April 27, 2024

Archives for January 2018

BBC Managers Face Barrage of Criticism in Gender Pay Dispute

Tony Hall, the BBC’s director general, noted the broadcaster’s “special role” in the broader debate. “That is why we need to be and want to be an exemplar on gender pay, and equal pay,” he said in a statement on Tuesday.

But lawmakers questioned the BBC’s commitment, given that Ms. Gracie had earned tens of thousand of pounds less than men doing similar jobs.

“You’re telling us nothing about what you’re going to do with this historic — this huge, historic — problem you’ve got with these huge inequities in pay,” said Julie Elliott, a Labour lawmaker.

Fran Unsworth, the BBC’s director of news and current affairs, acknowledged that the organization put a higher value on some jobs, like North America editor, than on others such as China editor. Ms. Unsworth maintained that Ms. Gracie’s pay was on par with male editors when she took the job, and that managers had overlooked adjustments that could have been made since.

“If you take the North America job, this is on-air three times a week at the moment,” Ms. Unsworth said. The China job, she said, is “not the relentless treadmill that something like the North America job is.”

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BBC employees arriving on Wednesday for a parliamentary hearing on pay. Credit Toby Melville/Reuters

Ms. Gracie said the grievance process, which attributed part of the pay discrepancy to her need for professional “development,” had added “insult to injury.”

“That’s the first time I’ve ever been in development at 55,” she said dryly.

Ms. Gracie was “the perfect example of a woman who was asking and not getting,” said Amanda Goodall, a senior lecturer at Cass Business School in London and an author of a paper that found that women ask for pay raises as often as men do, but do not receive them as frequently.

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Discontent about pay has often simmered at the BBC, which is funded by a license fee paid by British households. The row deepened last summer when the broadcaster disclosed the salaries of on-air employees earning more than £150,000.

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The data revealed startling gaps in the pay of its most senior male and female journalists, prompting demands for change. Though two male international editors appeared on the list, neither Ms. Gracie nor Katya Adler, the broadcaster’s Europe editor, reached that level.

A follow-up report commissioned by the BBC identified no “systemic gender discrimination among rank-and-file employees,” a finding challenged by female journalists. In November, Samira Ahmed, a BBC presenter, described in an journalists’ union newsletter how it felt to be paid less than male colleagues.

“I can only describe the feeling of being kept on much lower pay than male colleagues doing the same jobs for years as feeling as though bosses had naked pictures of you in their office and laughed every time they saw you,” Ms. Ahmed wrote. “It is the humiliation and shame of feeling that they regarded you as second class, because that is what the pay gap means.”

The National Union of Journalists lodged an official grievance in December on behalf of 121 members; more joined the grievance later. When the BBC asked all employees with complaints to come forward, it resulted in 298 cases in all.

Mr. Hall said the BBC had resolved 117 of those cases, most of them involving pay for women.

Last week, the BBC said it was reducing the salaries of several male journalists. Then on Tuesday, it published a further review, of the salaries of 824 on-air staff, which also found no evidence of gender bias in pay decisions.

Still, the report noted that there were more men than women in the upper half of pay distribution, and that pay for the highest-profile employees, most of them men, needed to be adjusted.

The BBC said that it would address these issues and institute “substantial pay cuts” for some men, while increasing pay for some male and female presenters.

A group of 170 women at the BBC said in a submission to Parliament that they had “no confidence” in the review’s conclusions, saying they had not been consulted.

Some of these women detailed their experiences in the document, which was submitted to the parliamentary group, the Digital, Culture, Media and Sport Committee. The summary said that women had “experienced veiled threats made against them when they raised the subject of equal pay.”

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Article source: https://www.nytimes.com/2018/01/31/world/europe/bbc-gender-pay-carrie-gracie.html?partner=rss&emc=rss

Trump’s State of the Union Ratings Don’t Match Obama’s (but Beat the Grammys)

The speech was also carried on several cable networks, including MSNBC and CNN, as well as PBS and the Spanish-language channels Univision and Telemundo.

With Mr. Trump speaking considerably more slowly than his predecessors, his State of the Union address was the third longest in the last 50 years.

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Digital viewing is difficult to measure because statistics are not compiled by a third-party service, like Nielsen, that is regarded as an industry standard. CNN said that it had 1.7 million video starts on its website and across its apps during Mr. Trump’s address, and that viewership peaked a little before 10 p.m. with 320,000 concurrent users.

