While @jackieLbrewer was working at the bakery there was a cash register glitch. For several days they took credit card payments on paper, writing the number down by hand, and then entering them manually at the end of the day.
Those customers would have been totally secure from being able to buy bread.
Often—I’d say usually—when I craft something to post to social media I end up disappointed eventually. In particular, when I want to refer back to it and find that it’s lost in the depths of Facebook or twitter and I can’t find it, or can’t refer to it in the way I want to.
I think I’ve got this problem solved now, via micro.blog, which is social media done correctly.
Use micro.blog like this: Have your own blog that generates an RSS feed. Sign up for a micro.blog, and configure it to watch that feed. It will build a twitter-like timeline out of your blog posts. There’s a clever detail about how it does so: Your regular posts will just be posted with your post title and a link. But your short, status posts—your tweet-like posts—show up with the full content instead of just a title and a link. (You signal the difference to micro.blog by omitting a title on your status posts.)
I set up a micro.blog a couple of years ago (I was a backer on Kickstarter), and was very pleased with how it all worked, with the sole problem being that nobody reads my micro.blog feed. My frustration with that, however, has finally prompted me to do something that I’m always loath to do: Spend money.
I signed up to spend $2 a month to have micro.blog forward my feed on to twitter (and, of course, to support micro.blog). A link to this post will show up with the post title. My status posts are showing up as tweets, just like they’re supposed to.
Going forward I’ll still post to twitter, but generally just replies and retweets. With those exceptions, my plan is to publish all my content here and let micro.blog handle the rest.
Does money come with new-agey energy flows or emotions attached? For most of my life, I’d have said no (or more likely just rolled my eyes at the question). As you might expect from an economics major, I bought into a free-market model of how money worked.
Experiences over the course of my career, gradually convinced me that those ideas were . . . Well, not wrong exactly, but incomplete. I came to understand that money isn’t the kind of neutral object that it is in economic theory.
Ken Honda’s new book will let you skip over the 25 years of first-hand experience it took me to figure this out.
If you think money is a neutral, transactional artifact, then it just makes sense to earn as much as you can in the easiest ways possible. Because I was a software engineer whose career started in the early 1980s, it was pretty easy to find a job that paid well, and salaries grew rapidly, so I was doing just fine as an employee. There are certain things that come along with being an employee, the main one being that you’re supposed to do what your boss tells you to do.
I was okay with that. More okay than a lot of my coworkers, who objected when the boss wanted them to do something stupid or pointless.
My own attitude was always, “Yes, attending this pointless training class is a waste of time that I could be spending making our products better. But it’s easier than doing my regular work, and if my boss is willing to pay me a software engineer’s salary to do something easier than write software, I’m fine with that.”
The idea that I was fine with that turned out to be wrong. In fact, putting time and effort into doing the wrong thing is a soul-destroying activity. Getting paid a bunch of money for it doesn’t help. That money is, in Ken Honda’s terms, Unhappy Money.
Money that flows into (or out of) your life in a positive way is Happy Money—money that you receive (or give) as a gift, money that you earn by doing something useful (or spend to get something that you want or need). Unhappy Money is money lost or gained by theft or deceit, paid grudgingly by someone who feels cheated or taken advantage of—or, as in my own case, paid willingly, but paid to someone who doesn’t think what he’s doing to earn it is worth doing.
Honda’s thesis is that if you adjust your life around this idea—so that your own money flows are all Happy Money (and that you refrain from receiving or spending Unhappy Money)—your life will improve. My experience is that this is true.
If that insight is the key to the book, probably next most important is understanding that “There’s no peace to be found in always wanting more,” which is one of the points I tried to make when I was writing for Wise Bread.
To be honest, probably one reason I like the book so much is that a lot of the practical advice sounds a lot like what I talked about for years at Wise Bread. (For example that the strategy of just saving more quickly reaches limits in terms of its utility for making your family more secure.)
Much of the book is on the details of how to shift all aspects of your financial life toward Happy Money. There’s a long discourse on what he calls your “money blueprint”: The attitudes and practices passed down from parent to child (or rejections of those attitudes and practices), people’s basic personalities, and simple ignorance about how money works. A crappy money blueprint will predictably lead to people into cycles of Unhappy Money flows.
Why has the Fed been able to produce asset inflation but no price inflation for past 10 years? My guess: lack of union power and globalization are blunting transmission into wages and prices. But I don’t see an easy way to test that hypothesis.
In a recent speech, Fed chair Jerome Powell talked about “balance sheet normalization” in terms that strike me as essentially admitting that the Fed is a failure as a central bank.
Here’s the quote:
The crisis revealed that banks, especially the largest and most complex, faced much more liquidity risk than had previously been thought. Because of both new liquidity regulations and improved management, banks now hold much higher levels of high-quality liquid assets than before the crisis. Many banks choose to hold reserves as an important part of their strong liquidity positions.
Powell seems to be suggesting that banks have chosen to treat reserves in the same way a gold-standard bank treated specie: as cash on hand to meet demands from depositors who want their money back.
I call this a failure because a big part of the reason behind the creation of the Federal Reserve was that this system—where every bank held some gold—was clearly inadequate. Commentators at the time likened it to a fire protection district which, instead of having a fire engine, required every household to have one bucket of water on hand.
