Hunger Games

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And may the odds be ever in your favor!

You have been told that investing in the stock market is like betting on a sports game.

You have been told that you are a SPECTATOR in the game of markets, that you are WATCHING a game being played out in front of you by lots of different companies.

You have been told that you should make ‘bets’ on those companies based on how well you think those companies can play the game that you are watching. The companies will play the game and they will keep score by ‘beating’ or ‘missing’ on revenues and earnings and the like, and then that score will determine whether or not your bets pay off.

You have been told that the better you are at ‘analyzing’ the teams playing this game, the more ‘due diligence’ you put into studying the teams playing this game, the more money you will make with your bets.

You have been told that everyone can win with their bets, that this is how you, too, can achieve the wealth that you deserve.

You have been told that the odds are ever in your favor.

You have been told this for your entire life.

More and more, you suspect this is a lie. But if it is a lie … what then? What meaning exists in the stock market if this is a lie?

Over the past few weeks you have been told a new story. A brave story. A story of heroes. A story of meaning.

You have been told that by banding together and acting as one, you can “democratize” the stock market.

You have been told that you can slough off your market oppressors who “want companies to fail”.

You have been told that you can be a PARTICIPANT in the game of markets, that you can storm the playing field of companies, that you can take matters into your own hands and rescue a promising company under unfair attack.

And, yes, make some good money in the process. Why not? Seems only fair.

President Chamath Coin enlists Katniss to the cause.

Today, as you see the collapsing stock prices of the companies you supported, you suspect that this was a lie, as well.

And you’d be right.

Neither story is true. Neither story has EVER been true.

Both of these stories are narratives for our very own Hunger Games, a spectacle that chews up the participants in the arena while delivering enormous profits to the networks (media, financial and political) that put them on. Media networks count their profits in eyeballs, in the attention the Games garner. Financial networks count their profits the old-fashioned way, in the sheer volume of dollar-generating order flow the Games produce. As for politicians, they get their most valuable coin of the modern realm – an issue. The wackos on the left get to propose insane transaction taxes. The wackos on the right get to tell us how much liBeRtY we are enjoying by giving Ken Griffin all of our money. The very serious centrists get to tell us about how we need “a national conversation” about the T+2 settlement issues raised here.

And what about the rest of us? What about all of us reading story after story about the “Reddit Revolution” and what it means for us?

What do WE get out of the Hunger Games?

We are entertained.

This: the events of last week, with Gamestop soaring to $400/share and a subreddit chat group being the focal point of the “revolution” and Robinhood shutting down trades at the height of the frenzy and every hedge fund in the world degrossing at a mad clip and the usual Caesar Flickermans in politics and media trumpeting out a bullshit narrative of the little guy sticking it to The Man … changed NOTHING.

You were played. Again.

Also, this: the events of last week, with Gamestop soaring to $400/share and a subreddit chat group being the focal point of the “revolution” and Robinhood shutting down trades at the height of the frenzy and every hedge fund in the world degrossing at a mad clip and the usual Caesar Flickermans in politics and media trumpeting out a bullshit narrative of the little guy sticking it to The Man … changed EVERYTHING.

We had TWO Emperor’s New Clothes moments last week. Two moments that individually come around every 20 or 30 years. In one week.

What is an Emperor’s New Clothes moment? It’s when the meaning of a social institution changes on a dime. It’s when the common knowledge of a social institution – what everyone knows that everyone knows – changes on a dime.

I’ll express these two Emperor’s New Clothes moments as memes, which seems only appropriate.

Last week’s events accomplished every goal set out by the orchestrators of the Reddit Rebellion.

Goal #1: Melvin Capital’s ridiculous short position was obliterated, and there was much rejoicing by the usual Wall Street suspects who had set up their long positions in hopes that this narrative snowball they rolled down the hill would create just such an avalanche.

Goal #2: Both retail order flow and target stock volatility grew exponentially, creating windfall market maker profits. Sure, things got a little dicey there with that whole Robinhood clearinghouse thing, but all’s well that ends well.

But accomplishing these goals came at a price. The curtain was pulled back on what Wall Street really is, and The Man behind the curtain was revealed for everyone to see.

We all see it. We all see it.

Here’s the first thing we all saw:

We all saw that the thing that determines whether or not our stock market bets pay off is … other bets. We all saw that there is no “game of companies” taking place independently of our bets. We all saw that our bets, in and of themselves, can win the “game”, with absolutely zero input from the “team” that is supposedly out on the “field”.

