputes would be both viable and self-subsistent: that once adopted, it could work and continue indefinitely. How to arrive at that system is of course a very different problem, but certainly at the very least it will not likely come about unless people are convinced of its workability, are convinced, in short, that the state is not a necessary evil.

[Murray Rothbard delivered this talk 32 years ago today at the American Society for Political and Legal Philosophy (ASPLP), Washington, DC: December 28, 1974. It was first published in The Libertarian Forum, volume 7.1, January 1975, available in PDF and ePub.]
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2024.05.14 06:08 GamingHearts1 Sony PlayStation- 30 Years Later

Sony PlayStation- 30 Years Later
https://preview.redd.it/5dqmz3y2hb0d1.jpg?width=850&format=pjpg&auto=webp&s=c57b2f73e87b4d6b19ce0e60f7fa85942b089385
The original PlayStation console is absolutely legendary and its one was quite arguably the most popular game system of the 90’s. The Sony PlayStation console came out 30 years ago in 1994 and was designed compete with the likes of Super Nintendo and Sega Genesis during the mid 90’s. The original PlayStation console was released the same year as the Sega Saturn which was arguably a more superior game system. Despite, the Sega Saturn having a shorter loading time and better 2D gameplay the PS1 console ended up dominating its competition in countries like America from the mid to late 90’s. The original PlayStation console had legendary video games including Final Fantasy VII, Gran Turismo, Tekken 3, Tomb Raider, Silent Hill and many others. The PS1 was almost untouchable in relation to sales and managed to outshine the likes of Nintendo 64, Sega Saturn and Dreamcast during the second half of the 90’s decade. While the graphics for the PS1 looked significantly inferior compared to what we see in today’s generation of gaming; the PlayStation console played a significant role in the evolution of gaming favoring 3D gaming over 2D.
If Sony never entered the console wars 30 years ago the landscape of the gaming world would be completely different. Without Sony Nintendo would still probably be the most dominant entity in relation to creating video game consoles. If the PS1 was never made there would be no PS2, PS3, PS4 or PS5. The racing genre of gaming became extremely popular during the 2000’s because of Sony’s Gran Turismo game for PS1 which sold more than 10 million copies. The PS1 console from ’94 was also the platform where the Final Fantasy series had reached its peak in popularity with FFVII which also reached over 10 million copies in sales. The original PlayStation console was mainly designed to appeal to young adults but it seemed like everyone including children were obsessed with having one. The original PlayStation console thrived in popularity during the second half the 90’s mainly due to the enormous success of Sony’s first party games. It should also noted that the PS1 the main platform for third-party games to stand out on in America especially after Square Enix had seemingly cut-ties with Nintendo during the mid 90’s. Even though, Nintendo & Sony was supposed to collaborate to release a console together during the mid 90’s the fallout between the two company was probably the best thing to happen tech giant in relation to the console wars.
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2024.05.14 05:34 RomanEco Giant vs Specialized vs Salsa

Hi all,
Looking to buy my first new bike and want to go the gravel route.
Looking at the Specialized E5, Giant Revolt 2, and the Salsa Journeyer Apex 1 or the Salsa Journeyer Sora.
I intend to use the gravel bike primarily for long rides on dirt roads in national forests and racing. Likely a little bit of bike packing but bike packing is secondary.
I’m trying to figure out which bike to buy. Right now I’m thinking of buying a “base level” bike and can upgrade components as I get more into biking. If I can find something on sale that is Orignally $2k-$2.5k might be attainable as I’m selling a used road and gravel bike to help pay for the new bike.
Thanks for the input! It’s fun to talk shop about bikes and I don’t have lot of people to talk to.
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2024.05.14 04:13 cheinyeanlim Sources: after shelling out billions to acquire US users, Temu is now focusing more on acquiring users in Europe and elsewhere, following TikTok's US issues

Sources: after shelling out billions to acquire US users, Temu is now focusing more on acquiring users in Europe and elsewhere, following TikTok's US issues
Sources Reveal: Temu Shifts Focus to Europe and Beyond After Massive Investment in US Users. Response to TikTok's US Challenges. Global Expansion Strategy Unfolds. Temu #UserAcquisition #GlobalExpansion
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https://preview.redd.it/v9edsbzkwa0d1.jpg?width=1280&format=pjpg&auto=webp&s=15505b734872bf9e34da40697d4e8d511a24599d
  • Temu, a bargain app owned by Chinese e-commerce giant PDD Holdings, is shifting its business focus from the U.S. to Europe and other regions to diversify risks and seek new growth opportunities.
  • The company's pivot is partially influenced by the challenges TikTok has faced with the U.S. government, signaling potential regulatory risks for apps with Chinese roots operating in the U.S.
  • Despite its rapid rise to become the second-most popular shopping app in the U.S. after Amazon, Temu is adjusting its strategy to expect less than a third of its sales to come from the U.S. this year, down from 60% the previous year.
  • Legal and compliance challenges in the U.S., including allegations of selling goods made using forced labor and benefiting unfairly from a U.S. tax exemption, have prompted Temu to rethink its U.S. investment strategy.
  • In response to the shifting business landscape and regulatory environment, Temu plans to establish a fulfillment center in Mexico to serve U.S. customers, indicating a strategic shift in their operational approach.
Temu shelled out billions to acquire new U.S. users, with PDD paying nearly $2 billion for ads on Meta last year, becoming a top advertiser both there and on Google. Yet, in a strategic pivot, Temu has significantly shifted its ad spending towards Europe and other markets this year, highlighting the company's agile adaptation to changing market dynamics and regulatory pressures.
"Temu said the forced-labor allegations are completely unfounded."
Despite the intense scrutiny and the legal and compliance challenges faced in the U.S., including serious allegations of forced labor and unjust advantages from tax exemptions, Temu's user base in the U.S. only shrank by 10% from its peak last year, according to Sensor Tower. This resilience illustrates the complex relationship between consumer behavior, regulatory pressures, and the brand's strategic maneuvers.
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2024.05.14 03:40 dirtyharrison Report: Employees Slaving 75 Hours a Week for Chinese Fashion Giant Shein

Report: Employees Slaving 75 Hours a Week for Chinese Fashion Giant Shein submitted by dirtyharrison to NewsWhatever [link] [comments]


2024.05.14 03:40 cheinyeanlim The US orders Chinese-linked crypto mining company MineOne to sell property it bought near an Air Force base in Wyoming, citing national security risk

The US orders Chinese-linked crypto mining company MineOne to sell property it bought near an Air Force base in Wyoming, citing national security risk
US Orders Chinese-Linked Crypto Miner MineOne to Divest Property Near Wyoming Air Force Base, Citing National Security Concerns. Major Move in Protecting Strategic Assets. NationalSecurity #CryptoMining #MineOne #USDefense
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  • The White House has ordered a Chinese-linked company, MineOne Partners Limited, and its partners to sell property near a U.S. Air Force base in Wyoming due to national security concerns.
  • This directive highlights increasing U.S. concerns about Chinese-led acquisitions of American property near sensitive military sites, potentially posing spying risks.
  • CFIUS, a Treasury Department-led panel, plays a vital role in scrutinizing foreign investments in the U.S. for national security risks, underscoring the balance between open investment and national security.
  • Treasury Secretary Janet Yellen emphasized CFIUS's critical role in ensuring that foreign investments do not undermine U.S. national security, especially concerning sensitive military installations and technologies.
  • The property in question is located within close proximity (1 mile) to Francis E. Warren Air Force Base, a key component of the U.S. nuclear arsenal, intensifying the spying risk concerns.
In 2022, the Biden administration was investigating Chinese telecom giant Huawei over concerns that its gear installed in U.S. cell towers could capture and transmit sensitive information from military bases and missile silos to China. This investigation underscores the breadth of security concerns associated with foreign technological presence near critical infrastructure.
"The proximity of the foreign-owned Real Estate to a strategic missile base and key element of America's nuclear triad, and the presence of specialized and foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities, presents a national security risk to the United States," the White House said in a statement.
The MineOne Partners deal, involving property near sensitive U.S. military sites, was subject to review by CFIUS, revealing the complex interplay between encouraging foreign investment and protecting national security. This scenario illustrates how geopolitical considerations can directly impact business operations and property transactions in today's interconnected world.
submitted by cheinyeanlim to martechnewser [link] [comments]


2024.05.14 03:38 City_Index USD/CNH: AUD, NZD, JPY face hammering if Asia’s FX anchor comes loose. May 14, 2024

USD/CNH: AUD, NZD, JPY face hammering if Asia’s FX anchor comes loose. May 14, 2024
By : David Scutt, Market Analyst
  • The Chinese yuan is trading at multi-year highs against the currencies of its major trading partners
  • This strength has helped to counteract rampant US dollar strength, preventing larger losses for Asian FX names in 2024
  • With the risk of an escalating trade war with the US, Chinese policymakers may be tempted to weaken the yuan to help with exporter competitiveness
  • A revival of large-scale Fed rate cuts bets may provide respite for battered Asian FX names
If you trade Asian currencies like the Japanese yen, Australian or New Zealand dollar, you should always keep a close eye on what’s happening in the Chinese yuan. Especially this week. Because with trade wars between China and the United States set to erupt again, and with a raft of top tier US economic data scheduled, what happens in USD/CNH will be highly influential for other Asian currencies.

CNH performance influential on JPY, AUD & NZD

As the currency of the world’s second largest economy rising rapidly up the ranks of the most traded FX names worldwide, you’re doing yourself a disservice if the Chinese yuan is not on your radar. As seen in the chart below, for large periods of time, movements in USD/CNH have often been mirrored by USD/JPY, AUD/USD and NZD/USD.
https://preview.redd.it/yd4hx6wmpa0d1.png?width=1835&format=png&auto=webp&s=bf1aa3b7d74c44631915dc68559b0a17b9c43846
Up until recently, USD/CNH and USD/JPY had a positive correlation in the high 0.8s on a rolling quarterly basis. For AUD/USD and NZD/USD, negative correlations above -0.9 were regularly observed over the same timeframe during the past year.
While the common denominator is the US dollar, with its movements influential across the entire FX market, what is not readily known right now is the Chinese yuan is not weak but strong when you look at its performance against a basket of currencies from its major trading partners, hitting levels not seen October 2022 in April. It’s only really been weakening against the greenback.

CNH an anchor for Asian FX names

Even though it’s not been enough to offset the impact of the strong US dollar entirely, measures from the People’s Bank of China (PBOC) to curb market forces seeking to weaken the yuan against the dollar have likely helped limit losses in other Asian FX names against the big dollar, making the yuan somewhat of an anchor for currencies in the region. Hence, if this anchor were to come loose, it’s very likely Asian FX names would be hammered.
One only needs to look back to the yuan devaluation episode in 2015 to what may happen. And that was when the yuan’s influence was considerably smaller than it is today.

Trend breakdown may explain weakening relationships

While the yuan has often had strong relationships with the likes of the JPY, AUD and NZD, that’s faded somewhat in recently. Rather than being less influential on currencies across the region, the breakdown of strong established trends in other asset classes may explain the waning relationship, resulting in choppy price action as traders and investors wait for definitive signals as to which direction markets will move next.
When new trends become established, it would be surprising if the relationship between the yuan and other Asia FX names does not strengthen again.

Trade war risk adds to devaluation threat

If you’re looking for a major catalyst that could spark a trend change, look no further than the threat of an escalating trade war between the United States and China.
If media reports are on the money, US President Joe Biden will quadruple tariffs on Chinese made electric vehicles and sharply increase levies for other green energy industries in an announcement later Tuesday, opening the door for other western governments to do the same given a concerted push to foster local green initiatives.
As mentioned above, Chinese policymakers have been pushing back against market forces seeking to weaken the yuan, setting the midpoint of the USD/CNY daily trading band far stronger than market forces would imply for months on end.
While not a certainty, the threat posed to China’s trade-exposed sectors from greater import barriers abroad, at a time when policymakers are fighting to prevent the yuan from weakening further, you don’t have to be Einstein to see why authorities may be temped to devalue the yuan to support its export sector.
If China were to go down that path, it would likely lead to a rapid appreciation in the US dollar, generating substantial volatility not only in Asian FX names but broader financial markets. As such, watching the daily USD/CNY fix may be advantageous near-term. If a devaluation episode were to occur, it would likely be initiated at the start of onshore yuan.

USD bull case also its biggest threat

Outside the threat posed by trade wars, the other potential catalyst than could spark a trend change comes from the US economic data calendar with CPI, PPI and retail sales figures for April released over the next 48 hours.
For the US dollar, uncomfortably sticky inflationary pressures have been a major factor behind its strength this year, combining with strong, above-trend economic growth to delay the start of the Federal Reserve’s rate cutting cycle.
https://preview.redd.it/48iobvyrpa0d1.png?width=1835&format=png&auto=webp&s=db6418194004169e8f6dfd4feaaccb9c3b1d6067
With these factors part of an established trend, markets now expect it, helping to prevent sustained periods of weakness from occurring. However, now that the number of rate cuts priced in 2024 has fallen from nearly seven to less than two, it’s now up to the data to keep feeding the prevailing narrative. If it doesn’t – as seen when nonfarm payrolls and ISM services data whiffed earlier this month – it can result in an abrupt weakness in the US dollar.
The more data that disappoints, the greater the risk it may encourage traders to unwind bullish bets and result in sustained dollar weakness. In other words, good news is arguably already priced in.