Coverage on Tuesday included Megyn Kelly’s debut as a prime-time analyst on NBC and the first night for Chris Christie, the former governor of New Jersey, as an ABC pundit.

During a luncheon with news anchors on Tuesday, Mr. Trump predicted that his address would have a bigger audience than the Grammys. He got that one right: The Grammys had 19.8 million viewers on Sunday, a drop of 24 percent from last year.

In the late-night numbers, Stephen Colbert, who returned to a live format on Tuesday, easily had the highest household rating with a 2.9 share, dwarfing the 2.3 for “Jimmy Kimmel Live!” and 1.9 for Jimmy Fallon’s “The Tonight Show,” according to Nielsen.

Mr. Kimmel, whose main guest was Stormy Daniels, the pornographic actress who reportedly got a settlement to keep a sexual encounter with Mr. Trump quiet, had the highest rating among the advertiser-coveted 18-to-49-year-old demographic in the 25 leading markets.

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Article source: https://www.nytimes.com/2018/01/31/business/media/trumps-state-of-the-union-ratings-dont-match-obamas-but-beat-the-grammys.html?partner=rss&emc=rss

‘House of Cards’ Resumes Production, With Diane Lane and Greg Kinnear


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Robin Wright, Michael Kelly and Kevin Spacey, from left, in the fifth season of “House of Cards.” The sixth and final season will feature Ms. Wright, after Mr. Spacey was dismissed amid allegations of sexual misconduct. Credit David Giesbrecht/Netflix

Kevin Spacey is out. Diane Lane and Greg Kinnear are in.

The sixth and final season of “House of Cards” will introduce new characters as it tries to move past a sexual misconduct scandal that put the Netflix series in peril and forced out its biggest star.

Mr. Spacey, who played the central character, Frank Underwood, a ruthless politician who becomes president, was shown the door amid allegations of sexual misconduct last year.

Production for the new season, after a three-month hiatus, resumed on Tuesday.

Netflix did not disclose what roles Ms. Lane or Mr. Kinnear will play other than that they will be brother and sister. Mr. Kinnear, 54, and Ms. Lane, 53, are both Academy Award nominees. Robin Wright, the co-star of “House of Cards,” will be at the center of the final season.

The return to production ends a three-month odyssey that began shortly after The New York Times published an investigation detailing sexual harassment and assault allegations against the Hollywood producer Harvey Weinstein and a national reckoning on sexual harassment began in earnest.

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In October, after Anthony Rapp, an actor, accused Mr. Spacey of inappropriate sexual behavior, Netflix announced that the next season of “House of Cards” would be its last, and suspended production not long after. Mr. Spacey apologized to Mr. Rapp, but numerous other allegations against him emerged.

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Though “House of Cards” is past its peak in terms of cultural relevance, it is a landmark for the streaming service. It gave Netflix a bold entry into the TV landscape when it debuted in 2013, and in the five years since, the tech giant has upended the TV industry. Netflix said it would spend up to $8 billion in content this year, dwarfing all rivals.

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Article source: https://www.nytimes.com/2018/01/31/business/media/house-of-cards-diane-lane-greg-kinnear.html?partner=rss&emc=rss

Boîte: New Speakeasy Memorializes an Old-School Journalist Haunt

With the city’s constant churn of night-life offerings, it’s not uncommon for hoteliers and bar owners to hark back to New York’s rich cultural past for inspiration. Few newcomers enjoy as many points of reference as Gibson Luce, a subterranean cocktail bar that opened in January beneath the Life Hotel, once the headquarters of Life magazine.

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The bartender creates a Banana Spliff at Gibson Luce. Credit Nina Westervelt for The New York Times

Named after Charles Dana Gibson, the magazine’s former editor, and Henry Luce, its former publisher, the bar pays tribute to the glory days of the famed photojournalistic periodical, in a space where Norman Rockwell and editors once lounged. While the bar does a commendable job of evoking the past, it feels more like an after-work or pre-dinner spot, rather than somewhere one would seek out.

THE PLACE

The bar is on a dingy stretch of West 31st Street, lined with hole-in-the-wall shops selling discount jewelry, body oils and janky phone accessories. Inside, a marble bar fronts a dimly lit lounge that suggests a midcentury gentlemen’s club, replete with blue banquettes, brass picture lights and wood paneling. Still, the illusion seems somewhat incomplete at times. “With such rich history, you want them to commit more to that in the design,” said one patron, pointing to an empty wall. “You want them to make that history feel more tangible.”

