This Machine Kills

We offer some thoughts on where the tech sector is heading right now, how the markets are performing amidst a down turn, and what big trends for tech and capital are looking strong in the new year. Stuff we reference ••• A new era: the end of cheap money https://www.ft.com/content/6d312b6c-9f74-4816-ad7e-7e797c5e0f6b ••• Silicon Valley start-ups race for debt deals in funding crunch https://www.ft...

We do a postmortem on 2022, the year of Web3, talking about the goofs and grifts, speed and scale, crashes and canaries, with our major takeaway and theme being that just as FTX is not anomalous for Web3, nor is Web3 anomalous for Silicon Valley. It is, instead, a product and paragon of the structural conditions and systemic imperatives that define how the political economy of technology operates...

We give some personal updates, then get distracted talking about a new survey on consumer sentiments and insurance technology. It turns out that actually the vast majority of people *do not* want to use surveillance technology and exchange data for any insurance discounts. Remember this when insurance policies that require using devices and sharing data still proliferate. It's not because consumer...

We breakdown ChatGPT, the conversational large language model created by OpenAI. How this system works. How it has been fetishized by consumers and reporters, critics and advocates. Why most of the hand wringing and claim making about the impacts of this technology has been wrongheaded. And why our analysis of the implications for such a system being integrated into everyday life—regardless of how...

If we want to understand the cloud, then we need to study real estate. We are joined by Dan Greene—from the University of Maryland’s College of Information Studies—who has written the premier analysis of who owns the internet. We all know the cloud is a place, but many of us think that place is largely owned by familiar tech giants. Wrong. The actual owners of the bones and pipes of the internet a...

We give some personal updates, then get distracted talking about a new survey on consumer sentiments and insurance technology. It turns out that actually the vast majority of people *do not* want to use surveillance technology and exchange data for any insurance discounts. Remember this when insurance policies that require using devices and sharing data still proliferate. It's not because consumer...

We take a look at the critical ecologies of the cloud with Mél Hogan – Director of the Environmental Media Lab at the University of Calgary – who researches the environmental politics of server farms and data centers. We unpack the ongoing domination of nature by machine and market logics — until there isn’t anything left to dominate. ••• Mel’s twitter: https://twitter.com/mel_hogan ••• Mél’s work...

We continue our analysis of all things green by looking deeper at the operations of a core mechanism directing cash flows into sustainable investments: ESG. What is ESG? How does it work? You think you know? You assume you understand it? Does the acronym stand for environmental and social governance? Or does it actually stand for environment, social, and governance? Would you believe that the plac...

With the UN Climate Change Conference (COP27) recently happening, we dig into the political economy of green policy, green investing, green finance, green technology, green capitalism. What is driving the transition necessary to sustain the billions of lives – and trillions in profits – on Earth? Who are the vanguards of sustainability lighting our way into the future? Stuff we reference: ••• The...

While Jathan is busy with his day job, Ed and Jereme are joined by Ed Zitron and Aaron Thorpe for a shitposters party. Topics include: dystopias, cat ownership as praxis, conspiracy theories about Covid and JFK, and how Las Vegas isn’t doing the crypto bullshit. Also: talking shit about all the usual suspects. Ed’s twitter: https://twitter.com/edzitron Ed’s substack: https://ez.substack.com/ Aaron...

We are taking a break to catch up on stuff. Enjoy this classic (and infuriating) premium episode. Take beta blockers before this episode. In a companion piece for our episode on Health Communism, we dig into a concrete case that exemplifies everything we talked about with the production of surplus populations for the purpose of extractive abandonment. The ongoing story we discuss in this episode t...

We continue our deep dive into a provocative, radical blueprint for democratizing finance and taking control of the economy. We detail Omarova’s detailed proposal for turning the Federal Reserve into the People’s Ledger. On the liabilities side, we discuss the universalization of deposit services (aka FedAccounts) and the elimination of private deposit-taking by commercial banks. On the assets sid...

We dive deep into a provocative, radical blueprint for democratizing finance and taking control of the economy. A recent paper by law professor – and a favorite thinker of TMK – Saule Omarova offers a detailed plan for how to reengineer the Federal Reserve, totally restructuring its balance sheet, and “redefining the role of a central bank as the ultimate public platform for generating, modulating...

