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esotericalchemist · 2 months ago

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𝟏𝟏𝐭𝐡 𝐇𝐨𝐮𝐬𝐞 - 𝐖𝐡𝐞𝐫𝐞 𝐭𝐨 𝐟𝐢𝐧𝐝 𝐠𝐚𝐢𝐧𝐬?

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In Vedic Astrology, the eleventh house is known as the House of Gains and represents your aspirations, income, and the fulfillment of desires. This house shows how and where you are likely to achieve success and material wealth in life. The placement of the ruling planet of your eleventh house, as well as any planets within it, offers insight into the sources of your financial gains, social connections, and overall prosperity. Essentially, understanding the eleventh house helps you see where opportunities for growth and abundance may manifest in your life.

𝐀𝐫𝐢𝐞𝐬 𝟏𝟏𝐭𝐡 𝐇𝐨𝐮𝐬𝐞

With Aries influencing your eleventh house, you tackle friendships, goals, and financial gains with enthusiasm, boldness, and a trailblazing attitude. You’re likely to secure wealth by being assertive, taking calculated risks, and pursuing competitive or entrepreneurial paths. Your friends and social networks are often key to your success, frequently drawn from dynamic or high-energy environments.

Mars in the Houses (Mars is the ruler of Aries)

Mars in the 1st House: Your gains come from personal drive, leadership, and independent projects. For example, you might start a business like a fitness studio, using your energy and visibility to promote your brand and grow your venture.

Mars in the 2nd House: Wealth tends to flow from managing finances, property, or physical assets. You might find success through real estate investments, or in financial sectors such as banking, perhaps working as a stockbroker or in property management.

Mars in the 3rd House: Profits are linked to communication, marketing, media, or travel. You might thrive in advertising, writing for publications, or running a travel blog, turning your communication skills into financial gain.

Mars in the 4th House: Your wealth could come from real estate, family inheritance, or home-based businesses. For instance, you might profit from buying and renovating homes or establish a successful home business, such as property management or interior design.

Mars in the 5th House: Creative projects, speculative investments, or entertainment ventures may be lucrative for you. This could mean profiting from stock market investments, cryptocurrency, or finding success in the arts as a performer or artist.

Mars in the 6th House: Hard work, health-related fields, or competitive industries could bring financial rewards. You might build wealth through a career in healthcare, as a personal trainer, or by excelling in a demanding legal profession, gaining success by overcoming obstacles.

Mars in the 7th House: Financial gains are often tied to partnerships—whether personal or business-related. You could team up with someone to start a business like a law firm or gain wealth through marriage to a prominent or driven partner.

Mars in the 8th House: Joint ventures, inheritances, or industries focusing on transformation, such as finance or psychology, could bring you wealth. You might inherit assets or succeed through business partnerships or roles in fields like investment banking or insurance.

Mars in the 9th House: Wealth may arise from education, law, travel, or publishing. You could build success as a professor, lawyer, or publisher, or by pursuing international opportunities, such as work in the travel industry.

Mars in the 10th House: Career achievements, leadership positions, or public recognition are key to your financial success. You might rise to a leadership role, like CEO or political figure, where your ambition and dynamic energy lead you to the top.

Mars in the 11th House: Your wealth may stem from your social circles, technology, or large organizations. You could benefit by working in the tech industry, founding an innovative business, or through influential friends who open doors to profitable opportunities.

Mars in the 12th House: Profits come from behind-the-scenes efforts, foreign ventures, or spiritual pursuits. You might gain financially by working in hospitals, charitable organizations, or through businesses tied to travel, import/export, or spiritual guidance.

𝐓𝐚𝐮𝐫𝐮𝐬 𝟏𝟏𝐭𝐡 𝐇𝐨𝐮𝐬𝐞

With Taurus governing your eleventh house, your approach to wealth and gains is grounded, patient, and often centered around material security. You favor slow, steady growth, and may build your financial success through reliable investments or artistic ventures. Friendships and social networks can be significant in your financial development, particularly when aligned with shared values or tied to industries focused on luxury and beauty.

Venus in the Houses (Venus is the ruler of Taurus)

Venus in the 1st House: You are likely to attract wealth through your charm, physical appeal, and the way you present yourself. For instance, you could succeed in beauty, fashion, or personal branding—becoming a successful influencer or model, where your appearance and social magnetism are vital assets.

Venus in the 2nd House: Wealth flows through careful handling of finances, luxury goods, or industries related to beauty and aesthetics. You might find financial success in areas like fine art, jewelry, or running a high-end boutique. This placement supports a steady income in beauty or fashion-related businesses.

Venus in the 3rd House: Financial success arises through communication, media, or education, particularly in artistic fields. You could thrive as a writer, work in advertising or public relations, or make money from teaching or speaking on topics related to beauty or luxury.

Venus in the 4th House: Gains are often tied to property, real estate, or home-based ventures, particularly those related to comfort and aesthetics. You might generate wealth by flipping houses, engaging in interior design, or running a family business. Inheritance or familial wealth could also play a role.

Venus in the 5th House: Your financial success may come from creative endeavors, entertainment, or speculative investments. You could profit from acting, filmmaking, or other artistic projects. Additionally, this placement can indicate gains through stock market investments, particularly in sectors related to art or entertainment.

Venus in the 6th House: Profits are earned through service, health, or beauty-related industries. You might build wealth by working in areas like cosmetology, health spas, or wellness centers. A talent for creating a harmonious work environment could also lead to financial success in these fields.

Venus in the 7th House: Gains often come through partnerships, whether in marriage or business. You may benefit financially through a significant relationship or business collaboration, particularly with someone involved in luxury, legal fields, or the arts. Joint ventures in creative industries could be very profitable.

Venus in the 8th House: Wealth may come from inheritances, shared resources, or transformative industries. You might gain through an inheritance, or profit from partnerships in finance, psychology, or the arts. This placement can also suggest financial gains through investments or using other people’s assets effectively.

Venus in the 9th House: Financial success is connected to education, law, or travel, especially in beauty or luxury industries. You might earn through international fashion, tourism, or by teaching beauty-related subjects at a university. There’s also potential for profit from foreign investments or luxury travel enterprises.

Venus in the 10th House: Wealth comes from career success, public recognition, or artistic achievements. You might thrive in high-profile roles within the arts, luxury markets, or fashion industry. This placement is highly favorable for building wealth through a career in design, beauty, or entertainment.

Venus in the 11th House: Gains are tied to social networks, large organizations, or technology, particularly within the luxury or beauty sectors. You could profit from working in social media marketing or technology platforms related to fashion or beauty. Friendships and connections in elite circles may also lead to financial opportunities.

Venus in the 12th House: Profits come from behind-the-scenes work, foreign ventures, or spiritual and artistic pursuits. You might find financial success through working in luxury hotels or resorts abroad, or by being involved in art projects that promote beauty or tranquility. Investments in foreign luxury markets could also be rewarding.

𝐆𝐞𝐦𝐢𝐧𝐢 𝟏𝟏𝐭𝐡 𝐇𝐨𝐮𝐬𝐞

With Gemini ruling your eleventh house, your approach to financial gains is driven by intellect, communication, and adaptability. You may accumulate wealth through industries such as writing, media, technology, or education, where your ability to communicate ideas clearly and multitask proves invaluable. Social networks and friendships can be instrumental in your financial success, and you tend to thrive in environments where flexibility and quick thinking are required to stay ahead in an ever-evolving world.

Mercury in the Houses (Ruler of Gemini)

Mercury in the 1st House: Financial success comes from your personal communication skills, fast thinking, and intellectual pursuits. For example, you may achieve wealth as a public speaker, teacher, or writer, where your ability to express yourself clearly and think on your feet directly contributes to your success.

Mercury in the 2nd House: Wealth is generated through intellectual work, business, or trade, especially in fields involving communication or technology. You might find financial success by managing a tech startup, working in sales, or running a communications-based business, such as publishing or e-commerce.

Mercury in the 3rd House: Profits are tied to communication, writing, journalism, or short-distance travel. You could earn money as a journalist, blogger, or in public relations, using your communication skills to promote products, services, or ideas.

Mercury in the 4th House: You may gain wealth through real estate, family businesses, or intellectual work done from home. For example, running an online business, freelancing, or writing from home could be highly profitable. There is also potential for success in educational ventures related to real estate or family enterprises.

Mercury in the 5th House: Wealth can be accumulated through creative pursuits, entertainment, or speculative investments. You might succeed financially by writing screenplays, managing creative projects, or working in the entertainment industry. This placement also suggests potential gains from stock market investments or other speculative ventures.

Mercury in the 6th House: Profits come from service-oriented industries, health, or work involving communication or technology. For instance, you might find financial success working as a healthcare administrator, medical transcriptionist, or by managing digital solutions in the healthcare sector.

Mercury in the 7th House: Financial gains are often linked to partnerships, both personal and business, and intellectual collaborations. You may benefit by working with a business partner in legal, consulting, or writing fields. Marriage or partnerships in these industries may also bring financial advantages.

Mercury in the 8th House: Wealth is earned through joint ventures, inheritances, or industries that focus on transformation and finance. You might thrive in managing other people’s money, such as in financial planning or investments, or profit through publishing books on psychology or the occult.

Mercury in the 9th House: Profits come from teaching, law, travel, or publishing, especially on international platforms. For example, you might gain wealth by working as a professor, lawyer, or writer, particularly if your work involves education, international law, or travel blogging.

Mercury in the 10th House: Wealth is tied to career achievements, public speaking, or intellectual endeavors. You could succeed financially as a high-profile journalist, politician, or public speaker, where your communication skills and intellectual abilities propel your career forward.

Mercury in the 11th House: Gains are linked to social networks, technology, or large organizations, particularly those involving communication. You might profit by managing online platforms, social media businesses, or through connections with tech companies, where your ability to network and communicate pays off financially.

Mercury in the 12th House: Financial success comes from behind-the-scenes work, foreign ventures, or intellectual and spiritual pursuits. You might earn through research, spiritual writing, or working in foreign lands as a consultant or writer, especially on topics related to international affairs or spiritual matters.

𝐂𝐚𝐧𝐜𝐞𝐫 𝟏𝟏𝐭𝐡 𝐇𝐨𝐮𝐬𝐞

With Cancer ruling your eleventh house, your approach to financial gains is deeply influenced by emotional connections, nurturing relationships, and home-related ventures. You are likely to accumulate wealth through businesses that promote comfort, security, or caregiving, such as hospitality, food, real estate, or childcare. Your social networks and friendships often play a crucial role in your financial success, providing both emotional support and practical assistance.

Moon in the Houses (Ruler of Cancer)

Moon in the 1st House: Your financial gains are tied to self-driven efforts and emotional expression. For example, you might succeed by becoming a public figure in nurturing roles, such as a therapist, chef, or lifestyle coach, where you can connect with others through your emotions and personal brand.

Moon in the 2nd House: Wealth comes from a strong desire for financial security and possibly from family resources. You might accumulate wealth through real estate investments, family-run businesses, or careers related to food, home goods, or caregiving, such as owning a family restaurant or working in childcare.

Moon in the 3rd House: Profits arise through communication, media, or relationships within your local community. You might earn by writing about family, home life, or food, or through local ventures like running a café or bakery. Short-distance travel or involvement in local businesses can also bring financial success.

Moon in the 4th House: Gains are connected to family, real estate, or home-based businesses. You may profit from buying and selling properties, managing rentals, or running a business from home, such as interior design, home decor, or even a bed-and-breakfast.

Moon in the 5th House: Wealth comes from creative endeavors, children, or emotionally fulfilling projects. You could find financial success by working on projects related to children, such as writing children’s books or running a daycare. Speculative ventures, particularly those that resonate with family values, could also prove profitable.

Moon in the 6th House: Financial success is tied to service-oriented professions, health, or caregiving roles. You might earn money by working in healthcare, nutrition, or any field that involves caring for others, such as being a nurse, dietitian, or personal caregiver.

Moon in the 7th House: Wealth comes through partnerships, marriage, or collaborative ventures. You may benefit from a business partnership or marriage, particularly in caregiving or hospitality-related industries, such as real estate, family-owned businesses, or ventures focused on comfort and security.

Moon in the 8th House: Financial gains may come from inheritances, shared resources, or transformative industries. You could inherit family wealth or benefit from joint ventures in industries like psychology, emotional healing, or those dealing with death and transformation, such as funeral services.

Moon in the 9th House: Wealth arises from higher education, travel, or teaching in nurturing roles. You might profit from teaching caregiving or hospitality-related subjects, or by working in real estate or hospitality abroad. Writing or publishing on family, home, or caregiving topics can also bring financial rewards.

Moon in the 10th House: Your financial success is closely tied to career achievements in caregiving or public service roles. You might excel in public careers related to healthcare, food, or hospitality, such as managing a chain of hotels or leading a family business in the food or service industry.

Moon in the 11th House: Financial gains come through social networks, community involvement, or large organizations focused on caregiving and emotional well-being. You could profit by working in healthcare, social work, or community welfare organizations, or by leveraging supportive friendships and networks to create financial opportunities.

Moon in the 12th House: Profits are earned through behind-the-scenes work, foreign ventures, or roles involving emotional and spiritual healing. You might gain wealth by working in hospitals, spiritual retreats, or through caregiving roles in secluded settings like a hospice. Overseas ventures related to caregiving, or spiritual services, may also bring financial success.

𝐋𝐞𝐨 𝟏𝟏𝐭𝐡 𝐇𝐨𝐮𝐬𝐞

With Leo ruling your eleventh house, you pursue financial gains with a sense of confidence, creativity, and a desire for recognition. Leadership roles, creative ventures, and public visibility are likely to be avenues for accumulating wealth. Your social networks can significantly influence your success, particularly when they involve influential or creative individuals. Your drive to express your individuality and stand out pushes you toward financial success, especially in areas where you can shine and take on prominent roles.

Sun in the Houses (Ruler of Leo)

Sun in the 1st House: Financial gains come through personal charisma, leadership, and self-promotion. You might achieve wealth by being the face of a business, becoming a public figure, or stepping into leadership roles where your confidence and presence attract opportunities—such as becoming an entrepreneur, actor, or leader in a visible field.

Sun in the 2nd House: Wealth is earned through personal assets, financial management, and a focus on material security. You could profit from investments in luxury goods, art, or jewelry, or by taking leadership roles in industries related to wealth management or high-end markets. Your focus on stability and value makes you financially successful.

Sun in the 3rd House: Profits arise through communication, media, and entrepreneurial ventures involving short-distance travel or education. You might gain wealth by working in media, public speaking, or by leading a business that focuses on writing, marketing, or teaching.

Sun in the 4th House: Wealth comes through real estate, family businesses, or home-related industries. You may accumulate wealth by managing property, working in real estate, or profiting from family enterprises. This placement also favors ventures focused on luxury home environments, such as interior design or property development.

Sun in the 5th House: Your financial success comes from creative endeavors, entertainment, or speculative investments. You could thrive in careers involving acting, performing, or creating luxury goods. Additionally, speculative markets like stocks or investments in industries related to children, education, or entertainment could lead to wealth.

Sun in the 6th House: Wealth is gained through service-oriented professions, health industries, or leadership in daily work routines. You might find financial success by managing teams in healthcare, leading service industries, or excelling in high-profile positions that involve helping others, such as fitness or wellness management.

Sun in the 7th House: Gains come through partnerships, marriage, or collaborative business ventures. You may accumulate wealth through a significant partnership, whether in marriage or business, especially in high-profile fields like law, entertainment, or public relations. Taking a leadership role in joint ventures can also be a path to financial success.

Sun in the 8th House: Wealth may come from joint ventures, inheritances, or transformative industries. You could gain financially through family inheritance or by working in fields such as psychology, investments, or life-transition industries like insurance, counseling, or financial planning.

Sun in the 9th House: Profits arise from teaching, travel, law, or publishing, particularly in high-profile or international roles. You may gain wealth as a well-known educator, lawyer, or author. Opportunities in travel or working within global industries, such as luxury tourism or international business, can also lead to financial success.