USD/CNH technical outlook

Adding to the sense that this week may be important for broader directional risks for Asian FX names, USD/CNH sits at an interesting juncture on the daily chart, threatening to surge straight back into the uptrend it was trading in for much of the year.
https://preview.redd.it/i3p101rypa0d1.png?width=1835&format=png&auto=webp&s=e9746fc6e2cce9745a4fe15e33e299736adce5cb
The bounce from the lows struck Friday two weeks ago has been powerful, seeing USD/CNH do away with two horizontal resistance levels at 7.2200 and 7.2335 before breaking through and closing above the 50 and 200-day moving averages on Monday.
With the downtrend in RSI threatening to break and MACD crossing over from below, directional risks look to be turning higher for USD/CNH. Aside from former uptrend support and horizontal resistance around 7.2550, there’s not a lot standing between USD/CNH and return to levels seen in late 2023.
While buying dips looks preferable to selling rallies near-term, it may pay to see how the price action evolves around these levels over the next 48 hours given ample event risk.
Another push and the pair will be back in its former uptrend, allowing for fresh longs to be established targeting a move towards the 2024 highs. A stop order placed below either the trendline or 50/200DMA zone would offer protection against reversal.
Alternatively, should the price fail to hold above the 50 and 200DMA, stops could be placed above this zone, allowing for fresh short positions to be established targeting a retracement towards 7.1730.
Either way, if we do see a meaningful directional shift in the yuan, it’s likely the Japanese yen, Aussie and New Zealand dollars will be following close behind.
-- Written by David Scutt
Follow David on Twitter @scutty
https://www.cityindex.com/en-au/news-and-analysis/usd-cnh-aud-nzd-jpy-face-hammering-if-asia-fx-anchor-comes-loose/

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submitted by City_Index to Forexstrategy [link] [comments]


2024.05.14 02:41 Pyroski The Midterms of 1848 and 1849 Pine & Liberty

The Midterms of 1848 and 1849 Pine & Liberty
In the final months of Daniel Webster's term, the economy, still reeling from the War of 1839 and the subsequent Panic of 1843, began a slow but steady recovery. William Lloyd Garrison, the incoming President who shattered the Federalists' grip on power, stepped into office with a bold agenda aimed at bolstering the economic upturn and lifting the nation's spirits. His initial flurry of legislative efforts included a proposed second bill of rights to prevent a repeat of the Sedition Acts, as well as measures to curb speech, the introduction of an equal rights and poll tax amendment, the reduction of the National Bank's influence, which Garrison branded as "corrupt" and "flawed," in favor of greater state control, and the full nationalization of the road industry. Congress has rejected every one of these, however, Garrison has managed to push through some reforms, such as removing Nathan Appleton as the bank's president in 1848, granting states more authority over monetary policies, the nonrenewal of the sedition acts, the District of Maine region's autonomy, imposing national limits on alcohol sales, and ban of the purchase of quantities over 16, and the ending of U.S. cooperation in the deportation of fugitives. However, widespread American fatigue over aggressive slavery policies, coupled with an indifferent Martin Van Buren administration, terms of the Treaty of Brussels, and interest in the settlement of new territories in the northwest, resulted in minimal diplomatic opposition to Garrison's fugitive policy.
Despite minor economic hiccups, trade has largely returned to its pre-war status as industries have stabilized. This was partly due to then-President Nathan Appleton raising interest rates in response to Garrison's funding cuts and minor currency instability resulting from the sudden influx of state control. Furthermore, despite Garrison's efforts to establish further independence from the increasingly close British empire by expanding trade with Haiti, Mexico, France, and the Netherlands, foreign investments, particularly by the British, in railroads and other industries continue, much to Garrison's chagrin.
Meanwhile, on the domestic front, with William Lloyd Garrison shepherding the more affluent Liberty party to adopt a more radical rhetoric against the establishment and secret societies as a whole, the Anti-Masonic party would see a sudden bleed of support, as several of its representatives switched their party affiliations in their 1846 and 1847 campaigns. This bleed would continue, as the party became Garrison's largest outsider ally on key legislative reforms, with Garrison championing the collapsing party's platform on issues such as poll tax and voting reforms, and fines for secret societies. By 1848, party officials would agree on a formal merge, as the remainder of party members switched over. As Temperance sentiment spreads far and wide across the nation, Natavist feelings soar to unprecedented heights; as Catholics and the Irish find themselves in the crosshairs of nativism, owing to stereotypes associating them with regular drinking and heavy alcohol consumption.
https://preview.redd.it/842ju2rxl90d1.png?width=600&format=png&auto=webp&s=85820820ec95de1b3299657f3fe8a2d267920b63
Federalist
Led by their esteemed leader, George Evans, federalists have undergone a significant transformation following a series of setbacks, including major electoral defeats to the oligarchy during the "Revolution of 1846" in both the Presidential and House races, and narrowly retaining control of the Senate. They distanced themselves from the still-sensitive Daniel Webster administration, and addressing concerns over his well-known alcoholism and allegations of sympathy to liquor, they adopted a more pronounced pro-temperance stance; with states such as Connecticut and New Hampshire, where they held sway over governorships and state legislatures, implementing stricter regulations. Moreover, although initially backing the Sedition Acts and playing key roles in its creation alongside Federalist President Noah Webster in 1827, most of the party shifted its stance by 1847, opposing its renewal. While Federalists have supported specific measures during the Garrison presidency, particularly those related to Temperance and opposition to the Sedition Acts, the party has emerged as Garrison's main opponent, leveraging their status as the second-largest party in the House and their majority in the Senate, to block much of his agenda. Notably, Massachusetts representative Nathaniel Briggs Borden, supported by the party establishment, spearheaded Federalist efforts to censure Garrison for his attempts to rein in the National Bank. Nonetheless, with the defense of the Law and Order party, Garrison managed to evade censure with a vote margin of 19-35. Nevertheless, leveraging their control in the Senate, Federalists effectively obstructed Garrison's legislative agenda, halting proposed cuts to national defense meant to prioritize funding for education and infrastructure, as outlined in Garrison's Bill of rights. Additionally, they stymied social reforms proposed by Garrison, including provisions in The Penitentiary Act of 1848 aimed at alleviating penalties for tax evasion, victims of the Sedition Acts, and Dorr sympathizers. Furthermore, they thwarted the full implementation of Garrison's Land Reform policy, which aimed to repurchase all lands acquired by foreign investors.
Despite defeats amid the "Revolution of 1846" and a party identity crisis, the glimmer of victory at the end of the tunnel, driven by opposition to Garrison and his efforts to dismantle the National Bank, has spurred party unity. Centering their campaign primarily on one issue: The National Bank, Federalists argue that Garrison's attempts to curtail it are unconstitutional, citing the 13th amendment which established a strong permanent bank, and criticizing his use of the spoils system, particularly Arthur Tappan's appointment as bank president in the wake of Appleton's removal. Opponents criticize Tappan as too inexperienced, highlighting his close friendship with Garrison and lack of a banking background, exacerbated by Appleton's own nearly decade-long experience as its president, to allege cronyism. On economics, Federalists campaign on reinstating Appleton; passing legislation to ensure the bank's stability; and the further federalizing of the bank to its pre-Garrison status. Cooperation with private industries in the construction of infrastructure, to limit government spending so that the nation may pay off the heavy debts sustained from a lengthy war on top of an economic depression. They also contest Garrison's efforts to distance New England's ties with British trade and investors, advocating instead for a stronger connection with other European Powers; They champion a return to a close-knit relationship, both diplomatically and economically, with Federalists emphasizing Britain, which contributed heavily to their independence and later the diplomatic resolution of the War of 1839, as their foremost ally.
This political cartoon, prominent during the Revolutionary War to depict Yankees as British loyalists, has regained popularity as a means to mock the Federalists' affection towards Britain and pro-British policies.
Liberty
Unseating the long-standing single-party rule of the Federalists during the Revolution of 1846, the Liberty Party stepped into the fray amidst a transformative era following a return to stability. Conceived by now-President William Lloyd Garrison under the influences of transcendentalism and liberty, advocating opposition to the government and support for limited intervention, it proved easier said than done to translate ideals into reality. Garrison eventually faced the stark reality upon assuming office, facing a slim majority in the House and a minority in the Senate, which forced him to navigate within the system, leaving much of his agenda in vain. Furthermore, Garrison's failure to pass equal rights and his proposed bill of rights has led inner-party critics, led by George Ripley, a Unitarian minister, and Henry David Thoreau, an author and former campaigner of Garrison, who has returned to civilization from his isolation in the forests of Massachusetts, to label Garrison as "corrupted" by political institutions. Other intra-party critics criticize his national restrictions on alcohol, attempts to block foreign business and investment, and fines for secret societies as further increasing the authority and scope of the government when the party's whole platform stood against it. Nonetheless, allies argue that his restrictions and expansion of executive power are necessary evils to tackle the root causes of societal issues and special interests and to promote the nation's independence while also supporting local businesses and industries.
Despite the emergence of splintering anti-Garrison factions, the Liberty Party has sought to navigate controversy by upholding the core tenets of Garrison's presidency. These include his cessation of collaboration with the U.S. on the deportation of fugitives from the Hudson-Greenway line; dismantling what Liberators perceive as a corrupt National Bank, and his instrumental role in achieving Statehood for the District of Maine after a struggle spanning over a decade, resulting in the creation of two new states: Maine and Bangor. In addition to championing Garrison's established agendas, the party endeavors to garner support for unfinished initiatives. These include proposals to expand the House's seats from 65 to 86, with each state gaining two more representatives than its electoral vote in the Electoral College, thus aiming to bolster representation. Furthermore, they advocate for Garrison's Second Bill of Rights, seeking to amend the constitution to ensure rights for all citizens and to federalize the poll tax to a reduced fee of $1.80. Additionally, they push for legislation aimed at diminishing the influence of Jewish bankers and investments, echoing Garrison's public condemnation of them as "the enemy of the people and Christ" and their purported "stranglehold over our nation's wealth."
The origin of the party name and of its followers, William Lloyd Garrison's \"The Liberator\" has remaiend infleuntial even despite Garrison's dpearture, with followers hanging the cover of the paper to show their support for the party.
Law and Order
Despite suffering heavy defeats amidst the Revolution of 1846 and Thomas Dorr's rebellion, the cornerstone of the party's creation, now relegated to the back burner of voters' minds, the Law and Order alliance of Farmers, Liberals, Traditionalists, and former Federalists and Nationalists finds itself in an awkward position. Larger parties such as the Federalists have adopted the centerpiece coalition's platform, such as the Federalists now championing calls for cooperation with the U.S. and moderate views on black and women's rights, while the Liberty Party advocates for limited government and a smaller national bank; Nonetheless, the Law and Order coalition has attempted to carve out a platform wedged between the two current party giants. Led by the party's House leader Robert C. Winthrop, the party has strongly emphasized its economic agenda, in a bid to set it apart from the two leading parties. They advocate for a limited National Bank, arguing for its scope to be restricted to essential sectors such as agriculture, infrastructure, and trade. Additionally, they propose limits on the money supply to maintain a stable bimetal gold and silver standard, advocate for increased transparency regarding bank loans, and impose requirements for loan eligibility. Moreover, emphasizing a limited federal government approach in favor of state control, they argue for allowing states to charter their own banks to a certain extent. They have also advocated for giving full control to the states to set their whiskey and alcohol policies, supporting government rollbacks on Garrison's national restrictions. Critics from the Law and Order faction lambaste Garrison for what they perceive as insufficient efforts to rein in the National Bank. Instead, they accuse him of employing the spoils system by appointing his friend, Arthur Tappan, whom many consider inexperienced, to oversee it, despite most of the party voting to replace Appleton with him. The party has argued for lower tariffs, contending that high tariffs disproportionately affect the nation's farmers while benefiting wealthy foreign and domestic investors and businesses; Additionally, they argue that lower tariffs would benefit consumer interests.
Championed by Winthrop and fellow prominent Law and Orderites, including Senator Franklin Pierce, former Governor Edward Everett, Representative Charles G. Atherton, Rhode Island speaker John Hopkins Clarke, and a now one-legged John Fairfield, the party has attempted to adopt a "Proclamation of Neutrality" regarding foreign policy, believing their strength could be achieved through trade and cordial relations with any country, regardless of past relations or tensions with the nation's ally states. Most notably, their support for this policy extends to the nation's most infamous and longstanding enemy, the United States, with whom the nation has fought two wars. Any attempts to reconcile have been further complicated after the election of vocal anti-Fugitive ally, William Lloyd Garrison, who halted Yankee cooperation in the retrieval and return of fugitives. Nevertheless, this faction, derisively labeled the "Doughfaces" by critics due to their perceived willingness to bend to U.S. interests argues that cooperation was necessary. They point to the provisions of the Treaty of Brussels and the agreed-upon reward for captured fugitives, whom they claim weren't even citizens of New England, that the U.S. agreed to pay; Which they contend as a necessary evil to tackle and settle the burdensome debts the nation has accumulated in recent years. In stark contrast, the "Firebrands," nicknamed as such due to the fearmongering that their support for Garrison's policy will spark a third crisis between the two bordering nations, are led by Representative John P. Hale of New Hampshire and Associate Justice Marcus Morton, the 1841 National Party nominee. Famously during a party meeting, Hale would passionately argue, "After witnessing the sacrifice of countless lives, the toll of significant casualties, the devastation wrought upon our infrastructure, and the profound scars etched upon our nation, it would be nothing short of tragic to discover ourselves entangled once more in the very predicament we endeavored to escape..." This sentiment has been echoed similarly by the rest of the Firebrands as they emerge as the top faction opposed to inner-party calls for cooperation with the United States.
\"DIPLOMATIC SCALES, a true balance\" a pro-Doughface political cartoon, contends through a smudge of humor, that the only way that the two nations, New England and the United States could remain in harmony is through compromise. Meanwhile, highlighting their role in the Treaty of Brussells and War of 1839, a man in the bottom-right conner, the personifcation of Britian interjects with his own oponions.
submitted by Pyroski to u/Pyroski [link] [comments]


2024.05.14 02:26 Pyroski The Midterms of 1848 and 1849 Pine & Liberty

The Midterms of 1848 and 1849 Pine & Liberty
In the final months of Daniel Webster's term, the economy, still reeling from the War of 1839 and the subsequent Panic of 1843, began a slow but steady recovery. William Lloyd Garrison, the incoming President who shattered the Federalists' grip on power, stepped into office with a bold agenda aimed at bolstering the economic upturn and lifting the nation's spirits. His initial flurry of legislative efforts included a proposed second bill of rights to prevent a repeat of the Sedition Acts, as well as measures to curb speech, the introduction of an equal rights and poll tax amendment, the reduction of the National Bank's influence, which Garrison branded as "corrupt" and "flawed," in favor of greater state control, and the full nationalization of the road industry. Congress has rejected every one of these, however, Garrison has managed to push through some reforms, such as removing Nathan Appleton as the bank's president in 1848, granting states more authority over monetary policies, the nonrenewal of the sedition acts, the District of Maine region's autonomy, imposing national limits on alcohol sales, and ban of the purchase of quantities over 16, and the ending of U.S. cooperation in the deportation of fugitives. However, widespread American fatigue over aggressive slavery policies, coupled with an indifferent Martin Van Buren administration, terms of the Treaty of Brussels, and interest in the settlement of new territories in the northwest, resulted in minimal diplomatic opposition to Garrison's fugitive policy.
Despite minor economic hiccups, trade has largely returned to its pre-war status as industries have stabilized. This was partly due to then-President Nathan Appleton raising interest rates in response to Garrison's funding cuts and minor currency instability resulting from the sudden influx of state control. Furthermore, despite Garrison's efforts to establish further independence from the increasingly close British empire by expanding trade with Haiti, Mexico, France, and the Netherlands, foreign investments, particularly by the British, in railroads and other industries continue, much to Garrison's chagrin.
Meanwhile, on the domestic front, with William Lloyd Garrison shepherding the more affluent Liberty party to adopt a more radical rhetoric against the establishment and secret societies as a whole, the Anti-Masonic party would see a sudden bleed of support, as several of its representatives switched their party affiliations in their 1846 and 1847 campaigns. This bleed would continue, as the party became Garrison's largest outsider ally on key legislative reforms, with Garrison championing the collapsing party's platform on issues such as poll tax and voting reforms, and fines for secret societies. By 1848, party officials would agree on a formal merge, as the remainder of party members switched over. As Temperance sentiment spreads far and wide across the nation, Natavist feelings soar to unprecedented heights; as Catholics and the Irish find themselves in the crosshairs of nativism, owing to stereotypes associating them with regular drinking and heavy alcohol consumption.