We’re pulling the ripcord on this book. After slogging through five chapters, we discuss why this book just isn’t working for our needs with the TMK Book Club and why we are abandoning it. Despite it being an influential book, which is squarely in our interests, its approach to describing the topic makes it difficult and, frankly, not very fun to talk about. So instead we talk about some other con...

As the tech economy faces a massive turn down, we dig deeper into a market segment that experienced meteoric overcapitalized growth, a huge pandemic boost, and an immediate collapse: instant delivery // dark stores // ghost kitchens. To help us analyze the consequences of this sector’s rise, demise, and aftermath we are joined by Aaron Shapiro – author of Design, Control, Predict: Logistical Gover...

We riff on the artisanal race science of Caroline Ellison, CEO of Alameda Research, the crypto hedge fund linked to FTX. Then we introduce you to the Harman Ready Care system, yet another of the wonderful innovations on the market contributing, in its own incremental way, to improving the world today. ••• Introducing HARMAN Ready Care: Detects Driver Behaviors and Assists via Context-Aware Interve...

We dig into the details of FTX’s collapse. FTX is not an isolated event. FTX is not a bad apple. FTX is not uniquely mismanaged. FTX is not a cautionary tale. FTX is not a stunning surprise. FTX is a systemic problem, a vehicle for structural levels of fraud, another in a long line of liquidity crunches for crypto, a litmus test for credible due diligence, a fork in the road for the crypto economy...

We dig into Chapter 3 – Theory and Practice – and look at how, in the 1960s and 1970s, theories of finance like random-walk hypothesis and efficient market hypothesis, started leaking out of the university and having real world effects in professional financial practice. Combined with market restructuring caused by the rapid growth of institutional investors in the American economy, these financia...

We discuss a recent investigation by ProPublica into the convergence of real estate, private equity, and algorithmic pricing as they profile a particularly odious company (RealPage) that is selling a technology (YieldStar) to property management companies, which directly leading to severe upward pressures on rental pricing and vacancy rates. Troubled by real estate companies extracting higher marg...

We talk about the chaos at Twitter as Elon drives the company into the ground, merging classic techniques of a private equity takeover with his patented impulsive incompetence. Stuff we reference: ••• Musk’s Trump-style management rattles Twitter workers awaiting layoffs https://www.washingtonpost.com/technology/2022/11/03/elon-musk-twitter-layoffs-silence-blind/ ••• Twitter job cuts begin as Musk...

We are joined by Jacob Silverman – contributing editor at The New Republic – to discuss his profile of David Sacks, a venture capitalist and right-wing media personality who has been on the vanguard of reactionary culture wars and political influence in Silicon Valley. Follow Jacob: https://twitter.com/SilvermanJacob Stuff we reference ••• The Quiet Political Rise of David Sacks, Silicon Valley’s...

We dig into Chapter 2 – Transforming Finance – and look at how, in the 1950s and 1960s, the economic study of finance started shifting from merely descriptive approaches to engaging in more analytical theories and mathematical models of how finance does (and should) operate. Here’s a free pdf of the book: https://uberty.org/wp-content/uploads/2015/02/MacKenzie-An-Engine-Not-a-Camera.pdf Subscribe...

We are joined by reporter Avi Asher-Schapiro who, along with his colleague Fabio Teixeira, has published an investigation into the crypto carbon credits markets. This collision between green finance and crypto economics reveals many of the worst tendencies of both sectors as financiers take advantage of highly profitable opportunities for price arbitrage. Such as bundling low quality “zombie credi...

Take beta blockers before this episode. In a companion piece for our episode on Health Communism, we dig into a concrete case that exemplifies everything we talked about with the production of surplus populations for the purpose of extractive abandonment. The ongoing story we discuss in this episode takes all those dynamics and pushes them to their most horrific logical conclusions. Some reference...

We are joined by Beatrice Adler-Bolton and Artie Vierkant — co-hosts of Death Panel — to discuss their truly excellent new book, Health Communism, which offers a searing analysis of how our conceptions and systems of health are critical to the maintenance of capitalism. Under capitalism we are all human waste: the sick and surplus that are drains on productive society. If you don’t think you are,...