from the world's big
Wall Street's Dangerous Power
Simon Johnson is a Professor of Entrepreneurship at MIT Sloan School of Management. He is a co-founder of the economic blog BaselineScenario.com, and the former Chief Economist at the International Monetary Fund. He is the co-author, with James Kwak, of "13 Bankers," a recent book that assesses the U.S. financial sector's role in the economic crisis.
Simon\r\n Johnson: I think at the heart of this problem is a set of people, \r\nnot a huge set of people-- and this is not anti-finance, this is not \r\nanti-Wall Street. I’m a professor of entrepreneurship. I like people who\r\n take risk and who put their own money and persuade other people to \r\ninvest money in genuine risk-taking productivity-enhancing \r\ntechnology-transforming projects. But, there's this core of people who \r\nhave become very, very powerful who can do enormous damage to the rest \r\nof society and honestly, they really don’t care. They’ve made a lot of \r\nmoney in the 2000’s, for example. Some of them have written their \r\nmemoirs. Many of them just disappear with their hundreds of millions of \r\ndollars and they leave it to the rest of us to clean it up. That’s not \r\nacceptable. That’s not fair. That’s not reasonable. That’s not how we \r\nshould organize our society going forward.
Question: \r\nAre other countries experiencing similar problems?
Simon \r\nJohnson: Other countries have many of the same problems. I think we \r\nshould look to American history for the solutions. I think we should \r\nlook at what Teddy Roosevelt did. He took on JP Morgan and he won. We \r\nshould look at what FDR did. He turned the economy around without \r\nkowtowing to the bankers. We should look at what Andrew Jackson did. \r\nAndrew Jackson, very controversial figure of course. He said the second \r\nbank of the United States in the 1830’s was too powerful and it should \r\nbe reined in. At lot of people thought that Jackson was out of control \r\nand exaggerating until the second bank of the United States started to \r\nfight back and it showed its power and it bribed a lot of people and it \r\nrestricted credit in an attempt to stop Jackson. And that, of course, is\r\n what turned public opinion against them. People said, “Oh, my goodness.\r\n Andrew Jackson is right.” That’s why his picture’s on the $20 bill.
A core group of bankers have become so powerful they can do enormous damage to society—and they really don’t care.
Duke University researchers might have solved a half-century old problem.
- The blend of three polymers provides enough flexibility and durability to mimic the knee.
- The next step is to test this hydrogel in sheep; human use can take at least three years.
Photo: Feichen Yang.<p>That's the word from a team in the Department of Chemistry and Department of Mechanical Engineering and Materials Science at Duke University. Their <a href="https://onlinelibrary.wiley.com/doi/abs/10.1002/adfm.202003451" target="_blank">new paper</a>, published in the journal,<em> Advanced Functional Materials</em>, details this exciting evolution of this frustrating joint.<br></p><p>Researchers have sought materials strong and versatile enough to repair a knee since at least the seventies. This new hydrogel, comprised of three polymers, might be it. When two of the polymers are stretched, a third keeps the entire structure intact. When pulled 100,000 times, the cartilage held up as well as materials used in bone implants. The team also rubbed the hydrogel against natural cartilage a million times and found it to be as wear-resistant as the real thing. </p><p>The hydrogel has the appearance of Jell-O and is comprised of 60 percent water. Co-author, Feichen Yang, <a href="https://today.duke.edu/2020/06/lab-first-cartilage-mimicking-gel-strong-enough-knees" target="_blank">says</a> this network of polymers is particularly durable: "Only this combination of all three components is both flexible and stiff and therefore strong." </p><p> As with any new material, a lot of testing must be conducted. They don't foresee this hydrogel being implanted into human bodies for at least three years. The next step is to test it out in sheep. </p><p>Still, this is an exciting step forward in the rehabilitation of one of our trickiest joints. Given the potential reward, the wait is worth it. </p><p><span></span>--</p><p><em>Stay in touch with Derek on <a href="http://www.twitter.com/derekberes" target="_blank">Twitter</a>, <a href="https://www.facebook.com/DerekBeresdotcom" target="_blank">Facebook</a> and <a href="https://derekberes.substack.com/" target="_blank">Substack</a>. His next book is</em> "<em>Hero's Dose: The Case For Psychedelics in Ritual and Therapy."</em></p>
What would it be like to experience the 4th dimension?
- 10-15% of people visiting emergency rooms eventually develop symptoms of long-lasting PTSD.
- Early treatment is available but there's been no way to tell who needs it.
- Using clinical data already being collected, machine learning can identify who's at risk.
70 data points and machine learning
Image source: Creators Collective/Unsplash
Image source: Külli Kittus/Unsplash