What happened last week would be exactly like New York Jets fans getting together and deciding “hey, if enough of us bet on the Jets to beat the Patriots, that will CAUSE the Jets to beat the Patriots.” Insane, right?

But that’s exactly what happened.

Because unlike football, the bets ARE the game.

This is Secret #1. This is what Stevie Cohen and all the hedge fund masters of the universe know that you don’t.

The bets ARE the game.


Here’s the second thing we all saw:

We all saw that the rules of the game can be changed without warning if the game isn’t working out for the owners of the game. We all saw that the dominant retail broker platform (and non-dominant ones, too) were told by trading settlement rules makers to shut it down for a day. No warning. No hearing or discussion. Just a phone call that they were on double secret probation and could either come up with billions of dollars in cash … NOW … or shut it down.

What happened last week with Robinhood would be exactly like if the referees who were working that Jets versus Patriots game – the one that the Jets were miraculously winning – decided at halftime that the Jets would not be allowed to have the ball on offense in the second half unless they ponied up a couple of billion dollars in an escrow account. Insane, right?

But that’s exactly what happened.

Because unlike football, the referees OWN the game.

In this game, it’s not the people who make the biggest and most profitable bets who have the most money and the most power. No, it’s the referees. And by referees I don’t just mean the people who adjudicate the rules at the settlement clearinghouses. They’re basically the equivalent of, say, college football referees … an important but not that important subset of all referees. No, I want to focus on the equivalent of professional sports league referees, the top of the referee hierarchy, if you will. I want to focus on the people who place the ball on the 40-yard line or the 41-yard line in the Super Bowl, on the people who whistle a charge or a block on Lebron’s drive, on the people who call balls and strikes on Gerrit Cole. And who call the shots at the settlement clearinghouses, too, if you wanna know the truth. I want to focus on the people who adjudicate the bets and take a small fee from every transaction for their trouble. I want to focus on the market makers.

Last year, Citadel Securities, the market maker division of Ken Griffin’s financial empire and the largest market maker that executes retail trades, made $6.9 BILLION in net trading revenues. That’s more than twice their prior best year. They did this without taking ANY market risk. NONE.

Every time you push that button on Robinhood to buy something, Citadel Securities matches you with the seller and tells both of you what price you got. Every time you push that button on Robinhood to sell something, Citadel Securities matches you with the buyer and tells both of you what price you got.

And in that infinitesimal point in time when there is a tiny difference between what a buyer bids for a security and what a seller asks for a security, an infinitesimal point in time when Citadel Securities is BOTH buyer and seller of that security, an infinitesimal point in time that exists for EVERY market order that has ever occurred in the history of man … Citadel Securities is there.

They pocket that tiny difference. Not so tiny in the case of options. Definitely not so tiny when volatility spikes and that bid/ask spread widens dramatically. That’s what a market maker does, and that’s why they are the masters of this game. They literally make the market.

Citadel Securities doesn’t care if you’re buying or selling.

Citadel Securities only cares that you ARE buying or selling.

And you are. Business is good. Everyone all of a sudden wants to download that Robinhood app and start trading. You may have noticed that there are a lot of media stories about that.

Virtually all of the Robinhood orders go through Citadel Securities. Why them? Because they pay Robinhood top dollar for it. That’s how Robinhood makes money. Not by charging you a fee on your transactions, but by selling your Flow to Citadel Securities. What’s that line? When the product is free, yada yada yada.

Know who else Citadel pays top dollar to? Janet Yellen.

For the nanosecond that Janet Yellen was between jobs as Fed Chair and now Treasury Secretary, Citadel paid her $810,000 to deliver three speeches. Apparently that first speech was so riveting that they needed two more.

And you thought your ten-bagger in GME was a good investment. Imagine spending $800k to be best buds with the person who regulates your $7 billion in annual revenues.

It always amazes me how cheap it is to buy political influence. The best investment on Earth.

This is Secret #2. This is what Ken Griffin and all the market maker masters of the universe know that you don’t.

Market makers OWN the game.


Is any of this stuff illegal? Probably not. Maybe. I dunno. But here’s what I’d be asking if I were a Congressional staffer trying to figure out how to make my boss look good.

First I’d swear in CEO Vlad of Robinhood and ask him the following question:

Sir, are your internal controls so poor and your understanding of markets so rudimentary that you found yourself in violation of capital posting requirements to such a degree that your only option was shutting down client trades OR did the National Securities Clearance Corporation (NSCC) raise their capital posting requirements to a shocking and unprecedented level without warning?