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Article source: https://www.nytimes.com/2018/01/31/style/speakeasy-gibson-luce-life-hotel.html?partner=rss&emc=rss

‘Gloomy.’ ‘Amazing.’ Trump’s Speech Divides the Pundits.

Van Jones, the CNN commentator, was castigated by his fellow liberals last year when he effusively praised Mr. Trump’s first joint address to Congress, describing one passage as “one of the most extraordinary moments you have ever seen in American politics, period.”

On CNN on Tuesday, Mr. Jones was not going to allow any highlight-reel editor or YouTube wag to catch him in the act of applauding the president. He came out swinging and kept on swinging.

“He was selling sweet-tasting candy — with poison in it,” Mr. Jones said. He built up to denouncing Mr. Trump’s subtextual suggestion that many immigrants are violent or dangerous, calling out, “It’s wrong! It’s wrong!”

Ms. Kelly, meanwhile, faced her own proving ground, a big political night alongside veterans like Tom Brokaw and Andrea Mitchell. Her move to NBC from Fox News last year has been mixed at best, with so-so ratings for her Sunday night magazine program and a rocky start to her 9 a.m. edition of “Today.”

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President Trump gave his State of the Union address to Congress on Tuesday. Credit Gabriella Demczuk for The New York Times

On Tuesday, Ms. Kelly drew on the trademark spitfire that made her a sensation at Fox News, only this time it was aimed squarely at the Republican president in office.

“I expect very little,” she said before Mr. Trump gave the speech. “Because these events tend to be utterly forgettable, and this one probably will be, too.”

She scoffed at the notion, pushed by the White House, that Mr. Trump would take a conciliatory approach. “How can the man we’ve watched all this time come out and be conciliatory?” Ms. Kelly said. “To whom? To the 3 percent of Democrats who approve of him right now?”

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Also in the hot seat on Tuesday was Chris Christie, the former governor of New Jersey, who spent his first evening as an ABC political analyst defending Mr. Trump’s remarks as “a traditional State of the Union speech.” He was the sole Trump fan on ABC News’s broadcast, where Matthew Dowd, a political consultant, quipped: “Calling this a healing speech is almost like calling going on a diet by drinking a Diet Coke and eating a pizza.”

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Conservative media outlets focused on the facial reactions of Democrats in the audience, accusing the scowling Ms. Pelosi and Senator Bernie Sanders — who was seen looking deeply bored, and halfheartedly clapping — of disrespecting military veterans and the grieving relatives whom Mr. Trump had invited to the event. Even Gayle King, of CBS, said the Democrats “looked like they had bitten a couple of lemons.”

In his post-address remarks, Mr. Hannity, incredulous at the Democrats, asked his guest, “How can you sit down and not want to cheer?”

The guest, Donald J. Trump Jr., agreed. “It doesn’t make any sense to me,” he said solemnly.

The president, a former star of reality TV, knows the value of a grand entrance, and all three cable networks carried footage of him entering a giant black limousine before making the short drive from the White House to the Capitol.

Earlier in the day, over tomato soup and thyme roasted chicken, the president had done his own hard sell, welcoming a dozen or so television anchors to lunch at the White House, a tradition before State of the Union speeches.

Attendees described the conversation as cordial, although Mr. Trump grew agitated at times, telling the NBC journalists there that he did not like their critical coverage, especially because he had earned millions of dollars for their network back when he hosted “The Apprentice.”

Ever conscious of his audience, Mr. Trump also took a moment to assure the anchors that he was expecting a big television turnout on Tuesday night.

The State of the Union, he pledged, would have higher ratings than the Grammys.

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Article source: https://www.nytimes.com/2018/01/31/business/media/trump-state-of-the-union-media.html?partner=rss&emc=rss

Crypto Cheat Sheet: RT’s guide to digital currencies

What is cryptocurrency?

Cryptocurrency is a form of electronic money. ‘Crypto’ is short for ‘cryptography’, a technology that keeps information and data secure and protects the identify of its users. Cryptocurrencies are decentralized digital currencies, separate from banks and governments.

Bitcoin and other cryptos are created by ‘mining.’ Essentially, the miner’s computer processes complex equations in exchange for a small amount of crypto – as a kind of transaction fee. What miners do is verify bitcoin transaction information on ‘blockchain’: transactions are recorded and verified on different computers using a public record, allowing for transparency and security.

Cryptocurrency transactions are made using a public key and a private key, which is required for any transaction.

