FuckyWucky [none/use name]

Pro-stealing art without attribution

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Joined 3 years ago
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Cake day: March 21st, 2023

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  • Ayandeh had attracted deposits from millions of ordinary Iranians by offering unusually high interest rates, creating what one Iranian oversight official allegedly described as a “Ponzi scheme.”

    I find it interesting why such a commercial bank was allowed to operate by the regulators. The WSJ article says it was giving bad loans to cronies, so that was definitely the government’s fault. But the bank’s collapse alone doesn’t explain why there was a run out of the rial. It’s easy to blame the collapse of the bank for the collapse of the rial, but I think it’s mostly mainstream economic propaganda. Also, backstopping is literally what all the Western central banks and treasuries did in 2008 and again in 2023, because the banks gave too many loans or held assets which were illiquid, with no inflation, in fact deflation as demand collapsed in 2008. So clearly, it’s not as simple as backstopping deposits.

    I think it could be said that the dual exchange rate system where the central bank offered preferential rates to certain sectors, and rent seekers too, made it much worse, since the official rate was much more rigid, undervalued because the central bank used reserves to maintain it, certain connected people may have used it to run to dollars while the state lost reserves. When it ran out, a massive devaluation was inevitable.

    Also, he doesn’t talk about the mechanics of how he created a dollar shortage. Did they try going after foreign banks Iran worked with, like in Iraq? I think the government is at least partly to blame, but this wouldn’t have happened if Iran weren’t sanctioned.



















  • cotton picking is already mechanized

    U.S. cotton is mechanically harvested using specialized equipment. Seed cotton—fluffy white fiber that includes seeds—is harvested from the field and pressed into round bales or large modules for transport to a gin. During the ginning process, cotton fibers are separated from the seeds, cleaned of foreign material, and pressed into bales of lint. In the United States, a small sample of cotton lint is collected and sent to a USDA classing office where it is graded, thereby providing the quality characteristics on which the cotton is marketed. After ginning, the cotton bales are ready for shipment—usually to a storage warehouse where bales are consolidated before being sent to a mill for further processing into textile and apparel products.

    The use of mechanical harvesting rose significantly during the 1950’s, involving nearly half of the U.S. crop by 1960. Virtually all of the U.S. crop was mechanically harvested by 1970. Mechanization of other field operations progressed rapidly in response to increased labor costs, labor shortages, and the need to perform more timely operations on larger acreages. Chemical weed control, which became common in the 1950’s, has largely replaced hand hoeing, reducing labor requirements for this operation.

    https://ers.usda.gov/sites/default/files/_laserfiche/publications/79922/AER-739.pdf