Now, the answer to at least one side of this question must be yes. Maybe the answer to both sides is yes. But at least one MUST be. And if the answer to the latter side of the question is yes … well, then we need to ask the NSCC some questions. Start with the people who were on the phone with Vlad. I bet he remembers their names. I can promise you his lawyers remember their names. Work backwards from there. How did this decision to give Gabe and Stevie and all the other HF titans on the wrong side of this ridiculous trade a day to trim their sails and throw their ballast overboard come about? How did this process begin? Who made the first call?

I suspect many people will need to “refresh their recollection” of these events. Ah, well.

And then I’d call CEO Vlad of Robinhood back for some follow-up questions.

Because you see, mirabile dictu, in the days immediately after this extortionary rules change and emergency shutdown, Robinhood got $3.4 billion in new capital. Hmm. If a prime broker had pulled this stunt in institutional world, it wouldn’t have survived a single day. But Robinhood gets BILLIONS in more capital, more capital than it had ever raised in all of its investment rounds before. Combined. Hmm.

Per Matt Levine, “the VCs got a substantial desperation discount. (They bought convertible notes that ‘will convert into equity at a $30 billion valuation — or a 30% discount to an eventual valuation in a public listing, whichever is lower.’)”

Per the WSJ, “New and existing Robinhood shareholders participated in the deal, which is structured as a note that conveys the option to buy additional shares at a discount later, a person familiar with the matter said.”

So here are my follow-up questions for Vlad.

Sir, Bloomberg describes your latest financing round as being priced at, and I quote, a “desperation discount”. Who are the new participants in this financing, sir? Were the participants or the terms or any other aspect of this financing discussed alongside your negotiations with NSCC for permission to resume trading? And before you answer, sir, I would remind you that you are under oath.

And that’s when this gets interesting. Because of course the capital raise was part of the negotiations with NSCC, and of course the “new participants” will include a friend of Ken or a friend of Wes or a friend of Stevie, if not an outright market maker affiliate.

And the beat goes on.

Honestly, though, the investigations and legal issues around last week are a sideshow. None of these post mortems are going to change Wall Street. What happened last week wasn’t some aberration that can be reformed or punished so that we can return to some mythic Wall Street that never existed in the first place.

What happened last week IS Wall Street, and government regulators have ZERO interest in changing it.

All this “concern” that Janet Yellen and regulators suddenly have for the little guy, all of this “worry” that retail investors are getting themselves into trouble … bah! … complete theatrical horseshit. The only worry regulators had was degrossing contagion and whether they needed to step in to ensure big financial institutions (including hedge funds) didn’t go belly-up from all of their suddenly excessive risk.

So nothing changes, right?

Not if you expect Janet Yellen and Ken Griffin to do the changing.

President Griffin’s Snow’s Second Panem Address: “Unity”

Well, screw that.

We’re never going to get change in Wall Street from the top-down. We’re never going to get change from “reform”. We’re only going to get a change in Wall Street by the way that true and lasting change always comes, from the bottom-up and from individual action. The time to take that action is NOW. Why?

Because we all saw what we all saw last week.

That’s what it MEANS to have an Emperor’s New Clothes moment, to have a sudden shift in our common knowledge about the stock market. The common knowledge that the market is a derivative reflection of some real-world game of companies is gone. It’s over. It can’t be saved, no matter how many times Jim Cramer Caesar Flickerman says otherwise. There’s no more shushing and whispering about the two Big Secrets of markets. Everyone knows that everyone knows that 1) The bets ARE the market. 2) Market makers OWN the market.

Because we all saw what we all saw last week.

There WAS a revolution last week, just not the revolution you heard about. There was no ‘Reddit Revolution’. That’s not a thing. It’s just another story spun by those who would use you for fodder or feed. Or flow.

There was a Common Knowledge Revolution last week – the only revolution that really matters over the long haul – and that is what changes everything.

This is our chance to mobilize a critical mass of citizens, our chance to break out of the Sheep Logic that has gripped us for so long. It won’t be our only chance. But it’s a good one!

I don’t want to democratize control over Wall Street.

I want to diminish Wall Street’s control over democracy.

I don’t want to open up Wall Street to the little guy.

I want to reduce Wall Street’s pernicious power and control over the little guy.

I don’t want to create a new viral narrative of meaning for Wall Street.

I want to vaccinate against the faux narratives of meaning that Wall Street constantly evolves.

How do we do all that? Through policy action, investment action and personal growth. All are easier as a team. All are easier as a pack.