Sun in the 10th House: Financial success is linked to career achievements, leadership roles, and public authority. You could become wealthy by taking on leadership positions in large corporations, government, or entertainment industries. Public recognition and respect for your work often translate into financial rewards.

Sun in the 11th House: Wealth comes from social networks, large organizations, or technology. You could profit from networking with influential individuals or working in large corporations or tech-based industries. This placement is ideal for standing out and taking leadership roles in media, technology, or large organizations.

Sun in the 12th House: Financial gains are achieved through behind-the-scenes work, foreign ventures, or spiritual and creative pursuits. You might build wealth by working in secluded settings such as hospitals, spiritual retreats, or foreign countries. Creative projects related to introspection, art, or spirituality can also be sources of financial success.

𝐕𝐢𝐫𝐠𝐨 𝟏𝟏𝐭𝐡 𝐇𝐨𝐮𝐬𝐞

With Virgo ruling your eleventh house, your approach to financial gains is practical, detail-oriented, and focused on efficiency. You are likely to accumulate wealth through work related to service, health, research, or intellectual pursuits. Success comes from refining systems, improving processes, and maintaining a methodical approach to your goals. Your social networks tend to be composed of hardworking, dedicated individuals who share your values. Your ability to analyze, organize, and solve problems ensures steady and sustainable financial growth over time.

Mercury in the Houses (ruler of Virgo)

Mercury in the 1st House: Financial gains come through your intelligence, communication skills, and self-promotion. For example, you might find success by using your analytical mind and problem-solving abilities in fields like consulting, writing, or teaching, where you can establish yourself as an expert.

Mercury in the 2nd House: Wealth is earned through intellectual work, business, or fields involving communication. You may thrive in careers such as accounting, bookkeeping, or managing small businesses, where attention to detail and financial management skills are crucial to your success.

Mercury in the 3rd House: Profits arise from writing, media, communication, or local businesses. You could earn by working as a journalist, editor, or teacher, or through running a local business. Communication-based work, such as starting a blog focused on health, wellness, or practical advice, may also be profitable.

Mercury in the 4th House: Gains are linked to home-based businesses, family enterprises, or real estate. You might succeed by running a family business, working from home as a consultant, or investing in property. This placement also favors careers in home improvement services or real estate management.

Mercury in the 5th House: Wealth comes from creative projects, education, or speculative ventures. You could achieve financial success by working in children's education, teaching, or coaching. Alternatively, you might profit from creative writing or speculative investments like the stock market or gambling.

Mercury in the 6th House: Profits are earned through health-related fields, service-oriented work, or administrative roles. You could find financial success by working in healthcare management, as a nutritionist, or in wellness-related industries, where your organizational skills and attention to detail are vital assets.

Mercury in the 7th House: Wealth comes through partnerships, collaborations, or legal work. You may benefit from working with a business partner on intellectual ventures, writing contracts, or consulting in fields like mediation, counseling, or legal advice.

Mercury in the 8th House: Financial gains are tied to joint ventures, investments, or transformative industries. You might earn through financial planning, investment management, or by working in research, psychology, or therapeutic industries that focus on personal or financial transformation.

Mercury in the 9th House: Profits arise from teaching, travel, law, or publishing. You might find success in education, international business, or travel-related industries, such as becoming a travel blogger. Writing or publishing, especially on academic or philosophical topics, can also lead to wealth.

Mercury in the 10th House: Wealth is linked to career achievements in intellectual or communication-driven roles. You could thrive in high-level administrative positions, corporate communication roles, or as an expert consultant in your chosen field, where your intellect and organizational abilities shine.

Mercury in the 11th House: Gains come from social networks, technology, or large organizations. You might profit from working in tech, analytics, or science-based industries, or by leveraging a large network of business or intellectual connections to create financial opportunities.

Mercury in the 12th House: Financial success comes from behind-the-scenes work, foreign ventures, or research. You could earn by working in secluded environments like hospitals or research institutions, or through intellectual pursuits abroad, such as becoming a translator, international consultant, or academic researcher.

𝐋𝐢𝐛𝐫𝐚 𝟏𝟏𝐭𝐡 𝐇𝐨𝐮𝐬𝐞

With Libra ruling your eleventh house, your approach to financial gains is driven by balance, harmony, and social relationships. You may accumulate wealth through collaborations, partnerships, and connections in fields related to beauty, art, law, or diplomacy. Your friendships and social networks are essential to your financial success, often helping you form important alliances. Creating peace and harmony in group settings or within partnerships is likely to open doors for lucrative opportunities.

Venus in the Houses (ruler of Libra)

Venus in the 1st House: Financial gains come through your personal charm, appearance, and social appeal. For instance, you might succeed in industries like fashion, beauty, or public relations, where your ability to present yourself in an attractive and harmonious manner brings lucrative opportunities.

Venus in the 2nd House: Wealth is earned through luxury goods, aesthetics, or careful financial management. You might thrive by working in the fashion industry, running a high-end boutique, or managing a jewelry business. Your appreciation for beauty and material comfort will likely guide you toward financial success.

Venus in the 3rd House: Profits arise through communication, media, or education, especially in artistic fields. You could gain financially by writing about beauty, fashion, or relationships, or by working in advertising, public relations, or media. Your ability to communicate artistic or aesthetic ideas effectively leads to financial gains.

Venus in the 4th House: Gains come from real estate, family businesses, or ventures related to home and beauty. You might profit from interior design, property management, or home-based beauty services. Family wealth or engaging in industries that enhance comfort and beauty within domestic spaces can also contribute to your financial success.

Venus in the 5th House: Wealth is generated through creative endeavors, entertainment, or speculative ventures. You might succeed in the arts, acting, or through performing. Additionally, investments in luxury or fashion-related industries may bring financial rewards. Romantic partnerships or ventures involving children could also be lucrative.

Venus in the 6th House: Profits come from service-oriented work, health, or beauty industries. You may earn by working in wellness, fashion, or beauty services, such as being a beautician, personal stylist, or running a health spa. Your ability to create harmonious environments in the workplace will further boost your income.

Venus in the 7th House: Gains come through partnerships, marriage, or legal work. You might profit from a marriage or business partnership, especially in beauty, law, or fashion. Collaborative ventures in fields like wedding planning, relationship counseling, or law could lead to significant financial gains.

Venus in the 8th House: Wealth comes from inheritances, joint ventures, or industries focused on transformation. You might gain through shared resources, marriage, or by working in financial planning or psychology. Joint investments, luxury services, or industries like cosmetic surgery could also lead to financial success.

Venus in the 9th House: Profits arise from teaching, travel, law, or publishing, particularly in areas related to beauty or relationships. You might earn money by teaching or writing about relationships, law, or artistic topics. Businesses involving luxury travel or beauty tourism may also be highly profitable.

Venus in the 10th House: Wealth comes from career achievements in the public sphere, particularly in beauty, law, or the arts. You could thrive by holding a prominent position in the fashion or beauty industry, or as a public figure in law, diplomacy, or entertainment. Public recognition for your work in aesthetic fields will likely lead to financial success.

Venus in the 11th House: Gains come through social networks, large organizations, or technology, particularly in fields related to beauty or luxury. You might profit by working in fashion technology, social media marketing, or through influential friends in high-end sectors. Networking with creative professionals can introduce lucrative opportunities.

Venus in the 12th House: Financial success comes from behind-the-scenes work, foreign lands, or spiritual and artistic endeavors. You might earn wealth by working in luxury hotels, wellness retreats, or through charitable work that promotes beauty and harmony. Artistic projects in secluded environments or abroad could also bring financial rewards.

𝐒𝐜𝐨𝐫𝐩𝐢𝐨 𝟏𝟏𝐭𝐡 𝐇𝐨𝐮𝐬𝐞

With Scorpio ruling the eleventh house, your approach to financial gains is strategic, intense, and often transformative. You tend to accumulate wealth through deep emotional relationships, joint ventures, or industries tied to finance, psychology, and transformation. Your social networks are likely to include powerful and influential individuals, and you may leverage these connections to access hidden resources or manage shared assets. Your determination and ability to navigate complex situations help you achieve long-term financial success.

Mars in the Houses (ruler of Scorpio)

Mars in the 1st House: Financial gains come through your personal drive, ambition, and assertive actions. You may accumulate wealth by starting your own business, taking on leadership roles, or working in high-energy fields like sports, fitness, or entrepreneurship, where quick decision-making and initiative are key.

Mars in the 2nd House: Wealth is earned through physical assets, assertive financial management, or industries tied to material goods. You might gain by investing in real estate, working in property management, or industries related to construction or metals. Your proactive approach to financial matters ensures solid material growth.

Mars in the 3rd House: Profits arise from communication, writing, or media-related ventures. You might build wealth by working in journalism, marketing, or running a media company. Quick thinking and direct communication are your assets, and industries like sales or short-term travel can also lead to financial success.

Mars in the 4th House: Financial success comes through real estate, family inheritances, or home-based businesses. You might accumulate wealth by investing in property, renovating homes, or managing a family business. Ventures related to real estate or home improvements, such as house flipping, can prove highly profitable.

Mars in the 5th House: Wealth comes from creative ventures, speculative investments, or entertainment industries. You could succeed as an actor, director, or in any creative field, especially those involving risk, like the stock market or cryptocurrency. Your willingness to take calculated risks could lead to significant financial rewards.

Mars in the 6th House: Profits come from service-oriented professions, health fields, or competitive industries. You may achieve financial success in healthcare as a surgeon or physical trainer, or by excelling in competitive environments like law, the military, or corporate sectors. Your perseverance and work ethic lead to consistent financial gains.

Mars in the 7th House: Financial gains are tied to partnerships, alliances, or marriage. You might profit from a strategic business partnership in fields like law, finance, or consulting. Alternatively, wealth may come through marriage, particularly if your partner works in a high-energy or competitive industry.

Mars in the 8th House: Wealth comes from joint ventures, inheritances, or industries focused on transformation. You could build financial success by managing other people’s resources in roles like investment banking, financial planning, or insurance. Inheritance or working in fields like psychology, healing, or transformative services could also bring wealth.

Mars in the 9th House: Profits arise from teaching, law, international business, or travel-related industries. You might gain by working as a professor, lawyer, or through international business ventures. Travel, foreign investments, or industries like adventure tourism or higher education can also be financially rewarding.

Mars in the 10th House: Wealth is tied to career achievements, public recognition, and leadership roles. You may achieve financial success by leading large organizations or taking on prominent roles in competitive fields like finance, military, or government. Your ambition and determination push you toward the top, where financial rewards follow.

Mars in the 11th House: Gains come through social networks, large organizations, or collective ventures. You might profit by working in technology, finance, or large-scale enterprises. Your ability to network within influential circles and lead group initiatives opens up significant financial opportunities.

Mars in the 12th House: Financial success comes from behind-the-scenes work, foreign investments, or industries related to healing and spirituality. You could build wealth by working in hospitals, prisons, or spiritual retreats. Investments abroad or in transformative fields, such as therapy or hidden resources, could also be lucrative.

𝐒𝐚𝐠𝐢𝐭𝐭𝐚𝐫𝐢𝐮𝐬 𝟏𝟏𝐭𝐡 𝐇𝐨𝐮𝐬𝐞

With Sagittarius ruling your eleventh house, your approach to financial gains is characterized by expansiveness, optimism, and a focus on growth, higher learning, and adventure. Wealth may come from teaching, international business, publishing, law, or travel-related endeavors. Your social circles are broad and diverse, often including individuals from various cultural and intellectual backgrounds. Financial success is likely to come by embracing opportunities that involve exploration, education, or philosophical pursuits, allowing you to expand your horizons.

Jupiter in the Houses (ruler of Sagittarius)

Jupiter in the 1st House: Gains come through personal charisma, leadership, and an optimistic outlook. Example: You could achieve wealth as a teacher, motivational speaker, or entrepreneur, where your confidence and expansive nature draw financial opportunities. Your leadership abilities and ability to inspire others help you attract success.

Jupiter in the 2nd House: Wealth is earned through investments, teaching, or industries tied to higher learning and travel. Example: You might accumulate wealth through international trade, real estate investments abroad, or by working in education, such as owning language schools or cultural institutions. Your ability to manage resources with a long-term perspective is key to your success.

Jupiter in the 3rd House: Profits arise from communication, writing, media, or short-distance travel, often connected to educational or philosophical topics. Example: You could earn by publishing books on travel, education, or philosophy, or by working in media that promotes intellectual growth. Local teaching ventures, educational tours, or creating content that inspires learning may also bring wealth.

Jupiter in the 4th House: Gains come from real estate, family businesses, or educational ventures related to the home. Example: You might profit from real estate investments, especially in culturally significant properties, or by running a family business involving education, such as homeschooling consulting or online educational programs.

Jupiter in the 5th House: Wealth is derived from creative pursuits, teaching, or speculative investments in educational or intellectual ventures. Example: You could build wealth by running educational programs for children, teaching creative subjects, or investing in entertainment or intellectual property. Your ability to inspire others through your creativity often leads to financial rewards.

Jupiter in the 6th House: Profits come through service industries, health, or teaching, particularly in educational or travel-related fields. Example: You might earn by teaching at universities, managing educational institutions, or working in healthcare sectors with an emphasis on wellness and travel, such as retreats or international health services.

Jupiter in the 7th House: Gains come through partnerships, collaborations, or legal work, especially in international or educational fields. Example: You could profit from a business or legal partnership that deals with international law, education, or foreign investments. Collaborative ventures that focus on growth, expansion, and global reach lead to significant financial success.

Jupiter in the 8th House: Wealth comes from joint ventures, inheritances, or transformation-based industries like finance or psychology. Example: You might gain financially through shared resources, investments, or inheritances. Working in transformative fields, such as financial planning, educational funding, or psychological counseling, could also bring wealth.

Jupiter in the 9th House: Profits arise from teaching, law, travel, or publishing, particularly in global or philosophical fields. Example: You might earn wealth as a professor, lawyer, or travel consultant. International business ventures, such as starting an educational travel company or publishing books on philosophy, could lead to significant financial success.

Jupiter in the 10th House: Wealth is tied to career achievements, public leadership, and authority in fields related to education, law, or travel. Example: You could gain wealth through high-profile roles in education, law, or as a public figure in global initiatives. Leadership in international business or educational reform could result in substantial financial rewards.

Jupiter in the 11th House: Gains come through social networks, large organizations, or technology, especially in education or travel. Example: You might profit by working with large educational or travel organizations, or by networking in intellectual and global circles. Involvement in global educational programs or travel technology startups could bring financial success.

Jupiter in the 12th House: Profits come from behind-the-scenes work, foreign lands, or spiritual and intellectual pursuits. Example: You might gain wealth by working in spiritual retreats, universities abroad, or industries related to foreign investments or educational ventures. Teaching or consulting in secluded or spiritual environments can also be lucrative, particularly in roles that focus on personal growth or spirituality.

𝐂𝐚𝐩𝐫𝐢𝐜𝐨𝐫𝐧 𝟏𝟏𝐭𝐡 𝐇𝐨𝐮𝐬𝐞

With Capricorn ruling your eleventh house, you take a disciplined, methodical approach to achieving financial gains, often focusing on long-term planning, hard work, and responsibility. Financial success may come through structured industries like business, government, real estate, or leadership roles. Your social networks are likely to include influential or authoritative figures, and you may achieve wealth by aligning yourself with institutions or steadily advancing within your chosen field. You are driven by the desire for stability, and your success often stems from careful, strategic efforts.

Saturn in the Houses (ruler of Capricorn)

Saturn in the 1st House: Financial gains come through personal discipline, leadership, and perseverance. Example: You might achieve wealth by taking on leadership roles where your reputation and hard work are essential. Becoming a CEO or rising in a field that values responsibility and structure could lead to long-term financial success.

Saturn in the 2nd House: Wealth is earned through careful financial planning, savings, and long-term investments. Example: You may accumulate wealth through cautious investments in real estate or by working in finance, accountancy, or banking. Your disciplined approach to managing money ensures steady financial rewards over time.