Federalist
Led by their esteemed leader, George Evans, federalists have undergone a significant transformation following a series of setbacks, including major electoral defeats to the oligarchy during the "Revolution of 1846" in both the Presidential and House races, and narrowly retaining control of the Senate. They distanced themselves from the still-sensitive Daniel Webster administration, and addressing concerns over his well-known alcoholism and allegations of sympathy to liquor, they adopted a more pronounced pro-temperance stance; with states such as Connecticut and New Hampshire, where they held sway over governorships and state legislatures, implementing stricter regulations. Moreover, although initially backing the Sedition Acts and playing key roles in its creation alongside Federalist President Noah Webster in 1827, most of the party shifted its stance by 1847, opposing its renewal. While Federalists have supported specific measures during the Garrison presidency, particularly those related to Temperance and opposition to the Sedition Acts, the party has emerged as Garrison's main opponent, leveraging their status as the second-largest party in the House and their majority in the Senate, to block much of his agenda. Notably, Massachusetts representative Nathaniel Briggs Borden, supported by the party establishment, spearheaded Federalist efforts to censure Garrison for his attempts to rein in the National Bank. Nonetheless, with the defense of the Law and Order party, Garrison managed to evade censure with a vote margin of 19-35. Nevertheless, leveraging their control in the Senate, Federalists effectively obstructed Garrison's legislative agenda, halting proposed cuts to national defense meant to prioritize funding for education and infrastructure, as outlined in Garrison's Bill of rights. Additionally, they stymied social reforms proposed by Garrison, including provisions in The Penitentiary Act of 1848 aimed at alleviating penalties for tax evasion, victims of the Sedition Acts, and Dorr sympathizers. Furthermore, they thwarted the full implementation of Garrison's Land Reform policy, which aimed to repurchase all lands acquired by foreign investors.
Despite defeats amid the "Revolution of 1846" and a party identity crisis, the glimmer of victory at the end of the tunnel, driven by opposition to Garrison and his efforts to dismantle the National Bank, has spurred party unity. Centering their campaign primarily on one issue: The National Bank, Federalists argue that Garrison's attempts to curtail it are unconstitutional, citing the 13th amendment which established a strong permanent bank, and criticizing his use of the spoils system, particularly Arthur Tappan's appointment as bank president in the wake of Appleton's removal. Opponents criticize Tappan as too inexperienced, highlighting his close friendship with Garrison and lack of a banking background, exacerbated by Appleton's own nearly decade-long experience as its president, to allege cronyism. On economics, Federalists campaign on reinstating Appleton; passing legislation to ensure the bank's stability; and the further federalizing of the bank to its pre-Garrison status. Cooperation with private industries in the construction of infrastructure, to limit government spending so that the nation may pay off the heavy debts sustained from a lengthy war on top of an economic depression. They also contest Garrison's efforts to distance New England's ties with British trade and investors, advocating instead for a stronger connection with other European Powers; They champion a return to a close-knit relationship, both diplomatically and economically, with Federalists emphasizing Britain, which contributed heavily to their independence and later the diplomatic resolution of the War of 1839, as their foremost ally.
https://preview.redd.it/kw6x3jsyu90d1.png?width=645&format=png&auto=webp&s=61eea696763d9a22017b26e91766ed73f9f37cc2
Liberty
Unseating the long-standing single-party rule of the Federalists during the Revolution of 1846, the Liberty Party stepped into the fray amidst a transformative era following a return to stability. Conceived by now-President William Lloyd Garrison under the influences of transcendentalism and liberty, advocating opposition to the government and support for limited intervention, it proved easier said than done to translate ideals into reality. Garrison eventually faced the stark reality upon assuming office, facing a slim majority in the House and a minority in the Senate, which forced him to navigate within the system, leaving much of his agenda in vain. Furthermore, Garrison's failure to pass equal rights and his proposed bill of rights has led inner-party critics, led by George Ripley, a Unitarian minister, and Henry David Thoreau, an author and former campaigner of Garrison, who has returned to civilization from his isolation in the forests of Massachusetts, to label Garrison as "corrupted" by political institutions. Other intra-party critics criticize his national restrictions on alcohol, attempts to block foreign business and investment, and fines for secret societies as further increasing the authority and scope of the government when the party's whole platform stood against it. Nonetheless, allies argue that his restrictions and expansion of executive power are necessary evils to tackle the root causes of societal issues and special interests and to promote the nation's independence while also supporting local businesses and industries.
Despite the emergence of splintering anti-Garrison factions, the Liberty Party has sought to navigate controversy by upholding the core tenets of Garrison's presidency. These include his cessation of collaboration with the U.S. on the deportation of fugitives from the Hudson-Greenway line; dismantling what Liberators perceive as a corrupt National Bank, and his instrumental role in achieving Statehood for the District of Maine after a struggle spanning over a decade, resulting in the creation of two new states: Maine and Bangor. In addition to championing Garrison's established agendas, the party endeavors to garner support for unfinished initiatives. These include proposals to expand the House's seats from 65 to 86, with each state gaining two more representatives than its electoral vote in the Electoral College, thus aiming to bolster representation. Furthermore, they advocate for Garrison's Second Bill of Rights, seeking to amend the constitution to ensure rights for all citizens and to federalize the poll tax to a reduced fee of $1.80. Additionally, they push for legislation aimed at diminishing the influence of Jewish bankers and investments, echoing Garrison's public condemnation of them as "the enemy of the people and Christ" and their purported "stranglehold over our nation's wealth."
https://preview.redd.it/9xaddoj2v90d1.png?width=1200&format=png&auto=webp&s=362325892120aab3df3f014dd3dfdb71f42440d9
Law and Order
Despite suffering heavy defeats amidst the Revolution of 1846 and Thomas Dorr's rebellion, the cornerstone of the party's creation, now relegated to the back burner of voters' minds, the Law and Order alliance of Farmers, Liberals, Traditionalists, and former Federalists and Nationalists finds itself in an awkward position. Larger parties such as the Federalists have adopted the centerpiece coalition's platform, such as the Federalists now championing calls for cooperation with the U.S. and moderate views on black and women's rights, while the Liberty Party advocates for limited government and a smaller national bank; Nonetheless, the Law and Order coalition has attempted to carve out a platform wedged between the two current party giants. Led by the party's House leader Robert C. Winthrop, the party has strongly emphasized its economic agenda, in a bid to set it apart from the two leading parties. They advocate for a limited National Bank, arguing for its scope to be restricted to essential sectors such as agriculture, infrastructure, and trade. Additionally, they propose limits on the money supply to maintain a stable bimetal gold and silver standard, advocate for increased transparency regarding bank loans, and impose requirements for loan eligibility. Moreover, emphasizing a limited federal government approach in favor of state control, they argue for allowing states to charter their own banks to a certain extent. They have also advocated for giving full control to the states to set their whiskey and alcohol policies, supporting government rollbacks on Garrison's national restrictions. Critics from the Law and Order faction lambaste Garrison for what they perceive as insufficient efforts to rein in the National Bank. Instead, they accuse him of employing the spoils system by appointing his friend, Arthur Tappan, whom many consider inexperienced, to oversee it, despite most of the party voting to replace Appleton with him. The party has argued for lower tariffs, contending that high tariffs disproportionately affect the nation's farmers while benefiting wealthy foreign and domestic investors and businesses; Additionally, they argue that lower tariffs would benefit consumer interests.
Championed by Winthrop and fellow prominent Law and Orderites, including Senator Franklin Pierce, former Governor Edward Everett, Representative Charles G. Atherton, Rhode Island speaker John Hopkins Clarke, and a now one-legged John Fairfield, the party has attempted to adopt a "Proclamation of Neutrality" regarding foreign policy, believing their strength could be achieved through trade and cordial relations with any country, regardless of past relations or tensions with the nation's ally states. Most notably, their support for this policy extends to the nation's most infamous and longstanding enemy, the United States, with whom the nation has fought two wars. Any attempts to reconcile have been further complicated after the election of vocal anti-Fugitive ally, William Lloyd Garrison, who halted Yankee cooperation in the retrieval and return of fugitives. Nevertheless, this faction, derisively labeled the "Doughfaces" by critics due to their perceived willingness to bend to U.S. interests argues that cooperation was necessary. They point to the provisions of the Treaty of Brussels and the agreed-upon reward for captured fugitives, whom they claim weren't even citizens of New England, that the U.S. agreed to pay; Which they contend as a necessary evil to tackle and settle the burdensome debts the nation has accumulated in recent years. In stark contrast, the "Firebrands," nicknamed as such due to the fearmongering that their support for Garrison's policy will spark a third crisis between the two bordering nations, are led by Representative John P. Hale of New Hampshire and Associate Justice Marcus Morton, the 1841 National Party nominee. Famously during a party meeting, Hale would passionately argue, "After witnessing the sacrifice of countless lives, the toll of significant casualties, the devastation wrought upon our infrastructure, and the profound scars etched upon our nation, it would be nothing short of tragic to discover ourselves entangled once more in the very predicament we endeavored to escape..." This sentiment has been echoed similarly by the rest of the Firebrands as they emerge as the top faction opposed to inner-party calls for cooperation with the United States.

Minor Party

This section is dedicated to minor parties that lack ballot access or cannot field candidates beyond specific races, making their chances of winning impossible.
Drunkards
Amidst the backdrop of anti-immigrant and Catholic sentiments fueled by campaigns advocating Temperance and the implementation of anti-alcohol measures on the national agendas of leading political factions, a coalition of politically engaged Catholic and Irish immigrants has emerged. Spearheaded by the influential editor of The Boston Post, James Gordon Bennett Sr., a Scottish Roman Catholic, their collective efforts have given rise to a small yet significant political organization: the Workingman's Party. With minor political connections, the party has largely remained native to Massachusetts, where it has contested several seats across the state, on a platform consisting of only three issues: equal protections for immigrants and immigrant workers, labor rights, and most infamously of all, opposition to temperance and alcohol restrictions. As a consequence, despite its intended role as a champion for laborers and immigrants, the party has more famously become to be known the mocking moniker of the "Drunkards" party, a label crafted by detractors to smear its reputation and insinuate that the party is run by a bunch of alcoholics who only became politically active after attempts to take or limit their bottle consumption
https://preview.redd.it/p39hdv64ja0d1.png?width=1035&format=png&auto=webp&s=907ffefd3e191033384bc9ac17bab090ad4b876d
View Poll
submitted by Pyroski to Presidentialpoll [link] [comments]


2024.05.14 01:08 elevenpointf1veguy [WTS] AK Mags, G19 & 48 Holsters

Timestamp: https://imgur.com/LpRn9u5
Sup dudes, moving from SC to SD next month, so wife and I are purging. All prices are OBO. Shits either getting sold or trashed before the move.
pelican case not for sale, I just don't want oil on my floor lol
** 2x sets of AK mags, complete with East German pouches. $60 each**
All mags are steel 7.62 mags, I have zero idea on manufacture besides being NOT Chinese. They all seem to rock in to my SAR1. Some have minor rusting, as any good AK mag does.
- PHLSTER Engima with PHLSTER G48 holster. $120
- TRex Arms Sidecar for g19 with TLR1, black and green. Used. $80
- Unknown G48 w/ TLR-7sub holster. $30
- Surefire Can Pouch, came with RC2. Free with anything
- Ruger basic stock. $20
- Silencer shop mitten. Free with anything else
I am definitely not up to speed on resale values. Buying and selling has taken a massive backseat in the past 2 years compared to where I once was. If my prices are off, feel free to offer. Will certainly work deals for multiple items.
submitted by elevenpointf1veguy to GunAccessoriesForSale [link] [comments]


2024.05.14 00:41 BeardRub Whales that paid $600-900 for a mobile respawn point just got cucked by the crobber in the latest patch notes.