Policy action: We take every opportunity to press legislators and regulators to take leverage out of financial institutions. All of ’em. Every chance we get. And yes, I understand full well that taking leverage out of Wall Street means getting off zero interest rates. Yes, please!

Investment action: We take every opportunity to put our money where our mouth is. We invest to achieve fractional ownership positions in real-world companies with real-world cash flows. We invest in public markets as a transmission belt for placing our private capital with management teams who can utilize that capital to more productive ends than we can. You know, what a stock market is supposed to do. When it’s necessary to sit down at one of the casino tables that modern markets have become, we are armed with tools to measure and calibrate the narratives that determine price and flow around those tables. Even if it’s the only game in town, we refuse to be the sucker at the table.

Personal growth: It’s the question I posed earlier. It’s the only question that really matters.

But if it is a lie … what then? What meaning exists in the stock market if all this is a lie?

Meaning is found in calling a thing by its proper name. Meaning is found in the choice to engage with that properly named thing in the fullness of your identity and human autonomy.

Clear eyes. Full hearts. Can’t lose.

Or in full-blown Zen koan mode, my all-time fave …

Tanzan and Ekido were once traveling together down a muddy road. A heavy rain was still falling. Coming around a bend, they met a lovely girl in a silk kimono and sash, unable to cross the intersection.

“Come on, girl,” said Tanzan at once. Lifting her in his arms, he carried her over the mud.

Ekido did not speak again until that night when they reached a lodging temple. Then he could no longer restrain himself. “We monks don’t go near females,” he told Tanzan, “especially not young and lovely ones. It is dangerous. Why did you do that?”

“I left the girl there,” said Tanzan. “Are you still carrying her?”

― Nyogen Senzaki, Zen Flesh, Zen Bones: A Collection of Zen and Pre-Zen Writings (1957)

It’s the hardest thing in the world, right? To let go of all those thoughts and narratives that have been drilled into our heads for as long as we can remember. To let go of the narratives that we have been carrying around like so much dead weight for YEARS. To see the market with fresh eyes and yet not give yourself over to bitterness, but to engage with the market for the good that presents itself on its own terms.

On its own terms.

It’s not easy. It’s a two steps forward one step back sort of thing. I struggle every day with this letting-go process, especially with the “no bitterness” part, and I’d like to think that I’m more of an adept at this than most. But it’s so worth it. It’s so necessary if you’re going to invest a part of your life towards playing the game of markets.

This is the biggest game in the world. If you are a game player – as I am – you cannot resist it. The question is … can you survive it? I don’t mean financially. You’ll be fine. I mean, can you survive it with your autonomy and your authenticity and your honor intact?

I think that Epsilon Theory can help you do that. I think we can help you see markets for what they are. Not what you’ve been told they are, and not what you would like them to be. But what they actually are. And then how to engage with that reality with a full heart. Together.

This is what we DO. This is what we’ve done from the start.

We call it The Narrative Machine.

And we believe it’s our best shot at understanding a world that cannot be predicted, but can only be observed.

Because markets are not a clockwork. Markets are a BONFIRE.

Yes, we think this leads to specific investment strategies.

But more importantly, we think this leads to a strategy for LIFE. For making our way in a fallen world, where the electorate is polarized, the market is monolithic, and everyone seems to have lost their damn minds.

It’s not an Answer. It’s a Process.

The Long Now is going to get worse before it gets better, and there is strength in numbers. Watch from a distance if you like. But when you’re ready … join us.

Yours in service to the Pack. – Ben

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  1. Bingo. Thank you.

  2. Avatar for robh robh says:

    Yet another reminder— follow the money. You may think you are the customer but you are not. You ARE the product. And you (your eyeballs, tweets, posts, stock orders, search history, viewing history, emails, etc) are being sold to the highest bidder.


  3. Did Dr. Ben just publish his long-awaited book???

  4. Wishful thinking: Eliminate Citizens United, bar anyone from being able to accept a speaking fee or related activity from holding public office, charge a dime a share and stiffen the Fair Doctrine laws while including social media. Not very small d but I think we’re are too far down the tube to extract ourselves without a painful clasp of our behind.

  5. I feel as if I’ve said this a few times over the last six months, but it continues to be true: Ben, this may be your greatest note yet.

  6. Avatar for bhunt bhunt says:

    Thank you! This one was from the heart, and it gave me a chance to weave together so many threads from the past 8 years!

