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Why Drug Dealers, Rappers, and Pimps Wear Their Wealth
There is a reason to the rhyme of why dealers, rappers, and pimps wear their wealth. It all comes down to the legal gulf that separates their professions and art from civic practices. If you want to keep what you have earned, and take every precaution against having it pillaged by the police, it’s best to carry it with you.
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Does the Developed World Need Cryptocurrencies?
Liberty Street Economics, the New York Fed’s blog, recently did a question-and-answer session with Fed economists Michael Lee and Antoine Martin about cryptocurrencies. It’s a largely neutral and factual interview, but the economists do make one provocative comment: “Cryptocurrencies arguably solve the problem of making payments in a trustless environment, but it is not obvious that this is a problem that needs solving, at least in the United States and other advanced economies.”
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The Canary in the Coal Mine for California’s Public Pensions
Californian charter schools are avoiding or outright leaving the public pension system due to high costs and sustainability concerns. This puts the public pension systems in a situation akin to a Ponzi scheme, since it needs new paying members to avoid an inevitable downfall.
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