Lifeboat Foundation: Safeguarding Humanity
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Category: economics – Page 176

Every 100 years or so, our Sun gives off a great big belch that sends an intense wave of charged particles towards Earth. This wasn’t a problem in the past, but our high-tech civilization is now disturbingly vulnerable to these solar storms. A new study quantifies the economic risks posed by these extreme solar storms, while also proposing a super-futuristic solution to the problem: an Earth-sized shield built in outer space.

The term “solar storm” is used to identify the various nasties the Sun can hurl our way, including x-rays, charged particles, and magnetized plasma. In 1859, a series of powerful coronal mass ejections (CMEs) hit our planet head on, disrupting telegraph stations and causing widespread communication outages. If we were to be hit by an equally powerful solar storm today, it would knock out satellites and electrical grids, disrupting global communications, transportation, and supply chains. Total worldwide losses could reach up to $10 trillion, with recovery taking many years.

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GomSpace Group, a company listed on the Nasdaq First North Premier exchange, and the Luxembourg Economy Ministry agreed in principle to establish in the country a company focused on satellite operations and data processing and distribution.

By 2021 the company could employ up to 50 full-time staff, GomSpace said in a statement. The ministry will provide funding through its Luxembourg space programme as well as grants for research and development that will happen in the country, it said.

“By choosing the Grand-Duchy for their international expansion, GomSpace acknowledges the substantial efforts of the government over the last years to put in place the necessary measures to support the continued strengthening and diversification of its space sector,” Economy Minister Etienne Schneider said.

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Will any of the jobs that exist today still be around in 20 years? Fast Future’s Steve Wells, Alexandra Whittington and Rohit Talwar explore whether automation is destined to rewrite all our futures.

We are embarking on the so-called fourth industrial revolution – heralding an era where smart technologies could transform every aspect of business, work, government and our daily lives. We are already used to seeing faceless robots undertaking repetitive manufacturing tasks and smart applications determining our credit ratings, autopiloting planes and delivering an array of functionality to our mobile devices.

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Most of America is deteriorating economically.

Economic prosperity is concentrated in America’s elite ZIP Codes, but economic stability outside of those communities is rapidly deteriorating.

That’s the stark conclusion by Axios tech editor Kim Hart, in one of the most sobering pieces we have run in the eight months since we launched.

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The United States would realize roughly $9 billion a year in economic gains by instituting a simple, nationwide policy change: starting public school classes no earlier than 8:30 a.m.

That’s according to an exhaustive new study by the Rand Corporation, the first of its kind to model the nationwide costs and benefits of later school start times.

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Just like the game of Monopoly, which was created to illustrate the operation of laissez faire capitalism, there is always one big winner at the end of the game.

“Wealth concentration drives a vicious, downward cycle, throttling the very engine of wealth creation itself.”

“Because: people with lots of money don’t spend it. They just sit on it, like Smaug in his cave. The more money you have, the less of it you spend every year. If you have $10,000, you might spend it this year. If you have $10 million, you’re not gonna. If you have $1,000, you’re at least somewhat likely to spend it this month.”

These people could spend $20 million every year and they’d still just keep getting richer, forever, even if they did absolutely nothing except choose some index funds, watch their balances grow, and shop for a new yacht for their eight-year-old.

If you’re thinking that they “deserve” all that wealth, and all that income just for owning stuff, because they’re “makers,” think again: between 50% and 70% of U.S. household wealth is “earned” the old-fashioned way (cue John Houseman voice): it’s inherited.

The bottom 90% of Americans aren’t even visible on this chart — and it’s a very tall chart. The scale of wealth inequality in America today makes our crazy levels of income inequality (which have also expanded vastly) look like a Marxist utopia.

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The new digital payment app, called Tez, allows people in India to use a phone to pay for goods in physical stores and online, or make payments to other bank accounts. It’s different to the (already incredibly popular) Indian service PayTM in the respect that it links a phone directly with a bank account, rather than having the user regularly top up a wallet with money.

The Financial Times reports ($) that, unlike many other mobile payment systems which rely on NFC to make payments, Google offers users the ability to make use of a technology called AudioQR to transfer money. The approach allows any two phones with mics and speakers to communicate with each other using ultrasound, above the range of human hearing, to arrange a transaction. That will be particularly useful in a country where not everyone has a high-spec device.

According to TechCrunch, Google has also trademarked the name Tez in other Asian countries, including Indonesia and the Philippines. That suggests that, in the longer term, it has bigger ambitions for the service.

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