Saturn in the 3rd House: Profits arise from communication, writing, or media ventures that require discipline and long-term effort. Example: You might earn by working in publishing, journalism, or technical writing. Success in these fields comes from years of consistent effort and attention to detail, with financial rewards building slowly over time.

Saturn in the 4th House: Gains come through real estate, family businesses, or property-related investments. Example: You could profit by investing in real estate or managing family assets. Building wealth through property or home-based businesses, with a focus on long-term growth, can lead to financial security.

Saturn in the 5th House: Wealth is generated through creative endeavors, speculative investments, or education-related ventures. Example: You might earn by working in industries like film production, education management, or through long-term investments in stocks or real estate. Your structured approach to creative projects or speculative ventures ensures sustainable financial growth.

Saturn in the 6th House: Profits come from service-oriented industries, health, or disciplined work routines. Example: You may gain wealth by working in healthcare management, legal services, or in careers where service, structure, and discipline are essential, such as HR or law enforcement. Consistent work in these fields can lead to long-term financial success.

Saturn in the 7th House: Financial gains come through partnerships, business alliances, or legal work, often developed over time. Example: You could profit from long-term business partnerships or legal agreements in structured fields like law, real estate, or corporate business. Marrying a successful partner in a traditional field might also bring financial benefits.

Saturn in the 8th House: Wealth comes through joint ventures, inheritances, or managing shared resources. Example: You may achieve financial success by managing other people’s money or assets, working in fields like banking, finance, or insurance. Carefully handling joint ventures or family inheritances can also lead to long-term wealth.

Saturn in the 9th House: Profits arise from teaching, law, publishing, or international business, especially in structured fields. Example: You could earn wealth by building a career in academia, law, or international trade. Long-term involvement in publishing or large educational institutions, such as universities or think tanks, can also bring financial success.

Saturn in the 10th House: Wealth comes from career achievements, leadership roles, and authority in large organizations. Example: You may achieve financial success by steadily climbing the corporate ladder or taking leadership roles in business, government, or large institutions. Your dedication to long-term career goals brings substantial financial rewards.

Saturn in the 11th House: Financial gains come through social networks, large organizations, or collective efforts, often tied to responsibility and long-term planning. Example: You could profit by working in industries like technology or finance, where your network connects you to influential individuals and organizations. Building wealth through large companies, NGOs, or group ventures focused on long-term goals is a viable path.

Saturn in the 12th House: Wealth comes from behind-the-scenes work, foreign lands, or industries related to healing and institutions. Example: You might gain wealth by working in hospitals, prisons, or charitable organizations, particularly in roles that require discipline and structure. Long-term investments abroad or work in secluded environments may also bring financial success.

𝐀𝐪𝐮𝐚𝐫𝐢𝐮𝐬 𝟏𝟏𝐭𝐡 𝐇𝐨𝐮𝐬𝐞

With Aquarius ruling your eleventh house, your approach to financial gains is innovative, forward-thinking, and often tied to collective efforts, large organizations, or social causes. You are likely to accumulate wealth through long-term planning in industries such as technology, social reform, or intellectual pursuits. Your social networks, friendships, and collaborations are key to your financial success, and you may benefit from working within groups or organizations that focus on future growth or humanitarian efforts.

Saturn in the Houses (ruler of Aquarius)

Saturn in the 1st House: Financial gains come through personal discipline, leadership, and a structured approach to self-development. Example: You might achieve wealth by assuming leadership roles in technology, science, or social reform, where steady, long-term effort and responsibility are rewarded. Your ability to remain methodical and patient leads to financial success in these fields.

Saturn in the 2nd House: Wealth is accumulated through careful financial planning, long-term investments, and a conservative approach to resources. Example: You could gain wealth through disciplined investments in real estate, technology, or infrastructure. A patient approach to saving and building resources slowly will lead to significant financial stability over time.

Saturn in the 3rd House: Profits arise from communication, media, or tech-related industries that require perseverance and long-term effort. Example: You might earn by working in journalism, media production, or education, particularly in technical or innovative subjects. Careers in writing, teaching, or media focused on technology or social progress could lead to financial rewards after years of hard work.

Saturn in the 4th House: Gains come from real estate, family businesses, or property management, emphasizing long-term stability. Example: You could profit from managing family properties, investing in real estate, or working in property management or construction. Your disciplined and structured approach to building assets will create long-term financial stability through real estate.

Saturn in the 5th House: Wealth comes from creative endeavors, speculative investments, or education, achieved through slow and disciplined effort. Example: You may find financial success in structured creative fields, such as directing films, or by making well-researched investments in stocks or real estate. Your methodical approach to speculative ventures pays off in the long run.

Saturn in the 6th House: Profits come from service-oriented professions, health, or routine work, particularly in tech or efficiency-driven industries. Example: You could earn by managing teams in healthcare or technology, or by working in fields like IT or engineering. Your disciplined approach to work and service ensures financial stability, especially in industries focused on innovation and progress.

Saturn in the 7th House: Gains come through partnerships, business alliances, or legal work, particularly in tech, law, or structured industries. Example: You might gain wealth through a business partnership in fields like technology, law, or social reform. Long-term collaborations or marrying a partner in a structured industry may also bring financial benefits.

Saturn in the 8th House: Wealth comes from joint ventures, inheritances, or managing shared resources. Example: You may accumulate wealth by managing other people’s money, such as in banking, finance, or insurance. Careful and long-term planning in joint financial ventures or through inheritances can lead to financial success.

Saturn in the 9th House: Profits arise from teaching, law, travel, or publishing, particularly in intellectual or technology-related fields. Example: You could earn wealth as a professor, lawyer, or through publishing work related to science, technology, or social structures. Long-term ventures in international business or higher education will also lead to financial success.

Saturn in the 10th House: Wealth is tied to career achievements in leadership roles, especially in large organizations or government. Example: You might achieve financial success by rising to leadership positions in large corporations, tech companies, or governmental institutions. Your disciplined and steady approach to career advancement ensures significant rewards over time.

Saturn in the 11th House: Gains come from social networks, large organizations, or collective ventures, especially those focused on innovation or social progress. Example: You might profit from working with large organizations or humanitarian groups, or by leveraging your connections with influential people in tech or social causes. Long-term involvement in collective projects will bring financial stability and success.

Saturn in the 12th House: Profits come through behind-the-scenes work, foreign lands, or industries related to healing or institutional work. Example: You may gain wealth by working in hospitals, prisons, or charitable organizations, particularly in administrative or managerial roles. Long-term investments in foreign markets or work abroad in institutional settings can also lead to financial success.

𝐏𝐢𝐬𝐜𝐞𝐬 𝟏𝟏𝐭𝐡 𝐇𝐨𝐮𝐬𝐞

With Pisces ruling your eleventh house, your approach to financial gains is intuitive, creative, and often tied to spiritual or imaginative endeavors. You may find success in artistic ventures, healing professions, or charitable work, and industries related to water, spirituality, or creativity may also be sources of wealth. You tend to follow your inner vision, and your empathetic and spiritually inclined social networks can help guide you toward success. Your wealth is likely to be linked to your ability to dream big and connect with higher ideals.

Jupiter in the Houses (ruler of Pisces)

Jupiter in the 1st House: Financial gains come through personal growth, optimism, and leadership in creative or spiritual fields. Example: You might achieve wealth through public speaking, coaching, or becoming a spiritual leader. Your expansive personality and ability to inspire others can open up financial opportunities in creative or spiritual ventures.

Jupiter in the 2nd House: Wealth is earned through investments, teaching, or industries related to spirituality, healing, or creativity. Example: You could gain financially by working in wellness, holistic health, or education, with investments in art, music, or spiritual projects providing long-term financial rewards.

Jupiter in the 3rd House: Profits arise from communication, writing, or media ventures with a focus on creative or spiritual themes. Example: You may earn by writing books on spirituality or creativity, or by running a blog, podcast, or media platform that explores healing, the arts, or personal growth.

Jupiter in the 4th House: Gains come from real estate, family businesses, or ventures related to spirituality or healing at home. Example: You might profit from running a spiritual retreat, yoga studio, or investing in peaceful real estate that promotes healing and well-being. Holistic home businesses could also bring financial success.

Jupiter in the 5th House: Wealth is derived from creative endeavors, entertainment, or speculative investments, especially in the arts or spiritual education. Example: You could succeed financially by working in entertainment, acting, or teaching creative arts. Investments in artistic or spiritual ventures, such as music, film, or alternative education, may also be rewarding.

Jupiter in the 6th House: Profits come through service-oriented professions, health, or routine work, especially in healing, spiritual, or creative fields. Example: You may gain wealth by working as a healer, counselor, or wellness practitioner. Managing spiritual retreats, health clinics, or creative workspaces could bring steady financial growth over time.

Jupiter in the 7th House: Gains are achieved through partnerships, collaborations, or legal work, particularly in spiritual, creative, or healing industries. Example: You could profit from collaborating with a partner in a spiritual business or healing center. A marriage or partnership with someone in these fields might also bring financial success through shared ventures.

Jupiter in the 8th House: Wealth comes through joint ventures, inheritances, or industries related to finance, psychology, or spiritual transformation. Example: You could accumulate wealth by managing other people’s money or working in investment banking, or by running a business focused on psychology, healing, or esoteric practices. Inheritances or shared resources may also play a significant role in your financial success.

Jupiter in the 9th House: Profits arise from teaching, law, travel, or publishing, particularly in spiritual or creative fields. Example: You might earn wealth as a professor of spirituality or philosophy, or by writing and publishing books on creativity, personal growth, or spiritual topics. International work or teaching in foreign countries could also bring financial success.

Jupiter in the 10th House: Wealth comes from career achievements in leadership roles related to spirituality, creativity, or healing professions. Example: You may gain wealth by becoming a spiritual leader, motivational speaker, or public figure in the arts. Running a successful business or organization in healing, creativity, or spirituality can lead to long-term financial success.

Jupiter in the 11th House: Gains come through social networks, large organizations, or collective ventures involving spirituality, creativity, or humanitarian work. Example: You might profit from working with charitable organizations, creative collectives, or spiritual groups. Networking with individuals in the arts, healing, or spiritual communities will open up financial opportunities for you.

Jupiter in the 12th House: Profits come from behind-the-scenes work, foreign lands, or industries related to spirituality, healing, or charitable work. Example: You could gain wealth by working in hospitals, spiritual retreats, or other healing institutions, or through international work related to healing and spirituality. Long-term involvement in charitable work or esoteric fields could bring significant financial rewards.

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mostlysignssomeportents · 5 months ago

Text

The reason you can’t buy a car is the same reason that your health insurer let hackers dox you

On July 14, I'm giving the closing keynote for the fifteenth HACKERS ON PLANET EARTH, in QUEENS, NY. Happy Bastille Day! On July 20, I'm appearing in CHICAGO at Exile in Bookville.

In 2017, Equifax suffered the worst data-breach in world history, leaking the deep, nonconsensual dossiers it had compiled on 148m Americans and 15m Britons, (and 19k Canadians) into the world, to form an immortal, undeletable reservoir of kompromat and premade identity-theft kits:

https://en.wikipedia.org/wiki/2017_Equifax_data_breach

Equifax knew the breach was coming. It wasn't just that their top execs liquidated their stock in Equifax before the announcement of the breach – it was also that they ignored years of increasingly urgent warnings from IT staff about the problems with their server security.

Things didn't improve after the breach. Indeed, the 2017 Equifax breach was the starting gun for a string of more breaches, because Equifax's servers didn't just have one fubared system – it was composed of pure, refined fubar. After one group of hackers breached the main Equifax system, other groups breached other Equifax systems, over and over, and over:

https://finance.yahoo.com/news/equifax-password-username-admin-lawsuit-201118316.html

Doesn't this remind you of Boeing? It reminds me of Boeing. The spectacular 737 Max failures in 2018 weren't the end of the scandal. They weren't even the scandal's start – they were the tipping point, the moment in which a long history of lethally defective planes "breached" from the world of aviation wonks and into the wider public consciousness:

https://en.wikipedia.org/wiki/List_of_accidents_and_incidents_involving_the_Boeing_737

Just like with Equifax, the 737 Max disasters tipped Boeing into a string of increasingly grim catastrophes. Each fresh disaster landed with the grim inevitability of your general contractor texting you that he's just opened up your ceiling and discovered that all your joists had rotted out – and that he won't be able to deal with that until he deals with the termites he found last week, and that they'll have to wait until he gets to the cracks in the foundation slab from the week before, and that those will have to wait until he gets to the asbestos he just discovered in the walls.

Drip, drip, drip, as you realize that the most expensive thing you own – which is also the thing you had hoped to shelter for the rest of your life – isn't even a teardown, it's just a pure liability. Even if you razed the structure, you couldn't start over, because the soil is full of PCBs. It's not a toxic asset, because it's not an asset. It's just toxic.

Equifax isn't just a company: it's infrastructure. It started out as an engine for racial, political and sexual discrimination, paying snoops to collect gossip from nosy neighbors, which was assembled into vast warehouses full of binders that told bank officers which loan applicants should be denied for being queer, or leftists, or, you know, Black:

https://jacobin.com/2017/09/equifax-retail-credit-company-discrimination-loans

This witch-hunts-as-a-service morphed into an official part of the economy, the backbone of the credit industry, with a license to secretly destroy your life with haphazardly assembled "facts" about your life that you had the most minimal, grudging right to appeal (or even see). Turns out there are a lot of customers for this kind of service, and the capital markets showered Equifax with the cash needed to buy almost all of its rivals, in mergers that were waved through by a generation of Reaganomics-sedated antitrust regulators.

There's a direct line from that acquisition spree to the Equifax breach(es). First of all, companies like Equifax were early adopters of technology. They're a database company, so they were the crash-test dummies for ever generation of database. These bug-riddled, heavily patched systems were overlaid with subsequent layers of new tech, with new defects to be patched and then overlaid with the next generation.

These systems are intrinsically fragile, because things fall apart at the seams, and these systems are all seams. They are tech-debt personified. Now, every kind of enterprise will eventually reach this state if it keeps going long enough, but the early digitizers are the bow-wave of that coming infopocalypse, both because they got there first and because the bottom tiers of their systems are composed of layers of punchcards and COBOL, crumbling under the geological stresses of seventy years of subsequent technology.

The single best account of this phenomenon is the British Library's postmortem of their ransomware attack, which is also in the running for "best hard-eyed assessment of how fucked things are":

https://www.bl.uk/home/british-library-cyber-incident-review-8-march-2024.pdf

There's a reason libraries, cities, insurance companies, and other giant institutions keep getting breached: they started accumulating tech debt before anyone else, so they've got more asbestos in the walls, more sagging joists, more foundation cracks and more termites.

That was the starting point for Equifax – a company with a massive tech debt that it would struggle to pay down under the most ideal circumstances.

Then, Equifax deliberately made this situation infinitely worse through a series of mergers in which it bought dozens of other companies that all had their own version of this problem, and duct-taped their failing, fucked up IT systems to its own. The more seams an IT system has, the more brittle and insecure it is. Equifax deliberately added so many seams that you need to be able to visualized additional spatial dimensions to grasp them – they had fractal seams.

But wait, there's more! The reason to merge with your competitors is to create a monopoly position, and the value of a monopoly position is that it makes a company too big to fail, which makes it too big to jail, which makes it too big to care. Each Equifax acquisition took a piece off the game board, making it that much harder to replace Equifax if it fucked up. That, in turn, made it harder to punish Equifax if it fucked up. And that meant that Equifax didn't have to care if it fucked up.

Which is why the increasingly desperate pleas for more resources to shore up Equifax's crumbling IT and security infrastructure went unheeded. Top management could see that they were steaming directly into an iceberg, but they also knew that they had a guaranteed spot on the lifeboats, and that someone else would be responsible for fishing the dead passengers out of the sea. Why turn the wheel?

