Legacy Media Complains Social Media Platforms Aren’t Censoring “Deepfakes” Enough Ahead of 2024 Elections
The Associated Press (AP) used to be a reliable wire service – that provided actual news, stripped of opinion or interpretation, for news media to incorporate in their own reporting.
But, things have changed. In a piece “warning” that deepfakes have gone “mainstream” the AP also manages to claim, right in the title, that social media “guardrails” are fading. Spoiler: the article’s call to action is basically, “We need (even) more censorship here.”
The footnote to the piece is interesting. Usually, these are simply legal warnings, and other factual information – but here, the agency defines itself as one that “receives support from several private foundations.”
For what purpose? “To enhance its explanatory coverage of elections and democracy.” (The phrase, “explanatory coverage of democracy” doesn’t sound like not something George Orwell would edit out of his writing.)
And now for, how one covers elections, and democracy, in an “explanatory” fashion. First, this is all about the 2024 US presidential ballot, although it starts off by mentioning the previous election.
The January 6 riots, then what the authors term to be “false election conspiracy theories” (so – there true ones?) are there to frame the message about what must happen ahead of 2024. And, clearly, in order to help those now in power remain there.
AP’s warning: however bad things were for democracy (from the pro-Biden point of view) the last time, they are now going to get worse. After all, hand-picked “experts” say so.
There’s also an almost comedic moment in the article, when former President Trump – himself since 2016 the victim of the notion that “elections can’t be trusted” and many Democrats believing he is not a legitimately elected president and free to say so – accompanied by a fierce media campaign – is now accused as the one guilty of the trend.
“Many Americans, egged on by former President Donald Trump, have continued to push the unsupported idea that elections throughout the U.S. can’t be trusted. A majority of Republicans (57%) believe Democrat Joe Biden was not legitimately elected president,” writes the AP.
Then, there’s that fear of deepfakes as supposedly the be-all-end-all of what’s, in reality, an extremely complex election process – and in reality, that “fear” is there simply as a vehicle to force social media platforms to censor content even more ahead of the 2024 vote.
“I expect a tsunami of misinformation. I can’t prove that. I hope to be proven wrong. But the ingredients are there, and I am completely terrified,” said University of Washington’s Oren Etzioni, unwittingly shooting the whole “anti deepfakes conspiracy theory,” right in the foot.
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The Real Minimum Wage Is Always Zero
The real minimum wage is always zero.
Restaurant workers in California are about to find that out the hard way.
Minimum wage laws are politically popular. According to the narrative, benevolent politicians raise the minimum to force greedy businesses to pay their workers a decent wage. It sounds great, doesn’t it? It seems like a victory for the little guy.
The problem is you can’t suspend economic laws by government edict.
One of the biggest enduring economic myths is the notion that the minimum wage laws only help workers and have no real negative effects. The fallacy inherent in this line of thinking becomes immediately clear if we simply propose a $ 1,000-per-hour minimum wage. After all, if $20 is good, $1,000 would be fantastic, right?
Of course, nobody would pay a worker $1,000 per hour to perform a low-skill task. You’d never get any kind of return on that investment, and it’s obviously unaffordable. A $15 per hour minimum is just slightly less unaffordable. It’s only a matter of scale.
The smaller scale of a hike to $15 makes the effects much less obvious – sometimes completely invisible. But the same fundamental economic reasons a $1,000 per hour minimum wage would never work make a $15 minimum just as economically unviable.
Nevertheless, as long as we have politicians, they will pander to “workers” and pass these economically damaging laws. And as long as there are minimum wage laws on the books, some low-productivity workers will go without jobs.
A wage is nothing more than the price of labor. And labor is subject to the laws of supply and demand. When you raise the price of something, demand falls. That means raising the price to hire somebody will ultimately mean fewer people get hired.
It’s critical to understand that governments can force employers to pay you minimum wage. But they can’t force a company to hire you.
CALIFORNIA: A REAL WORLD EXAMPLE
California workers are going to learn this economic lesson the hard way.
