On this day:366
The Alamanni cross the frozen Rhine River in large numbers, invading the Roman Empire
1920
The second Palmer Raid takes place with another 6,000 suspected communists and anarchists arrested and held without trial. These raids take place in several U.S. cities.
1935
Bruno Hauptmann goes on trial for the murder of Charles Lindbergh, Jr., infant son of aviator Charles Lindbergh
1959
Luna 1, the first spacecraft to reach the vicinity of the Moon and to orbit the Sun, is launched by the Soviet Union
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Are the Pirates spending money because streaming demands a real product?
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The 64-year-old wife of Jill Biden’s ex-husband was found dead in her Delaware home after law enforcement responded to investigate a domestic dispute late Sunday, authorities said.
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The very smart and talented AIs are listening, much like young children might hear their parents arguing outside their bedroom door late at night. It may not matter much now, but as the children grow up and assume a larger role in the world, it will.--Cowen
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Communism was doomed from its inception. Adherents who sneered at the "invisible hand" saw a mysterious invisible force in history that picked its fights toward an idyllic endpoint of incentive-less, motiveless production of peace and wealth, leaving behind a path littered with the bodies of those poor souls only placed on this earth to facilitate as antagonists to communism's great march. This strange, murderous idealism violated all the laws of human reality yet staggered on, storming trenches, deracinating appropriate families, and slashing and burning the present to plant the seeds of the future. It is said that it attracted the idealist--but who could say its mayhem and murderous creed was, in any way, idealistic? No, it attracted the foolish, the embittered, the cynically ambitious, the irrational, and the overtly psychopathic, who unsurprisingly rose in its hierarchy. But eventually, after years of misery and death, the cause flagged, failed, and died.
We have become obsessed with the outlier.
The wide generalization from small experiences to large populations is a virtual definition of bigotry.
This may be true, but it is much more revealing that the review was originally published anonymously.
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Americans and Europe
The Americans are deeply criticized by a loud, intense, European minority. Some are simple foreign agents on a relentless, insincere social media crusade, some are fanatical faith-based social zealots, and many are mean, jealous outsiders with a nationalist bias. Here is a clarifying little snippet that is informative:
'While Europe has created 14 companies worth more than $10 billion in the past 50 years, with about $400 billion of market value in total, Americans have created nearly 250 such companies, worth $30 trillion.
That success has driven up America’s middle-class incomes. The median disposable U.S. household income, according to the OECD, is now 25% greater than the median German household and 60% greater than the median household in Italy.
Europeans’ incomes would be even lower if they weren’t free-riding on American innovation, defense spending, and higher drug prices, which incentivize research. America’s median incomes would be higher if we had more talent devoted to supervising and creating jobs for blue-collar workers or Northern Europe-like distribution of test scores.
The outsize success of America’s talented entrepreneurs doesn’t stem from their superior intelligence. It comes from working at companies such as Google and Microsoft, which mine the technological frontier and expose employees to valuable knowledge, insights, and opportunities. Apple is worth more than the 30 largest German companies combined. Apple’s employees and its alumni use their knowledge and training to create more value than their counterparts in Europe.
Unlike Europe, the enormous success of American entrepreneurs motivated an army of talented Americans to get valuable on-the-job training, work longer hours, take risks, and succeed. A small amount of success bubbles up from a large pool of failure.
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When entrepreneurs capture as little as 5% of the value they create for others, it makes little sense to encourage successful risk-takers to quit working long before they achieve outsize success. With the effect technological success has on the productivity of talented American workers, who are our constraint to growth, and the effect of their productivity on the growth of middle-class incomes relative to Europe, that’s not a “policy failure.”'--Conard
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