That's what happened to Boeing, too: the company acquired new layers of technical complexity by merging with rivals (principally McDonnell-Douglas), and then starved the departments that would have to deal with that complexity because it was being managed by execs whose driving passion was to run a company that was too big to care. Those execs then added more complexity by chasing lower costs by firing unionized, competent, senior staff and replacing them with untrained scabs in jurisdictions chosen for their lax labor and environmental enforcement regimes.

(The biggest difference was that Boeing once had a useful, high-quality product, whereas Equifax started off as an irredeemably terrible, if efficient, discrimination machine, and grew to become an equally terrible, but also ferociously incompetent, enterprise.)

This is the American story of the past four decades: accumulate tech debt, merge to monopoly, exponentially compound your tech debt by combining barely functional IT systems. Every corporate behemoth is locked in a race between the eventual discovery of its irreparable structural defects and its ability to become so enmeshed in our lives that we have to assume the costs of fixing those defects. It's a contest between "too rotten to stand" and "too big to care."

Remember last February, when we all discovered that there was a company called Change Healthcare, and that they were key to processing virtually every prescription filled in America? Remember how we discovered this? Change was hacked, went down, ransomed, and no one could fill a scrip in America for more than a week, until they paid the hackers $22m in Bitcoin?

https://en.wikipedia.org/wiki/2024_Change_Healthcare_ransomware_attack

How did we end up with Change Healthcare as the linchpin of the entire American prescription system? Well, first Unitedhealthcare became the largest health insurer in America by buying all its competitors in a series of mergers that comatose antitrust regulators failed to block. Then it combined all those other companies' IT systems into a cosmic-scale dog's breakfast that barely ran. Then it bought Change and used its monopoly power to ensure that every Rx ran through Change's servers, which were part of that asbestos-filled, termite-infested, crack-foundationed, sag-joisted teardown. Then, it got hacked.

United's execs are the kind of execs on a relentless quest to be too big to care, and so they don't care. Which is why their they had to subsequently announce that they had suffered a breach that turned the complete medical histories of one third of Americans into immortal Darknet kompromat that is – even now – being combined with breach data from Equifax and force-fed to the slaves in Cambodia and Laos's pig-butchering factories:

https://www.cnn.com/2024/05/01/politics/data-stolen-healthcare-hack/index.html

Those slaves are beaten, tortured, and punitively raped in compounds to force them to drain the life's savings of everyone in Canada, Australia, Singapore, the UK and Europe. Remember that they are downstream of the forseeable, inevitable IT failures of companies that set out to be too big to care that this was going to happen.

Failures like Ticketmaster's, which flushed 500 million users' personal information into the identity-theft mills just last month. Ticketmaster, you'll recall, grew to its current scale through (you guessed it), a series of mergers en route to "too big to care" status, that resulted in its IT systems being combined with those of Ticketron, Live Nation, and dozens of others:

https://www.nytimes.com/2024/05/31/business/ticketmaster-hack-data-breach.html

But enough about that. Let's go car-shopping!

Good luck with that. There's a company you've never heard. It's called CDK Global. They provide "dealer management software." They are a monopolist. They got that way after being bought by a private equity fund called Brookfield. You can't complete a car purchase without their systems, and their systems have been hacked. No one can buy a car:

https://www.cnn.com/2024/06/27/business/cdk-global-cyber-attack-update/index.html

Writing for his BIG newsletter, Matt Stoller tells the all-too-familiar story of how CDK Global filled the walls of the nation's auto-dealers with the IT equivalent of termites and asbestos, and lays the blame where it belongs: with a legal and economics establishment that wanted it this way:

https://www.thebignewsletter.com/p/a-supreme-court-justice-is-why-you

The CDK story follows the Equifax/Boeing/Change Healthcare/Ticketmaster pattern, but with an important difference. As CDK was amassing its monopoly power, one of its execs, Dan McCray, told a competitor, Authenticom founder Steve Cottrell that if he didn't sell to CDK that he would "fucking destroy" Authenticom by illegally colluding with the number two dealer management company Reynolds.

Rather than selling out, Cottrell blew the whistle, using Cottrell's own words to convince a district court that CDK had violated antitrust law. The court agreed, and ordered CDK and Reynolds – who controlled 90% of the market – to continue to allow Authenticom to participate in the DMS market.

Dealers cheered this on: CDK/Reynolds had been steadily hiking prices, while ingesting dealer data and using it to gouge the dealers on additional services, while denying dealers access to their own data. The services that Authenticom provided for $35/month cost $735/month from CDK/Reynolds (they justified this price hike by saying they needed the additional funds to cover the costs of increased information security!).

CDK/Reynolds appealed the judgment to the 7th Circuit, where a panel of economists weighed in. As Stoller writes, this panel included monopoly's most notorious (and well-compensated) cheerleader, Frank Easterbrook, and the "legendary" Democrat Diane Wood. They argued for CDK/Reynolds, demanding that the court release them from their obligations to share the market with Authenticom:

https://caselaw.findlaw.com/court/us-7th-circuit/1879150.html

The 7th Circuit bought the argument, overturning the lower court and paving the way for the CDK/Reynolds monopoly, which is how we ended up with one company's objectively shitty IT systems interwoven into the sale of every car, which meant that when Russian hackers looked at that crosseyed, it split wide open, allowing them to halt auto sales nationwide. What happens next is a near-certainty: CDK will pay a multimillion dollar ransom, and the hackers will reward them by breaching the personal details of everyone who's ever bought a car, and the slaves in Cambodian pig-butchering compounds will get a fresh supply of kompromat.

But on the plus side, the need to pay these huge ransoms is key to ensuring liquidity in the cryptocurrency markets, because ransoms are now the only nondiscretionary liability that can only be settled in crypto:

https://locusmag.com/2022/09/cory-doctorow-moneylike/

When the 7th Circuit set up every American car owner to be pig-butchered, they cited one of the most important cases in antitrust history: the 2004 unanimous Supreme Court decision in Verizon v Trinko:

https://www.oyez.org/cases/2003/02-682

Trinko was a case about whether antitrust law could force Verizon, a telcoms monopolist, to share its lines with competitors, something it had been ordered to do and then cheated on. The decision was written by Antonin Scalia, and without it, Big Tech would never have been able to form. Scalia and Trinko gave us the modern, too-big-to-care versions of Google, Meta, Apple, Microsoft and the other tech baronies.

In his Trinko opinion, Scalia said that "possessing monopoly power" and "charging monopoly prices" was "not unlawful" – rather, it was "an important element of the free-market system." Scalia – writing on behalf of a unanimous court! – said that fighting monopolists "may lessen the incentive for the monopolist…to invest in those economically beneficial facilities."

In other words, in order to prevent monopolists from being too big to care, we have to let them have monopolies. No wonder Trinko is the Zelig of shitty antitrust rulings, from the decision to dismiss the antitrust case against Facebook and Apple's defense in its own ongoing case:

https://www.ftc.gov/system/files/documents/cases/073_2021.06.28_mtd_order_memo.pdf

Trinko is the origin node of too big to care. It's the reason that our whole economy is now composed of "infrastructure" that is made of splitting seams, asbestos, termites and dry rot. It's the reason that the entire automotive sector became dependent on companies like Reynolds, whose billionaire owner intentionally and illegally destroyed evidence of his company's crimes, before going on to commit the largest tax fraud in American history:

https://www.wsj.com/articles/billionaire-robert-brockman-accused-of-biggest-tax-fraud-in-u-s-history-dies-at-81-11660226505

Trinko begs companies to become too big to care. It ensures that they will exponentially increase their IT debt while becoming structurally important to whole swathes of the US economy. It guarantees that they will underinvest in IT security. It is the soil in which pig butchering grew.

It's why you can't buy a car.

Now, I am fond of quoting Stein's Law at moments like this: "anything that can't go on forever will eventually stop." As Stoller writes, after two decades of unchallenged rule, Trinko is looking awfully shaky. It was substantially narrowed in 2023 by the 10th Circuit, which had been briefed by Biden's antitrust division:

https://law.justia.com/cases/federal/appellate-courts/ca10/22-1164/22-1164-2023-08-21.html

And the cases of 2024 have something going for them that Trinko lacked in 2004: evidence of what a fucking disaster Trinko is. The wrongness of Trinko is so increasingly undeniable that there's a chance it will be overturned.

But it won't go down easy. As Stoller writes, Trinko didn't emerge from a vacuum: the economic theories that underpinned it come from some of the heroes of orthodox economics, like Joseph Schumpeter, who is positively worshipped. Schumpeter was antitrust's OG hater, who wrote extensively that antitrust law didn't need to exist because any harmful monopoly would be overturned by an inevitable market process dictated by iron laws of economics.

Schumpeter wrote that monopolies could only be sustained by "alertness and energy" – that there would never be a monopoly so secure that its owner became too big to care. But he went further, insisting that the promise of attaining a monopoly was key to investment in great new things, because monopolists had the economic power that let them plan and execute great feats of innovation.

The idea that monopolies are benevolent dictators has pervaded our economic tale for decades. Even today, critics who deplore Facebook and Google do so on the basis that they do not wield their power wisely (say, to stamp out harassment or disinformation). When confronted with the possibility of breaking up these companies or replacing them with smaller platforms, those critics recoil, insisting that without Big Tech's scale, no one will ever have the power to accomplish their goals:

https://pluralistic.net/2023/07/18/urban-wildlife-interface/#combustible-walled-gardens

But they misunderstand the relationship between corporate power and corporate conduct. The reason corporations accumulate power is so that they can be insulated from the consequences of the harms they wreak upon the rest of us. They don't inflict those harms out of sadism: rather, they do so in order to externalize the costs of running a good system, reaping the profits of scale while we pay its costs.

The only reason to accumulate corporate power is to grow too big to care. Any corporation that amasses enough power that it need not care about us will not care about it. You can't fix Facebook by replacing Zuck with a good unelected social media czar with total power over billions of peoples' lives. We need to abolish Zuck, not fix Zuck.

Zuck is not exceptional: there were a million sociopaths whom investors would have funded to monopolistic dominance if he had balked. A monopoly like Facebook has a Zuck-shaped hole at the top of its org chart, and only someone Zuck-shaped will ever fit through that hole.

Our whole economy is now composed of companies with sociopath-shaped holes at the tops of their org chart. The reason these companies can only be run by sociopaths is the same reason that they have become infrastructure that is crumbling due to sociopathic neglect. The reckless disregard for the risk of combining companies is the source of the market power these companies accumulated, and the market power let them neglect their systems to the point of collapse.

This is the system that Schumpeter, and Easterbrook, and Wood, and Scalia – and the entire Supreme Court of 2004 – set out to make. The fact that you can't buy a car is a feature, not a bug. The pig-butcherers, wallowing in an ocean of breach data, are a feature, not a bug. The point of the system was what it did: create unimaginable wealth for a tiny cohort of the worst people on Earth without regard to the collapse this would provoke, or the plight of those of us trapped and suffocating in the rubble.

Support me this summer on the Clarion Write-A-Thon and help raise money for the Clarion Science Fiction and Fantasy Writers' Workshop!

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/06/28/dealer-management-software/#antonin-scalia-stole-your-car

Image: Cryteria (modified) https://commons.wikimedia.org/wiki/File:HAL9000.svg

CC BY 3.0 https://creativecommons.org/licenses/by/3.0/deed.en

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bitchesgetriches · 6 months ago

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Everything You Need to Know about How to Increase Your Income

Make more money at the job you have

One of the simplest ways to increase your income is to just make your current employer pay you more. But while it may be simple, it ain’t always easy.

Santa Isn’t Coming and Neither Is Your Promotion: How To Get Promoted

How I Chessmastered Myself Into a Promotion at Work

The First Time I Asked for a Raise

You Need To Ask for a Fucking Raise

Ask the Bitches: “Can I Quit With Unvested Funds? Or Am I Walking Away From Too Much Money?”

The Ultimate Guide to Growing Your Salary

Make more money at your next job

All that said, you’re statistically more likely to increase your income faster by job hopping! So if your current employer doesn’t want to pay you more, leave that sinking ship behind in pursuit of a higher salary.

Job Hopping vs. Career Loyalty by the Numbers

The Fascinating Results of Our Job Hopping vs. Career Loyalty Poll

How NOT to Determine Your Salary

When It Comes to Salary Negotiations, Are You Asking for Enough?

What To Do When You’re Asked About Your Salary Requirements in a Job Interview

If Your Employer Refuses To Negotiate Salary, Try These 11 Creative Counteroffers

Season 4, Episode 9: “I’m on the Wrong Career Path. How Do I Convince a New Industry To Take a Chance on Me?”

Invest your way to more money

Of course there are some who say the true path to wealth is passive income: when you stop working for your money and instead let your money work for you. And they’re not wrong! Here’s how we recommend you increase your income passively.

When Money in the Bank Is a Bad Thing: Understanding Inflation and Depreciation

Investing Deathmatch: Investing in the Stock Market vs. Just… Not

What’s the REAL Rate of Return on the Stock Market?

Dafuq Is a Retirement Plan and Why Do You Need One?

Procrastinating on Opening a Retirement Account? Here’s 3 Ways That’ll Fuck You Over.

Season 4, Episode 1: “Index Funds Include Unethical Companies. Can I Still Invest in Them, or Does That Make Me a Monster?”

Small Business Investing: A Kinder, Gentler Alternative to the Stock Market

The Dark Magic of Financial Horcruxes: How and Why to Diversify Your Assets

Make more money through side hustles

When it comes to side hustles, we have traditionally advocated caution. The last thing you want to do is burn out in pursuit of a second income stream. But with enough wits and fortitude, a side hustle could help you increase your income by leaps and bounds.

Romanticizing the Side Hustle: When 1 Job Isn’t Enough

Season 2, Episode 9: “I Use My Free Time to Volunteer. Should I Focus on Making Money Instead?”

Stop Undervaluing Your Freelance Work, You Darling Fool

Freelancer, Protect Thyself… With a Fair Contract

Season 4, Episode 10: “I’m a Freelance Artist. How Do I Price My Work Fairly Without Losing Clients?”

Ask the Bitches: My Boss Won’t Give Me a Contract and I’m Freaking Out

“Independent Contractor” My Ass: How to Stop Wage Theft Through Worker Misclassification

Becoming a Millennial Entrepreneur (In the Midst of a Pandemic) With Katelyn Magnuson

11 Awful Mistakes I Made as a Self-employed Freelancer, and How You Can Avoid Them

The Magic of Unclaimed Property: How I Made $1,900 in 10 Minutes by Being a Disorganized Mess

I Am a Craigslist Samurai and so Can You: How to Sell Used Stuff Online

What to do when you make more money

Once you increase your income, you might find yourself… not quite bored, but finding you have a little more bandwidth to handle the stuff that matters. It can be a jarring transition! Here are our thoughts on the matter.

Season 3, Episode 7: “I’m Finished With the Basic Shit. What Are the Advanced Financial Steps That Only Rich People Know?”

Season 3, Episode 4: “The More Money I Save, the More I’m Scared To Lose It. Can I Break the Cycle of Financial Anxiety?”

How to Avoid Lifestyle Inflation … and When to Embrace It

Ask the Bitches: I Know How to Struggle and Fight, but I Don’t Know How to Succeed

Update: I Know How to Struggle and Fight, but I Don’t Know How to Succeed

The FIRE Movement, Explained

I Was Happy to Marry a Poor Man. Then Things Changed.

I Have Become the Rich Relative I Always Wanted

Believing in Miracles: A Conversation with Chris Dane Owens on Money, Creativity, and Self-Funding Art

I Now Make More Money Than My Husband, and It’s Great for Our Marriage

Season 2, Episode 1: “I’m Financially Stable, but My Friends Aren’t. The Guilt Is Crushing!”

The Resignation Checklist: 25 Sneaky Ways To Bleed Your Employer Dry Before Quitting

Advocate for systemic change

We don’t endorse an attitude of “I got mine.” So once you increase your income, there are lots of ways to use your newfound financial breathing room for good! Lift as you climb, my friend. Here are a few ways to do so:

Wallet Activism: Using Your Money for Good with Author Tanja Hester

Woke at Work: How to Inject Your Values into Your Boring, Lame-Ass Job

Raising the Minimum Wage Would Make All Our Lives Better

Post a Salary Range in the Job Description, You Fucking Cowards

1 Easy Way All Allies Can Help Close the Gender and Racial Pay Gap

The Truth About Unions: What Has Organized Labor Done for You?