How to buy in

You can buy cryptocurrency using a credit card or bank transaction. One bitcoin is equal to $10,030 at the time of writing, but you can purchase a fraction of a coin instead of a full one if you don’t have a spare 10 grand lying around.

A number of different tools can be used to buy bitcoin or other cryptocurrency on exchange platforms such as Coinbase, Bitpanda, Blockchain.info and Xapo. These only trade in a limited range of cryptocurrencies, so check what’s on offer before you sign up. To set up an account, you may need personal ID. Next, link your bank details to your account to purchase your chosen cryptocurrency.

Cryptocurrency can be kept in a virtual wallet – a secure form of storage, so long as you create a strong password. Wallets have both a public and private address. The public one is used to receive currency, while the private address works like a key to access your wallet. Always use two-factor authorization, so that if someone does access your password, there is a second security check in place.

Some wallets can be downloaded for free, and some are more complicated to use than others. Coinbase is a user friendly wallet tied to Coinbase’s service for buying bitcoin. Mycelium is a good wallet that’s good for using on the likes of Tor.

If you have a lot of cryptocurrency, you may want to think about using an offline wallet for added security. ‘Cold storage’ options include a USB or on paper, which come with their own risks. ‘Deep cold storage’ means keeping coins offline in a place that’s difficult to reach, such as on an encrypted USB inside a safety deposit box in a bank.

How do you spend cryptocurrencies?

Websites which accept cryptocurrencies require users to sign into their wallet and use a QR code or bitcoin address to transfer coins. If the payment is to be made to a bitcoin address, users enter that address in their wallet along with the amount to send, and then submit to complete the transactions.  

Cryptocurrencies also have special ATMs, although most are for bitcoin. California has 107 bitcoin ATMs, whereas there are only seven ATMs that accept Dash in the world. Many are one way-machines, and can only be used to buy bitcoins. Others are two-way, allowing customers to sell their bitcoins for cash.

And where?

Cryptocurrency can be used in a variety of transactions such as supporting websites and causes, and to purchase gift cards from the likes of eGifter for use on sites such as Amazon. Expedia accepts bitcoin, so it can even be used to pay for a holiday. Cryptocurrencies can also be used to purchase some video games, while some restaurants and cafes do accept bitcoins.

Keeping your crypto safe

Cryptos can be stolen and used in scams and – because there is no bank to call up if that happens – you are responsible for your own currency. Once a transaction has been made, it can’t be reversed, making cryptocurrencies attractive for scammers. Hackers can also target exchanges. More than 3 million bitcoins are thought to have been lost, according to Chainalysis, CNBC reports.

Exercise caution when sending cryptocurrencies to ensure you’re not being scammed. Keeping cryptos in an offline wallet keeps it away from the internet and hackers.

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Article source: https://www.rt.com/business/417503-cryptocurrency-cheat-sheet-guide/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Maduro announces pre-sale of Venezuela’s oil-backed cryptocurrency

The pre-sale date is February 20, and the country plans to replenish its depleted budget.

“This is the moment to accelerate the entry of the petro, to have faith in what we’ve created and in the technological and intellectual capacity of our country,” Maduro said on state TV, as quoted by Bloomberg.

Maduro urges Latin American states to join oil gold-backed cryptocurrency project

“The petro will have a great impact, in how we access foreign currencies for the country and in how we obtain goods and services that we need from around the world.”

The petro cryptocurrency will be divisible into 100 million units. The units will be called the mene. It will be backed by the country’s vast oil reserves.

As Reuters reports, the Venezuelan government has been recommended to sell $2.3 billion in a private offering, with up to a 60 percent discount, in mid-February.

Critics have said that the petro is a de facto issuance of government bonds, and will face sanctions from the United States like other Venezuelan assets.

The US has already warned that “the petro digital currency would appear to be an extension of credit to the Venezuelan government.”

By issuing the petro, Venezuela plans to overcome the biggest financial crisis in its history that has lasted for the last four years and resulted in a devaluation of its national currency, the bolivar. Venezuela also wants to become a hub for blockchain technology for emerging economies.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/417491-venezuela-cryptocurrency-petro-maduro/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

‘Kremlin List’ randomly targets Russian business competition

“I don’t even understand on which criteria this list could be formed,” said the minister, who has also been included on the US Treasury’s blacklist.

Putin reacts to US Treasury ‘Kremlin List’: ‘Dogs bark but the caravan moves on’

According to Siluanov, none of the American sanctions, including the latest ones, look meaningful. “We’ll see how the events will develop but I think neither me nor my colleagues will feel any consequences,” he said.

