Her speech was punctuated by European brand names, which functioned as a kind of currency. A maid’s monthly wages, she said, were probably the price of a pair of Roger Vivier satin pumps. A night out can cost half a suède Birkin bag. On Weymi’s last birthday, in March, she’d spent more than two Fendi totes—around four thousand dollars—on drinks in less than an hour. ... The Chinese presence in Vancouver is particularly pronounced, thanks to the city’s position on the Pacific Rim, its pleasant climate, and its easy pace of life. China’s newly minted millionaires see the city as a haven in which to place not only their money but, increasingly, their offspring, who come there to get an education, to start businesses, and to socialize. ... The children of wealthy Chinese are known as fuerdai, which means “rich second generation.” ... President Xi Jinping has spoken of the need to “guide the younger generation of private-enterprise owners to think where their money comes from and live a positive life,” and the government recently held an educational retreat for seventy children of billionaires, who were given a crash course in traditional Chinese values and social responsibility. ... Moneyed people leave China for various reasons. Some are worried about pollution. Others want to secure a good education for their children. ... for affluent Chinese, the most basic reason to move abroad is that fortunes in China are precarious. The concerns go deeper than anxiety about the country’s slowing growth and turbulent stock market; it is very difficult to progress above a certain level in business without cultivating, and sometimes buying, the support of government officials, who are often ousted in anti-corruption sweeps instigated by rivals.
The city, with its stunning views of the mountains and yacht-dotted harbor, has long been one of the world’s most expensive places to live but price gains have reached a whole new level of intensity this year. Low interest rates, rising immigration, and a surge of foreign money—particularly from China—have all driven the increases. ... After copious warnings over the last six months, including from the Bank of Canada, that price gains are unsustainable, the provincial government of British Columbia moved last week. Foreign investors will have to pay an additional 15 percent in property-transfer tax as of Aug. 2 and city of Vancouver was given the authority to impose a new tax on empty homes. ... Demand for luxury cars has risen alongside housing prices in Vancouver, with 1,100 high-end vehicles on the streets of Vancouver as of Dec. 31, 2015, almost double the 2009 count, according to the Insurance Corporation of British Columbia.
Survivalism, the practice of preparing for a crackup of civilization, tends to evoke a certain picture: the woodsman in the tinfoil hat, the hysteric with the hoard of beans, the religious doomsayer. But in recent years survivalism has expanded to more affluent quarters, taking root in Silicon Valley and New York City, among technology executives, hedge-fund managers, and others in their economic cohort. ... In private Facebook groups, wealthy survivalists swap tips on gas masks, bunkers, and locations safe from the effects of climate change. ... impulses are not as contradictory as they seem. Technology rewards the ability to imagine wildly different futures ... How many wealthy Americans are really making preparations for a catastrophe? It’s hard to know exactly; a lot of people don’t like to talk about it. ... That night, I slept in a guest room appointed with a wet bar and handsome wood cabinets, but no video windows. It was eerily silent, and felt like sleeping in a well-furnished submarine.
- Also: The New Yorker - A Bigger Problem Than ISIS? > 15min
- Also: Edelman - An Implosion of Trust < 5min
- Also: The Atlantic - Is Middle America Due For a Huge Earthquake? 5-15min
- Repeat: The New Yorker - The Really Big One: An earthquake will destroy a sizable portion of the coastal Northwest. The question is when. 5-15min
It should be emphasised that Europe’s success was not the result of any inherent superiority of European (much less Christian) culture. It was rather what is known as a classical emergent property, a complex and unintended outcome of simpler interactions on the whole. The modern European economic miracle was the result of contingent institutional outcomes. It was neither designed nor planned. But it happened, and once it began, it generated a self-reinforcing dynamic of economic progress that made knowledge-driven growth both possible and sustainable. ... In brief, Europe’s political fragmentation spurred productive competition. It meant that European rulers found themselves competing for the best and most productive intellectuals and artisans. ... A possible objection to this view is that political fragmentation was not enough. The Indian subcontinent and the Middle East were fragmented for much of their history, and Africa even more so, yet they did not experience a Great Enrichment. Clearly, more was needed. ... Political fragmentation existed alongside a remarkable intellectual and cultural unity. ... If Europe’s intellectuals moved with unprecedented frequency and ease, their ideas travelled even faster. Through the printing press and the much-improved postal system, written knowledge circulated rapidly.
The principal sources of inequality have changed over time. Whereas feudal lords exploited downtrodden peasants by force and fiat, the entrepreneurs of early modern Europe relied on capital investment and market exchange to reap profits from commerce and finance. Yet overall outcomes remained the same: from Pharaonic Egypt to the Industrial Revolution, both state power and economic development generally served to widen the gap between rich and poor: both archaic forms of predation and coercion and modern market economies yielded unequal gains. ... Does this mean that history has always moved in the same direction, that inequality has been going up continuously since the dawn of civilisation? A cursory look around us makes it clear that this cannot possibly be true, otherwise there would be no broad middle class or thriving consumer culture, and everything worth having might now be owned by a handful of trillionaires. ... From time to time, it turns out, history has pushed a reset button, driving down inequality in marked, if only temporary fashion. ... every time the gap between rich and poor shrank substantially, it did so because of traumatic, often extremely violent shocks to the established order.