How To Support a Labor Strike with 3 Simple Steps

Everything in moderation

One last thing, my lambs: don’t crush your spirit while chasing the goal of a higher income. Working hard is hard work. If you find these tactics are leaving you exhausted and demoralized, you might be on the road to burnout. And that road leads nowhere good!

That’s why we just released our glorious new Burnout Workshop. Click the button below to take a peek!

Get the Burnout Workshop Here!

#income #salary #getting a raise #make more money #personal finance

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zvaigzdelasas · 1 year ago

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The Communist Party’s main theoretical journal has laid out a new ideological framework for the financial system that emphasizes the primacy of China’s top leader and Marxist principles. [...]

The Communist Party issued a detailed ideological statement on Friday in Qiushi, the party’s main official theoretical journal, that made clear that it expected banks, pension funds, insurers and other financial organizations in China to follow Marxist principles [...]

The Qiushi paper, which was being closely studied by bankers and economists in China, could cut against efforts by Beijing to show that the economy is open to investment even as it places a heavier hand on business.

Barry Naughton, an economist at the University of California at San Diego who has long studied China’s transition to a market economy, said that the document signaled that the finance sector would be subject to ever-tighter oversight and forced to serve government policies more actively.

“The financial sector will not be expected to push for market-oriented reforms or even necessarily maximize profit,” he said. “As a program for the financial sector, it is ambitious, disappointing and somewhat ominous.”[...]

“Politics will for sure further dictate China’s finance, effectively moving China even closer to how it was before the reforms started in 1978,” said Chen Zhiwu, a finance professor at the University of Hong Kong.

Some of the policy targets set forth in the essay would not be unusual as regulatory goals in the West. For example, it calls for banks to emphasize financial services for the “real economy,” which the party has long interpreted to include ample financing for the country’s industrial base.

But it also calls for a strong role in finance for [...] Marxist ideology generally. That follows a pattern that emerged for other sectors during the national congress of China’s Communist Party a year ago, but has been less apparent in finance �� until now. [...]

Moody’s, the credit rating agency, announced on Tuesday that it was lowering its credit outlook for the Chinese government to negative. It had previously assigned a stable outlook for the country’s credit rating, which remains at A1, near the top of the ratings scale. [...]

Qiushi is the main journal providing pronouncements on China’s current ideology, which is known as Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. The statement on Friday said that Mr. Xi’s speech to the financial conference, “is a valuable ideological crystallization formed by our party’s unremitting exploration of the path of financial development with Chinese characteristics.” [...]

“Politics affects all important areas, and economic or financial issues are themselves political issues,” he said. Indeed, Communist Party control over finance comes up repeatedly in the Qiushi statement. “We must unswervingly adhere to the centralized and unified leadership of the party Central Committee over financial work, uphold and strengthen the party’s overall leadership over financial work,” it said.

5 Dec 23

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gothhabiba · 1 year ago

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The immediate impact of the Israeli occupation was to exacerbate unemployment: service jobs for the Egyptian army and UN forces vanished, trade with Egypt halted, and the port was closed. Moreover, since the combined GNP of the West Bank and the Gaza Strip was only 2.6 percent of the Israeli GNP in 1967, they faced inevitable integration into the Israeli economy as the occuption continued. Furthermore, Israeli policies increased the Strip's dependency. These practices included permitting only certain Gaza products to be sold within Israel, flooding the Gaza market with Israeli goods, restructuring Gaza's agriculture, and encouraging Arab laborers to work in Israel.

The Balance and Composition of Trade. After only one year of occupation, 72 percent of Gaza's imports came from Israel; no imports were allowed from Egypt, and 1 percent of its imports came from Jordan (the balance came from Europe). This represented a dramatic shift, since all the prewar trade had been either directly with Egypt or with Europe and Asia through the Gaza port. [...]

A decade later the shift in trading patterns was even more pronounced. [...] 91 percent of imports came from Israel, and nothing was imported from Jordan or Egypt. [...] Dates, strawberries, and vegetables were also sold to Israel, and local industries engaged in subcontracting for Israeli firms.

Agriculture and industry were both hard hit by Israeli competition. Israeli eggs, poultry, and even vegetables sell at lower prices than local produce, and virtually all canned and bottled goods come from Israel. [...]

A 15 percent excise tax and soaring inflation erode the profits of merchants and factory owners. Gazans have no way to hedge against inflation, since the Israeli shekel is the only legal tender on the Strip.

Restructuring Agriculture. Israel has prevented farmers from exporting to Israel any items that compete with Israeli produce and has imposed restrictions on the planting of certain crops. As a result, the output of melons, onions, grapes, almonds, olives, and fish has decreased. Farmers need permits to plant trees and vegetables.

[...] The government has encouraged production of some specialized crops, such as strawberries and dates. Farmers in Beit Lahiya village say that they were ordered to grow strawberries and would otherwise have been prevented from using their land and well. These strawberries are marketed exclusively through Ashkelon port by the Israeli export firm Agrexco. No permits, however, have been given to farmers to plant such crops as mangoes and avocados, which are also grown in Israel.

Arab Labor in Israel. In 1970, 10 percent of the Gaza labor force was employed in Israel, but at present approximately 40 percent (35,000 persons) work there. This includes 25,000 workers who are registered with the official labor exchange and another 10,000 who work illegally. The high unemployment within the Strip and the fact that wages inside Israel were five times those in the Strip made such employment irresistible.

[...] Even those holding regular jobs face difficult conditions. For example, it is illegal for them to remain inside Israel from 1:00 a.m. to 5:00 a.m. But employers and workers collude in circumventing the law so that the workers will not have to spend several hours every day commuting. Farmers let laborers sleep in huts, abandoned buses, or even in the open under the orange trees. In town, workers jam into hostels, sleep on construction sites, or spread out on the floor in restaurants. There have been cases of disasters when workers locked into factories at night were unable to escape when fires broke out. [...]

The overall impact of Israeli economic policy is to turn the Gaza Strip into a large labor camp. The Strip is a source of cheap labor for Israel and its internal economic base is continually eroded.

– 1985. Ann M. Lesch, "Gaza: Forgotten Corner of Palestine." Journal of Palestine Studies 15.1, pp. 43-61. Emphasis mine.

#Palestine #Israel #Gaza #Gaza strip #food #readings #quote #Ann M. Lesch

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gacha-incels · 4 months ago

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you’re never going to have a real conversation about racism, colorism, misogyny, pedo-pandering etc in regards to gacha if you’re looking at one single game, especially a relatively new one. like anything, this will be a superficial look at these problems with no understanding of root causes. this has been most apparent when users will say “don’t play X gacha, play Y gacha instead.” these are industry-wide problems. you’re not doing anyone any favors pretending otherwise. I’m not saying this because I love or hate any of these games, I don’t really care, I’m not coming into conversations about this with the mindset of a “fan”. You need to objectively look at the function of these games in the society from which they come and the relation they have with their target market. Your frame of mind needs to be out of “fandom” mode to do this. You need to understand the target market these games try to reach and their reputation in their country of origin. The games are technically “free” - the consumer is not paying for the story, music, worldbuilding, etc. they are paying large amounts of money (for actual big spenders, thousands per month) to gamble for singular characters, so in turn these characters’ designs must reflect what the consumer most desires to an extreme extent- and this is of course informed by a lifetime’s worth of societal conditioning (media/advertising/gov/etc) and the prejudices that entails. essentially, because everything is banking on selling these characters, the designs are a direct reflection of the consumerbase who in turn are reflections of the society they’ve been conditioned by. they get shown what they want to see and expect to see what they get shown in what eventually becomes a feedback loop that enforces itself, this isn’t unique to gacha (though it’s extremely visible), you can see this happening in other forms of media as well. for something more benign, an example is in US media the eagle’s cry was replaced by the more dramatic sounding red tailed hawk because that’s what viewers expected it to sound like, and after seeing so much media where the eagle is associated with the hawk sound clip this falsity became reality to them through this “movie magic”. It doesn’t matter what reality is, it matters what the viewer’s perception of reality is. Power produces reality. media like this is used not so benignly. this is why good representation in media is fought for, there’s the ability to have a huge effect on a populace, also why “all art is political” it’s who greenlites it, who funds it, who hosts it, where is it shown, who sees it, etc this is all politics. all of this is related.

I would say the average gacha design/character doesn’t want to challenge anything but use the signifiers of contemporary stereotypes already rigidly in place to flatter the consumer’s already held beliefs- and typically it boils down to this is the “demure” (most often East Asian) girl who will fuck you, this is the “exotic” (most often generic fantasy SWANA-like stereotyped) girl who will fuck you, this is the “motherly” girl who will fuck you, this is the “little girl” who will fuck you, this is the “angry” girl that says she hates you but you still own, this is your “cool bro” who is designed to not make men feel uncomfortable. by doing this they are also entering the feedback loop of, for example, racial stereotyping, so this absolutely isn’t to say these designs are harmless.. one year thigh straps are in, one year bare feet are in, one year tech accessories are in, every year racism is in, every year misogyny is in. If you’re coming into this thinking a game like Genshin is leading the pack in any of these areas besides being an open world game and its UI you’re kidding yourself. There are thousands of these games, they’ve been coming out since like 2012 with Puzzle & Dragons, LL:SIF was huge on this website when Nozomi was the designated “thick” anime girl (plus ça change), FGO started in back 2015 and continues to reach new heights of pedophilic design and racism each day. The reason why you will sometimes see riskier design choices in music, NPCs, side stories, background design is that no one is paying to gamble for those things.

#gacha game #Genshin impact #mihoyo #fgo #hoyoverse #arknights

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sevault-canyon · 2 years ago

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ms appleton was nowhere close to having total control over soy sauce: perspectives on food and postwar japan

there's a popular post going around this month by @inneskeeper about how a single person changed japanese soy sauce forever. i've made my own post showing why this the story is incomplete and based on some factual inaccuracies, but i will be honest in saying that i would not be so engaged in responding to this post if it were not wrapped in a shockingly reductive narrative. i'll use this quote from op as a summary of the general idea they're trying to convey:

[...] I think that it is incredibly important that more people in the world are aware that leading into the Cold War, Japan was forcibly coerced into giving total power over a significant cultural touchstone/ingredient/way of life to a single foreigner who had a complete lack of respect for what shoyu is, even going so far as to say "I want to change Japan's taste preferences". I cannot imagine a more direct and blunt parallel to settler-colonialism mindset. I truly cannot. [link]

i will attempt give a larger view of that era and convey why this singular view is at best oversimplifying and at worst an incorrect projection of other trends upon what is an almost unique event in history.

note: i am not an academic historian; i will do my best to provide sources, but they will mostly be secondary.

i will use the three i's presented by prof. ian shapiro of yale, interests, institutions, and ideals, as lenses through which i will provide a more holistic view of the events at hand:

tl;dr:

the united states did not have uniform interests entering the cold war and the occupiers had a varying set of visions for japanese society and economy.

both the japanese public, the american occupation, and the japanese civil government had a more important goal: preventing hunger. japan was not coerced into handing over a tradition; it was suffering the consequences of its own colonial empire-building.

both countries were interested in building a healthy consumer economy, and ultimately the tastes of the public held most sway.

the idea of "a guy" being in charge of things has been a common theme in american foreign policy, but the idea that "the guy" was singularly responsible for massive change belies american perspectives and biases that often misrepresent the truth abroad.

i - ideals

i think this lens is maybe the most sympathetic to @inneskeeper's narrative: it makes sense that a settler-colonial nation with a deep root of anglo-protestant self-righteousness and evangelical tendencies would want to impose its vision of society upon a defeated foe. that said, it is not the only ideology at play in this situation, from both japan and the usa.

let's talk about main value the united states likes to impose upon foreign societies: democracy capitalism. i think what is interesting here is that this single word can have multiple interpretations in practice, and we can use this soy sauce story to look at the diversity in opinion of what capitalism means.

first, a capitalism tied to liberal ideals: a free and open market without monopolies as a promoter of egalitarianism. this concept was brought to japan by many of the administrators in the american occupation that have previously observed or enacted roosevelt's new deal in the aftermath of the great depression. [1, p.57-58; 2, p.98] we see a focus on trust-busting and a strong aversion to any significantly concentrated capital. pre-war japan was dominated by structures known as 財閥 zaibatsu, vertically integrated groups that are helmed by a family-controlled holding company owning a set of subsidiaries in banking and industry with interlocking stock ownership and directorship. the zaibatsu structures, emerging since the late edo and early meiji periods, have become inextricably linked to building the japanese imperial war machine (though somewhat forcibly). [3] on the american side, as a result, certain american elements viewed trust-busting as a way to democratize japan through the economy. [2, p.34; 4, p.19; 5, IV-2b] this included maj. gen. marquat, ms. appleton's boss at the ghq/scap economic and scientific section (ess). [4, p.31] japan's first postwar prime minister, shigeru yoshida, and his ministry of foreign affairs, seemed to agree with the deconcentration of capital. [4, p.20] this is not to say that the americans were particularly sympathetic, as gen. macarthur and others were quite convinced of the japanese population's inability to shed its feudal tendencies; rather, the americans found an opportunity to build a new liberal, democratic society to their liking. and yes, there was some punitive intent; the united states and allies did just finish fighting an 8-year-long war against an expanding empire. [4, p.30]

opposite the liberal view is the conservative, if not pragmatic, ideal of capitalism: as a bulwark against communism. japan was an industrialized nation with a developed economy, and as far as the looming cold war is involved, the united states wants both a healthy consumer economy and one that is integrated in the new world economy (i.e. one with american interests as stakeholders). [4, p.31-32, 44] if "deconcentration" of capital, as it was called by the occupiers, were to run its course, some americans (and lobbyists linked to japanese industry) feared that japanese society would be thrown into chaos, or worse, the rapprochement with the soviets under a socialist economy. [4, p.22, 32] the victors did initially break up many of the tightly-woven zaibatsu, but the overall health of the economy was eventually prioritized as a bulwark against communism, thus the number of zaibatsu slated for dismantling was reduced, and the main deconcentration proposal (FEC-230) was disavowed. [4, p. 32]

all this debate within the american occupation, plus some interjections from the japanese business community, about the nature of the rebuilding japanese market and economy was held from 1946 to 1948. this culminated in the "reverse course," in which cold war objectives won out in occupation policy, though the free market as a liberalizing principle was not discarded. [4, p.44-46] in the same space, there existed both a punitive drive to disperse the old japanese economic engine and a desire to build a new, genuinely local, consumer society as a protection against communism.