"With the release of 3.23.1, we wanted to provide players with a less brutal experience when getting back into action. To help with this, we are making all Medical Bed Tiers be capable of being set as a regen location."
"#refundmycarrack" has already hit the Spectrum, less than a minute after this was announced.
For those that don't know, this is a fundamental retraction on game design. From ultimately punishing, hardcore, "death of a spaceman" perma-death to insta-respawn, Call of Duty fast action. In prior patches the only way to skip the incredibly tedious respawn process was to buy giant ships for hundreds of dollars. No mas.
The rage on Spectrum has flopped from logout changes to the awful new flight model and now this is the latest distraction. It's fantastic stuff, best value I've gotten from CIG in a decade.
Edit: As others have rightly pointed out, a new, cheap, mobile medical vehicle is about to go up for sale, taking advantage of this new change, just in time for their mid-year sales event.
submitted by BeardRub to starcitizen_refunds [link] [comments]


2024.05.13 23:28 AlfrescoDog The Great Wall and Wall Street: Become a Better Trader by Understanding the Perils of 🇨🇳 Chinese Companies on 🇺🇸 U.S. Exchanges

The Great Wall and Wall Street: Become a Better Trader by Understanding the Perils of 🇨🇳 Chinese Companies on 🇺🇸 U.S. Exchanges
⚠️ Attention all traders and holders of Chinese stocks: You should read this if you don’t know what a VIE is. Sure, most of you will be repelled by the great wall of text here (so many words!), but you might want to keep this post nearby.
Hello. You are aware that Wall Street’s bustling bazaar hosts a veritable Forbidden City of Chinese companies draped in ticker tape rather than silk. Today, I will provide background and data on all allowed Chinese companies listed on three of the largest U.S. stock exchanges: New York Stock Exchange (NYSE), Nasdaq, and NYSE American.
I should note that a bustling troupe of 26 national securities exchanges are registered with the SEC in the United States. Most are owned by the Nasdaq, NYSE, or the Chicago Board Options Exchange (CBOE).
Nonetheless, based on data from the World Federation of Exchanges as of August 2023, the NYSE and Nasdaq were the top two exchanges behemoths of the global financial stage, accounting for 42.4% of the total $110.2 trillion in valuation traded across 80 major global exchanges.
🖼️ I had a photo of Wall Street to add here, but I'm only allowed to include one attachment.
2022 vs. 2023
According to the U.S.-China Economic and Security Review Commission, as of January 8, 2024, there were 265 Chinese companies listed on the three U.S. exchanges, with a total market capitalization of $848 billion. That valuation is down from a year prior—January 9, 2023—when a slightly lower 252 Chinese companies were tracked, but they represented a total market capitalization of $1.03 trillion.
Since January 2023, 24 Chinese companies have entered the spotlight of the three U.S. exchanges, raising $656 million in combined initial public offerings (IPOs). On the other hand, eleven Chinese companies have folded their tents and delisted.
China Securities Regulatory Commission
The American stock exchanges witnessed a springtime bloom of Chinese IPOs in the first quarter of 2023. However, this listing activity came to an abrupt halt as the clock struck March 31, 2023.
Why? The China Securities Regulatory Commission (CSRC) implemented a revised approval process for companies going public overseas.
I won’t get into the details, but China has rules to cap foreign investment and ownership in sectors deemed strategic, such as technology. In the past, those regulations have driven several Chinese firms to the legal gymnastics of a Variable Interest Entity (VIE) structure—a clever contrivance that allowed them to leapfrog domestic constraints.
However, under the revised review mechanism, every company, regardless of its corporate ownership structure, must now bow before the China Securities Regulatory Commission (CSRC) to register its intent to list overseas.
🖼️ I had a photo of the CSRC building to add here, but I'm only allowed to include one attachment.
The gatekeeper
Therefore, although the CSRC touted this regulation as a necessary measure for enforcing regulatory compliance and preventing fraud (which is true), it also helps regulators act as gatekeepers poised to block any proposed listing they deem poses a risk to their national security or jeopardizes China's national interests.
This process is wide-ranging. For instance, it includes an evaluation of the company’s safeguards against disclosing what the Chinese Communist Party considers potential state secrets. But we’re not talking about top-secret black-ops projects meant to be hidden from international oversight committees. No… any company that collects personal information on more than one million users requires stern data security review mechanisms for its cross-border data flows.
For perspective, TikTok has over 150 million users in the U.S. alone and is not subject to the same scrutiny from the Western nations.
Currently, the CSRC approval process is reportedly taking upward of six months.
Audit inspections and investigations in China
You’re probably unaware of the HFCAA, so let’s start there.
The Holding Foreign Companies Accountable Act of 2020 (HFCAA) is a law that requires companies publicly listed on stock exchanges in the U.S. to disclose to the United States Securities and Exchange Commission (SEC) information on foreign jurisdictions that prevent the Public Company Accounting Oversight Board (PCAOB) from conducting inspections.
That law laid down a stern ultimatum: If Chinese authorities kept obstructing the Public Company Accounting Oversight Board (PCAOB) from inspecting audit firms in China or Hong Kong for three consecutive years, the companies audited by these entities would face a ban from the bustling arenas of the U.S. exchanges.
Basically, either China allowed the PCAOB to inspect the audit firms, or the companies had to change to another auditing firm within three years.
Then, as 2022 waned to its final days (literally, on December 29), President Joe Biden signed a Consolidated Appropriations Act, which contained a provision that will tighten the noose, shortening future timelines from three consecutive years to only two.
Once they looked under the rock
Finally allowed to conduct full investigations of audit firms in mainland China and Hong Kong after over a decade of obstruction, the PCAOB announced the findings of its first round of inspections in May 2023, identifying deficiencies in seven of eight audits conducted by the auditing firms KPMG Huazhen and PricewaterhouseCoopers (PwC) Hong Kong. Audits of Chinese Companies Are Highly Deficient, U.S. Regulator Says
On November 30, 2023, the PCAOB announced fines against three audit firms in China, totaling $7.9 million for misconduct. For perspective, that number included the second and third-largest fines ever doled out by the PCAOB.
Why were the fines so bad?
Those sneaky Chinese accountants
Imagine a gaggle of accountants in the far reaches of PwC China and Hong Kong applying for a U.S. auditing curriculum. But alas, these foreign accountants find the U.S. auditing training tests a trifle tedious, so someone came up with the answers and decided to pass them around like a secret note in a schoolroom.
From 2018 to 2020, over 1,000 of these busy bees completed their U.S. auditing online exams by copying the answers from two unauthorized apps with a fervor that would make a gossip columnist blush.
When confronted with the evidence, PwC China and PwC Hong Kong response: 🤷‍♂️
And let me remind you, this happened late last year. Both firms are expected to provide reasonable assurance that their personnel will act with integrity in connection with internal training and to report their compliance to the PCAOB within 150 days—April 2024.
🖼️ I was planning on using an AI-generated image of Chinese accountants cheating, but I'm only allowed to include one attachment.
State-owned enterprises
According to the U.S.-China Economic and Security Review Commission, this graph represents the total market capitalization of Chinese companies listed in the three U.S. exchanges.
Market Capitalization of Listed Chinese Companies
The number of listed companies has stayed at around 260. However, all Chinese state-owned enterprises (SOEs) have delisted themselves from U.S. exchanges, most of them soon after the PCAOB announced it had secured complete access to Chinese auditors’ records.
Variable Interest Entities (VIEs)
Most traders—and that means you—are unaware that 166 Chinese companies currently listed on the three major U.S. exchanges use a VIE structure.
As of January 8, 2024, these companies have a market capitalization of $772 billion. For perspective, that represents 91% of the total market capitalization of all the Chinese firms listed on the three major U.S. exchanges.
What the hell is a VIE?
It is a complex corporate structure that grants shareholders contractual claims to control via an offshore shell company without transferring actual ownership in the company.
A Variable Interest Entity (VIE) is a bit like a riverboat casino’s cleverest trick, allowing a company to sell its chips on a foreign table without ever letting the players hold the cards directly.
A VIE is a structure used primarily by companies that wish to partake in the financial streams of another country (the U.S. exchanges) without breaking local laws (Chinese laws) that prevent full ownership.
Remember, Chinese companies structured themselves as VIEs to circumvent China’s restrictions—not U.S. restrictions—on foreign ownership in industries the CCP deems sensitive.
Therefore, when you hold stock in one of these Chinese companies, you’re not officially holding any actual ownership in the company. Because if you did, then that company could be breaking Chinese restrictive caps on foreign investment and ownership.
That’s why they set up a façade, or a legal entity, that controls the business on paper, but the true power and profits are funneled back to the company pulling the strings.
Granted, it’s not as shaky as asking a random stranger to hold your shares, but it is crafty, and you should be aware of the risks.
Wait. What are the risks?
You need to understand that there’s a shadow of potential risk looming. Potential. Now, don't mistake me for the town crier of doom; I'm not proclaiming that the sky is falling on these shares. Nor am I declaring that disaster is certain for Chinese stocks.
What I am pointing out, however, is the presence of a risk—a subtle beast that might just catch you off guard if you remain unaware.
And let’s face it: Most of you are completely oblivious to these issues.
There are two sides here: 🇺🇸 & 🇨🇳
🇺🇸
Since July 2021, the SEC has imposed additional disclosure requirements for Chinese companies using a VIE to sell shares in the U.S. These requirements include greater transparency about the relationship between the VIE and its Chinese operating companies.
In summary, the SEC aims to push VIEs toward the company behind them to offer more clarity on U.S. investor ownership in the Chinese operating company.
🇨🇳
On the other side, Chinese companies that list overseas using a VIE were not required to register their listings with the CSRC, as the VIE is not considered a Chinese company under China’s law. This is the reason VIEs were used in the first place.