“As we already said, all these sanctions are supposed to make (American) business more competitive,” Siluanov said, adding that Washington aims to push back against Russian business competition, including Kaspersky Lab.

The Russian cybersecurity company’s products are used by Western firms and someone does not like that and is trying to get rid of it, he explained.

In December, Kaspersky Lab sued the Trump administration over a software ban. The US government’s Department of Homeland Security had earlier banned federal agencies from using the Russian company’s antivirus products, citing national security concerns.

The founder of the company, Eugene Kaspersky, who was also included in the ‘Kremlin List,’ took to Twitter to discredit it. 

Copied indiscriminately from a Forbes Russia list, the Treasury list shows that the Trump administration isn’t serious about sanctions, said Leonid Bershidsky, a former editorial director and publisher of Forbes Russia.

“I’m flattered that the US government chose it as an unassailably authoritative source on who counts as an oligarch in Russia. I also know that Forbes Russia has never pretended that its rich list was complete or that the wealth estimates were accurate,” he wrote in a column for Bloomberg View.

Bershidsky said he’s “willing to give the US administration the benefit of the doubt, though.”

President Donald Trump signed the sanctions legislation only reluctantly, and perhaps the Treasury was never serious about compiling the lists, he wrote. 

“It’s fine if the Trump administration doesn’t believe in sanctions. But if Congress still demands sanctions – and it does – the administration should do a better job of selecting targets.”

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/417490-forbes-sanctions-list-oligarchs/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Economic Scene: Is the Populist Revolt Over? Not if Robots Have Their Way

Immigration pressures are likely to persist across the Atlantic, continuing to drive the populist revolt against the establishment elite in Europe. But in the United States, the population of unauthorized immigrants is declining, disproving one of Mr. Trump’s core claims to power.

Economists studying the changes in the nature of work that produced such an angry political response suggest, however, that another wave of disruption is about to wash across the world economy, knocking out entire new classes of jobs: artificial intelligence. This could provide decades’ worth of fuel to the revolt against the global elites and their notions of market democracy.

As Frank Levy of the Massachusetts Institute of Technology noted this month in an analysis on the potential impact of artificial intelligence on American politics, “Given globalization’s effect on the 2016 presidential election, it is worth noting that near-term A.I. and globalization replace many of the same jobs.”

Consider the occupation of truck drivers. Mr. Levy expects multiple demonstrations of fully autonomous trucks to take place within five years. If they work, the technology will spread, starting in restricted areas on a limited number of dedicated highway lanes. By 2024, artificial intelligence might eliminate 76,000 jobs driving heavy and tractor-trailer trucks, he says.

Similarly, he expects artificial intelligence to wipe out 210,000 assembler and fabricator jobs and 260,000 customer service representatives. “Let’s not worry about the future of work in the next 25 years,” he told me. “There’s plenty to worry about in the next five or six years.”

These may not be big numbers, but they are hitting communities that expressed their contempt for the status quo in 2016. White men and women without a four-year college degree accounted for just under half of Mr. Trump’s voters — compared with fewer than a fifth of Hillary Clinton’s. Seventy percent of truck drivers, 63 percent of assemblers and fabricators, and 56 percent of customer service representatives share these characteristics.

The Surge of Populism

Populist parties’ share of the vote is rising around the world.

Populist parties’ share of vote worldwide*

25

%

20

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10

5

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Populist parties’ share of vote worldwide*

25

%

20

15

10

5

0

’61-

’65

’66-

’70

’71-

’75

’76-

’80

’81-

’85

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’90

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By The New York Times | Source: Dani Rodrik, based on the Global Elections Database (http://www.globalelectionsdatabase.com) and the Constituency-Level Elections Archive (http://www.electiondataarchive.org/).

To be sure, economic dislocations don’t have to produce populist politics. Daron Acemoglu of M.I.T. notes that geography makes a difference: If the dislocation from A.I. is concentrated in big cities, where workers have more options to find new jobs, the backlash will be more muted than it was when trade took out the jobs of single-industry company towns.

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What’s more, Mr. Acemoglu added, the political system can respond in different ways to workers’ pain: The Great Depression not only led to Nazi Germany, it also produced Sweden’s social democracy.

It’s not immediately obvious that artificial intelligence will produce the same kind of reaction that trade did. Sure, machines inspired the most memorable worker rebellion of the industrial revolution — when the Luddites smashed the weaving machines that were taking over their jobs. The word “sabotage” comes from the French workers who took to destroying gears.