“Nothing will serve better to win the Japanese people over to a peaceful, democratic way of life than the discovery that it brings rewards in the way of better living and increasing economic security.” - col. r.m. cheseldine, u.s. war department [4, p.44]

it is important to distinguish this from the colonialist drive, which is to capture markets and resources for the sole benefit of the homeland.

in the context of soy sauce, the release by ghq/scap of american soybeans to japan was announced in 1948, after the reverse course has taken hold. [6, p.157] in addition, kikkoman was not even a zaibatsu, it was a company with roots in family ownership, vertically-integrated structures, and eventually found to engage in monopolistic practices, but was not of a large enough scale or diversification to qualify. [7, ch.3] the list of zaibatsu is actually quite limited. [wiki] all this meant that the anti-trust case brought against noda shōyu k.k. (kikkoman's predecessor) in 1954 in the tokyo high court is an entirely domestic affair (scap handed over power in 1949 and the position was abolished in 1952). [8, p.53] that said, the 1957 ruling against noda in noda shōyu k.k. v. japan fair trade commission (jftc) was the result of an aberrant and unfavourable reading of the act on prohibition of private monopolization and maintenance of fair trade, article 3; the act was passed in 1947, when scap was in power. [8, p.53] since article 3 is quite short ("an enterprise must not effect private monopolization or unreasonable restraint of trade."), it was open to wide interpretation, leading to the argument by the jftc that price-fixing as a leading player in an industry constituted monopolistic behaviour. [9] in that sense, we can see echoes of the debate around monopolies from the occupation era.

through the lens of ideals, we can see that in the periphery of this story, there is a friction between competing visions of capitalism in practice. in that sense, while it agrees that the usa had some desire to reshape a foreign country to its own ideals, it also shows how @inneskeeper's narrative unduly reduces the american occupation to a singular actor with singular motives, and one that is akin to colonial empires in other parts of history.

research questions:

did american attitudes towards monopolies affect the free distribution of semichemical fermentation methods? [6, p.160]

what direct links can we make between occupation-era attitudes towards monopolization and japanese governance regarding the food industry?

ii - institutions

from the point of view of institutions (i use the term loosely), it's a lot more apparent how the situation has a lot more factors flowing in many directions. i will largely focus on three structures: the japanese food industry, the allied victors, and the japanese civil government.

when discussing the food industry, it's important to note that this is what sustains the inhabitants of a place; while condiments are a trivial part of sustenance, the way it is made and its ebbs and flows and shed a lot of light onto the needs of people. japan, since the early 20th century, had been a country that could not sustain itself off the resources of its home islands. as a colonial empire, it relied on food imports from korea and taiwan, and in the 20s and 30s pursued the low-lying plains of manchuria (northeastern china). this reflects in its soybean consumption as well: japan consumed about 1 million tons of soy each year in the 1930s, and at least two-thirds of it was imported from the colonies or manchukuo (the puppet régime ruling machuria). [10] within what we now call the "home islands" of japan, hokkaido, the one remaining settler-colony of japan to this day, produces the most out of all regions. [11, p.4]

(time for some math: [10] states that about 949 000 tons of soy sauce was consumed in japan per year in the mid-1930s. a quick look at soy sauce recipes reveals that 1kg of soy produces about 4 litres (and assuming about 4kg due to density of water) of sauce. with the 4:1 ratio, we can therefore estimate that about 237 000 tons of soy was used per year to make sauce immediately before the war.)

the end of the japanese empire meant losing direct access to those production areas: manchuria was returned to china, and korea and taiwan were placed under various allied (usa, china, ussr) administrations. with japan needing to supply its troops over an ever-growing front line, caloric intake by the average japanese already dropped well below necessary levels for an adult by 1944. [12] by 1946, the defeated nation was at the brink of starvation. american analysis towards the end of wwii determined that soybean production in the home islands could not rise beyond its pre-war levels without sacrificing other land use. [11, p.5] in order to survive, the soy industry needed to replace about 70% of its sources in short order without encroaching upon other agricultural sectors necessary to sustain life. there was immense pressure.

regarding the allies: the japanese empire was largely carved up by three victors, china, the ussr, and the usa. the ussr, having been the least active in the defeat of japan, with its most important contribution being the verbal threat of invasion, was not actively threatening aside from the spectre of spreading communism (as mentioned in part i). china, on the other hand, regained the lands that produced much of the food japan was consuming. while the republic of china (ruled by the kmt) was still in power, it was able to continue supplying food to neighbouring nations. [14] however, civil war broke out between the kmt government and the communists almost immediately after the end of wwii. [13] 1948 saw active fighting in northern china, thus hampering any exports of food; the kmt régime collapsed and fled to taiwan in 1949, and the communist government stopped all trade with the western bloc at the outbreak of the korean war in 1950. [14] with china being unable to supply japan, there is only one remaining option for food imports: the usa. soybean imports in the usa was generally coordinated by the garioa program and through private trade. american exports of soybean to japan skyrocketed from 6000 tons in 1946 and 34600 tons in 1947 to 119500 tons (about 12% of pre-war consumption) in 1948, 152500 tons in 1949 (almost all imports to japan that year), and 305000 tons in 1950. [15, p.67, 69] japan itself likely produced between 300 000 and 450 000 tons of soybeans each year, which meant that in 1947-48 japan was consuming definitively less than two-thirds of its pre-war consumption. the soy industry as a whole, and certainly the soy sauce industry, was in a desperate state.

unlike the collapsed german and italian régimes, the japanese government retained a functioning structure after the rapid end to hostilities in the pacific theatre. [16, p.194] this meant that instead of being tasked with the groundwork of running a country, the allied powers had an existing civil government to administer directives and policies; the u.s. eighth army served as an enforcement and reporting arm of scap. [16, p.195-197] during the war, from 1939 to 1942, the imperial government instituted various food control laws that collected and distributed food from producers under a quota system. [17, p.221] such quotas, as as well as rationing, persisted in the immediate months after allied victory. however, with the surrender of japan, public confidence in the government plummeted, significantly hampering its ability to administer food. the average caloric value of rations in tokyo could only fulfill about a third of an adult's needs; hungry city-dwellers increasingly opted to buy on the black market (which had poached imperial military stock) or physically go to the countryside to acquire food directly from farmers outside of government rationing. [18, p.30-31; 19, p.835, 843] scap policy directed the japanese government to "reinstate" agricultural quotas, and in 1946, it issued the emergency imperial food ordinance which empowered government expropriation of food for the production quota and enforcement of such policies; the u.s. eighth army participated in enforcing the policy within the civil administration. [17; 18] the yoshida government,the first democratically elected administration in the new state of japan, was keenly aware of the necessity of food in rehabilitating japan, as well as the importance of competing against the black market in order to once again establish the rule of law. [18] as such, the tight government control of domestic food production lasted much longer than in other industries, causing pressure for "non-essential" segments like the seasoning industry.

(as an aside, in line with certain ideas discussed in part i, scap directed land reform which redistributed much of the arable land in japan, increasing productivity of land and eliminating the interest of large landowners thought to be threatening to democracy. [18])

as discussed in my previous post, chemical alternatives to fermented soy sauce have been developed since the early 20th century. [6] during the war, substitute methods (especially amino acid-based ones, e.g. hvp or mixed hvp-honjozo) replaced fermented honjozo* methods as resources became more scarce. [20]

*honjōzō (本醸造) means "genuinely fermented".

in early 1948, it was announced that 20 000 tons of soybean meal would be made available by the eroa fund for the purpose of making seasonings, to be allocated by ms appleton at ghq/scap. [14; 6, p.159] this amount is only about 10% of the soybean consumption of soy sauce manufacturers before the war. on the surface, for an industry marginalized by the need to stave off starvation and maintain social stability, securing the imported soybean meal can be seen as a life-or-death situation. however, given the wartime state of sauce production, the struggle to acquire the soybean meal is more akin to an attempt to return to fully soy-based fermentation methods. the invention of the semichemical #2 method which increased soy usage productivity and secured most of the soybean meal for the soy sauce industry can be seen as a faster intermediate step to return to traditional fermented methods used before the war. it's also important to note that over 80% of soy sauce in japan has returned to traditional honjozo production, and that large companies such as kikkoman and yamasa have attempted to return to honjozo methods as early as the late 1950s. [20]

from this point of view, it does not seem particularly apparent that a single administrator had the power to change an industry, but rather her decisions were the impetus for developments to happen within the domestic industry. ultimately, japan's soy sauce industry was suffering the consequences of its industrialization and the failure of its colonial experiment. in a wider view, we can see this as a detail in the friction between two imperial projects. (consider this: out of the major parties involved, japan, china, usa, ussr, and other minor players in the pacific war, gb, netherlands, france, all of them entered the 20th century with imperial projects.)

research questions:

are there japanese sources that can verify production and imports during the 1940s?

there was a soy sauce control corporation formed by the imperial government in 1942 (全国醤油統制株式会社) that dictated resource allocation and quotas for the soy sauce industry. it seemed to have only been dissolved in 1948. what was its role after the war and what relationship did it have with scap?

iii - interests

as for interests, i will limit its scope to answering "who materially benefits." the groups at play are generally the same as the previous part, so i will be brief in elaboration.

the most obvious interest is that of the japanese public: their main material benefit in the late 1940s is to be nourished enough to stay alive (see part ii). while soy sauce is an important part of japanese cuisine, as a condiment, it is a nutritionally trivial part of its diet. it is then understandable, that japanese society and scap would be willing to temporarily sacrifice an immediate return to traditional production in favour of methods that would leave more food for direct consumption.

the next interest to discuss is that of the soy sauce industry, and its desire to return to honjozo (traditionally fermented) production after a period of scarcity during and after the war. it is important to note that regarding the 20 000 tons of soybean meal to be allocated by scap in 1948, the competitor to the soy sauce industry for those resources is the amino acid industry (msg, etc.). [6, p.159] with soybeans hard to come by, the soy sauce industry would have been under immense pressure to aquire the soybean meal distributed as aid. with kikkoman's development of semichemical #2 method, the scap decisionmakers reconsidered an earlier uneven distribution of soybean meal in favour of the amino acid producers. [6, p.160] what resulted next was talk between representatives of the two competing industries, facilitated by the americans. [6, p.160] it is important that taste trials were conducted, with wide support for the new semi-chemical method by the polled public. [6, p.160] at every step of the decision-making process, japanese interests were consulted by scap.

it is also important to mention the "japan lobby" in washington a set of interest groups and lobbyists representing japanese business as to illustrate the bidirectionality of influence in postwar japan. [21] this group arose from the aftermath of the first zaibatsu dissolutions. some key achievements of their advocacy activities include the disavowal of the fec-230 policy proposal from the allied powers (against gen. macarthur's wishes!), and adding revisions to scap's economic deconcentration program. it is plausible that this lobbying set had influence with scap and washington regarding soy sauce, given the tight-knit nature of the japanese business class. that said, the direct link between the japan lobby and soy sauce, should it exist, necessitates further research.

i think it is necessary to analyze from the lens of interests @inneskeeper's claim of the united states occupation forcibly seizing and making changes to a traditional food industry. it is known that the united states seeks to build a strong consumer economy that is open to american investment and imports of american products. [18, p.40] given that the soybean meal managed by scap in 1948 was aid, it would've been in the american interest to support either industry, since they would both eventually rely on american imports once the period of scarcity ends (china would soon cease ot be a reliable exporter of food). there is nothing related to soy sauce that would've been against american interests, business or political, whereas food scarcity has been a real problem facing the japanese and allied administration. in this case, the chief american interest is to stabilize japan as a society against two perceived social enemies: communism on the left and a renewed militarism borne of resentment on the right. with the task of placating a hungry and defeated populace, producing large amounts of soy sauce that is palatable to the public using minimal aid material would be an interest in and of itself for the americans. i think it could be argued whether comments made by americans about how easily japanese tastes can be swayed are insensitive and out of line, but it is also true that the public had much more pressing needs than condiment purity.

@inneskeeper also mentioned the yakuza in some of their posts as a possible interest group involved. the informal economy grew to encompass all strata near the end of the war and immediately afterwards; most urbanites were forced to use the black market to stave off hunger. [19] the yakuza, mafia-like organizations that would operate somewhat openly in the decades before the war, entered the fray as groups that managed informal vendors. [22, p.632] racketeering became rampant in the years immediately after japanese surrender due to shortages and irregular flows of necessities such as food, but as the economy recovered entering the 1950s, the yakuza moved to more conventional underworld enterprises such as as gambling, prostitution, and nightlife. [22, 23] it also moved towards the underbelly of political life, becoming an actor in anti-left politics. [22] we know that the changes to soy sauce production happened in the small window between the end of the war and the earnest start of economic recovery, so it is possible that parties involved would have to deal with the yakuza as a necessary source of material. however, since their sights are set on the industries traditionally associated with the underworld, it would be a stretch to say that they had any real say in the proceedings of this development beyond being one additional obstacle to the soy sauce industry in acquiring ingredients. that said, using a singular product can be very useful as a window into how the yakuza may have coerced informal food distribution channels.

research questions:

what specific outcomes were agreed upon at the "shoda-ouchi conference" between the soy sauce and amino acid manufacturing industries? [6, p.160]

how did the japan lobby affect or facilitate changes in the soy sauce industry?

how did the yakuza affect the informal food economy?

iv - individuals

one thing that made the original story by @inneskeeper so appealing to the tumblr public is the proposition that a single person may have changed japanese soy sauce forever.

it bears repeating that major industrial changes (and i would challenge the categorization of this soy sauce happening as "major" in comparison to the general state of japan in the 1940s) are often the culmination of many small decisions from a wide set of actors. what is interesting about the idea of a singular "manipulator" is that it mirrors a common trope in american foreign policy: the idea of "our guy" (e.g. "our guy in afghanistan" [24, p.277], "our guy in panama" [25], etc.), that is, a singular handler for american interests in a foreign theatre of operations. in this case, since the country at hand is managed by an american occupation, "our guy" in the japanese soy sauce industry is an american, ms. blanche appleton. while american policy sometimes prefers to use this paradigm, it does not necessarily mean it works, not is the wishful american imagination correct when it comes to situations on the ground (see citations above). this trope may also possibly be borne of the oft-cited concept of "american individualism," a value that is as much a contradiction (how can a single person be free to change the world as they see fit, while also live in a world free from the will of others?) as it is a real part of american culture.

in the faulty narrative of ms. appleton, we also see a similar contradiction: how can a foreign woman who is allegedly willingly unfamiliar (as it turns out, probably not true [6, p.160]) with the native culture be in total control of an entire element of its cuisine? what is the meaning of "total power": did she personally decide taste profile of the condiment to her tastes, coerce various native parties to the will of the americans (what will?), or facilitate the solution to a complex resource distribution problem? in any case (except the fancifully implausible first case), what is the singular role of ms appleton? did power flow from her, or through her? perhaps a more interesting way to look at this problem is to ask what would have happened if someone else were in ms. appleton's place. would their personal influence be significant enough as to change the outcome? if so, what would have been the extent of the changes? (we can maybe look at the facilitation of the "shoda-ouchi conference" as one point. [6, p.160]) conversely, what would have remained the same as the various parties involved influenced the situation?

a more helpful view is to see the balance between the ideas, institutions, and interests behind each decision that would paint a more complete picture of this historical era. perhaps it is not as flashy to break down a chapter in culinary history as the convergence of multiple influences, but it is the one that does history most justice.

discussion questions

this is for the test

how significant was the dearth of food in late 1940s japan to this situation, and what similar adaptations of food cultures occurred in other post-wwii nations?

what factors from imperial japan, whether before the sino-japanese war or during the war, influenced this situation?

is there any part of this development that forshadows the economic rehabilitation and subsequent growth of japan in the latter half of the 20th century? if so, how?

what american attitudes were at play in this situation, and what japanese attitudes (if you're familiar) were involved as well?

what influence did china, as the originator of soy sauce, a major source of food in east asia, and a significant allied power, have on postwar japan and how did it influence the development of the japanese variants of soy sauce?

what was the influence of the japanese public's tastes?

bibliography:

apologies for the weird mix of ieee inline and mla bibliography formats, ieee works best with hypertext but doesnt make much sense for non-stem subjects.