  7. terrific piece.
    One quibble (as a Pats fan !!), the anlogy doesn’t quite work, because GME went BACK to $400 the following day after RH shut down. (The media won’t talk about this - just watch, i.e., small investors had a chance to sell the next day - but didn’t.)
    So it would be like the Jets not being able to play offense for the 3rd Q, but then getting the ball back in the 4th, and going ahead again, only to lose in the end.
    and as we can see with GME<70 as I write this - the House always wins.

  8. Avatar for rguinn rguinn says:

    Let’s call it the Pick 6 exception!

  9. This is one of the best notes you’ve written. “Sheep Logic” is a close 2nd.

  10. Avatar for mwc mwc says:

    as a newer member, here for the notes more so than the market insight, this is just phenomenal. the zen reference really put a bow on it.

  11. Avatar for Dan Dan says:

    99.9999% of people misunderstand the meaning and the twist of the story, The Emperor’s New Clothes.

    There was no reveal at all - there was no “Aha!” moment when people’s eyes were opened. Not a single person was deceived by what went on; everyone saw from the start that the emperor was naked, including the emperor himself.

    The genius of the story was that swindling weavers and tailors were able to frame a false narrative so that (1) everyone’s vanity and interests were being served (everyone got a “cut”), and (2) there would be a penalty for everyone who broke the false narrative.

    As for the child who cried out, “But, he’s naked!” The child was the first who had no stake or penalty in the false narrative, neither in upholding it nor in breaking it.

    The crowd – the hoi polloi – also had no skin in the game, so once the child broke the ice, they too yelled “He’s naked!” Most people just copy what other people do, after all.

    The best line of all is that of the emperor:

    • The emperor knew he was naked but thought, "This procession has got to go on." So he walked more proudly than ever, as his noblemen held high the train that wasn't there at all.
  12. Avatar for Kpaz Kpaz says:

    I’d add - prohibit stock based compensation, and a hard stop at 100% of the float short. How can you borrow non-existent shares to sell? WTF…

  13. During the financial meltdown in Feb and March 2020, I could see that there would be a lot of corporate debt that was going to go bad. So I took a substantial position in the LQD. It was just starting to work for me when Powell came out on public television and said he was going to buy all those corporate bonds that were vulnerable to slipping out of “investment grade”. He literally changed the rules in the middle of the game and I’m still feeling the burn. Utterly unfair. This whole imbroglio that you’ve so eloquently described just pulled the scab off the wound. Keep it up, Ben. You are a bright light in an otherwise grim and murky financial world. Thank you.

  14. And to think that any investor could just imitate the hedge funds by taking on 10X leverage to pressure their shorts and get bailed out at the first hint of the tables being turned. Infuriating. Stop the leverage!! Sorry about the rant.

  15. Avatar for 010101 010101 says:

    If you inhibit the normal actions of a very large crowd of people,
    they will look for anyway possible that they have available to achieve a
    similar modus operandi as is their norm.
    Productive people will find a productive outlet for their energies. Given
    the means of liquidity, spare time and web based trading accounts is the
    WSB episode an emergent property or maybe the first line of a masterpiece
    typed by accident?  

  16. Avatar for jws43 jws43 says:

    Rehypothecation. If you sell a borrowed seller the new owner can also lend it out. Limiting this would create all kinds of weird effects. Some ETF who was forced buyer all of the sudden can lend their shares and make that money for holders. It is weird when it goes over 100% but I don’t see how you limit this without tons of unintended effects.

  17. Avatar for bhunt bhunt says:

    My rules-changed-and-get-kicked-in-the-teeth moment was summer of 2012 and Mario Draghi’s “whatever it takes” speech followed by the entirely mythical OMT program.

  18. So the Pied Piper leads the people following the Emperor’s new clothes to the other side of the hill where the grass is greener! And the grass actually looks greener on the other side of the hill because the view is orthogonal. So when somebody says the grass is greener on the other side of the hill, this becomes a relativistic experience based on the the point of view, but everybody will agree - the grass looks greener over there.

  19. Avatar for twclix twclix says:

    I’ve come to realize that “Value” and “Growth” never really existed except as narrative. The equity markets are simply about the stocks–they are literally, the “chips” in the game of wagering. It’s not that fundamentals don’t matter at all. But they don’t matter to the market makers and other interested parties who benefit from order flow regardless. And fundamentals do matter in context to larger narratives that impact the specific name.

    But capturing the narratives is the essence of it. Not oodles of research on a single name. Having a plan for managing your exits, your gains and losses and your emotions is more important than trying to anticipate the unanticipated.