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Unions are suspicious of technology. The United Farm Workers loudly protested tomato-harvesting machines after they were introduced in California in the 1960s. In New York, the local of the “sandhogs” who dig subway tunnels negotiated a deal where it gets $450,000 for each tunnel-digging machine used, to make up for job losses caused by “technological advancement.”

Yet though automation has displaced many more jobs than trade ever could, robots have never inspired the fury that trade routinely does. “By all accounts, automation and new digital technologies played a quantitatively greater role in deindustrialization and in spatial and income inequalities,” wrote Dani Rodrik of the Kennedy School of Government at Harvard University. “But globalization became tainted with a stigma of unfairness that technology evaded.”

It’s easier to demonize people — especially foreigners — than machines, the children of invention. What’s more, imports from countries with cheaper labor, weaker worker protections and threadbare environmental standards will be seen as unfair. Thea Lee, a former deputy chief of staff of the A.F.L.-C.I.O. who now heads the Economic Policy Institute, notes that workers’ anger is directed against “the particular set of rules about globalization that we chose,” which spreads benefits among financiers and corporations while disregarding workers.

This time could be different, though. “That sense of unfairness can be attached to technological changes, too,” Mr. Rodrik told me. “It’s not Bill Gates, who came out of nowhere, but big corporations that are getting bigger and becoming monopolists.”

Indeed, artificial intelligence could move populism in a different direction. Mr. Rodrik proposes two varieties, of right and left. The two share an anti-establishment flavor and claim to speak for the people against the elites. Both oppose classic liberal economics and globalization. Both are often authoritarian.

But right-wing populism — like that harnessed in Europe — is provoked by immigration. Its clan consciousness exploits cleavages of race, religion and nationality. On the left, by contrast, the “us versus them” narrative focuses on the economic divide between the capitalists and the working class. Populists of the left mostly take aim at trade.

The United States was ripe for both reflexes. Over the last 50 years, as the nation opened its markets to foreign trade, it never set up a social safety net to help workers dislodged by change, as Europe did. It also experienced large-scale immigration across the southern border. And it was walloped by a financial crisis that proved to typical workers that Wall Street would always get a better deal.

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Mr. Trump’s discourse straddles the divide between the ideological domains, vilifying both trade and immigration. But his policies — tax cuts and immigration restrictions — hew decidedly to the right.

It is not a great fit for a big-tech future. A world in which immigration is on the decline yet some Google technology is taking the jobs of truckers and cashiers sounds compatible with a leftist policy platform that takes on Wall Street and corporate behemoths.

That is a world in which, say, Bernie Sanders would thrive. And that alone could give the cocktail class that gathered in Davos something to worry about.

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Article source: https://www.nytimes.com/2018/01/30/business/economy/populist-politics-globalization.html?partner=rss&emc=rss

Bitcoin plunges below $10,000 as cryptocurrency sell-off continues

Cryptocurrency investors could lose everything, warns Deutsche Bank

The market leading digital currency slid 12 percent on Wednesday to $9,817, before recovering slightly above $10,000, according to the CoinMarketCap website. Its market cap is currently around $170 billion, down about 28 percent this month.

Rival cryptocurrencies ethereum, ripple and stellar have taken hits as well.

Ethereum, the second-largest digital currency by market cap, traded about 6 percent lower, near $1,104. Ripple plunged more than 9 percent to $1.15.

Some experts have attributed the fall to the US regulators’ ramping up scrutiny of one of the world’s largest virtual currency exchanges. They also pointed to Facebook’s ban of ads tied to the industry.

The US Securities and Exchange Commission announced on Tuesday it obtained a court order to freeze the assets of an initial coin offering claiming to have raised $600 million.

US Treasury Secretary Steven Mnuchin said the Treasury wants to make sure cryptocurrencies are not used by money launderers.

“I also want to make sure that consumers understand the issues around cryptocurrencies,” Mnuchin said.

Benjamin Roberts, co-founder and CEO of Citizen Hex, an ethereum-focused start-up backed by three Canadian venture funds, attributed the sell-off to uncertainty around bitcoin’s ability to improve transaction efficiency and the future development of ethereum.

He expects ethereum to become the dominant cryptocurrency this year. “We’ll continue to see volatility measured in dollars until [ethereum] has significantly topped the bitcoin platform in terms of market cap,” Roberts was cited as saying by CNBC.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/417463-bitcoin-drops-cryptocurrency-selloff/?utm_source=rss&utm_medium=rss&utm_campaign=RSS