A $20 per hour minimum wage for restaurant workers in California will go into effect in April. To cope with the increased cost of labor, two Pizza Hut operators plan to eliminate delivery service. That means some 1,200 delivery drivers will go from making their current wage to earning zero.
“PacPizza, LLC, operating as Pizza Hut, has made a business decision to eliminate first-party delivery services and, as a result, the elimination of all delivery driver positions,” the company said in a statement.
Southern California Pizza Co. also gave notice that it will discontinue delivery service.
Restaurant industry analyst Mark Kalinowski told Business Insider that he expects “more harm to come” from the law as fast food chains “take action in an attempt to blunt the impact of higher labor costs.”
Some of that pain will fall on customers. Pizza lovers will now have to pick up their orders or depend on third-party delivery services such as DoorDash and Uber Eats. Meanwhile, McDonald’s and Chipotle have already indicated that they will raise menu prices.
Gov. Gavin Newsome signed the FAST Act into law in 2022. The original plan would have raised the fast food industry minimum wage to $23 per hour. In a compromise, a law passed last year set the wage at $20. The wage applies to California-based fast-food chains with 60 or more locations nationwide.
WHAT’S WRONG WITH A MINIMUM WAGE?
Nick Giambruno did a good job of explaining the problem with minimum wages in an article published by the International Man. He points out that minimum wage laws are simply price controls.
In this case, a control on the price of labor. And price controls always create destructive distortions in the market. Here, that means unnecessary unemployment and artificially high prices passed on to consumers. Even the Congressional Budget Office admits that 500,000 jobs would be lost if the US government raised the federal minimum wage from $7.25 to $10.10.”
Giambruno illustrates this point by making a comparison that’s easy to wrap your head around. Imagine if the government set the minimum price for an aluminum can at $5. In that scenario, Coca-Cola would have to charge over $5 for a can of Coke. Would you shell out more than five bucks for a can of Coke?
Me neither.
In this scenario, we’d end up with a glut of Coke cans sitting on store shelves.
In this scenario, the problem isn’t that people don’t want Coke. They do. The problem is the artificially high price of aluminum cans… which leads to the artificially high price of Coke… that just sits on shelves, gathering dust, until eventually, Coca-Cola drastically cuts back production because of lack of demand.”
In all likelihood, Coca-Cola would just switch to exclusively using glass or plastic containers. The $5 minimum can price that was supposed to help the can companies would actually hurt them over the long term.
Now, just substitute aluminum cans for labor and you have the same scenario.
A similar dynamic plays out when the government mandates the price of labor. But instead of Coke cans, potential employees sit on the shelves while employers eliminate jobs they otherwise wouldn’t, and are forced to pass on higher prices to consumers when they otherwise wouldn’t. The plain truth is, not every job generates $15 an hour worth of output. And some workers would much rather accept jobs that pay less than $15 than have no job at all.”
Minimum wage advocates seek to solve a legitimate problem facing American workers: their dollars buy less and less every year. But simply mandating employers fork over more dollars is a little like putting a band-aid on an amputation. It doesn’t do anything to address the underlying problem. We don’t have a wage problem. We have a money problem.
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Central Banks Brought Inflation — Now They Bring Stagnation.
Although the Federal Reserve and the European Central Bank’s message regarding interest rate cuts seems clear, reiterating their commitment to reducing inflation, the market is expecting between five and six interest rate cuts, between 125 and 150 basis points, in the next twelve months.
This shows us the bubble bias of many investors. We live in a world where two generations of market participants have only seen rate cuts and massive liquidity injections. Central banks have created huge perverse incentives in markets that should have been prevented if they truly followed their mandate of stable prices. On top of it, the ECB faces another risk. It must avoid following the siren calls of interventionists if it wants the euro project to survive.
The euro is the biggest monetary success of the last 100 years, and the ECB’s excessively loose policy may destroy its position as a world reserve currency. The interventionist hordes of European socialism want the central bank to become an instrument in the hands of governments to nationalize the economy and destroy the currency’s purchasing power.
Don’t be mistaken; for those who come up with soft words demanding “expansive-looking monetary policy,” what they are looking for is exactly what they have supported in Argentina, Venezuela, and Cuba: the expropriation of wealth through the dissolution of the purchasing power of the currency.
