Mexican cities secede to escape corruption and cartels, forming corporate dystopias, precarious utopian projects, and Mad Maxish militia towns

Mexico’s corrupt, failing government that covers up official mass murders by attacking journalists and dissidents with cyberweapons is locked in a stalemate with the country’s horrific, mass-murdering gangs , and the Mexican people are caught in the crossfire. (more…)

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Mexican cities secede to escape corruption and cartels, forming corporate dystopias, precarious utopian projects, and Mad Maxish militia towns

Silicon Valley banks offer tech giants’ new hires 100% mortgages on 24 hours’ notice

What to do if you’ve just signed up to work in one of the most expensive real-estate markets in the world, with almost all of your net worth tied up in illiquid shares in your employer’s company? Just ask a Silicon Valley bank for a 100% mortgage, which they’ll cheerfully supply on 24 hours’ notice, with all the “white-glove service” trappings you could ask for. (more…)

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Silicon Valley banks offer tech giants’ new hires 100% mortgages on 24 hours’ notice

Having leisure time is now a marker for poverty, not riches

In Post-Industrious Society: Why Work Time will not Disappear for our Grandchildren , researchers from Oxford’s Centre for Time Use Research argue that there has been a radical shift in the relationship between leisure, work and income. Where once leisure time was a mark of affluence, now it is a marker for poverty. The richer you are, the more likely you are to work long hours; while the poorer you are, the fewer hours you are likely to work every week. The researchers theorise multiple causes for this. Poor people are more likely to be underemployed and unable to get the work-hours they want (and need) to support themselves. Rich people are likely to work in jobs that disproportionately advance and reward workers who put in overtime, so a 10% increase in hours worked generates more than 10% in expected career-gains. They also claim that rich workers are more likely to be satisfied with their jobs, but I’m skeptical of this — I think that relative to unskilled workers doing at-will 0-hours temp work whose every move is constrained and scripted by their employers, this is probably true, but I don’t think that the white-collar world is producing a lot of people who think that their work is meaningful and rewarding. In today’s advanced economies things are different. Overall working hours have fallen over the past century. But the rich have begun to work longer hours than the poor. In 1965 men with a college degree, who tend to be richer, had a bit more leisure time than men who had only completed high school. But by 2005 the college-educated had eight hours less of it a week than the high-school grads. Figures from the American Time Use Survey, released last year, show that Americans with a bachelor’s degree or above work two hours more each day than those without a high-school diploma. Other research shows that the share of college-educated American men regularly working more than 50 hours a week rose from 24% in 1979 to 28% in 2006, but fell for high-school dropouts. The rich, it seems, are no longer the class of leisure. There are a number of explanations. One has to do with what economists call the “substitution effect”. Higher wages make leisure more expensive: if people take time off they give up more money. Since the 1980s the salaries of those at the top have risen strongly, while those below the median have stagnated or fallen. Thus rising inequality encourages the rich to work more and the poor to work less. Nice work if you can get out [The Economist] ( via /. ) ( Image: Lonely Hammock , Micky Zlimen, CC-BY-SA )

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Having leisure time is now a marker for poverty, not riches

WinCo: worker-owned grocery chain that pays benefits, pensions, living wages — and has lower prices than WalMart

WinCo is a midwestern chain of worker-owned stores that consistently underprice WalMart, while still paying a living wage to their staff and decent prices to their suppliers.        

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WinCo: worker-owned grocery chain that pays benefits, pensions, living wages — and has lower prices than WalMart

How the global hyper-rich have turned central London into a lights-out ghost-town

In an excellent NYT story, Sarah Lyall reports on “lights-out London” — the phenomenon whereby ultra-wealthy foreigners (often from corrupt plutocracies like Kazakhstan and Russia) are buying up whole neighbourhoods in London, driving up house-prices beyond the reach of locals, and then treating their houses as holiday homes. They stay for a couple weeks once or twice a year, leaving whole neighbourhoods vacant and shuttered through most of the year, which kills the local businesses and turns central London into something of a ghost town. “Some of the richest people in the world are buying property here as an investment,” [Paul Dimoldenberg, leader of the Labour opposition in Westminster Council] said. “They may live here for a fortnight in the summer, but for the rest of the year they’re contributing nothing to the local economy. The specter of new buildings where there are no lights on is a real problem…” Meanwhile, prices are rising beyond expectation. For single-family housing in the prime areas of London, British buyers spend an average of $2.25 million, Ms. Barnes said, while foreign buyers spend an average of $3.75 million, which increases to $7.5 million if they are from Russia or the Middle East… The most visible, and also the most notorious, of the new developments is One Hyde Park, a $1.7 billion apartment building of stratospheric opulence on a prime corner in Knightsbridge, near Harvey Nichols, the park and the Mandarin Oriental Hotel, which functions as a 24-hour concierge service for residents. Apartments there have been purchased mostly by foreign buyers who hide their identities behind murky offshore companies registered to tax havens like the Isle of Man and the Cayman Islands. It is rare to see anyone coming to or going from the complex, and British newspapers have been trying since it opened two years ago to discover who lives there. Vanity Fair reported recently that as far as it could discern after a long trawl through records, the owners seem to include a cast of characters who might have come from a poker game in a James Bond movie: a Russian property magnate, a Nigerian telecommunications tycoon, the richest man in Ukraine, a Kazakh copper billionaire, someone who may or may not be a Kazkh singer and the head of finance for the emirate of Sharjah. A Slice of London So Exclusive Even the Owners Are Visitors [NYT/Sarah Lyall] ( via Beyond the Beyond )        

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How the global hyper-rich have turned central London into a lights-out ghost-town