by Eddie Kim It’s hard to feel sorry for places that have long served as hubs of privilege, but that also ignores the imagination and ambition they imbue the rest of the restaurant business with David Chang is in mourning. And when you gaze upon the fine-dining apocalypse, it’s easy to understand why. His cozy little restaurant Momofuku Ssam Bar helped redefine the idea of fine dining in the mid-aughts, becoming one of the rare instances of that cliche actually ringing true. It “rewrote the rules by which critically acclaimed restaurants were supposed to operate,” New York Times critic Pete Wells noted in a glowing … Continue reading THE FINE-DINING APOCALYPSE IS HERE. SHOULD WE CARE?
In America, people who lose jobs don’t necessarily get them back. BY MAX KUTNER Like most of us, Adam Tooze is stuck at home. The British-born economic historian and Columbia University professor of history had been on leave this school year to write a book about climate change. But now he’s studying a different global problem. There are more than 700,000 cases of COVID-19 in the United States and over 2 million infections worldwide. It’s also caused an economic meltdown. More than 18 million Americans have filed for unemployment in recent weeks, and Goldman Sachs analysts predict that U.S. gross … Continue reading The Economic Damage Is Barely Conceivable
by Eddie Kim The government put us in this position by failing to prepare and provide aid. Now they want small businesses and workers to carry the load of the recovery? The money disappeared before my parents ever had a chance. Turns out, $350 billion isn’t much under the weight of a COVID-19 pandemic that’s reshaping the American economy. My dad laughs as he tells me their little Italian restaurant in a Hawaii suburb, a 40-minute drive from downtown Honolulu, feels like a metaphoric dinghy in a storm. We don’t know what to do with the news that Congress is set to … Continue reading REOPENING SMALL BUSINESSES IS JUST A PYRAMID SCHEME FOR THE RICH
Is the economic cost of COVID-19 $150 billion? Or $5.6 trillion? by Geoffrey Joyce As coronavirus deaths and infections plateau in many parts of the country, and as the economic damage of stay-at-home orders mounts, a question is gaining ground: Are we overreacting? Some economists and business leaders believe the costs of constraining the virus have exceeded the benefits. They point to unemployment totals not seen since the Depression and entire industries shut down, compared to virus death totals that may reach only the numbers from a bad flu season (55,000). As more data become available, the epidemiological trajectory of … Continue reading Opinion: Are we overreacting to the coronavirus? Let’s do the math
by John W. Whitehead, Rutherford Waking Times “The fact is that the government, like a highwayman, says to a man: Your money, or your life. And many, if not most, taxes are paid under the compulsion of that threat. The government does not, indeed, waylay a man in a lonely place, spring upon him from the road side, and, holding a pistol to his head, proceed to rifle his pockets. But the robbery is none the less a robbery on that account; and it is far more dastardly and shameful.”—Lysander Spooner, American abolitionist and legal theorist Cash may well become a … Continue reading COVID-19 AND THE WAR ON CASH: WHAT IS BEHIND THE PUSH FOR A CASHLESS SOCIETY?
Economists have done the math. By Amelia Thomson-DeVeaux The staggering economic toll of the new coronavirus is becoming abundantly, unavoidably clear. On Thursday, a Department of Labor report showed that a record-shattering 3.3 million people applied for initial unemployment claims last week. And with entire industries shuttered for the foreseeable future, economic output will almost certainly shrink dramatically. As economic forecasts grow darker, talk of tradeoffs is getting louder: Is protecting Americans from COVID-19 really worth all this disruption and economic pain? On March 22, before President Trump floated the idea of reopening the economy by Easter, against the recommendations of his own public … Continue reading What Should The Government Spend To Save A Life?
Noticing what we think (and feel) about money can help us understand our relationship to it. By Craig Hase How do you feel about money? If you’re like many of us, you might not even know the answer to that question. Like water to a fish, our relationship with money can easily become unconscious—just another part of the ocean we’re swimming in. Dharma teachers seldom talk about money in an open way, perhaps because some of their students were drawn to Buddhism for its promise of transcendence and they are not always interested in hearing about the worldly aspects of the … Continue reading Meditating on Money