Because what else? Even devoted readers can only deal with so many Trump rants. Fortunately, June 22 was a busy day historically, and it's election season, so circumstance gave me some ammunition.
As always, happy Wednesday and happy reading.
This Day in History
Turns out June 22nd is a big day in economic history:
1944 - FDR signs the GI Bill, facilitating the entry of more Americans into college, and laying the foundation for a strong postwar economy.
1775 - Congress issues a continental currency. Before America was America we had to fund our own revolution, and "continentals" as the bills were called, was our attempt to do so. It was a failed experiment. The currency had nothing behind it, neither gold nor a government, and quickly became subject to rampant inflation, making it worthless. America wouldn't experiment with paper money again until the Civil War.
Who Built What?
One of the fundamental economic disagreements in America is to what extent we ought to redistribute wealth to help alleviate circumstance. Liberals tend to favor more redistribution due to systemic inequality, while conservatives maintain that this unfairly penalizes hard workers.
Which is it? To an extent it is some of each, but the power of big data can also prove the extent that systemic poverty creates an unfair playing field (from NYMag).
This doesn't make hard work meaningless. America is still a meritocracy for those of us lucky enough to access it, but for too many Americans, entry into that meritocratic system is a near impossibility. We have an economy that works wonderfully for too few people, and that is the fundamental problem.
Spreading the Wealth
That the American economy is failing too many of us is no secret, but it has been on stark display this election cycle. Both Democrats and Republicans have expressed outrage over a system that funnels wealth to those who already have it. But there are serious disagreements on how to best address that inequality, and that debate is important and worth having.
We've heard many of the same stale arguments about raising or lowering taxes, an important part of the conversation, but only one part. We also need to discuss solutions that reflect a more automated economy. One such suggestion shared by reader Joe in California is universal basic income (from Medium). Whether such an idea is part of the ultimate solution or not, America needs creative thinking on how to build a system that works for everyone.
Gold and Bills and Bitcoin, oh my!
I think one of the most fascinating elements of economic evolution is the development of money. In the grand scheme of things, it wasn't that long ago that we were swapping sheep for fish, and now we rarely rely on paper currency, let alone something more tangible. Wealth is lines on balance sheets, not a bank vault full of gold, and certainly not a large herd of livestock.
What does this mean for the future of money (from London Review of Books). Will wealth becoming increasingly less tangible, and if so, how does this affect our ability to build a system that works for all Americans?
To Trade or Not to Trade
Another hot topic this political season has been free trade. Both Bernie Sanders and Donald Trump attacked trade agreements as harmful to American workers. This is neither entirely true nor entirely false, but I think it misses the point. To truly build prosperity, stability, and peace, we need to work with international stakeholders to facilitate better conditions for everyone. Trade deals haven't been unequivocally good for American workers, but they have spread prosperity globally, which fosters conditions for cooperation on other important issues, such as climate change or fighting terrorism (from the Strategy Bridge).
McFergus
Meet Fergus! Or maybe McDougal...they're essentially twins, and to be honest I'm not sure which this is, but it's okay because they're not my twins. Either way, these two are a regal pair of Scottish Terriers, loyal and aloof. They live with their human Matt in New Jersey, and spend most of their time relaxing or sitting in the kitchen stoically awaiting food, certainly above begging. Big thanks to Matt for sharing Fergus (or McDougal)!
Will's Weekly Trivia!
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IF you choose to answer the question, respond to staton.will@gmail.com with your answer. Please note that by competing you are giving me permission to publish your first name in the trivia leader board each week.
TRIVIA!
Last Week:
1. What does Magna Carta mean? ONE POINT
2. Where in England was the Magna Carta delivered? ONE POINT
3. King John of Englad become king after the death of his far more famous older brother. What was his brother's name (i.e. King Will, # is not needed, so King Will I or King Will V doesn't matter)? What was his brother's famous nickname (i.e. King Will the Hungry). ONE POINT APIECE
Answer:
1. Magna Carta means "great charter."
2. The Magna Carta was signed at Runnymede near Windsor.
3. King John gained the throne after the death of his brother Richard the Lionheart. I awarded myself two points this week for Will the Hungry.
This Week:
1. Who coauthored the Communist Manifesto along with Karl Marx? ONE POINT
2. What year did the Bolshevik Revolution in Russia begin? ONE POINT
3. Which Soviet premier oversaw the fall of the USSR? Who followed him as the first democratically elected president of Russia? ONE POINT APIECE
LEADER BOARD The race for first is tightening! Check your spot on the leader board HERE on Willful Intent.