It would be completely irresponsible to implement massive rate cuts for several reasons.
Central banks are placing all the focus on the price and not the quantity of money. Ignoring monetary aggregates is very dangerous, and centering decisions only on rates may create a larger problem: a market bubble and a real economy contraction.
By ignoring monetary aggregates, central banks may cut rates with no real effect on the productive economy and solve nothing. There may be a significant contraction in economic activity even if rates decline, as credit availability worsens even with declining rates, but markets keep inflating the financial bubble.
Inflation has not declined persistently. Since the consumer price index is a year-on-year calculation from a very high figure, the base effect accounts for up to 85% of the decline in inflation. The same base effect could adversely affect inflation in the coming months if the annual path of price rises remains.The greatest economic aberration of our time, negative interest rates, actually made the structural weakness in the economy worse, causing it to slow down.
The economy has been accumulating poor and indebted growth data for years in which misguided so-called “expansive” monetary policies have been implemented. Negative rates and extreme liquidity injection have not generated greater or better growth but have left states with enormous imbalances.
Consumers are still suffering from the monetary disaster created in 2020. We are talking about a cumulative inflation rate of more than 22% since 2018 and a price rise that continues to be worrying, particularly in non-replaceable goods.
Monetary aggregates show that there is a private sector recession disguised by accumulated debt. Between January 2020 and July 2022, the money supply (M2) soared by an insane $6.3 trillion, according to FRED. It has declined almost a trillion dollars from its peak. The impact of this decline in money supply on the availability of credit and the broad economy will not be evident until 2024, when it coincides with an enormous wall of debt maturities. Central banks went from excess money to overlooking the money slump. Both are equally negative. One created the inflation burst, and the second is driving a private sector recession disguised by debt.
Inflation is a monetary effect. What some call cost inflation, commodity inflation, or supply shock is nothing more than more units of issued currency than real economic growth going to relatively scarce assets. Unit prices may rise for exogenous reasons, but they do not generate a sustained and cumulative rise in aggregate prices, which is what measures inflation. If a price soars due to an exogenous factor, the rest of the price does not rise at once if the currency issued remains constant relative to economic growth.
Of course, the system creates a whole series of experts who blame inflation on everything and anyone except for the only thing that can make aggregate prices rise at once, consolidate that annual burst, and continue to rise: the decrease in the purchasing power of the currency.
Those who understand money predict inflation and warn of the current risk. From Steve Hanke’s articles and the Inflation Dashboard that accurately predicted the inflation eruption of 2021–22, Richard Burdekin, “The U.S. Money Explosion of 2020: Monetarism and Inflation” (2020), to Claudio Borio, “Does money growth help explain the recent inflation surge?” (2023), or Juan Castañeda and Tim Congdon, “Inflation, The Next Threat?” (2020), dozens of studies warned of the arrival of inflation by excess monetary and explained the empirically monetary cause. Some argue that in 2009–2019 there was no inflation and money was also printed massively, but they do not understand the quantitative theory of money and ignore that the monetary expansion of 2020–22 was up to five times greater than that of the previous period of stimulus plans, as well as fully dedicated to government spending programs.
If we look at the contraction of monetary aggregates, inflation should have dropped faster, and the economy would be in a recession. However, the accumulated effect of massive money growth added to an unstoppable debt-fueled government deficit makes the impact of the 2020–21 liquidity explosion disguise the risks.
Inflation was created by the wrong monetary policy, and incorrect central bank measures may have lasting negative impacts on the economy. The first effect is evident: governments continue to crowd out the real economy, and families and businesses suffer the entire burden of rate hikes. Maybe the objective was always to increase the size of the public sector at any cost and implement a gradual nationalization of the economy.
Market participants should stop encouraging bubble-generating policies, and central banks should focus on monetary aggregates to avoid boom and bust cycles. The negative effects of the current money slump may arrive at once with the wall of maturities. Even if we avoid a recession, it will likely be a false way out with a debt-bloated government consumption figure, weak productivity, and private sector growth.
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