…The idea that a few bankers control a large chunk of the global economy might not seem like news to New York’s Occupy Wall Street movement and protesters elsewhere. But the study, by a trio of complex systems theorists at the Swiss Federal Institute of Technology in Zurich, is the first to go beyond ideology to empirically identify such a network of power. It combines the mathematics long used to model natural systems with comprehensive corporate data to map ownership among the world’s transnational corporations (TNCs).
…The work, to be published in PloS One, revealed a core of 1318 companies with interlocking ownerships (see image). Each of the 1318 had ties to two or more other companies, and on average they were connected to 20. What’s more, although they represented 20 per cent of global operating revenues, the 1318 appeared to collectively own through their shares the majority of the world’s large blue chip and manufacturing firms– the “real” economy– representing a further 60 per cent of global revenues.
When the team further untangled the web of ownership, it found much of it tracked back to a “super-entity” of 147 even more tightly knit companies– all of their ownership was held by other members of the super-entity– that controlled 40 per cent of the total wealth in the network. “In effect, less than 1 per cent of the companies were able to control 40 per cent of the entire network,” says Glattfelder. Most were financial institutions. The top 20 included Barclays Bank, JPMorgan Chase & Co, and TheGoldman Sachs Group.
This is fascinating. I’d love to see projects like this replicated, because the day will come in our lifetimes when we run low on water:
From the outside, the homes look like any conventional home in any other development – except for solar panels mounted on each roof. Each home is required to include a minimum two kilowatt solar electrical generator.
“Six of the 10 homes are net contributors to the (electricity) grid,” resident Aaron Miller said during a recent community open house.
The centerpiece of the community is on a hill above the northern end of the housing cluster. From a distance, it looks like a greenhouse, and indeed there are plants growing within. It is a manmade indoor wetland, and it does what natural wetlands do: treats wastewater.
Water from three wells and a spring is used for drinking, cooking and washing. Resulting “gray water,” drained from sinks and washing machines, is recycled as flush water.
Each home is served by a grinder pump that moves the flush water uphill to a cascading system of three septic tanks, in which solids settle out, “just like a normal septic system,” Miller explained. The solids are periodically pumped off, also like a normal septic system.
But the water, instead of draining into a sand mound or a nearby stream, is pumped into the 2,100 square foot indoor wetland. There, an assortment of plants and bacteria feed on the non-humanly useable elements. Some of the treated-by-nature water is recycled back to the homes to be reused as flush water. What is not needed in the homes is pumped to a drip-irrigation field, where it feeds wild grasses and flowers, and filters through the ground back to the water table.
“We’re keeping it local instead of going into the watershed and into the ocean,” Miller said.
I keep seeing Walmart people in the news talking about their healthcare benefits. Kiss them goodbye, people!
This one came to mind when I saw Eric Idle on Scorsese’s documentary about George Harrison.
Fuck Steve “Enlightenment” Jobs. Yeah, it’s easy to build a factory in China because you have slave wages, people killing themselves because it’s such an awful place to work, and you get to dump all kinds of poison into the water and air supply. What’s not to like?
UPDATE: Cantor chickened out when he found out about the protest.
WHO: Keystone Progress, Occupy Philadelphia, Philadelphia AFL-CIO, Fight for Philly, Progress Now, AFSCME, and hundreds of protestors.
WHAT: Protest against Eric Cantor’s outdated belief in the “trickle down” economic theory.
WHERE: Outside Huntsman Hall, UPenn, Locust and 38th Streets, Philadelphia, Pennsylvania
WHEN: Friday, October 21st, 4 PM
I’ve eaten in some great places in my time, but I’ve never had anything like the Lemon Souffle Pancakes with Raspberry Sauce and Pine Nuts I had at the fabulously restored Vinoy Hotel last week, where my friend took me for breakfast.
Just amazing. So amazing, I dragged my brother and his partner there the next day. Apparently they didn’t believe me, because they didn’t even order them! (Once they ate some from my plate, they expressed deep regret. As well they should!)
Here is the recipe that sounds close to what we had, by the way.