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[...] The tech industry owes a huge debt to the financial sector. Wolfe is eager to depict Silicon Valley as the new New York, but much of the money that funds venture-capital firms comes from investors who made their fortunes on Wall Street. (The tech industry also owes a great debt to “Main Street”: Private-equity funds regularly include allocations from public pension plans and universities.) [...]
[...] Our hometowns become a kind of permission and hideaway, a place where we don’t have to be ourselves, where our actions don’t count and we get to be briefly less visible than we are in the adult homes we’ve made for ourselves elsewhere, the places where we expect ourselves to take action and achieve things and move upward through each day. For many of us, hometowns allow the luxury of a brief period of stasis, a rare few days of doing nothing.
Under this arrangement, which as far as we know is still in place, it is Google Ireland Limited that actually licenses the tech of Google’s main business to all the Google affiliates in Europe, the Middle East and Africa. (Google has a similar offshoot in Singapore that covers business in Asia).
[...]
See where this is going? In 2015, $15.5 billion in profits made their way to Google Ireland Holdings in Bermuda even though Google employs only a handful of people there. It’s as if each inhabitant of the island nation had made the company $240,000.
In doing this, Google didn’t break the law. Corporations like Google are simply shifting profits to places where corporate taxes are low. It’s not just Internet companies with valuable intellectual property that do this. A car manufacturer, for instance, might shift profits by manipulating export and import prices – exporting car components from America to Ireland at artificially low prices, and importing them back at prices that are artificially high.
A potential fix would be to allocate the taxable profits made by multinationals proportionally to the amount of sales they make in each country.
Say Google’s parent company Alphabet makes $100 billion in profits globally, and 50 percent of its sales in the United States (a relatively similar scenario to the first quarter of this year, in which that figure was 48 percent). In that case, $50 billion would be taxable in the United States, irrespective of where Google’s intangible assets are or where its workers are employed. A system similar to this already governs state corporate taxes in America.
so reactionary tho
[...] that the use of ad-blocking software grew 41 percent last year, with 198 million active users worldwide, according to a study conducted by Adobe and PageFair. This represents an existential threat to the $50 billion online advertising industry and has ignited a bitter feud between advertisers and developers of ad-blocking apps. On the sidelines, privacy advocates are pumping their fists for consumer choice while web publishers wring their hands over lost revenue.
Moreover, when Apple made ad blockers available in its App Store last fall, they quickly became among the most downloaded apps. And later this year, Microsoft is reportedly going to allow an extension to its Edge browser that supports the most popular blocker, Adblock Plus. Read what you will into the fact that Apple and Microsoft’s business models aren’t overly reliant on advertising, unlike their rivals Google and Facebook.
doesn't quite pick up on the "platform wars" angle but close
Unsurprisingly, O’Reilly believes that tech firms, particularly those led by people he knows personally, are in the best position to push society forward. [...]
lmao love it
[...] His comment is, independent contractors are what makes the wheels on the Uber go ‘round, so it’s fine. He rips into big retail companies later for using tricky scheduling algorithms to keep workers on benefits-less part-time status and goes after Walmart for relying on the welfare system to subsidize its poverty level wages. He doesn’t realize that these companies originated the playbook Uber adapted: selling a model of precarious labor based on on-demand piece-work, masked with the prestige of being a “flexible independent contractor.”
If you’ve lost your job, and can’t find another one, or were never able to find steady full-time employment in the first place between automation, outsourcing, and strings of financial meltdowns, Tim O’Reilly wants you to know you shouldn’t be mad. If you’ve been driven into the exploitative arms of the gig economy because the jobs you have been able to find don’t pay a living wage, Tim O’Reilly wants you to know this is a great opportunity. If ever you find yourself being evicted from an apartment you can’t afford because Airbnb has fatally distorted the rental economy in your city, wondering how you’ll pay for the health care you need and the food you need and the student loans you carry with your miscellaneous collection of gigs and jobs and plasma donations, feeling like you’re part of a generational sacrifice zone, Tim O’Reilly wants you to know that it will be worth it, someday, for someone, a long time from now, somewhere in the future.
so good lol
[...] Yes, my own personal brain chemistry is something I must reckon with, but doing so while navigating a cruel health care system, with the goal of remaining healthy enough to face a laughably uncertain financial future, all in service to surviving a world that is everywhere immiserating, hardly seems a good way to answer “how do I live.”
The best answer I’ve managed to come up with is that you live with intention of making that question easier for other people to answer. For me, the worst aspect of chronic depression (besides the boredom of it all) is the urge to be alone. If you’ve read my previous columns, you’ll notice that I almost always find a way to bring up our beholdenness to others. This is because I’m a lazy writer, but also because the fact of mutual obligation is what gives me the motivation to write at all. It’s also what animates any politics worth having.
I’m not sure if that’s an answer, really, and maybe we all need to fumble towards our own. All I know is that my occasional inability to bear the world is, in meaningful ways, a response to living in a world made unbearable. This can bring you to despair or it can bring you to purpose — today I chose the latter, and I hope I do again tomorrow.