Word of The Day — Cultural Capital

Last week I noticed this term, “cultural capital,” in a magazine article about “The Handwritten Heritage of South Africa’s Kitabs”.

The subject of this article,”Kitabs,” refers to the Arabic word for “books“. The use of kitabs as a form of “cultural capital,” instantly attracted me.

I’ve spent a lifetime involved with some aspect of book-making; as a writer, paper-maker, poet, librarian, book-buyer, editor, book indexer, publishing consultant, an abstractor, a book and magazine reviewer, and a back-of the book index creator.

Today with the burning of Notre Dame leaving “a gaping hole in the heart of Paris,” it seems timely to try to define the term “cultural capital”. Continue reading →

Trump’s Terrible Tariffs

This year the Spring 2109 issue of my alumni magazine from the University of Wisconsin-Madison printed a brief article titled, “What’s the Tiff About Tariffs?”

In this article, U.W. Economics professor, Menzie Chinn, alleged that Trump’s tariffs are failing to protect domestic U.S. industries from foreign competition.

In previous posts on Brucenomics, the earliest on December 2016, “The Emperor Has No Clothes,” and the latest on March 12, in “Word of the Day — Tariffs“, I argued that Trump’s tariffs were not likely to improve the U.S. economy.

In early 2018, when I first read about President Trump’s tariffs on Canadian aluminum and steel, I worried his actions might well drive the U.S. into the arms of oligarch-owned companies in Russia. Previously we had bought the bulk of those two raw materials from Canada.

U.W.’s alumni magazine this year confirms my fears. Continue reading →

Word of the Day — Mirror Trades?

Congresswoman Maxine Waters

Recently Congresswoman Maxine Waters from California announced on the news that her committee was reviewing “mirror trades” made at Deutsche Bank

What Is Mirror Trading?

Investopedia calls mirror trading a useful strategy for investors to use in forex (foreign exchange) markets to make money from arbitraging the differences between currency exchanges located in different countries or areas of the world.

Financial institutions make this strategy available only to larger investors.

Mirror trading involves the use of computer algorithms to test trades to determine accuracy of results of the trade when made in different places (i.e. in different markets).

Of course, most people use the forex market to exchange currency at fair market rates when we travel abroad, or when doing business with foreign country entities.

The forex market is the largest market in the world with currencies worth trillions of dollars traded every day. However the major forex markets are largely dominated by banks in just a handful of countries—including the U.S.

Deutsche Bank’s Illegal Mirror Trades

Continue reading →