We Have Always Lived in the Casino
John Maynard Keynes warned that when real investment becomes the by-product of speculation, the result is often disaster. But it’s hard to tell where one ends and the other begins.
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Speculation
“In every stock-jobbing swindle everyone knows that some time or other the crash must come, but everyone hopes that it may fall on the head of his neighbor, after he himself has caught the shower of gold and placed it in safety.”
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“Along with a lot of worthless nonsense, the bubbles of the 1920s gave us some durable housing, highways, and a radio broadcasting infrastructure.”
Features
Money for Nothing
Why the modern financial sector is better at extracting rents than funding the future.
The House Always Wins
The gaming industry is turning every smartphone into a casino — and it’s destroying more lives than ever.
The Crypto State
The Trump White House has helped install the ticking time bomb that is cryptocurrency directly into our economy. When it blows up, the damage will be catastrophic.
“Your sense of stuckness isn’t an illusion. It reflects something real: the economy is stagnating.”
Front Matters
The Soapbox
Letters + The Internet Speaks
“In its ecstatic distortion and defiant energy, one hears a generation caught between utopia and uncertainty.”
Cultural Capital
“For many Canadians, the Conservative promises are appealing — especially in the absence of a compelling left-wing alternative.”
The International
“American politicians can’t accuse Leo XIV of not knowing America or being anti-American.”
“By 2023, organized labor held an unprecedented $35 billion in net assets, even as it approached record lows in membership numbers.”
