Automation is supposed to be the future, but some industries are struggling to get there. Consumer vehicles don’t (fully) drive themselves yet and even grocery stores have stumbled with self-checkout. And we’re not just talking about those checkout registers that always freeze up.

Supermarket chain Wegmans will retire its self-checkout app — which began as a COVID safety measure — because too many customers failed to scan their own items. The honor system is a nice idea for kindergarten classes … but a gigantic liability for retail businesses.

Amazon’s high-tech Dash Carts, which use cameras and sensors to track customers’ in-store purchases, might be the future of grocery checkout instead. Plus, Alexa could someday drive those groceries home for us!

Permanent Crisis: Can we have one normal year?

Infographic: Cannabiz by the numbers.

Moulin Rouge!: Get in on ’00s nostalgia for your marketing.

(Source: Shutterstock)

The global financial system makes our modern life and standard of living possible. Why, then, do we constantly seem to lurch from one economic crisis to the next?

From the Great Recession of 2008 (and the decade-long recovery afterward) to supply chain shocks and sky-high inflation today, it feels like “normal” is an obsolete concept. Are we just reading too much news or are major crises actually compounding?

In the immortal words of The Notorious B.I.G., “Mo Money Mo Problems.” For more specifics, however, we asked Dr. Jón Daníelsson, director of the Systemic Risk Centre at the London School of Economics.

70%

Americans who believe a recession is near

[Source: MagnifyMoney]

In The Illusion of Control, systemic risk researcher Dr. Jón Daníelsson explains why financial crises happen — but with a twist. While many regulators and academics believe they can prevent the boom-and-bust cycle once and for all, Daníelsson says that’s impossible.

Why? Because people are too good at creating new financial shenanigans.

“The financial system, in my view, is the most complex of all human constructs,” Daníelsson told b. from his native Iceland. “Because the system is so complex, [you] can’t look everywhere [for problems]. So I think the problem of crisis will never be solved.” 

Bad Trends Inspire Worse Trends

Like the arcade game whack-a-mole, addressing one financial problem only causes another to pop up somewhere else where you aren’t paying attention, Daníelsson says. Policymakers tend to fight the last war, as a fresh crisis begins forming in some overlooked corner of the market.

Meanwhile, big institutions all grow more risk-averse at once — but paradoxically, this sets the stage for the next crisis because now everybody is thinking the same way. Daníelsson likens it to “lemmings running off a cliff,” which creates “a shock-amplifying system.”

The Key Is Resilience 

Daníelsson isn’t all doom and gloom. The financial system inevitably creates problems, but it’s also “designed as a natural shock absorber,” he says. 

Whenever a crisis occurs, unconventional thinkers such as Warren Buffett provide stability by scooping up businesses on the cheap. Daníelsson recommends that governments should encourage diversity in the types of business models that make up the financial system.

“If we can work with the natural shock-absorption abilities of the financial system, we make it more resilient,” Daníelsson says, “so that crises become less frequent, and when they happen, they are more mild.”

The Illusion of Control is available now.

Thinking about launching a CBD or recreational cannabis brand? The industry has exploded in recent years. There’s a lot of risk and regulations to consider, but the numbers below might have you seeing green.

(Source: 20th Century Fox)

First there was ’80s nostalgia, then ’90s nostalgia, and now — from Avril Lavigne to low-waisted jeans and chokers — the early 2000s are back.

Airbnb must’ve known this when they announced that you could book an overnight stay at the red Moulin Rouge cabaret’s windmill in Paris. Built in 1889, the Parisian landmark was (re)made iconic in modern times by Baz Luhrmann’s 2001 musical, Moulin Rouge!, starring Nicole Kidman and Ewan McGregor. (The latter is enjoying his own early ’00s renaissance with Obi-Wan Kenobi on Disney+.)

The marketing stunt back in May included authentic Belle Époque decor, a live performance with backstage access, and a chef-prepared three-course meal. The few lucky renters all wrote glowing customer reviews for an average of five stars. “We were so excited that we were not able to fall asleep,” raved one. “This unique experience will stay in our minds for eternity.”

Oh, and they only had to pay $1 (or €1) for the night. As Lautrec himself said, “Novelty is seldom the essential” — but could he have imagined the clicks it would generate?

(Source: Reddit)

“What is good for the individual institution is not good for the system.”

— Dr. Jón Daníelsson

Written by Mike Berner and Dan Ketchum.

Unsubscribe | Privacy Policy | CCPA