However, as I mentioned earlier, after March 31, 2023, the CSRC established requirements for all new Chinese companies to register and receive permission before going public overseas—even those planning to use VIE structures. That’s why there was a boom of Chinese IPOs before that deadline.
Granted, on September 14, 2023, a Chinese auto insurance platform became the first company that received the elusive blessing of the CSRC to list, and it did so using a VIE arrangement, breaking the long, dry spell that had plagued Chinese IPOs when she listed on the Nasdaq four days later.
However, even though VIEs received some sort of recognition from the CSRC, the VIE corporate structures still hold dubious legal status under China’s laws. Remember, VIEs purpose is to avoid being considered a Chinese company under China’s laws.
So… do you see the potential risk here?
Umm… No, I don’t get it.
Think about it. Either country could potentially increase regulations for VIEs, but if the SEC forces them to be more transparent, the VIE would not be able to circumvent China’s restrictions. That’s one risk.
Also, at some point, China’s CSRC might question whether it’s appropriate to recognize a corporate structure that was created to circumvent its laws.
Which leads me to this: What’s keeping the CCP from deciding to start reigning in those VIEs?
The answer is simple: They’re not in a hurry to do so because if misfortune should befall, it’ll be the foreign investors who’ll see their assets deflated like a punctured balloon.
🖼️ I would've added a nice image or two by now, to balance all the text and make this more appealing, but I'm only allowed to include one attachment.
If a VIE-listed company goes private at a lower valuation, businesses fail, or there’s a valuation discrepancy, the enforceability of a VIE’s contractual arrangements is unproven in Chinese courts. With VIE-listed companies, foreign investors’ recourse in the Chinese legal system is as elusive as a catfish’s whisper.
Yeah, but that’s unlikely…
Sure. Of course, I’m not saying every Chinese stock will have these issues. But it can happen. And it has happened.
The unlucky case of Luckin Coffee
Due to the lack of compliance with international audit inspections, Chinese corporate financial statements’ reliability for valuation and investment is not assured.
Such is the case of Luckin Coffee. In a bold bid to capture Wall Street’s hearts and wallets, Luckin Coffee showed up dressed in finery, flaunting alluring figures of revenue, operations, and bustling customer traffic.
At her grand debut, the stock sashayed onto the Nasdaq at $17, swirling up a storm of interested buyers to the tune of $561 million in capital.
For a fleeting moment, Luckin shimmered like a star over the financial firmament, boasting a market capitalization that soared to a heady $12 billion, with shares peaking just over $50.
Ah, but as the adage goes, ‘Truth will out.’ And out it came—the revelation of those embroidered numbers caused the company's stock to plummet like a stone tossed from a bridge, leaving a wake of investor losses and culminating in a disgraceful delisting from Nasdaq 13 months after her debut. Luckin Coffee Drops Nasdaq Appeal; Shares to Be Delisted
🖼️ I would've added an AI-generated image of a cup of Luckin Coffee jumping from a bridge, but I'm only allowed to include one attachment.
Well… but that won’t happen to me…
Uh-huh. On April 2, 2020, after announcing that employees—including its chief operating officer—falsified 2.2 billion yuan (about $310 million) in sales throughout 2019, Luckin's shares nosedived -80%.
This is from one of you unluckin bastards: I've lost 240k on Luckin Coffee, all my life savings. Now I'm broke af.
I’m sure many of you might reckon yourselves immune to a similar debacle since you think you’re smart enough to use stops to escape any runaway losses. It's time to wake up and smell the Luckin coffee. Chinese news catalysts often strike like lightning at night, and the stops you set under the sun cannot shield you from storms that explode in the moonlight. Dumbass.
Chinese regulators can be mercurial
Even though the PCAOB is currently able to perform its oversight responsibilities, concerns remain around the possibility that Chinese regulators might backtrack, potentially clamping down once again on the PCAOB's ability to access audit firms and personnel across mainland China and Hong Kong.
If that happens, the PCAOB can quickly declare a negative determination. HOWEVER, this action would only start the countdown under the HFCAA, giving U.S.-listed Chinese companies a window of TWO years to secure services from an auditor in a compliant jurisdiction or face a trading ban. That’s it.
Of course, within that time, Chinese regulators could agree once again to allow access to the PCAOB, thus resetting the two-year countdown without significant consequences.
What lurks in the shadows
Although the risk of PCAOB non-compliance looms over these financial engagements, it is the ghost of potentially misconstrued—or, let's say, creatively presented—earnings reports coming to light that should scare you most. Or, on the flip side, present the biggest opportunity.
I believe it is possible that there are several ghosts out there—ghastly financial figures dressed up a tad too finely—lingering in the shadows, unchecked and unchallenged. If they’re found and unveiled under the harsh spotlight of scrutiny, the fallout would be immediate and severe, leaving investors scrambling.
And if that happens, it’s not about diamond-holding through the plunge since the company might opt (or be forced) to delist from the U.S. exchanges.
🖼️ I would've added an AI-generated image of an attractive young Chinese ghost woman, implying both the allure of Chinese stocks, but also the risk of getting closer. However, I'm only allowed to include one attachment.
You need to understand a crucial concept. Many traders believe that if a company messes up, plunges, and gets delisted, it means the company is basically over—dead. But that’s not the case here. A delisting does not equal death.
I mean, Luckin Coffee is still out there, alive and kicking.
16,218 stores and counting, covering 240+ cities across China.
You would think that a company like that would not be able to cheat on its balance sheet. Yeah, just like you would think PwC China would notice 1,000 accountants cheated their way through the U.S. auditing curriculum.
🖼️ I would've added an AI-generated image of a Chinese accountant dabbing like a boss for getting his cheated accounting diploma, but I'm only allowed to include one attachment.
So… is it too far-fetched to believe more ghosts might come to light, now that the PCAOB can supervise the numbers?
I mentioned a flip side since you could specialize in tracking everything the PCAOB does. If you can get a whiff about increased auditing on a certain company, you might decide to play a short position in anticipation of a potential ghost coming to light. Be warned, though, that it’s not as if they tweet out which companies they’re auditing.
If I were to do it, I would research and join whatever digital saloon young Chinese ledger-keepers convene in. Perhaps I’d stumble upon a post by SumYungGuy or another pleading for advice on how to parley with the PCAOB Laowai making a fuss over his figures. The poor lad's in a pickle, you see, since he cheated the exam and doesn’t know squat.
Methodology
For the purposes of this table, a company is considered Chinese if:
  1. It has been identified as being from the PRC (the People's Republic of China) by the relevant stock exchange;
  2. It lists a PRC address as its principal executive office in filings with the SEC; or
  3. It has a majority of operations in the PRC, including a company structured offshore but whose value is ultimately tied through a relationship in the PRC.
⚠️ Some Chinese companies that use offshore corporate entities hide or do not identify their primary Chinese corporate domicile in their listing information. This complicates tracing, making it difficult to guarantee that this list captures all Chinese companies registered offshore.
I should also point out that this list does not include companies domiciled exclusively in Hong Kong or Macau.
⚠️ Remember, this list only considers Chinese companies listed on three of the largest U.S. stock exchanges: New York Stock Exchange (NYSE), Nasdaq, and NYSE American.
Oh, and btw, this isn’t a list I came up with. This info was compiled by the U.S.-China Economic and Security Review Commission. It’s their methodology and list.
Since the majority is a VIE, I’ve marked the ones that are not registered as a VIE with an asterisk (*). This is determined using the most recent annual report filed with the SEC. A company is judged to have a VIE if:
  1. It explicitly describes using a VIE to conduct all or part of its business operations in China, or
  2. It describes a subsidiary in which it has no direct equity interest but relies on contractual arrangements to exercise control and receive economic benefits from its operations in China.
⚠️ For companies that have been listed for less than a year, information contained in the company’s most recently updated investment prospectus, as filed with the SEC, is used instead.
Chinese companies listed on U.S. exchanges
Companies are arranged by the size of their current market capitalization. All companies utilize a VIE corporate structure, except those marked with an asterisk (*).
BABA Alibaba Group Holding Limited PDD Pinduoduo Inc. NTES NetEase, Inc. JD JD.com, Inc. BIDU Baidu, Inc TCOM Trip.com International, Ltd. TME Tencent Music Entertainment Group LI Li Auto BEKE KE Holdings BGNE BeiGene * ZTO ZTO Express (Cayman) Inc. YUMC Yum China Holdings Inc. EDU New Oriental Education & Technology Group, Inc. HTHT H World Group Limited * NIO NIO Inc. YMM Full Truck Alliance Co. Ltd VIPS Vipshop Holdings Limited TAL TAL Education Group LEGN Legend Biotech * MNSO Miniso * BZ Kanzhun Limited XPEV Xpeng BILI Bilibili Inc. IQ iQIYI, Inc. HCM HUTCHMED (China) Limited * ATHM Autohome Inc. QFIN Qifu Technology RLX RLX Technology LU Lufax ATAT Atour Lifestyle Holdings * WB Weibo Corporation ZLAB Zai Lab Limited * ZKH ZKH Group Ltd * YY JOYY Inc. GOTU Gaotu Techedu, Inc. MSC Studio City International Holdings Limited * GCT GigaCloud Technology Inc GDS GDS Holdings Limited ACMR ACM Research, Inc. * HOLI Hollysys Automation Technologies, Ltd. * FINV FinVolution Group JKS JinkoSolar Holding Co., Ltd. * DQ Daqo New Energy Corp. * MOMO Hello Group Inc. CSIQ Canadian Solar Inc. * EH Ehang TUYA Tuya Inc. NOAH Noah Holdings Ltd. HUYA HUYA Inc. KC Kingsoft Cloud YALA Yalla *
These are only 51 of the 261 Chinese companies currently listed on the major U.S. exchanges to comply with rule three. I kept the market cap minimum at $750M to allow for some wiggle room.
I mentioned earlier that the U.S.-China Economic and Security Review Commission had 265 tickers, but that was on January 8, 2024. Since then, three companies have been acquired, and the other one has voluntarily delisted.
As you can confirm, the vast majority is structured as a VIE.
I was going to include charts to illustrate how several Chinese stocks—aside from the ones with the biggest market caps—tend to display sudden rallies, followed by after-hours reversals. It is important to recognize them, whether you want to capitalize on them, or avoid them entirely. But I can't add any more attachments, so...
Besides, it's unlikely that many of you have even read this far without images.
Have a good day.
submitted by AlfrescoDog to wallstreetbets [link] [comments]


