Why would someone winning the jackpot cause someone living down the street to go bankrupt a year or two later? The economists argued that people who feel they are poorer than their peers may spend more in a conspicuous fashion, financing their purchases with debt. But that debt will need to be repaid, potentially leading to financial difficulties and even bankruptcy.
Category: Life
Eagles of Death Metal Deliver Rock’n’Roll Catharsis in Paris
As the first chords rang out and fans on crutches let out a rousing cheer alongside hundreds of other survivors and relatives of the dead, it was clear that Paris was looking for a moment of rock’n’roll catharsis.
David Zwirner’s Art Empire
Follow-up on Bouvier’s portrait, here’s David Zwirner’s :
By one-thirty, there was no sign of the American collector. Braka and Ortuzar huddled, and Ortuzar said, “I’m on it.” At one-fifty-two, the American appeared and resumed scrutinizing the painting. “Look at him sweating,” Zwirner whispered. After a while, he gave the collector a now-or-never gesture. The man borrowed a chair, sat down, and stared at the Richter for a while, chin in hand. Braka stood ten feet behind him. Soon the American got into what appeared to be a heated discussion with Schouwink. Ortuzar approached Braka, and Braka, with a pained smile, nodded and walked away. Zwirner joined the collector and Schouwink. He spoke emphatically to each of them, slapping the knuckles of one hand against the palm of the other. Everything is negotiable. At two-fourteen, the collector shook Zwirner’s hand and bent to kiss Schouwink’s. The Richter was his, and Zwirner had earned three hundred thousand dollars, enough to cover more than half the cost of the gallery’s booth in Basel.
The Art-World Insider Who Went Too Far
The relationship between art dealer and collector is particular and charged. The dealer is mentor and salesman. He informs his client’s desires while subjecting himself to them at the same time. The collector has money, but he is also vulnerable. Relationships start, prosper, and fail for any number of reasons. It is not always obvious where power lies. Over time, each one can convince himself that he has created the other.
El Chapo Speaks
Sean Penn :
I take no pride in keeping secrets that may be perceived as protecting criminals, nor do I have any gloating arrogance at posing for selfies with unknowing security men. But I’m in my rhythm. Everything I say to everyone must be true. As true as it is compartmentalized. The trust that El Chapo had extended to us was not to be fucked with. This will be the first interview El Chapo had ever granted outside an interrogation room, leaving me no precedent by which to measure the hazards. I’d seen plenty of video and graphic photography of those beheaded, exploded, dismembered or bullet-riddled innocents, activists, courageous journalists and cartel enemies alike. I was highly aware of committed DEA and other law-enforcement officers and soldiers, both Mexican and American, who had lost their lives executing the policies of the War on Drugs. The families decimated, and institutions corrupted.
• • •
Still, today, there are little boys in Sinaloa who draw play-money pesos, whose fathers and grandfathers before them harvested the only product they’d ever known to morph those play pesos into real dollars. They wonder at our outrage as we, our children, friends, neighbors, bosses, banks, brothers and sisters finance the whole damn thing. Without a paradigm shift, understanding the economics and illness of addiction, parents in Mexico and the U.S. will increasingly risk replacing that standard parting question to their teens off for a social evening – from “Where are you going tonight?” to “Where are you dying tonight?”
El Chapo? It won’t be long, I’m sure, before the Sinaloa cartel’s next shipment into the United States is the man himself.
Abnormal Capitalist 