By having a large common stockpile of gold at the Federal Reserve, a loss of confidence in any one bank could be easily handled. Faced with a bank run, a solvent but illiquid bank would bring some assets (loans, bonds, bills, etc.) to the discount window and receive enough gold to handle redemption requests.
Powell is saying that banks seem to have decided that they can’t count on the Fed to discount their illiquid assets—a basic function of a central bank. Instead they’re choosing to stockpile large quantities of reserves exactly the way nervous banks stockpiled gold reserves in the pre-Fed days.
I’m sure this is based on the experience of the financial crisis, where many banks held a bare minimum of reserves and safe assets, choosing instead to invest the maximum amount in complex derivative instruments, which were highly profitable until they suddenly became worthless (or at least of dubious value).
But that just means that this is a double failure by the Fed:
As a lender of last resort it can’t be counted on to provide reserves to a solvent but illiquid bank.
As a regulator it can’t be counted on to require that the banks hold enough high-quality assets with sufficiently transparent valuations to be usable at the discount window.
By paying interest on these reserves, the Fed is enabling this behavior—solving the old problem that “gold in the vault pays no return.” But banks should be in the business of facilitating commerce in the economy, not the business of using their depositor’s money to score some free cash from the Fed.
I completely understand the Fed not wanting to again put itself in the position of having to decide what discount rate is the right one to apply to 3rd tranche mortgage-backed subprime paper. But a strategy of “just hold more reserves” is a pretty poor solution to the problem, for exactly the same reason that “just hold more gold” was a poor solution in the pre-Fed days.
My insurance company can’t quite get my healthcare.gov application processed in time to bill me before the end of the year. But the law only guarantees coverage if I make the first payment before the end of the year. So every year I have to track down the amount and scramble to make a payment despite not having a bill.
Even though I have several other things going on, it’s indisputable that I’m going to have to write something for this short story contest. I simply can’t imagine a theme that hits more squarely in the sweet spot of what I’m interested in: Into the Black.
In 5,000 words or less, we want you to explore the impacts of a basic income on individual lives and on society at large.
If it’s your sort of thing, you should probably write a story too. Pay is good, even if don’t win the grand prize ($12,000 paid as $1,000 a month for a year).
I don’t normally suggest a soundtrack for posts, but for this one I recommend that you listen to Da Vinci’s Notebook singing “Kingdom in the Sky.” Open that link in another tab and let it play while you read.
For almost ten years now I’ve been writing about personal finance and frugality for the website Wise Bread. A few months ago, the founders emailed the senior writers to say that to celebrate their 10-year anniversary they were inviting all of us who started in the first year, together with our families, to Disneyland.
What a great gift! Jackie and I flew out last week, spent two nights in the Disneyland hotel, and spent two days in the theme parks.
Even better than the theme parks was the chance to meet the admins, some of the other writers, and the Wise Bread staff! These are people I’ve been working with for 10 years, but had never met except through their posts and email messages.
Nice swag bags were delivered to our room—snacks, Disney name tags and lanyard wallets, big Disney insulated cups, and heavy-weight hoodies with both the Disney and Wise Bread logos. Mine also had a Mophie powerpack! (There’s a local-to-my-hometown connection between Mophie and Kalamazoo which this an especially welcome gift, totally aside from the fact that my old Motorola powerpack had given up the ghost just before this trip, which meant that I really needed one.)
We also got a pair of 2-day hopper passes for visiting the theme parks!
The evening we got there was the staff/editor/writer dinner at the Catal restaurant in downtown Disney. Jackie and I ended up sitting down at the end of the table with the editors Janet and Lars and their spouses, and enjoyed much fascinating conversation all through dinner. (Also a nice—if rather young—pinot noir that Lars somehow managed to end up paying for despite everyone else’s best efforts.)
Around the middle of the evening, Lynn (one of the founders) called me to join her closer to the middle of the table so she could make a little speech thanking all us writers for joining Wise Bread and sticking with it all these years, and giving us each a “gift appropriate for a writer” which turned out to be the Mont Blanc pen in the photo above. What a generous and appropriate gift!
(A photo of that moment was posted to instagram—I tweeted it—but it seems to have vanished. My tweet no longer even has the link to where the photo used to be. What’s up with that? If it resurfaces, I’ll post it here.)
The next morning was breakfast at Goofy’s Kitchen—a breakfast buffet with Disney characters posing for photos and parading through the dining rooms. We sat at the same table as Will, who had some very kind things to say about me to Jackie.
We spent the rest of the morning at the Disneyland theme park (having done the California Adventure theme park the previous afternoon).
After various rides and attractions and lunch (and a good bit of walking—important to Jackie and me), we decided that we were about theme-parked out, and decided to spend the warm part of the afternoon walking in the gardens outside the hotel and sitting by the pool. Jackie wrote some postcards.
We took a bunch of pictures, some of which are good enough to share. I gathered those in a Flickr album I called #wisebread10thdisney after the hashtag the admins wanted us to use for our Instagram posts. (Or you can go to that hashtag at Instagram and see everybody else’s photos along with those of mine that ended up on Instagram.)
However, I got one particularly good shot of Jackie and me that I wanted to share:
How much fun were Jackie and I having at Disneyland? This much fun.
Thanks to the admins at Wise Bread! Hey, shall we do our 20th anniversary celebration at EPCOT?