2024.05.13 23:28 PleaseDontBanMeee3 Why is the Beezlebufo so small compared to prehistoric salamanders?

From what I’m reading, Beelzebufo, as the largest frog to exist, is 16”. When you compare that to a pixie frog, which is like a foot tops, it’s only 4 inches longer than a modern species.
Meanwhile, Koolasuchas was 15’ long, and the modern Chinese giant salamander is 6’.
Why did frogs never reach such big sizes? Why were salamanders that much more successful?
submitted by PleaseDontBanMeee3 to herpetology [link] [comments]


2024.05.13 23:22 WarlordofBritannia Dave Dombrowski: A Retrospective in Transactions

On August 18, 2015 the Boston Red Sox hired the late General Manager of the Detroit Tigers, Dave Dombrowski, to run the team, replacing Ben Cherrington. The development focused Cherrington had failed to follow up the Red Sox miracle 2013 season with even winning records in the two years since, though the farm system ranked among the very best in baseball and a wave of prospects had just hit the majors (among them, Xander Bogaerts, Jackie Bradley Jr., Mookie Betts, and Blake Swihart). Thus, the swapping of Cherington for Dombrowski was rightly interpreted as the Red Sox moving to a more assertive phase, to win now even at the expense of the player development system.
Ironically Dombrowski had been fired by the Tigers because of his belief that the organization’s competitive window had closed and that the team needed to rebuild; the Tigers gave the job to his former assistant who got one more winning season out of their aging core before the inevitabilities became insurmountable. By that time the Red Sox were in the midst of their second straight division crown of three, which climaxed with the single greatest season in franchise history. This is how Dombrowski built that team, as well as the fiscal panic that cost the Red Sox the greatest all around player in franchise history following it:
~2015~
November 13, 2015: Traded Logan Allen, Carlos Asuaje, Javy Guerra and Manuel Margot to the San Diego Padres. Received Craig Kimbrel.
The first major transaction of the Dave Dombrowski era set the pace for the next four years; trading four prospects for a relief pitcher constitutes the classic win-now move. In this case the Red Sox won the deal in both the long and short terms, as only Manuel Margot developed in regular at the major league level, and that at a position where the Red Sox were not in need (center field). Meanwhile Craig Kimbrel made the all-star team in each of his three seasons in Boston, the second of which was one of the greatest relief performances in the game’s history.
December 4, 2015: Signed David Price as a free agent, 217 million dollars over seven years.
At once the most maligned and most underrated move of the Dombrowski era as well as being the biggest, the David Price signing saw the Red Sox for the first time handout a nine figure contract to a free agent pitcher. This was all the more dramatic as they had alienated and traded away their own homegrown southpaw ace (Jon Lester) less than eighteen months before. This was also the first time with the Red Sox that Dave Dombrowski acquired a player he was he previously familiar with, perhaps slightly overpaying for that familiarity. Did we mention that this was largest contract ever given to a pitcher at time, too?
Price had a solid first season in Boston, leading the league in innings pitched with 230 and striking out nearly a man per inning. Nonetheless the first three years of his tenure were marked with mutual hostility towards the ever-ravenous Boston sports media, only alleviated after his fantastic 2018 postseason run. Aging and injuries limited both the quantity and quality of his performance in 2017 and 2019; this trend as well as his 31 million annum salary contributed to owner John Henry’s decision to offload Price even at the cost of Mookie Betts. If only for that last reason alone the David Price signing is one the Red Sox would likely not repeat in hindsight.
December 7, 2015: Traded Jonathan Aro and Wade Miley to the Seattle Mariners. Received Roenis Elías and Carson Smith.
The first of many times Dombrowski would be burned in pursuit of bullpen arms, this deal with Seattle comes down to Wade Miley for Carson Smith. Miley had been signed as a reclamation project by Cherrington before 2015 in the hopes that Miley could serve as a solid mid-rotation option, which he more or less fulfilled with just short of 200 league average innings. Smith on the other hand was coming off his first full season in the majors where he gave the Mariners seventy brilliant innings of high leverage relief pitching (2.31 ERA, 11.8 K/9, and only two home runs allowed).
In a twist of fate, this trade hurt both teams as Smith immediately got injured and only pitched 24 innings in the rest of his career while Miley bombed in Seattle en route to a midseason jettisoning. Yet he rebounded with Baltimore in 2017 and remains an effective if oft-injured starting pitcher to this day, currently with the Milwaukee Brewers.
~2016~
June 10, 2016: Drafted Bobby Dalbec in the 4th round of the 2016 amateur draft.
The once and future Red Sox, Quad A superstar Bobby Dalbec!
July 7, 2016: Traded Wendell Rijo and Aaron Wilkerson to the Milwaukee Brewers. Received Aaron Hill and cash.
With Pablo Sandoval well into his career of eating his way out of Boston, the Red Sox carried a gaping hole at third base from August 2012 to July 2017. One of the short term attempts at a fix featured the acquisition of infielder Aaron Hill, hoping that he and Travis Shaw could platoon for the rest of the 2016 season. The thirty four year old Hill had been decent in Milwaukee in the first half after two bad seasons, but he reverted to that form as soon as he put on a Red Sox uniform, posting a 54 OPS+ in 137 plate appearances. After another terrible eighty plate appearances for the Giants in 2017 Hill was done. On the bright side, the two players Dombrowski gave up for him never amounted to anything.
July 9, 2016: Traded Jose Almonte and Luis Alejandro Basabe to the Arizona Diamondbacks. Received Brad Ziegler.
Ziegler was an accomplished submarine righty who the Red Sox acquired for basically free to get same-sided batters out, a role which he fulfilled to perfection (1.52 ERA in 30 innings). Another clearly won trade for DD.
July 14, 2016: Traded Anderson Espinoza to the San Diego Padres. Received Drew Pomeranz.
At the time, Anderson Espinoza was a teenager in Single A while Drew Pomeranz had appeared to finally unlock his long-salivated over potential with an all-star appearance. Ideally the Padres were hoping Espinoza could eventually develop to that same quality while the Red Sox expected Pomeranz to fill the fourth spot in the rotation. Neither team got what they wanted, at least in 2016 or for most of thereafter; Espinoza immediately went down with a major arm injury which kept him from pitching professionally for five years. Pomeranz himself reverted to his pre-breakout level for the rest of the season, bounced back with a big 2017 (17-6, 3.32 ERA, a strikeout per inning across 174 frames) and then finally was the forgotten man on the 2018 pitching staff due to injuries and ineffectiveness (6.08 ERA in 74 innings, 66 strikeouts to 44 walks). At this point the thirty year old southpaw looked like the quintessential example of TNSTAAPP (There’s No Such Thing As A Pitching Prospect), another electric arm who would never match his potential due to injuries and command woes. Anyways, Pomeranz then seemed to resuscitate his career out of the bullpen for the 2019 Brewers and 2020-21 Padres with a sub-2 ERA across 70 innings in those three seasons…before injuries again struck. Though he has not pitched in the majors in three years he remains in the Dodgers minor league system, currently (where else) on the injured list.
December 6, 2016: Traded Victor Diaz, Luis Alexander Basabe, Michael Kopech and Yoán Moncada to the Chicago White Sox. Received Chris Sale.
It’s easy to forget now, but Moncada was not only a can’t miss prospect but one of the three best in all of baseball at the time, and Kopech was another Top 100 type. I’ve covered Kopech in my previous article on Red Sox pitching prospect busts but Moncada’s own failure to reach his ceiling was due more to injuries and a passive approach at the plate. Thus far into his career, Moncada has had two good seasons out of seven and played in at least 130 games in only three. With a strikeout rate of thirty percent, a declining walk rate, little power and less defense, he’s become a fourteen million dollar albatross even when on the field for the White Sox.
Sale, of course, had two Cy Young Award worthy campaigns before injuries and an ill-advised extension soured his final five seasons as a Red Sox. That extension will be discussed further when we come to it, but the trade on its own was inarguably a major victory.
Traded a player to be named later, Josh Pennington, Mauricio Dubón and Travis Shaw to the Milwaukee Brewers. Received Tyler Thornburg. The Boston Red Sox sent Yeison Coca (June 5, 2017) to the Milwaukee Brewers to complete the trade.
Yet another ill-fated trade for a relief pitcher, this time costing the Red Sox heavily in terms of value lost; Shaw went to become an all-star power bat at second and third base for the next two seasons in Milwaukee before his career petered out. Thornburg on the other hand contracted thoracic outlet syndrome from which he never recovered. Even if he had pitched well, the Red Sox could have used Shaw more than any setup man due to Dustin Pedroia’s career ending knee injury.
December 8, 2016: Signed Mitch Moreland as a free agent.
Mitch Moreland was a decent first baseman, but could Dave really not find someone better to play first over the next three years? Even if they cost more than $18.5 million?
December 20, 2016: Traded Clay Buchholz to the Philadelphia Phillies. Received Josh Tobias.
This was more of a psychic relief to Red Sox Nation than anything else, finally alleviating them of the constant confusion over which Bucholz would show up on the mound—the oft-injured and easy to hit version, or the dominating ace? Fittingly Clay’s last three seasons in the majors featured two horrid starts for Philly, sixteen dominating starts in Arizona, and then finally split the difference with a final dozen poor performances as a Blue Jay.
~2017~
June 12, 2017: Drafted Tanner Houck in the 1st round (24th pick) of the 2017 amateur draft.
Houck’s selection constitutes one-third of the total number of draft picks by Dombrowski that made which helped the Red Sox at the major league level (the other two being fourteenth round pick Kutter Crawford in 2016 and fellow first rounder Triston Casas in 2018); inability to find even depth pieces in the draft left the Red Sox farm system utterly void of impact talent by 2018.
June 23, 2017: Selected Doug Fister off waivers from the Los Angeles Angels.
As alluded to in my previous article, veteran GMs tend to reacquire players they were familiar with from previous stops. Fister had been an excellent fourth starter for the Tigers early in the 2010s but by 2017 the end was clearly staring him in the face; a 4.88 ERA in eighteen appearances (fifteen starts) just underlined this inevitable and unenviable conclusion.
July 26, 2017: Traded Shaun Anderson and Gregory Santos to the San Francisco Giants. Received Eduardo Núñez.
Nunez was the short-term solution to Pedroia’s knee injury. He turned out to be the medium-term solution too, as the degenerate condition of the incumbent’s affliction led DD to resign Nunez that winter. While fantastic down the stretch in 2017 this was a stretch of the infielder’s capabilities; Nunez suffered his own knee injuries and posted a remarkable -2.3 WAR as Boston’s primary keystone occupant over the 2018 and 2019 seasons.
July 31, 2017: Traded Gerson Bautista, Jamie Callahan and Stephen Nogosek to the New York Mets. Received Addison Reed.
Another deadline, another deal to reinforce the bullpen. Reed was inconsistent for the Red Sox during his two month stay, which turned out to be the penultimate chapter for his career—a poor 2018 in Minnesota marked the end of his major league career, an astonishingly quick demise even for a reliever.
~2018~
February 26, 2018: Signed J.D. Martinez as a free agent, five years and 110 million dollars.
The best free agent signing of the Dombrowski era, JD provided the power bat the Red Sox sorely lacked after Big Papi’s retirement. In his first and best season in Boston Martinez led the majors in both runs batted in and total bases, placed third in MVP voting, and earned Silver Sluggers at two different positions! He declined linearly from there, but remains a productive member of any team’s lineup to this day; he has spent the last two seasons as the Dodgers and now Mets’ DH, attempting to compensate for declining bat speed by sacrificing contact for power.
March 4, 2018: Signed Ryan Brasier as a free agent.
The quality of Brasier’s pitching is inversely proportional to the quality of the expectations laid upon him. Thus he alternates excellent if limited seasons with ostensibly healthier but more erratic contributions.
March 24, 2018: Traded Deven Marrero to the Arizona Diamondbacks. Received a player to be named later. The Arizona Diamondbacks sent Josh Taylor (May 15, 2018) to the Boston Red Sox to complete the trade.
Deven Marrero was the prototypical good-field/no-hit infielder. Taylor is yet another oft-injured reliever, though he at least gave the Red Sox two solid seasons as the primary southpaw in 2019 and 2021. After missing all of 2022, he was traded to the Royals for Adalberto Mondesi and a teenage infielder named Angel Pierre; while Mondesi knee injuries seem to have ended his career Pierre posted a .415 OBP in rookie ball last year. Keep an eye and ear out for him as he climbs through the minor league ranks.
June 4, 2018: Drafted Triston Casas in the 1st round (26th pick) of the 2018 amateur draft.
Get well soon. There’s only so much Bobby Dalbec a fan can take.
June 28, 2018: Traded Santiago Espinal to the Toronto Blue Jays. Received Steve Pearce and cash.
Moreland had never and would never hit southpaws, but it took until the middle of his second season in Boston for the Red Sox to provide him with a platoon partner. When they finally did so at least they chose one of the very best platoon players in the major leagues in Steve Pearce; Pearce of course would win the World Series MVP that should have gone to Price later that year.
July 25, 2018: Traded Jalen Beeks to the Tampa Bay Rays. Received Nathan Eovaldi.
Even had he not resigned with the team during the offseason, Eovaldi would have earned his place in Red Sox lore for his heroic six inning relief appearance in the World Series. We’ll discuss the extension later, but also note that Beeks is perhaps the only pitcher who the Rays failed to turn into a Cy Young contender. What’s the opposite of adding insult to injury?
July 30, 2018: Traded Ty Buttrey and Williams Jerez to the Los Angeles Angels. Received Ian Kinsler and cash.
With Nunez playing well below replacement level, the Red Sox needed a replacement for the replacement. Kinsler in his penultimate season at least provided a solid glove; just in case the Red Sox also picked up Brandon Phillips.
November 16, 2018: Signed Steve Pearce as a free agent. AND, December 6, 2018: Signed Nathan Eovaldi as a free agent.
These were covertly two of the worst transactions of the Dave Dombrowski era. Refusing to say goodbye to midseason rentals is risky enough, but the amount of money given to Pearce and Eovaldi also baffled reasonable explanations; a thirty-six-year-old platoon hitter at first base is replaceable enough, even when he’s not the weak side of the arrangement. Had Pearce played well and been healthy in 2019, perhaps the six and quarter million would have seemed mostly worth it; instead, he “hit” .180 in twenty nine games before retiring.
Meanwhile, Eovaldi’s lengthy injury history made it a minor miracle that he was healthy enough for the Red Sox during his three months in Boston—bringing him back for four years and sixty-eight million dollars can only be explained as a sentimental move, an excessive reward for that World Series performance. As could have been reasonably expected in December 2018, Nitro Nate only proved worthy of that contract in one out of four seasons; in the other three he was either injured for most of the season, ineffective, or both.
~2019~
March 23, 2019: Extended Chris Sale for five years, 145 million dollars.
It wasn’t the David Price contract that caused the fiscal panic that cost the Red Sox their best player since at least Carl Yastrzemski, not really. The Red Sox could have eaten that sunken cost, had it been the sole albatross on their pitching staff. But, of course, it was only one of three unnecessary contracts that Dave Dombrowski issued to injury-prone starting pitchers on the wrong side of thirty. Sale had already shown long term red flags in 2018, which argued for letting him play out his walk year in 2019 before possibly ponying up the cash to keep him. After all, the Red Sox also had to extend Xander Bogaerts as well as the inestimable Betts; those two would cost at least sixty million a year to retain. Since they were coming off the most dominant single season in franchise history, perhaps now was the best time to let go some of the chief contributors, before the Red Sox tricked themselves into trying to recapture lightning in a bottle…Well, you know what happened in reality.
Between them, Eovaldi, Sale, and Price cost the Red Sox $52 million in 2019 alone, then $67 million in 2020; accounting for other contracts (JBJ’s arbitration rang up $11 million, Bogey was extended for $20 million, and JD was on the books for about $24 million) that was at least $122 million dollars already assigned to six players entering 2020. Assuming a payroll of effectively $200 million, this would have left about thirty million to spend on the other twenty-odd players required to field a team after giving Mookie his presumed megadeal. Turning back to 2019, just like with the Tigers in 2015, Dave couldn’t even make his customary July trade for pitching; the acquisition of Andrew Cashner from the Orioles felt like a low-budget parody of his previous deadline splashes, which of course it was.
There’s the real reason Dave Dombrowski was fired—just as in Detroit his full throttle commitment to a win-now mandate from ownership eventually led to a top-heavy roster and barren farm system. Have fun while you can, Phillies Phans.
Final Note/Small Self Promotion I forget to add: You could have read this post ten days earlier if you follow my blog
submitted by WarlordofBritannia to redsox [link] [comments]


2024.05.13 23:17 MightyMoosePoop [All] How an Amazon OP today is some evidence many socialists starve for capitalism reform like PRC or like centrally command economies like the USSR.

In an OP today titled, "Would Amazon exist in a purely socialist country?" socialist after socialist claimed quickly and with little to no qualifiers resounding "yes".
These "Yes" really told us nonsocialists a lot about you socialists. This was mind boggling. Mind boggling because the majority socialists on here reject Marxist-Leninist history (e.g., not socialism), but here many of you claim that Amazonon existing in a socialist country would be so obviously, "Yes". We are talking about an innovation company that is probably the most significant market global impact in the world since Ford's assembly line.
Ranking fifth in the world in terms of market cap with a staggering $1.045 trillion (CompaniesMarketCap, 2023), Amazon has been able to cement itself as a global giant that has altered how we shop and live. Expanding beyond just delivering goods, it is also a media streaming service and manufactures other technologies such as “Alexa”. Amazon has quickly become one of the most recognizable company names throughout the world. It has achieved such success that it has become commonly used as a verb in everyday language, much like “Google.” However, like many other large corporations today such as Google and Facebook, Amazon started out as a small business building its way up to being a large corporation. The History of Amazon and its Rise to Success – Michigan Journal of Economics (umich.edu)
This leads me to conclude a few things about socialists on here:
The reason most of you are in denial is how much leadership and venture capital businesses like Amazon take. These concepts are the antithesis of what most of you hold dear to "socialism". These are disruptors to the economy.
I cannot understate the following enough and why socialists are particularly bad at the following. If you seek benefits then what are the costs???
In this case, Amazon is going to change jobs for millions of workers and even workers are going to lose jobs. Right now, Amazon has a pharmacy. It is going to put a strain on local pharmacies and some will go under. How is that pro workers?
Pro consumers? YES
Then, mostly Amazon is not a producer but a third party. So they are almost no matter what you do a capitalist model. As they are going in order to function have to profit off of other industries - profit off of workers. Thus this means for most of you socialists you have to enact forms of laws, edicts, or some form of constitutional framework to protect "the workers" from being exploited by Amazon.
The simplest answer is to nationalize Amazon. Hence my last two bullet points of either being a full-blown Soviet Union centrally planned economy (or similar form) or going the Dengist route and overseeing the company by the socialist worker's party. These simple answers leaves out most if not all libertarian and anarchist socialists on this sub. So the answer is most all socialists should be "NO!" to that op. But where are they?
Lastly, that's me working through the problem. Those reading this may have other ideas. I'm not saying I have all the answers. I'm saying it is really sad I have more ideas than the socialists on that thread. The socialists on the thread just seem to go, "Yes" like it will be no problem - smh. And that is really telling how in the clouds most socialists are and don't take the economic realities of their ideology.
tl;dr Something stinks and isn't on the so-called capitalism side.
submitted by MightyMoosePoop to CapitalismVSocialism [link] [comments]


2024.05.13 22:51 adventurepaul E-commerce Industry News Recap 🔥 Week of May 13th, 2024