Allinson, G. D. Japan's postwar history, Ithaca, NY: Cornell University Press, 2004. [link]

Moore, R. A., & D. L. Robinson. Partners for Democracy : Crafting the New Japanese State under MacArthur, Oxford, England: Oxford University Press, Incorporated, 2002. [avail. at libraries]

Okazaki, T. “The Japanese Firm Under the Wartime Planned Economy,” in The Japanese Firm: Sources of Competitive Strength, edited by M. Aoki and R. Dore, Oxford, England: Oxford University Press, 1994. [link, requires academic access]

Sugita, Y. Pitfall or panacea : the irony of US power in occupied Japan 1945-1952, New York: Routledge, 2003. [avail. at libraries]

State-War-Navy Coordinating Committee. United States Initial Post-Surrender Policy for Japan (SWNCC150/4), 1945. [link]

Oguri, T. "醤油製造技術の系統化調査 Development of Soy sauce Manufacturing Technologies" in 国立科学博物館技術の系統化調査報告, Tokyo: National Museum of Nature and Science, 2008. [link; translation of excerpts in an earlier post]

Fruin, W. M. The Japanese Enterprise System: Competitive Strategies and Cooperative Structures, Oxford, England: Oxford University Press, 1994. [link]

Haley, J. O. "Marketing and Antitrust in Japan" in Hastings Int'l & Comp.L. Rev. 51 Vol. 2 No. 1, San Francisco: UC Hastings Law, 1979. [link]

Japan, National Diet. Act on Prohibition of Private Monopolization and Maintenance of Fair Trade (Act No. 54 of April 14, 1947), Tokyo: National Diet, 14 Apr. 1947 [link]

Nakamura, H. "The Japanese Soybean Market" in Illinois Agricultural Economics Vol. 1, No. 2, Milwaukee, WI: Agricultural & Applied Economics Association, 1961. [link]

United States of America, Tariff Commission. Japanese trade studies : special industry analysis no. 13, Washington, DC: Government Printing Office, 1944-45. [link]

United States of America, Strategic Bombing Survey. Summary Report (Pacific War), Washington, DC: Government Printing Office, 1946. [link]

Crisis, Time, 1944. [link]

Hirano, M. "Using American Soybeans in the Japanese Economy" in The Soybean Digest Vol. 12 Iss. 11, Cleveland, OH: Penton, 1952. [link]

United States of America, Department of Agriculture, Foreign Agricultural Service. United States Farm Products In Foreign Trade, Statistical Bulletin No. 112, Washington, DC: U.S. Department of Agriculture, 1953. [link]

General Staff of Gen. D. MacArthur. Reports of General MacArthur - MacArthur in Japan: The Occupation: Military Phase Volume I Supplement, Washington, DC: Center for Military History, 1966, reprinted 1994. [link]

Smith, H.F. (Chief, Food Branch, Price and Distribution Division, ESS, SCAP) "Food Controls in Occupied Japan" in Agricultural History Vol. 23, No. 3, Durham, NC: Duke University Press, 1949 [link]

Fuchs, S. J. "Feeding the Japanese: Food policy, land reform, and Japan’s economic recovery" in Democracy in Occupied Japan: The U.S. Occupation and Japanese Politics and Society, edited by M. E. Caprio and Y. Sugita, New York: Routledge, 2007. [link]

Griffiths, O. "Need, Greed, and Protest in Japan's Black Market, 1938-1949" in Journal of Social History Vol. 35, No. 4, Oxford, England: Oxford University Press, 2002. [link]

Oya, Y. "みそ製造業の構造変化とその要因" in 食品経済研究第30号 (Bulletin of the Department of Food Economics, Nihon University), Tokyo: Nihon University, 2002. [link]

Schonberger, H. "The Japan Lobby in American Diplomacy, 1947-1952" in Pacific Historical Review Vol. 46, No. 3, Oakland, CA: University of California Press, 1977. [link]

Siniawer, E. M. "Befitting Bedfellows: Yakuza and the State in Modern Japan" in Journal of Social History Vol. 45, No. 3, The Hidden History of Crime, Corruption, and States, Oxford, England: Oxford University Press, 2012. [link]

Hill, P. B. E. The Japanese Mafia: Yakuza, Law, and the State, Oxford, England: Oxford University Press, 2003. [link]

Blaxland, J., M. Fielding, and T. Gellerfy, Niche Wars: Australia in Afghanistan and Iraq, 2001–2014, Canberra: ANU Press, 2020. [link]

Kornheiser, T. "Noriega Our Bountiful Nation" The Washington Post, Dec. 22, 1989. [link]

#the mysterious appearance of miss appleton #voice of the canyon

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vijukumar · 5 months ago

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Banking Market: Trends, Players, and Opportunities

The banking industry has been undergoing a significant transformation, driven by technological advancements, changing consumer preferences, and regulatory shifts. As a market research company, we have closely analyzed the trends, key players, and challenges shaping the banking market.

Market Size, Share, and Growth

The global banking market was valued at USD 5.9 trillion in 2022 and is expected to reach USD 7.8 trillion by 2027, growing at a compound annual growth rate (CAGR) of 5.8% during the forecast period. In the Asia-Pacific region, the banking market is projected to witness the highest growth, with a CAGR of 7.2% from 2022 to 2027. This growth is attributed to the rising middle-class population, increasing financial inclusion, and the adoption of digital banking services in countries like China, India, and Japan. The open banking market, a key segment within the banking industry, is also experiencing significant growth. The global open banking market was valued at USD 12.68 billion in 2022 and is expected to reach USD 43.15 billion by 2027, growing at a CAGR of 27.8% during the forecast period.

Market Trends

Digital Transformation: The banking industry is undergoing a digital transformation, with the increasing adoption of technologies such as mobile banking, artificial intelligence, and blockchain. Banks are investing in digital platforms and tools to enhance customer experience, improve operational efficiency, and mitigate risks.

Open Banking: The rise of open banking, driven by regulatory initiatives like the EU's PSD2 and the UK's Open Banking, is transforming the banking landscape. Open banking allows third-party providers to access customer data and offer innovative financial services, fostering collaboration and competition in the industry.

Personalization and Customization: Banks are focusing on providing personalized and customized services to their customers, leveraging data analytics and machine learning to understand individual preferences and offer tailored products and services.

Sustainability and ESG: The banking industry is increasingly incorporating environmental, social, and governance (ESG) principles into their operations and product offerings, responding to the growing demand for sustainable and socially responsible financial services.

Fintech Collaboration: Banks are partnering with fintech companies to leverage their innovative technologies and solutions, enabling them to stay competitive and meet the evolving needs of their customers.

Market Players

The banking market is dominated by several key players, including:

JPMorgan Chase & Co.: The largest bank in the United States, with a market share of approximately 10% in the global banking market.

Industrial and Commercial Bank of China (ICBC): The largest bank in the world by total assets, with a strong presence in the Asia-Pacific region.

Bank of America Corporation: One of the largest banking and financial services companies in the world, with a significant market share in the North American region.

China Construction Bank Corporation: The second-largest bank in China and a major player in the Asia-Pacific banking market.

Mitsubishi UFJ Financial Group (MUFG): A Japanese multinational banking and financial services company, with a strong presence in the Asia-Pacific region.

Market Challenges

Regulatory Compliance: Banks face increasing regulatory requirements, such as anti-money laundering (AML) and know-your-customer (KYC) regulations, which can be complex and time-consuming to implement.

Cybersecurity Threats: The banking industry is a prime target for cyber-attacks, and banks must invest heavily in cybersecurity measures to protect their customers' data and assets.

Legacy Systems and Infrastructure: Many banks operate on outdated legacy systems and infrastructure, which can hinder their ability to adapt to the rapidly changing digital landscape and meet the evolving needs of their customers.

Fintech Competition: The rise of fintech companies is disrupting the traditional banking industry, as they offer innovative and user-friendly financial services that can be more agile and responsive to customer needs.

Changing Customer Preferences: Customers are increasingly demanding more personalized, convenient, and digital-first banking experiences, which can be challenging for traditional banks to deliver.

Conclusion

The banking market is undergoing a significant transformation, driven by technological advancements, changing consumer preferences, and regulatory shifts. The industry is witnessing the rise of digital transformation, open banking, personalization, and sustainability, as well as the growing influence of fintech companies.

To remain competitive in this dynamic market, banks must adapt to these trends and address the challenges they face, such as regulatory compliance, cybersecurity threats, and legacy systems. By leveraging technology, fostering innovation, and prioritizing customer experience, banks can position themselves for success in the evolving banking landscape. As the market continues to evolve, we can expect to see further consolidation, collaboration, and innovation within the banking industry, as players strive to meet the changing needs of their customers and stay ahead of the curve.

#Open Banking Market #banking market size #banking sector research report #open banking market size #Mobile Banking Market #banking industry trends

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darkmaga-returns · 7 days ago

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The Democrats complained for MONTHS that the economy was the best ever - the BEST! But as we look across the global economy today, there's very real evidence that we're treading on thin ice. Beneath the surface of macroeconomic data lie unsettling signals pointing to a fragile and vulnerable economic landscape.from Eurodollar University

Job markets are cooling, consumer resilience is fading, and global demand is faltering in key sectors. Central banks, once steadfast on inflation control, are now cutting rates more aggressively than anticipated. Together, these indicators paint a picture of a world economy struggling to maintain stability, with potential downturns lurking in multiple directions. Below, we break down the key data points and industry insights that underscore this precarious economic moment.

Labor Market Weakness:

Declining Job Openings: Job openings tumbled by over 400,000 in September 2024 to 7.44 million, the lowest since January 2021. This signals weakening demand for workers.

Low Hiring Rate: While slightly up for three months, the hiring rate remains depressed at around 5.5 million in September 2024, far below healthier levels.

Declining Quits Rate: The quits rate fell to around 3 million, similar to 2015 levels, suggesting workers are hesitant to leave their jobs due to a perceived lack of opportunities.

Rising Layoffs: Layoffs and discharges rose above 1.8 million in September 2024, the highest since January 2023, signaling a potential uptrend in job losses.

Private Payroll Weakness: Private payrolls were under 100,000 in every month except September since May, even reaching close to zero in August (revised).

Weak October Payrolls: A meager increase of 12,000 jobs in October 2024, with private payrolls down 28,000.

Declining Hours Worked: The hours worked index has been flat for four months (since May 2024). The average workweek fell back to a cycle low of 34.2 hours.

Anecdotes:

Bartenders, waiters, and waitresses report declining tips, foot traffic, and overall lower restaurant sales. Some have had their hours cut despite base pay raises, forcing them to seek additional jobs.

Nissan cutting production of North American models by 30% due to lower sales and rising inventories. Similar struggles reported by Ford and Stellantis.

German auto parts maker Schaeffler AG cutting 4,700 jobs in Europe due to lower automotive production and general industrial weakness.

Expert Quotes:

Ryan Sweet (Oxford Economics): While a prior job openings increase was encouraging, he emphasizes the importance of consistent improvement and close monitoring of the quits and layoff rates.

Elizabeth Renter (NerdWallet): Observes that employers are hesitant to hire and workers are reluctant to leave their current jobs.

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mariacallous · 1 day ago

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Now that Donald Trump is returning to a second term as U.S. president, ascertaining the true state of Russia’s war economy is more important than ever. Trump’s advisors believe that Ukraine must settle for peace by whatever means necessary “to stop the killing.” Implicit in this argument is the view that Russia has the ability to��sustain the war for many years to come. On close examination of the evidence, however, the narrative that Russia has the resources to prevail if it so chooses does not hold.

The apparent resilience of the Russian economy has confounded many strategists who expected Western sanctions to paralyze Moscow’s war effort against Ukraine. Russia continues to export vast quantities of oil, gas, and other commodities—the result of sanctions evasion and loopholes deliberately designed by Western policymakers to keep Russian resources on world markets. So far, clever macroeconomic management, particularly by Russian Central Bank Governor Elvira Nabiullina, has enabled the Kremlin to keep the Russian financial system in relative health.

At first glance, the numbers look surprisingly strong. In 2023, GDP grew by 3.6 percent and is expected to rise by 3.9 percent in 2024. Unemployment has fallen from around 4.4 percent before the war to 2.4 percent in September. Moscow has expanded its armed forces and defense production, adding more than 500,000 workers to the defense industry, approximately 180,000 to the armed forces, and many thousands more to paramilitary and private military organizations. Russia has reportedly tripled its production of artillery shells to 3 million per year and is manufacturing glide bombs and drones at scale.

Despite these accomplishments, Russia’s war economy is heading toward an impasse. Signs that the official data masks severe economic strains brought on by both war and sanctions have become increasingly apparent. No matter how many workers it tries to shift to the defense industry, the Kremlin cannot expand production fast enough to replace weapons at the rate they are being lost on the battlefield. Already, about around half of all artillery shells used by Russia in Ukraine are from North Korean stocks. At some point in the second half of 2025, Russia will face severe shortages in several categories of weapons.

Perhaps foremost among Russia’s arms bottlenecks is its inability to replace large-caliber cannons. According to open-source researchers using video documentation, Russia has been losing more than 100 tanks and roughly 220 artillery pieces per month on average. Producing tank and artillery barrels requires rotary forges—massive pieces of engineering weighing 20 to 30 tons each—that can each produce only about 10 barrels a month. Russia only possesses two such forges.

In other words, Russia is losing around 320 tank and artillery cannon barrels a month and producing only 20. The Russian engineering industry lacks the skills to build rotary forges; in fact, the world market is dominated by a single Austrian company, GFM. Russia is unlikely to acquire more forges and increase its production rate, and neither North Korea nor Iran have significant stockpiles of suitable replacement barrels. Only a decision by China to provide barrels from its own stockpiles could stave off Russia’s barrel crisis.

To resupply its forces, Russia has been stripping tank and artillery barrels from the vast stockpiles it inherited from the Soviet Union. But these stockpiles have withered since the start of the war. Combining current rates of battlefield loss, recycling from stockpiles, and production, Russia looks set to run out of cannon barrels some time in 2025.

Russia is consuming other weapons, too, at rates far faster than its ability to produce them. Open-source researchers have counted the loss of at least 4,955 infantry fighting vehicles since the war’s onset, which comes out to an average of 155 per month. Russian defense contractors can produce an estimated 200 per year, or about 17 per month, to offset these losses. Likewise, even Russia’s expanded production of 3 million artillery shells per year pales in comparison to the various estimates for current consumption at the front. While those estimates are lower than the 12 million rounds Russian forces fired in 2022, they are much higher than what Russian industry can produce.

We do not know when Russia will hit the end of the road with each equipment type. But there is little the Kremlin can do little to stave off that day. With the Russian economy essentially at full employment, Russian defense companies now struggle to attract workers. To make matters worse, these companies are competing for the same personnel as the Russian armed forces, which need to recruit 30,000 fresh troops each month to replace casualties. To this end, the military is offering lavish signing bonuses and greatly increased pay. Defense producers, in turn, have had to increase wages fivefold, contributing to an inflation rate that reached 8.68 percent in October.

Paradoxically, the same factors that are converging to restrict Russia’s ability to wage war also mean that it cannot easily make peace.

Russia’s economic performance—marked by low unemployment and rising wages—is a product of military Keynesianism. In other words: Vast military expenditures, which are unsustainable in the long term, are artificially boosting employment and growth. Almost all the new jobs are related to the military and produce little of value to the civilian economy, where most sectors have great difficulty finding workers.

Defense spending has officially jumped to 7 percent of Russia’s GDP and is projected to consume more than 41 percent of the state budget next year. The true magnitude of military expenditures is significantly higher. Russia’s nearly 560,000 armed internal security troops, many of which have been deployed to occupied Ukraine, are funded outside the defense budget—as are the private military companies that have sprouted across Russia.

Paring back these massive defense expenditures, however, will inevitably produce an economic downturn. If the Kremlin draws down the armed forces to a sustainable level, large numbers of traumatized veterans and well-paid defense workers will find themselves redundant. The experience of other societies—in particular, European states after World War I—suggests that hordes of demobilized soldiers and jobless defense workers are a recipe for political instability.

The magnitude of the post-war Russian recession will be all the worse because Russia’s civilian economy—particularly small- and medium-sized firms—has shrunk due to the war. In a phenomenon familiar to economists, high defense expenditures have bid up salaries and attracted labor away from nondefense firms. The Russian Central Bank’s policy of raising interest rates, which currently stand at 21 percent, has made it much more difficult for nondefense companies to raise capital through loans. In post-war Russia, a shrunken civilian sector will not be able to absorb the soldiers and workers cast off by the military and defense sector.

Therefore, Russia’s leaders face an unenviable set of dilemmas entirely of their own making. Russia cannot continue waging the current war beyond late 2025, when it will begin running out of key weapons systems.

