no third solution

Blogging about liberty, anarchy, economics and politics

A Profitable Company With a Liquidity Problem

May 30th, 2008

Detroit’s Greektown Casino is in bankruptcy proceedings! (permalink PDF) Huh? Of course, the Casino management argues that they’re not really bankrupt, they just can’t pay the bills. I wonder if I could get away with that argument?

Casinos have license from the State, which grants them (for all intents and purposes) a monopoly on gaming. Hell, if you have a big enough Casino, you even get to exempt yourself from smoking bans! After all, they wouldn’t want to give back any of Casino Windsor’s customers! Detroit’s Casinos have (essentially) no competitors. Their business model, like that of any other Casino or gaming establishment, consists almost entirely of “games of chance” on which, over any appreciable length of time, they are guaranteed to profit, and to a lesser extent, “games of skill”, the display of which by any patron or group thereof will result in their being asked to leave, forthwith, never to return.

Generally speaking, there is one, and only one rule to Casino economics: the only way for a casino to lose money is through inept management.

I suppose all bets are off, when you decide to locate your casino in the heart of a dying industrial-era relic of a city, and economic quagmire.

The Rebellion of the Dead

May 19th, 2008

On page 30 of crimethINC.’s latest book, Days of War, Nights of Love:

There is no more commonplace observation than this, but to my knowledge no one has yet set out to study why children and adults experience the passing of time differently.

I’ve thought about that problem before, and the answer to me seems straightforward. As a young child, a single summer vacation represents mathematically a significant portion of your life; a year, even moreso. As we accumulate experience in life, each interval is a lesser part of the whole experience, thus far. To a five year old, who might have 2 or 3 years or real memory, a single summer is immense. To a twenty-eight year old, with twenty-five or twenty-six years of memory, a single summer borders the inconsequential.

But I like the passage so far:

What if he had known he was going to die, what then? Would he have counted backwards from that day, lived differently? Would he have frozen up in the face of that terrible knowledge?

What if I could know in advance when my own death would come? It was waiting ahead of me, as sure as Daniel’s had been, as sure as all of ours are. If someone could look at time from above, taking in the sweep of history all at once, we would all appear as the walking dead, moving obliviously along our preordained tracs towards inexorable ends.

crimethINC. literature (to my limited exposure) is filled with provocative prose, anthemic anti-propaganda.  I’ll give the rest of this one a read over the next few days.  (h/t: William Gillis)

Buy This Book

July 25th, 2007

Normally, I won’t recommend a book until I’ve read it from cover to cover.

That said, I bought a used copy of The Voluntary City about a week ago. I’ve read maybe the first four chapters, which are essay-esque, in that I understand they weren’t necessarily written as part of a larger work. It is a compilation, but a skillfully crafted compilation, which explodes (so far) the common conceptions about government’s role in urban planning and community development.

Absolutely fascinating – which, if you know me, is how I describe eye-opening books. None of what these chapters has described has been outside the realm of my theoretical understanding of voluntarism, but it’s wonderful to find detailed, empirical evidence that your “crackpot theories” actually work.

no third solution

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