Hi - I'm Paul and I follow the e-commerce industry closely for my Shopifreaks E-commerce Newsletter. Each week I post a summary recap of the week's top stories, which I cover in depth with sources in the full edition. Let's dive in...
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STAT OF THE WEEK: Kohl's sales have shrunk by $2.3B since 2019. During that same period of time, the company lost 1.3M customers who no longer shop with the retailer.
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BigCommerce is exploring a sale after attracting takeover interest, according to sources who chose to remain anonymous due to the confidentiality of the information. The sources said that BigCommerce asked investment bank Qatalyst Partners to solicit interest from potential buyers that include private equity firms, but that the discussions are at an early stage and no deal is certain.
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Squarespace announced that it will be going private in a $6.9B all-cash deal with private-equity firm Permira, who agreed to pay $44 per share (a roughly 30% premium). Although Squarespace never lost 90% of its share price like BigCommerce, it has experienced a tumultuous time on the market since its IPO in May 2021 — opening around $49.50 and at times trading in the low $20s. Shares rose nearly 13% to $43 in pre-market trading upon release of the news.
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ByteDance filed a lawsuit in US federal court seeking to block the new law that would force the sale or ban of the app within the country. The lawsuit challenges the law on constitutional grounds, also citing commercial, technical, and legal hurdles, as well as opposition from Beijing. Legal experts say the legal battle will play out in the courts in coming months and likely will reach the Supreme Court.
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OpenAI unveiled its newest model, GPT-4o, designed to turn ChatGPT into a digital personal assistant that can engage in real-time, spoken conversations and interact with users using text, screenshots, photos, documents, and charts. The new version of ChatGPT also has memory capabilities, which means it can learn from previous conversations. It will be available to both unpaid and premium customers alike. OpenAI also announced that it would be launching a desktop app with the GPT-4o capabilities, giving users another platform to interact with the technology outside of a web browser.
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Amazon launched in South Africa last week, marking its first marketplace in sub-Saharan Africa, and bringing its total number of marketplaces worldwide to 22. To launch the new marketplace, Amazon is offering free delivery on first orders and on subsequent orders above R500 (about $27), access to 3,000 pick-up points, status updates via WhatsApp to track orders, 30 day refunds, and 24/7 customer support. The marketplace was supposed to launch in the country in 2023, but got delayed due to changes in priorities within Amazon.
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In an unlikely partnership, Instacart is partnering with Uber Eats to expand into the restaurant delivery business. Instacart will add a new tab for restaurant delivery to its app in the coming weeks, the listings will be provided by Uber, and the food will be picked up and delivered by Uber Eats drivers. Customers will receive the same prices on both apps and Instacart will receive an affiliate commission on orders. It's a strange partnership though given that Instacart and Uber Eats actively compete on grocery delivery. Are they planning to merge? Uber says no.
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Apple's advertisement for its latest iPad Pro sparked criticism for showing an animation of musical instruments, paint cans, cameras, record players, and other symbols of creativity being crushed by a giant machine, with the output being the new iPad Pro, which the company says is the thinnest Apple product ever. In this context, “crushing” was supposed to symbolize “consolidating” and “compacting” — with the visuals meant to showcase how the new iPad Pro puts the power of all these tools into the hands of creators in one thin device. However online commenters criticized the ad as insensitive and as symbolizing a “destruction of the human experience.” The ad hit the web on Tuesday, and by Thursday, Apple issued a mea culpa and apologized for the campaign.
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Google is encouraging merchants to enable conversion annotations on their Google Shopping ads, which offer social proof that highlight a product's popularity. Conversion annotations like “best selling” or “3K shopped here recently” would provide visual cues about a product’s popularity or sales performance directly in the ad unit. Annotations like these are par for the course with e-commerce retailers including Amazon, Walmart, and Temu, which all employ similar tactics. They can provide valuable info for shoppers and also help with conversions. However they also open data privacy concerns, given that Google is not the actual retailer or marketplace selling the items, so a merchant would have to share this purchase history data from their e-commerce platform with Google — which technically most already do by giving access to GA4.
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Shein is attempting to join the National Retail Federation as it pursues regulatory approval to go public in the US. The company believes that NRF membership would boost its chances of receiving SEC approval. However so far, Shein has been rejected numerous times. An anonymous source familiar with the matter said someone with heavy influence at the NRF is strongly against the Shein's admittance. However board members who spoke to CNBC said that Shein's membership application hadn't come up in meetings, and that they aren't involved in deciding which companies are granted access.
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Amazon is leading the way with selling home goods, capturing 18.8% of consumer home furnishings spending, compared to Walmart's 7.3% market share. Notably, Amazon’s gains in the furniture category come in spite of the company’s decision to phase out two of its three furniture brands last year.
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Stanley, which is projected to do $750M in sales this year, up from $73M in 2019, after seeing its water bottles become a status symbol thanks to TikTok, is now expanding into trendier accessories. The company is launching a line of bags called the All-Day Collection which include a mini cooler, backpack cooler, and Quencher Carry-All, designed for someone to sling their Stanley over their hip.
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Jack Dorsey left the Bluesky board and deleted his account on the service he helped kickstart, claiming that Bluesky was “literally repeating all the mistakes” he made while running Twitter. Dorsey says he never intended Bluesky to be an independent company, but rather, an open source protocol that Twitter was supposed to be the first client of. He also confirmed that he is financially backing Nostr, another decentralized Twitter-like service popular among crypto enthusiasts and run by an anonymous founder.
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Amazon is deploying 50 electric trucks in California, which it claims is the largest EV fleet in the country, as part of its mission to eliminate pollution from its global operations. The trucks will be integrated into first-mile operations, moving goods from container ships at the ports to fulfillment centers, as well as middle-mile operations, transporting packages from fulfillment centers to delivery centers.
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Wix launched a new tool called AI Portfolio Creator, which allows a user to upload and organize large-scale image collections, select the type of portfolio they want, and then have the AI tool sort and generate a portfolio with clustered images, recommended titles and descriptions, and personalized layout options.
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Amazon is now requiring all dietary supplements to be verified by a third-party testing, inspection, and certification organization — which is something that not even the FDA requires. Amazon is the largest supplement retailer in the US ahead of Walmart and Target, and its new requirements are expected to put more pressure on the industry, which is being scrutinized more than ever.
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Alibaba is revamping its flagship retail website Taobao for the first time in seven years with a focus on providing a smoother search and buying process. The website overhaul comes ahead of the 618 sales event, China's second-largest annual shopping event. A few weeks ago I reported that Eddie Wu, the CEO of Alibaba Group, would now be directly overseeing its domestic e-commerce arm which includes Taobao and Tmall Group, and it sounds like he's hitting the ground running with his new responsibilities.
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Amazon is hosting its first-ever Amazon Book Sale, a new shopping event starting on May 15th that offers up to 50% off print best sellers and up to 80% off Kindle Books. The six day shopping event will exclusively run in the US, and Prime-membership is not required to take advantage of the deals.
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FTX reported that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded. The company owes about $11.2B to its customers and estimates that it has between $14.5B and $16.3B to distribute to them. The caveat is that customers will receive the USD value of their holdings at the time of the exchange collapse, and not the actual crypto holdings themselves, which means that they'll miss out on all gains during the past two years during which BTC went from around $16k to now over $60k. Better than nothing though, that's for sure.
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800,000 consumers in Europe and the US were duped into sharing card details and other sensitive personal data with a network of fake online designer shops operated from China, which comprised one of the largest scams of its kind with 76,000 fake websites created. The scammers used expired domains to host its fake shops in order to help avoid detection by websites or brand owners, and more than 1M orders were processed in the past three years alone.
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Beyond Inc, which owns Bed Bath & Beyond, Overstock, and Zulily, reported that its Q1 net loss swelled to $72M from $10M a year ago, while its operating loss widened to $58M from $8M. The company's active customers grew to 6M, up 26% from nearly 5M a year ago, however, its average order value dropped to $173 from $220 a year earlier.
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TikTok will begin automatically labeling AI generated content when it is uploaded from certain platforms like DALL.E 3, Adobe Firefly, Photoshop, and Microsoft Copilot. TikTok will also start attaching Content Credentials to content, which will remain on the media when downloaded, allowing other platforms to read the metadata.
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eBay is testing an Add To Cart button in search results that opens a Quick View window, allowing buyers to skip the listing page. Technically the button should probably not be labeled “Add To Cart” since it doesn't perform that action, but rather, displays a quick view window with three buttons: Buy It Now, Add To Cart, View All Details. Sellers are worried that buyers will miss crucial details in the product description that may lead to increased returns and negative feedback.
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Amazon is planning to launch its fleet of drones in Tolleson, Arizona, but the city's extreme temperature is hampering its efforts. Drones can't operate in temperatures exceeding 104 degrees Fahrenheit, a temperature that Tolleson crosses for a full three months of the year.
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A US district judge dismissed X's lawsuit against Bright Data, a data-scraping company accused of improperly accessing X system and violating X terms and state laws when scraping and selling data. The judge basically said that if X owned the data, it could perhaps argue that it has exclusive rights to control it, but then X wouldn't be able to enjoy the safe harbor of Section 230, which allows the platform to avoid liability for third-party content. Can't have it both ways!
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Nintendo is discontinuing its X integration for the switch on June 10th, which means users will no longer be able to post screenshots or videos to the platform from their device. The drop in support also affects games like Super Smash Bros. Ultimate, which had game-specific options to send out tweets. Microsoft Xbox dropped support for X in April 2023 and Sony Playstation dropped the service in October 2023 due to the increase in X's API access fees.
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Amazon claimed that its recordable incident rate — a metric that comprises all injuries requiring “more than basic first-aid treatment” — at its US warehouses has improved by 24% since 2019. However the National Employment Law Project challenged Amazon's injury data in a report last week, claiming that Amazon's overall injury rate in 2023 was 71% higher than that of other employers in the sector at 6.5 cases per 100 workers.
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Amazon Ads announced three new advertising formats for streaming TV including shoppable carousel ads, interactive pause ads, and interactive trivia ads. Amazon did not say when the new ad types would officially launch, but noted that it will formally present them at a presentation on May 14th.
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Meta is rolling out an expanded set of generative AI ad tools that can create full image variations with text overlays, expand images to fit across different aspect ratios, and generate alternate versions of headlines and other ad text. The features will become available globally to advertisers by the end of the year.
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Square introduced a tool called Square Kiosk to allow self-service ordering at fast food restaurants. The device is a combined software, hardware, and payment solution that allows customers to select exactly what they want with customization options, upgrades, and add-ons.
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The European Parliament announced new measures to make packaging more sustainable and reduce packaging waste in the EU, including reduction targets of 15% by 2040 — which sounds far away but is only 16 years away?! As part of the new rules, the EU will set maximum empty space ratios for e-commerce transportation, ban certain single-use plastic packaging types, and beverage distributors and take-away food will have to offer consumers the option of bringing their own container.
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Indians who pre-ordered Teslas in 2016 are giving up and seeking refunds of their deposits after Elon Musk canceled another visit to the country last month. Disillusioned Tesla enthusiasts in India say they will now buy a car from the company only if they see it in a showroom, or they'll buy a different electrical vehicle from a company that actually exists in the country.
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Target is limiting its Pride Month collection to select stores this year instead of rolling out the merchandise nationwide like it typically has for the past decade, due to backlash the retailer experienced last year. Last May customers in certain stores knocked down LGBTQ+ merchandise displays, angrily approached store employees, and posted threatening videos on social media from inside the stores.
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E-commerce spending from Jan 1 to April 30, 2024 rose 7% YoY to $331.6B, according to Adobe Analytics. One trend Adobe identified during the period is a shift of online spending to purchasing the cheapest goods across personal care, electronics, apparel, home & garden, furniture, and grocery.
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Plus 7 seed rounds, IPOs, and acquisitions of interest, including Shopify's acquisition of Peel, a tool that integrates with a merchant's tech stack including Klaviyo and Recharge and helps them analyze their sales data to improve customer retention.
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I hope you found this recap helpful. See you next week!
PAUL Editor of Shopifreaks E-Commerce Newsletter
PS: If I missed any big news this week, please share in the comments.
submitted by adventurepaul to ecommerce [link] [comments]


2024.05.13 22:46 adventurepaul What's new in e-commerce? 🔥 Week of May 13th, 2024