Concluding a peace agreement, however, poses a different set of problems, as the Kremlin needs to choose between three unpalatable options. If it draws down the armed forces and defense industries, it will spark a recession that could threaten the regime. If Russian policymakers instead maintain high levels of defense spending and a bloated peacetime military, it will asphyxiate the Russian economy, crowding out civilian industry, and stifle growth. Having experienced the Soviet Union’s decline and fall for similar economic reasons, Russian leaders will probably seek to avoid this fate.

A third option, however, is available and likely beguiling: Rather than demobilizing or bankrupting themselves, Russian leaders could instead use their military to obtain the economic resources needed to sustain it—in other words, using conquest and the threat thereof to pay for the military.

Plenty of precedents exist. In 1803, French Emperor Napoleon Bonaparte ended 14 months of peace in Europe because he could not afford to fund his military based on French revenues alone—and he also refused to demobilize it. In 1990, Iraqi leader Saddam Hussein similarly invaded oil-rich Kuwait because he could not afford to pay the million-man army that he refused to downsize. In both cases, the mirage of conquest seemed attractive for sustaining overly large defense establishments without having to pay for them.

Russia could likewise exploit its expanded military to extract rents from other states. Even though Russia is running out of key weapons systems for its all-out war on Ukraine, its forces will still be capable of punctual acts of aggression. Indeed, it’s easy to imagine how Russia might pursue such a policy.

Substantial offshore gas reserves have been discovered in the Black Sea within Ukraine’s and Georgia’s internationally recognized exclusive economic zones (EEZs). Whenever Western states are distracted by other priorities, Russia could also renew its aggression against Ukraine in order to gain control of its agricultural, gas, and rare-earth resources. Finally, Russia might use threats of force rather than actually fighting in order to coerce European states to withdraw sanctions, unfreeze Russian assets, or reopen gas and oil pipelines.

Some important lessons emerge. First, Russia’s economy cannot indefinitely sustain its war against Ukraine. Labor and production bottlenecks will condemn Russia to defeat as long as Ukraine’s allies sustain it beyond the second half of 2025. Contrary to the myth of infinite Russian resources, the Kremlin’s armies are far from unbeatable. But Russia’s defeat demands a level of Western patience and commitment that a combination of vacillating Western leaders and volatile domestic politics renders questionable.

Second, the cessation of full-scale fighting in Ukraine will not end the West’s problems with Russia. Russia’s supersized military sector incentivizes the Kremlin to use its military to extract rents from neighboring states. The alternatives—demobilizing and incurring a recession or indefinitely funding a bloated military and defense industry—pose existential threats to Putin’s regime.

However Russia ends its current war, the country’s economic realities alone will generate new forms of insecurity for Europe. Far-sighted policymakers should focus on mitigating these future threats, even as they focus on how the current round of fighting in Ukraine will end.

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stephensmithuk · 6 months ago

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The Sign of Four: The End of the Islander

Mediæval is an archaic spelling of medieval, using the æ letter that is rare in English, but far more common in Danish, Norwegian and Icelandic, for example.

Ceylon was the name used for what is now Sri Lanka until 1972, when that country (which become independent in 1948) become a Republic. Today, the name only really remains in the country for Ceylon tea, apparently for marketing reasons.

There has been a police force dedicated to the Thames since 1798, being founded as the privately funded Marine Police to tackle the high volume of cargo theft from ships there. Two years later, the government set up the Thames River Police to replace the successful force. The Metropolitan Police took it over in 1839 and made it the Thames Division, it now being called the Marine Policing Unit. Historically, they also did search and rescue, today done by the RNLI.

They had just acquired their first steam launches by 1888, historically relying on rowing boats that had proved inadequate in an 1878 two-ship collision that had killed 600 to 700 people.

Gravesend is on the south bank of the Thames, twenty-one miles from Charing Cross. It was the first port of entry into London for a long time, but the opening of Tilbury Docks on the other side of the river took much of its traffic. The pilot station for the Port of London remains there, along with a RNLI lifeboat station.

There was also a ferry from Gravesend to Tilbury until March 2024, when it stopped due to lack of funding from the 'bankrupt' Thurrock Council, despite being popular.

Pocahontas is also buried in Gravesend.

The Downs is a ship anchorage off the port of Deal in Kent; ships would - and still do - anchor there to protect themselves from strong southerly or westerly winds (as the coast blocked them) or if waiting for suitable winds to head elsewhere. Indeed, the port town grew up to deal (pun intended) with their needs during their says.

There would be six bridges east of Westminster Bridge on the Thames at this time; Tower Bridge, opened in 1886, would be the easternmost crossing point that a pedestrian or carriage could use at this point. The Thames Tunnel was by now a railway tunnel. Those to the east of that were reliant on ferries until 1897, when the western part of the Blackwall Tunnel opened, in a few years becoming the bottleneck it still is to this day.

St Paul's Cathedral, at 111m high, was the tallest building in London from 1710 until 1939 when Battersea Power Station was completed at two metres taller. . Today, there are still restrictions on building new skyscrapers in London to ensure the catherdal can still be viewed.

The Tower of London had been a tourist attraction since at least the Elizabethean period; it was getting over 500,000 visitors a year by the end of the century, but still retained some non-tourist uses.

The Pool of London is the bit of the river from London Bridge to Limehouse - it was the site of the original port until the Docklands were built to deal with massive overcrowding. The maritime industry here effectively collapsed along with the rest of the docks in the 1960s, but this area hasn't seen as much regeneration as parts further east.

The West India Docks were three large docks and associated buildings built at the beginning of the 19th century (1800 to 1802) to deal with trade to/from the British West Indies, to wit the sugar produced by the slave labour in the plantations there; Robert Milligan, its architect, was a slave trader who was unhappy about the delays and theft of his goods at the wharves, so wanted a more secure facility. Closed in 1980, it was converted into the Canary Wharf development, with the famous Underground station built in the former middle dock.

Now I have mistaken a Newfoundland dog for a coat-wearing homeless person in the dark myself - they are very big dogs. However, this has to be taken in the context of the rest of the description of Tonga.

Barking Level is where the River Roding enters the Thames. It is a largely industrial area today.

Plumstead Marshes were an area of low-lying soggy ground that was used by the Royal Arsenal (see "The Bruce-Partington Plans") as a testing range; no human inhabitants (since Roman times, when the water levels were lower) and the soft ground could absorb explosions better. They were drained in the 1960s and most of the area become the new community of Thamesmead; one of those "futuristic estates" that instead became crime-ridden due to bad planning and lack of amenities, which have not yet been fully corrected.

A slightly graphic (including a nasty facial/eye injury) discussion of the problems of recovering bodies from the Thames can be found in this February 2024 news article on the search for a chemical attacker's body: https://news.sky.com/story/the-traumatising-search-for-dead-bodies-in-the-thames-and-why-dozens-are-found-every-year-13071612

#letters from watson #sherlock holmes #history #factoids #acd canon #the sign of four #sign

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mostlysignssomeportents · 2 years ago

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'We buy ugly houses' is code for 'we steal vulnerable peoples' homes'

Tonight (May 11) at 7PM, I’m in CALGARY for Wordfest, with my novel Red Team Blues; I’ll be hosted by Peter Hemminger at the Memorial Park Library, 2nd Floor.

Home ownership is the American dream: not only do you get a place to live, free from the high-handed dictates of a landlord, but you also get an asset that appreciates, building intergenerational wealth while you sleep — literally.

If you’d like an essay-formatted version of this post to read or share, here’s a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/05/11/ugly-houses-ugly-truth/#homevestor

Of course, you can’t have it both ways. If your house is an asset you use to cover falling wages, rising health care costs, spiraling college tuition and paper-thin support for eldercare, then it can’t be a place you live. It’s gonna be an asset you sell — or at the very least, borrow so heavily against that you are in constant risk of losing it.

This is the contradiction at the heart of the American dream: when America turned its back on organized labor as an engine for creating prosperity and embraced property speculation, it set itself on the road to serfdom — a world where the roof over your head is also your piggy bank, destined to be smashed open to cover the rising costs that an organized labor movement would have fought:

https://gen.medium.com/the-rents-too-damned-high-520f958d5ec5

Today, we’re hit the end of the road for the post-war (unevenly, racially segregated) shared prosperity that made it seem, briefly, that everyone could get rich by owning a house, living in it, then selling it to everybody else. Now that the game is ending, the winners are cashing in their chips:

https://doctorow.medium.com/the-end-of-the-road-to-serfdom-bfad6f3b35a9

The big con of home ownership is proceeding smartly on schedulee. First, you let the mark win a little, so they go all in on the scam. Then you take it all back. Obama’s tolerance of bank sleze after the Great Financial Crisis kicked off the modern era of corporations and grifters stealing Americans’ out from under them, forging deeds in robosigning mills:

https://www.marketwatch.com/story/us-breaks-down-93-bln-robo-signing-settlement-2013-02-28

The thefts never stopped. Today on Propublica, by Anjeanette Damon, Byard Duncan and Mollie Simon bring a horrifying, brilliantly reported account of the rampant, bottomless scams of Homevestors, AKA We Buy Ugly Houses, AKA “the #1 homebuyer in the USA”:

https://www.propublica.org/article/ugly-truth-behind-we-buy-ugly-houses

Homevestors — an army of the hedge fund Bayview Asset Management — claims a public mission: to bail out homeowners sitting on unsellable houses with all-cash deals. The company’s franchisees — 1,150 of them in 48 states — then sprinkle pixie dust and secret sauce on these “ugly houses” and sell them at a profit.

But Propublica’s investigation — which relied on whistleblowers, company veterans, court records and interviews with victims — tells a very different story. The Homevestor they discovered is a predator that steals houses out from under elderly people, disabled people, people struggling with mental illness and other vulnerable people. It’s a company whose agents have a powerful, well-polished playbook that stops family members from halting the transfers the company’s high-pressure salespeople set in motion.

Propublica reveals homeowners with advanced dementia who signed their shaky signatures to transfers that same their homes sold out from under them for a fraction of their market value. They show how Homevestor targets neighborhoods struck by hurricanes, or whose owners are recently divorced, or sick. One whistleblower tells of how the company uses the surveillance advertising industry to locate elderly people who’ve broken a hip: “a 60-day countdown to death — and, possibly, a deal.” The company’s mobile ads are geofenced to target people near hospitals and rehab hospitals, in hopes of finding desperate sellers who need to liquidate homes so that Medicaid will cover their medical expenses.

The sales pitches are relentless. One of Homevestor’s targets was a Texas woman whose father had recently been murdered. As she grieved, they blanketed her in pitches to sell her father’s house until “checking her mail became a traumatic experience.”

Real-estate brokers are bound by strict regulations, but not house flippers like Homevestors. Likewise, salespeople who pitch other high-ticket items, from securities to plane tickets — are required to offer buyers a cooling-off period during which they can reconsider their purchases. By contrast, Homevestors’ franchisees are well-versed in “muddying the title” to houses after the contract is signed, filing paperwork that makes it all but impossible for sellers to withdraw from the sale.

This produces a litany of ghastly horror-stories: homeowners who end up living in their trucks after they were pressured into a lowball sales; sellers who end up dying in hospital beds haunted by the trick that cost them their homes. One woman who struggled with hoarding was tricked into selling her house by false claims that the city would evict her because of her hoarding. A widow was tricked into signing away the deed to her late husband’s house by the lie that she could do so despite not being on the deed. One seller was tricked into signing a document he believed to be a home equity loan application, only to discover he had sold his house at a huge discount on its market value. An Arizona woman was tricked into selling her dead mother’s house through the lie that the house would have to be torn down and the lot redeveloped; the Homevestor franchisee then flipped the house for 5,500% of the sale-price.

The company vigorously denies these claims. They say that most people who do business with Homevestors are happy with the outcome; in support of this claim, they cite internal surveys of their own customers that produce a 96% approval rating.

When confronted with the specifics, the company blamed rogue franchisees. But Propublica obtained training materials and other internal documents that show that the problem is widespread and endemic to Homevestors’ business. Propublica discovered that at least eight franchisees who engaged in conduct the company said it “didn’t tolerate” had been awarded prizes by the company for their business acumen.

Franchisees are on the hook for massive recurring fees and face constant pressure from corporate auditors to close sales. To make those sales, franchisees turn to Homevana’s training materials, which are rife with predatory tactics. One document counsels franchisees that “pain is always a form of motivation.” What kind of pain? Lost jobs, looming foreclosure or a child in need of surgery.

A former franchisee explained how this is put into practice in the field: he encountered a seller who needed to sell quickly so he could join his dying mother who had just entered a hospice 1,400 miles away. The seller didn’t want to sell the house; they wanted to “get to Colorado to see their dying mother.”

These same training materials warn franchisees that they must not deal with sellers who are “subject to a guardianship or has a mental capacity that is diminished to the point that the person does not understand the value of the property,” but Propublica’s investigation discovered “a pattern of disregard” for this rule. For example, there was the 2020 incident in which a 78-year-old Atlanta man sold his house to a Homevestors franchisee for half its sale price. The seller was later shown to be “unable to write a sentence or name the year, season, date or month.”

The company tried to pin the blame for all this on bad eggs among its franchisees. But Propublica found that some of the company’s most egregious offenders were celebrated and tolerated before and after they were convicted of felonies related to their conduct on behalf of the company. For example, Hi-Land Properties is a five-time winner of Homevestors’ National Franchise of the Year prize. The owner was praised by the CEO as “loyal, hardworking franchisee who has well represented our national brand, best practices and values.”

This same franchisee had “filed two dozen breach of contract lawsuits since 2016 and clouded titles on more than 300 properties by recording notices of a sales contract.” Hi-Land “sued an elderly man so incapacitated by illness he couldn’t leave his house.”

Another franchisee, Patriot Holdings, uses the courts aggressively to stop families of vulnerable people from canceling deals their relatives signed. Patriot Holdings’ co-owner, Cory Evans, eventually pleaded guilty to to two felonies, attempted grand theft of real property. He had to drop his lawsuits against buyers, and make restitution.

According to Homevestors’ internal policies, Patriot’s franchise should have been canceled. But Homevestors allowed Patriot to stay in business after Cory Evans took his name off the business, leaving his brothers and other partners to run it. Nominally, Cory Evans was out of the picture, but well after that date, internal Homevestors included Evans in an award it gave to Patriot, commemorating its sales (Homevestors claims this was an error).

Propublica’s reporters sought comment from Homevestors and its franchisees about this story. The company hired “a former FBI spokesperson who specializes in ‘crisis and special situations’ and ‘reputation management’ and funnelled future questions through him.”

Internally, company leadership scrambled to control the news. The company convened a webinar in April with all 1,150 franchisees to lay out its strategy. Company CEO David Hicks explained the company’s plan to “bury” the Propublica article with “‘strategic ad buys on social and web pages’ and ‘SEO content to minimize visibility.’”

https://www.propublica.org/article/homevestors-aims-to-bury-propublica-reporting

Franchisees were warned not to click links to the story because they “might improve its internet search ranking.”

Even as the company sought to “bury” the story and stonewalled Propublica, they cleaned house, instituting new procedures and taking action against franchisees identified in Propublica’s article. “Clouding titles” is now prohibited. Suing sellers for breach of contract is “discouraged.” Deals with seniors “should always involve family, attorneys or other guardians.”

During the webinar, franchisees “pushed back on the changes, claiming they could hurt business.”

If you’ve had experience with hard-sell house-flippers, Propublica wants to know: “If you’ve had experience with a company or buyer promising fast cash for homes, our reporting team wants to hear about it.”

Catch me on tour with Red Team Blues in Calgary, Toronto, DC, Gaithersburg, Oxford, Hay, Manchester, Nottingham, London, and Berlin!

[Image ID: A Depression-era photo of a dour widow standing in front of a dilapidated cabin. Next to her is Ug, the caveman mascot for Homevestors, smiling and pointing at her. Behind her is a 'We buy ugly houses' sign.

Image: Homevestors https://www.homevestors.com/

Fair use: https://www.eff.org/issues/intellectual-property

#pluralistic #the rents too damned high #house flipping #llc brain #scams #elder abuse #ripoffs #weaponized shelter #predators #homevestors #we buy ugly houses #ugly houses #real estate #propublica

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