The fashion industry is providing the latest mind-bending example of just that. Fashion juggernauts, like Dolce & Gabbana, have recently started experimenting with wearable, digital collectibles that are attracting astronomical prices. At a recent auction, a combination sale including a jeweled physical crown coupled with a digital NFT version sold for more than $1 million. Accompanying custom-made digitally wearable Dolce & Gabbana jackets also attracted more than $300,000 apiece in ethereum.
Zhou Bo also clarified how Beijing is “not interested in bipolarity,” in terms of China “replacing the USSR during the Cold War”: after all, “China is not competing with the US elsewhere in the world.”
Yet even as “the center of gravity is moving irreversibly to the East,” he admitted the current situation “is more dangerous than during the Cold War.”
Amorim voiced one of the Global South’s key demands: the “need for a new institutional framework. The closer we get would be the G-20 – a little more African, a little less European.” This G-20 would command the authority the current UN Security Council lacks. - The annual Valdai Club meeting in Sochi, Russia, was another lively affair for envisioning a post-unipolar global order
AI composes a new Amy Winehouse song:
The Nationalist government in Taiwan has admitted that its army killed an estimated 18,000 to 28,000 native-born Taiwanese in a 1947 massacre
The brutal killings, which have poisoned Taiwan’s politics for the past 45 years, were never a secret to the older generation of Taiwanese. But until publication this weekend of a 400,000-word official document, which was reported by the local media Sunday, the government never acknowledged the vast scale of the bloodshed.
Until martial law was lifted on the island five years ago, it was dangerous to discuss the massacre with anyone but relatives or trusted friends.
Most mainland Chinese who fled to the island with the Nationalist government in 1949--and who together with their children make up about 15% of the island’s population--have never really understood the horror of what happened before their arrival. But Taiwanese residents of the island, descended from immigrants who came from the China coast in previous centuries, could not forget it.
The next day, Feb. 28, 1947, an angry crowd gathered in the streets of Taipei, and rioting erupted. Troops fired on the crowd. The rioting was ultimately suppressed, but the army followed up in subsequent days by arresting and executing people thought to be capable of leading resistance to Nationalist rule. Many of those who died were among the island’s better-educated residents. - LA TIMES
My priors: The dominant driver for the past 3 decades has been deflation, with occasional spasms of inflation. Much of the current price increases are due to complications from re-opening. I expect many of these issue-driven price increases to eventually normalize, but some of those increases — especially wages at the lower half of the pay scale — will likely be sticky.
Hence, “Reset” is the right word for some price increases (e.g. wages) but “Transitory” applies to those price spikes that are likely to fall back to a more modest annualized rate of increase. This will not occur until adjustments are made in manufacturing and transportation logistics.
This is why so much inflation confusion abounds — it is too easy to focus on those prices that confirm one’s priors.