Hi - I'm Paul and I follow the e-commerce industry closely for my Shopifreaks E-commerce Newsletter. Each week I post a summary recap of the week's top stories, which I cover in depth in the newsletter. Let's dive in...
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STAT OF THE WEEK: Kohl's sales have shrunk by $2.3B since 2019. During that same period of time, the company lost 1.3M customers who no longer shop with the retailer.
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BigCommerce is exploring a sale after attracting takeover interest, according to sources who chose to remain anonymous due to the confidentiality of the information. The sources said that BigCommerce asked investment bank Qatalyst Partners to solicit interest from potential buyers that include private equity firms, but that the discussions are at an early stage and no deal is certain.
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Squarespace announced that it will be going private in a $6.9B all-cash deal with private-equity firm Permira, who agreed to pay $44 per share (a roughly 30% premium). Although Squarespace never lost 90% of its share price like BigCommerce, it has experienced a tumultuous time on the market since its IPO in May 2021 — opening around $49.50 and at times trading in the low $20s. Shares rose nearly 13% to $43 in pre-market trading upon release of the news.
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ByteDance filed a lawsuit in US federal court seeking to block the new law that would force the sale or ban of the app within the country. The lawsuit challenges the law on constitutional grounds, also citing commercial, technical, and legal hurdles, as well as opposition from Beijing. Legal experts say the legal battle will play out in the courts in coming months and likely will reach the Supreme Court.
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OpenAI unveiled its newest model, GPT-4o, designed to turn ChatGPT into a digital personal assistant that can engage in real-time, spoken conversations and interact with users using text, screenshots, photos, documents, and charts. The new version of ChatGPT also has memory capabilities, which means it can learn from previous conversations. It will be available to both unpaid and premium customers alike. OpenAI also announced that it would be launching a desktop app with the GPT-4o capabilities, giving users another platform to interact with the technology outside of a web browser.
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Amazon launched in South Africa last week, marking its first marketplace in sub-Saharan Africa, and bringing its total number of marketplaces worldwide to 22. To launch the new marketplace, Amazon is offering free delivery on first orders and on subsequent orders above R500 (about $27), access to 3,000 pick-up points, status updates via WhatsApp to track orders, 30 day refunds, and 24/7 customer support. The marketplace was supposed to launch in the country in 2023, but got delayed due to changes in priorities within Amazon.
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In an unlikely partnership, Instacart is partnering with Uber Eats to expand into the restaurant delivery business. Instacart will add a new tab for restaurant delivery to its app in the coming weeks, the listings will be provided by Uber, and the food will be picked up and delivered by Uber Eats drivers. Customers will receive the same prices on both apps and Instacart will receive an affiliate commission on orders. It's a strange partnership though given that Instacart and Uber Eats actively compete on grocery delivery. Are they planning to merge? Uber says no.
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Apple's advertisement for its latest iPad Pro sparked criticism for showing an animation of musical instruments, paint cans, cameras, record players, and other symbols of creativity being crushed by a giant machine, with the output being the new iPad Pro, which the company says is the thinnest Apple product ever. In this context, “crushing” was supposed to symbolize “consolidating” and “compacting” — with the visuals meant to showcase how the new iPad Pro puts the power of all these tools into the hands of creators in one thin device. However online commenters criticized the ad as insensitive and as symbolizing a “destruction of the human experience.” The ad hit the web on Tuesday, and by Thursday, Apple issued a mea culpa and apologized for the campaign.
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Google is encouraging merchants to enable conversion annotations on their Google Shopping ads, which offer social proof that highlight a product's popularity. Conversion annotations like “best selling” or “3K shopped here recently” would provide visual cues about a product’s popularity or sales performance directly in the ad unit. Annotations like these are par for the course with e-commerce retailers including Amazon, Walmart, and Temu, which all employ similar tactics. They can provide valuable info for shoppers and also help with conversions. However they also open data privacy concerns, given that Google is not the actual retailer or marketplace selling the items, so a merchant would have to share this purchase history data from their e-commerce platform with Google — which technically most already do by giving access to GA4.
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Shein is attempting to join the National Retail Federation as it pursues regulatory approval to go public in the US. The company believes that NRF membership would boost its chances of receiving SEC approval. However so far, Shein has been rejected numerous times. An anonymous source familiar with the matter said someone with heavy influence at the NRF is strongly against the Shein's admittance. However board members who spoke to CNBC said that Shein's membership application hadn't come up in meetings, and that they aren't involved in deciding which companies are granted access.
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Amazon is leading the way with selling home goods, capturing 18.8% of consumer home furnishings spending, compared to Walmart's 7.3% market share. Notably, Amazon’s gains in the furniture category come in spite of the company’s decision to phase out two of its three furniture brands last year.
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Stanley, which is projected to do $750M in sales this year, up from $73M in 2019, after seeing its water bottles become a status symbol thanks to TikTok, is now expanding into trendier accessories. The company is launching a line of bags called the All-Day Collection which include a mini cooler, backpack cooler, and Quencher Carry-All, designed for someone to sling their Stanley over their hip.
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Jack Dorsey left the Bluesky board and deleted his account on the service he helped kickstart, claiming that Bluesky was “literally repeating all the mistakes” he made while running Twitter. Dorsey says he never intended Bluesky to be an independent company, but rather, an open source protocol that Twitter was supposed to be the first client of. He also confirmed that he is financially backing Nostr, another decentralized Twitter-like service popular among crypto enthusiasts and run by an anonymous founder.
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Amazon is deploying 50 electric trucks in California, which it claims is the largest EV fleet in the country, as part of its mission to eliminate pollution from its global operations. The trucks will be integrated into first-mile operations, moving goods from container ships at the ports to fulfillment centers, as well as middle-mile operations, transporting packages from fulfillment centers to delivery centers.
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Wix launched a new tool called AI Portfolio Creator, which allows a user to upload and organize large-scale image collections, select the type of portfolio they want, and then have the AI tool sort and generate a portfolio with clustered images, recommended titles and descriptions, and personalized layout options.
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Amazon is now requiring all dietary supplements to be verified by a third-party testing, inspection, and certification organization — which is something that not even the FDA requires. Amazon is the largest supplement retailer in the US ahead of Walmart and Target, and its new requirements are expected to put more pressure on the industry, which is being scrutinized more than ever.
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Alibaba is revamping its flagship retail website Taobao for the first time in seven years with a focus on providing a smoother search and buying process. The website overhaul comes ahead of the 618 sales event, China's second-largest annual shopping event. A few weeks ago I reported that Eddie Wu, the CEO of Alibaba Group, would now be directly overseeing its domestic e-commerce arm which includes Taobao and Tmall Group, and it sounds like he's hitting the ground running with his new responsibilities.
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Amazon is hosting its first-ever Amazon Book Sale, a new shopping event starting on May 15th that offers up to 50% off print best sellers and up to 80% off Kindle Books. The six day shopping event will exclusively run in the US, and Prime-membership is not required to take advantage of the deals.
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FTX reported that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded. The company owes about $11.2B to its customers and estimates that it has between $14.5B and $16.3B to distribute to them. The caveat is that customers will receive the USD value of their holdings at the time of the exchange collapse, and not the actual crypto holdings themselves, which means that they'll miss out on all gains during the past two years during which BTC went from around $16k to now over $60k. Better than nothing though, that's for sure.
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800,000 consumers in Europe and the US were duped into sharing card details and other sensitive personal data with a network of fake online designer shops operated from China, which comprised one of the largest scams of its kind with 76,000 fake websites created. The scammers used expired domains to host its fake shops in order to help avoid detection by websites or brand owners, and more than 1M orders were processed in the past three years alone.
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Beyond Inc, which owns Bed Bath & Beyond, Overstock, and Zulily, reported that its Q1 net loss swelled to $72M from $10M a year ago, while its operating loss widened to $58M from $8M. The company's active customers grew to 6M, up 26% from nearly 5M a year ago, however, its average order value dropped to $173 from $220 a year earlier.
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TikTok will begin automatically labeling AI generated content when it is uploaded from certain platforms like DALL.E 3, Adobe Firefly, Photoshop, and Microsoft Copilot. TikTok will also start attaching Content Credentials to content, which will remain on the media when downloaded, allowing other platforms to read the metadata.
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eBay is testing an Add To Cart button in search results that opens a Quick View window, allowing buyers to skip the listing page. Technically the button should probably not be labeled “Add To Cart” since it doesn't perform that action, but rather, displays a quick view window with three buttons: Buy It Now, Add To Cart, View All Details. Sellers are worried that buyers will miss crucial details in the product description that may lead to increased returns and negative feedback.
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Amazon is planning to launch its fleet of drones in Tolleson, Arizona, but the city's extreme temperature is hampering its efforts. Drones can't operate in temperatures exceeding 104 degrees Fahrenheit, a temperature that Tolleson crosses for a full three months of the year.
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A US district judge dismissed X's lawsuit against Bright Data, a data-scraping company accused of improperly accessing X system and violating X terms and state laws when scraping and selling data. The judge basically said that if X owned the data, it could perhaps argue that it has exclusive rights to control it, but then X wouldn't be able to enjoy the safe harbor of Section 230, which allows the platform to avoid liability for third-party content. Can't have it both ways!
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Nintendo is discontinuing its X integration for the switch on June 10th, which means users will no longer be able to post screenshots or videos to the platform from their device. The drop in support also affects games like Super Smash Bros. Ultimate, which had game-specific options to send out tweets. Microsoft Xbox dropped support for X in April 2023 and Sony Playstation dropped the service in October 2023 due to the increase in X's API access fees.
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Amazon claimed that its recordable incident rate — a metric that comprises all injuries requiring “more than basic first-aid treatment” — at its US warehouses has improved by 24% since 2019. However the National Employment Law Project challenged Amazon's injury data in a report last week, claiming that Amazon's overall injury rate in 2023 was 71% higher than that of other employers in the sector at 6.5 cases per 100 workers.
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Amazon Ads announced three new advertising formats for streaming TV including shoppable carousel ads, interactive pause ads, and interactive trivia ads. Amazon did not say when the new ad types would officially launch, but noted that it will formally present them at a presentation on May 14th.
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Meta is rolling out an expanded set of generative AI ad tools that can create full image variations with text overlays, expand images to fit across different aspect ratios, and generate alternate versions of headlines and other ad text. The features will become available globally to advertisers by the end of the year.
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Square introduced a tool called Square Kiosk to allow self-service ordering at fast food restaurants. The device is a combined software, hardware, and payment solution that allows customers to select exactly what they want with customization options, upgrades, and add-ons.
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The European Parliament announced new measures to make packaging more sustainable and reduce packaging waste in the EU, including reduction targets of 15% by 2040 — which sounds far away but is only 16 years away?! As part of the new rules, the EU will set maximum empty space ratios for e-commerce transportation, ban certain single-use plastic packaging types, and beverage distributors and take-away food will have to offer consumers the option of bringing their own container.
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Indians who pre-ordered Teslas in 2016 are giving up and seeking refunds of their deposits after Elon Musk canceled another visit to the country last month. Disillusioned Tesla enthusiasts in India say they will now buy a car from the company only if they see it in a showroom, or they'll buy a different electrical vehicle from a company that actually exists in the country.
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Target is limiting its Pride Month collection to select stores this year instead of rolling out the merchandise nationwide like it typically has for the past decade, due to backlash the retailer experienced last year. Last May customers in certain stores knocked down LGBTQ+ merchandise displays, angrily approached store employees, and posted threatening videos on social media from inside the stores.
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E-commerce spending from Jan 1 to April 30, 2024 rose 7% YoY to $331.6B, according to Adobe Analytics. One trend Adobe identified during the period is a shift of online spending to purchasing the cheapest goods across personal care, electronics, apparel, home & garden, furniture, and grocery.
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Plus 7 seed rounds, IPOs, and acquisitions of interest, including Shopify's acquisition of Peel, a tool that integrates with a merchant's tech stack including Klaviyo and Recharge and helps them analyze their sales data to improve customer retention.
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I hope you found this recap helpful. See you next week!
For more details on each story and sources, see the full edition: https://www.shopifreaks.com/bigcommerce-for-sale-openai-gpt-4o-instacarts-unlikely-partnership/
What else is new in e-commerce? Share stories of interesting in the comments below (including in your own business) or on shopifreaks.
-PAUL Editor of Shopifreaks E-commerce Newsletter
PS: Want the full editions delivered to your Inbox each week? Join free at www.shopifreaks.com
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2024.05.13 22:40 dirtyharrison Report: Employees Slaving 75 Hours a Week for Chinese Fashion Giant Shein

Report: Employees Slaving 75 Hours a Week for Chinese Fashion Giant Shein submitted by dirtyharrison to NewsWhatever [link] [comments]


2024.05.13 22:21 MuchPreferPets Anyone seen Green Giant aborvitae for sale?

Has anyone seen smallish Green Giant thuja/arborvitae for sale in the Ashland/Medford/Grants Pass vicinity? All I'm finding are the Emerald Green & they don't get big enough for my needs. Looking for smaller ones since I can't afford to spend $100 on each with the number I need. Thanks!
submitted by MuchPreferPets to Medford [link] [comments]


2024.05.13 22:10 MillionaireByTrade PAW Chain Unchained 5/6/2024 - 5/13/2024

“Real gold is not afraid of the melting pot” - Old Chinese proverb
The core development team achieved a major milestone this week. They reached Certik KYC gold certification for providing the maximum amount of identification possible for the core team. This proves without a shadow of a doubt the team is dedicated to the long term goals they have talked about since launch. Out of all the protocols and teams Certik has looked at, a grand total of 74 projects have reached KYC gold. This is a rare feat that will allow people outside the PAW Chain community to trust that all aspects of the PAW Chain launch are being handled with integrity.
Certik voting is still in progress as we aim to be the top project to receive $20k in free services. With PAWswap coming in at #19 in overall Skynet security score, the goal is to get that rank even higher. The team as always is committed to security as the main priority, and grabbing an extra $20k in services from Certik can only improve the security of the network. Voting for PAWswap is available every 24 hours, and it is at the bottom of the page under “Monitoring”.
Build on PAW featured u/officialLXNK which is headed by DevilDog. His side-scrolling game is just a part of his plans to use in-game currency to get crypto into the hands of people from poorer countries. His goal is to expand the reach of cryptocurrency to those without the resources to consistently invest in their crypto future. PAW Chain will factor into the future of LXNK as the cheap fees and multichain accessibility will make it much easier to get money into the hands of more people.
Not only has the PAW Chain community been showing out on the voting for Killer Whales, the production team for the show is really taking notice. We have seen PAW Chain mentions from influential accounts rise over the last week. Because of the amazing job the community has done voting for PAW Chain, we will be featured on an X space hosted by CoinMarketCap along with the other top 5 projects for the previous week. This spotlight will give our speaker 10 minutes to pitch why we deserve to be on season 2. This will happen each week during the voting process, so we will have multiple opportunities to showcase our greatest assets in front of a massive audience.
PAW Chain has been the clear favorite to win the Killer Whales voting competition since it started. While we have slipped from first place a few times, the commitment from our community is going to make it hard for anyone else to keep up the voting pace. As of this writing PAW Chain has 349,800 votes. A staggering amount in 13 days.
We definitely bridged the gap on Bridging the Gap this past week. Ibrahym0x educated us on the possibilities of XFTs. These are basically NFTs with vault storage. You can place coins, tokens, or other NFTs inside of these vaults. This is a massive innovative jump for RWAs and their ties to NFTs. His collection of hyena XFTs is the first line of vault storage items for sale on his website.
Test-Net will be updated eventually, but we are currently waiting for it to be set up on an internal domain for Certik to perform their own testing. We will make an official announcement when Test-Net is released.
Thank you for taking the time to tune in to this week’s newsletter. There are so many exciting things happening at once, and we appreciate the amazing community that shows up day after day. Without everyone doing their part to support the project, no matter what support that is, we wouldn’t have this amazing launch to look forward to.
submitted by MillionaireByTrade to pawecosystem [link] [comments]


2024.05.13 22:03 listen2dotai Phantom Tariffs: Biden's Move on Nonexistent Chinese EV Imports

The news was brought to you by Listen2.AI. Listen version:HERE
Folks, I want to speak directly into an issue that's stirring up quite the controversy — the idea of the Biden administration imposing a whopping 100% tariff on Chinese electric vehicle (EV) imports. Now, here's where things get intriguing: as of right now, there are no Chinese electric cars officially being offered for sale in our great United States. You heard that right — none!
Let's peel back the layers on this, shall we? We're looking at a proposal that, on the face of it, might seem preventative or protective of our domestic industries but scratch a little deeper, and it’s mostly smoke and mirrors. How do you slap a 100% tariff on something that isn't even being sold here?
Now, let us briefly step back and understand the broader scenario. Chinese vehicles like the Dongfeng Nammi 01 hatchback are priced remarkably lower than, say, a Chevy Bolt — which is almost triple the price for similar or less range. Now, imagine if these Chinese EVs were sold here even with the current 25% tariff. They could potentially reshape the market by offering more affordable options, uplifting the average American consumer's ability to transition to greener tech. But of course, the current administration wants to prevent that, under the guise of protectionism.
Now, China could retaliate considering General Motors sold over 2 million cars there last year. Yet, they might not, understanding this game of tariffs could spiral out detrimentally for both parties. But isn't it curious? While they’re promoting such prohibitive measures, American automakers are actually deepening their tech ties with China. Giants like GM and Ford are not just collaborating but are fundamentally reliant on Chinese tech for their EV advancements.
The truly enlightening bit here comes from the way tariffs are being positioned. Former president Donald Trump, whom I did support for his straightforward approach, also proposed the same measure back in his tenure. Except he was open to negotiation and adjustment, showing leadership by balancing protection with progress.
What happens next? We might see a significant pushback from various sectors within our own borders — industries that understand the crippling effect such restrictive measures could have on technological advancement and international trade relations.
In closing, this move by the Biden administration raises more questions than it answers. It seems less about protecting American jobs or industries and more about political posturing, adding layers of complexity without clear benefits. A tariff on a product that doesn’t even enter the American market? That’s not policy; that’s paradox.
submitted by listen2dotai to BidenIsNotMyPresident [link] [comments]


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