Happy Friday, folks. Hope everybody’s primed to have an awesome weekend.
Let’s get to it!
Problems with technology have at times roiled global financial markets, but the 223-year-old New York Stock Exchange has held itself up as an oasis of humans ready to step in when the computers go haywire.
On Wednesday, however, those working on the trading floor were left helpless when the computer systems at the exchange went down for nearly four hours in the middle of the day, bringing an icon of capitalism’s ceaseless energy to a costly halt.
Argh. People are treating this like it’s the end of the world. There are at least eleven separate stock markets in the U.S., and as of this writing, NYSE handles less than 23% of total trading. When the glitch happened, it was barely an inconvenience to the actual market themselves, though it was without doubt a serious problem for the owners of the NYSE. Indeed, thinking of the NYSE as anything other than a private company that makes money for itself by providing a service is a mistake. Granted, NYSE’s service is highly technical, and that can lead to some glitches. Still, one company’s technical problems are not an existential crisis for the entire economy.
The physical marketplace hasn’t been a thing in years. If one set of servers goes down, there are always others, and Wednesday proved it. This is not news.
Some argue that finally ditching the euro would be a blessing in disguise. The thinking goes like this: European policymaking—from its tight-fisted central banking philosophy to its demands for austerity—has acted like a vice crushing the Greek economy, and at this point, any deal that would keep the country in the euro would only prolong the misery. Leaving would be difficult, but liberating. Greece would default on its European debts and introduce a new currency. The new drachma would depreciate quickly, giving the economy a shot of adrenaline by helping Greek businesses sell more exports—who doesn’t love good cheap olive oil?—while luring more tourists to Santorini for affordable beach vacations. Yes, Greeks would see their bank accounts largely wiped out as their euro savings were converted into less valuable drachmas. And yes, prices of imported food, which Greeks rely on heavily, would rise. But there might be light at the end of the tunnel. As long as it's part of the euro, on the other hand, Greece's future is just a pitch-black slog with 25 percent unemployment.
|Coming soon to a bank near you!|
Enterprising Greeks ought to start farming now, because the Grexit is coming, and folks living in Greece will still need to eat, even if they have to start taking bicycles to work.
3. Friday Hair Metal: Patience
They played this on SiriusXM's Hair Nation the other day, and I knew immediately that I was gonna run it here.
|Definitely don't do the one with the train. Or the one with the lion!|
Classic. Most of these are based on actual incidents.
Netflix Inc said its first original movie, "Beasts of No Nation," will be released on Oct. 16 on its video streaming service and in select U.S. theaters…
"Crouching Tiger, Hidden Dragon: The Green Legend" will premiere theatrically in China and will be shown on Netflix and IMAX in the first quarter of 2016. "Pee-wee's Big Holiday" can be streamed on Netflix in March 2016.
I wouldn’t have mentioned this save for the mention of a sequel to Crouching Tiger, Hidden Dragon. There’s supposed to be a whole series of books about the characters and the Green Destiny Sword, but I’ve never gotten around to reading them. If you have, let me know how they are.
For the curious, Beasts of No Nation is about child-soldiers in Africa.
Have a good weekend!
***That's all I've got. I'm in the market for a good sci fi short story plot, though, so if you've got one of those, by all means reach out.
Have a good weekend!