    Digital currencies, for example, are valuable only because they are part of several intertwined narratives that have gained steam. So where are the fundamentals? What we see, really, is a narrative that catalyzes the current FOMO. In this respect they aren’t much different from equities. Interesting that someone like Bill Miller, known for years as a king of value and fundamentals, has become a crypto enthusiast. I don’t know how Bill managed to get his head around the space–but he was following the narrative because the “fundamentals” are simply not in evidence.

    But the narrative is much in evidence. And it’s tradable so it’s being traded. Instead of market makers, we now have coinbase and digital exchanges. These groups are the new market makers. They are more efficient that the current market makers who are derived from under the Buttonwood Tree–but they only care about order flow.

    Meet the new boss, same as the old boss. Abandoning a well-developed consciousness focused on the beautiful girl after you set her down is something we all do. Paying attention to shifting narratives and our own part in believing or following them is not only hard work–it’s quite rare.

    Thanks for the essay, Ben.

  20. Is it possible we’re overthinking this. In my experience there’s far too much incompetence in the world to support grand conspiracies most of the time.

    This felt like more of a Bear Stearns moment. Even before the margin masters called a halt to the madness, my reaction was that Robinhood had lost control of the game and the numbers were getting too big for it to survive. Perhaps a book will eventually be written about this event and we’ll learn the truth, but it seems most likely that the call came from the risk management department, not the Gods of Wall Street. The recruitment criteria for a risk manager is cold hearted bastard. Someone woke up in the middle of the night, screamed Oh s…t! and the game was over. What’s changed is that the system is getting very efficient at dealing with crises. That doesn’t negate your narrative about the Fed being there to protect the system; it does mean they’ve gotten a lot better at it since 2008.

  21. Playing the player versus playing the cards. Knowing you have more pennies and will prevail under a “Gambler’s Ruin” premise it is in your best interest to involve as many other players as you can attract to your game. The more the other player(s) believe in their chance of success the more they will invest ( wager) in the game.

    Knowing that besides statistics being in your favor you can also skew the game is what turns this into a con. And any good con has to have a few “winners” to continue to attract new players.

    Are you feeling lucky today, kid?

  22. I’d like to believe the risk management department would make that call, I’d really like to believe that, but I don’t. If that were true, it would’ve happened a week or 2 before. Somebody got tapped on the shoulder from the Fed, treasury, etc. and said shut it down or we will. If, and it’s a big if, it ever comes out, will be interesting to see which banks, hedge funds, piled in under the Robin Hood narrative. GME was the headline, but there were just too many others causing collateral damage outside of Robin Hood for it to have been 1 risk department.

  23. Long-time reader/follower via Twitter. Subscribed after reading this note.

  24. Avatar for bhunt bhunt says:

    I didn’t even think about all those links when I was writing this note, but now that I look at it in retrospect … yeah, I kinda did!

  25. Avatar for bhunt bhunt says:

    Thank you, Jeff! And welcome to the Pack!

  26. Avatar for bnuner bnuner says:

    Thanks for including the manifesto at the end of this excellent piece. Re-reading that statement was the thing to do today.

  27. Avatar for alpha2 alpha2 says:

    Hey Ben, have you heard of our “Smart Motorways” in the UK. These are freeways where they have removed the hard shoulder or safety lane in order to increase the number of lanes. This saves the cost of widening the motorway, all that is required is an upgrade to the surface, more gantries and more cameras, naturally. Instead of a safety lane there is now an extra lane monitored by cameras 24/7 where, in theory, AI cameras pick up any stationary vehicles and immediately close the lane by means of warning signs on overhead gantries.

    In fact although they have rolled out the “Smart” motorways it turns out that they have not simultaneously rolled out the AI cameras and in many cases are relying on human observation. In many cases it is up to 20 minutes before the lanes are closed. Oh, and the safety refuges are twice as far apart as originally proposed.

    Unsurprisingly many more people are being killed when their cars break down. We are still told by the Government that these are “Smart” motorways.

    Eventually we will come to believe it.

  28. Avatar for Laura Laura says:

    Always appreciate your writing Ben. I believe the meta narrative comes courtesy of neoliberalism and am doing my part to deconstruct it in the way that makes sense to me.

    I work in the entrepreneurship ecosystem and wonder how that underdog activity might contribute to badly needed systems innovation. In reading your piece I was reminded of this article I came across years ago advocating for cooperative ownership structures for the platform business models that digital technology enables.

    I’d be curious to read any of your writings dealing with the game of entrepreneurship in the water we swim in if that’s an angle you have covered before. There sure is a lot to write there IMO!

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