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Joined 3 years ago
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Cake day: July 2nd, 2023

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  • I used to own a house free and clear. If the value dropped by half, I would still feel a lot poorer.

    When the price of assets held as a store of value drops, the holders of those assets are impoverished. That’s already bad.

    Now, when a fall in the price of assets held as a store of value drops, and that triggers a series of defaults that ripples across the financial system, that’s even worse.

    I can’t see from the outside the degree to which Chinese society has been financialized, but I’m betting it’s more than the CCP wants to let on.










  • It’s essentially the founding myth of Brazil.

    For an American, think about the cultural significance of Thanksgiving, that’s Carnaval.

    Watch a couple of Carnaval parades on Sapucai and you’ll see this default theme over and over again, the browns were here, caravels bring the white, then the black, and all three mix to make Brazil’s distinctive food, music, and population (and our neighborhood is the coolest).

    To give you an idea of how baked into the national mindset that is, I started hearing parade drums while typing that last paragraph.

    Miscegenation and syncretism are explicitly celebrated every year in the week long festival of national identity.

    Now, the framing of it is super white centric, the starting event is the arrival of white Magalhães, and there has never been anything even close to political or economic equality.

    When I was growing up there in the 80s, there was practically zero social concern around people with different skin colors dating. It was strange to move to the states and have people tell me that Brazil was “more” racist than the US.

    Haven’t been to Portugal but my brother says there are three lines at the airport: EU, lusophone country, and everybody else.