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The Coming Tyranny of Digital Data

via The New Republic & Mr. Verbeek’s book 

 

Moralizing Technology: Understanding and Designing the Morality of Things 
By Peter-Paul Verbeek 
(University of Chicago Press, 183 pp., $25)

JUST WEST OF SEOUL, on a man-made island in the Yellow Sea, a city is rising. Slated for completion by 2015, Songdo has been meticulously planned by engineers and architects and lavishly financed by money from the American real estate company Gale International and the investment bank Morgan Stanley. According to the head of Cisco Systems, which has partnered with Gale International to supply the telecommunications infrastructure, Songdo will “run on information.” It will be the world’s first “smart city.”

The city of Songdo claims intelligence not from its inhabitants, but from the millions of wireless sensors and microcomputers embedded in surfaces and objects throughout the metropolis. “Smart” appliances installed in every home send a constant stream of data to the city’s “smart grid” that monitors energy use. Radio frequency ID tags on every car send signals to sensors in the road that measure traffic flow; cameras on every street scrutinize people’s movements so the city’s street lights can be adjusted to suit pedestrian traffic flow. Information flows to the city’s “control hub” that assesses everything from the weather (to prepare for peak energy use) to the precise number of people congregating on a particular corner.

Songdo will also feature “TelePresence,” the Cisco-designed system that will place video screens in every home, office, and on city streets so residents can make video calls to anyone at any time. “If you want to talk to your neighbors or book a table at a restaurant you can do it via TelePresence,” Cisco chief globalization officer Wim Elfrink told Fast Company magazine. Gale International plans to replicate Songdo across the world; another consortium of technology companies is already at work on a similar metropolis, PlanIT Valley, in Portugal.

The unstated but evident goal of these new urban planners is to run the complicated infrastructure of a city with as little human intervention as possible. In the twenty-first century, in cities such as Songdo, machine politics will have a literal meaning—our interactions with the people and objects around us will be turned into data that computers in a control hub, not flesh-and-blood politicians, will analyze.

But buried in Songdo’s millions of sensors is more than the promise of monitoring energy use or traffic flow. The city’s “Ambient Intelligence,” as it is called, is the latest iteration of a ubiquitous computing revolution many years in the making, one that hopes to include the human body among its regulated machines. More than a decade ago, Philips Electronics published a book called New Nomads, which described prototypes for wearable wireless electronics, seamlessly integrated into clothing, which would effectively turn the human body into a “body area network.” Today, researchers at M.I.T.’s Human Dynamics Lab have developed highly sensitive wearable sensors called sociometers that measure and analyze subtle communication patterns to discern what the researcher Alex Pentland calls our “honest signals,” and Affectiva, a company that grew out of M.I.T.’s Media Lab, has developed a wristband called the Q sensor that promises to monitor a person’s “emotional arousal in real-world settings.”

Now we can download numerous apps to our smartphones to track every step we take and every calorie we consume over the course of a day. Eventually, the technology will be inside of us. In Steven Levy’s book In the Plex, Google founder Larry Page remarks, “It will be included in people’s brains … Eventually you will have the implant, where if you think about a fact it will just tell you the answer.” The much-trumpeted release of the wearable Google Goggles was merely the out-of-body beta test of this future technology.

KEEP READING 

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Q4 2011 GDP Revised Upward to 4.1%?

Via ZeroHedge:

Of note 2010 GDP was revised from 3.0% to 2.4%, while Q3 2011 GDP was revised from 3.0% to 4.1%, indicating that the slowdown we are experiencing is in fact far worse than previously expected. It also shows that HFT trigger buying or selling on GDP data is completely meaningless as today’s data will be revised violently higher or lower in a year, making it completely irrelevant.

Read the rest and see the graphs here.

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A Closer Look at GDP in Q2

“U.S. economic growth pulled back further during the second quarter of the year as consumer spending slowed–a reading that suggests domestic fiscal worries may becoming a more significant drag.”

Full article

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What President Obama Doesn’t Want You To Know About Canada

“With President Barack Obama claiming the government builds success, not individuals, Mitt Romney should look north to a story Obama would rather Americans didn’t notice. Canada is outperforming the U.S. on every economic front and they’re doing it with policies Republicans say they’d like to implement.

For the inside scoop I interviewed Tony Clement..”

Full article

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Is the Global Economy Broken ?

“The patient’s history includes a seizure in 2007/ 2008 — financial losses, banking problems, a major recession. Liberal injections of taxpayer cash avoided catastrophic multiple organ failure, assisting a modest recovery.

Governments ran large budget deficits in the period after the crisis. Interest rates around the world were reduced to historic lows, zero or negative in many developed countries. Balance sheets of major central banks have increased to $18 trillion from around $6 trillion, reflecting an unprecedented 30% of global gross domestic product.

Mr. Economy is now addicted to monetary heroin. Increasing doses are necessary for the patient to function at all.”

Full article

 

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Development Bank Says the Euro Crisis is Spreading East

“Eastern European economies will expand at half last year’s pace in 2012 as fallout from the euro-area debt crisis spreads, the European Bank for Reconstruction and Development said.

The 29 east European and central Asian countries where the EBRD invests will grow 2.7 percent in 2012, down from 5 percent last year, the London-based bank forecast today in an e-mailed report, cutting a May projection for 3.2 percent growth. Egypt, Morocco, Jordan and Tunisia, where the bank is expanding, will grow 2.1 percent, 0.1 percentage point less than seen before.”

Full article

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See What the Largest Companies are Saying About the Global Economy

“Earnings season is well underway. 18 percent of S&P 500 companies reported earnings this last week and 34 percent more are slated to report this week.

Rather than dwell on company-specific performance, we wanted to see what these industry leaders were saying about the global economy.”

Full article

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BlackRock’s Fisher: We’re Worried About Growth

“The growth in the U.S. economy is cooling so much that concerns are arising that it will hit stall speed and sputter out, said Peter Fisher, head of BlackRock Inc.’s fixed income portfolio management group.

U.S. gross domestic product grew 1.9 percent in the first quarter, well below initially forecast by many and beneath preliminary estimates of 2.2 percent.

With a cooling global economy and fears of a year-end “fiscal cliff”—a combination of expiring tax breaks and automatic spending cuts to government spending kicking in at the same time—the U.S. economy may be facing something a little more sinister than a mere soft patch.

“We’re worried about growth slowing down everywhere, and about it being self-reinforcing,” Fisher told USA Today.”

Read more

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Roubini: Add U.S. to List of Doomed Economies

“Nouriel Roubini picked the website “Project Syndicate: A World of Ideas” as the forum for his latest pessimistic comments about economies around the world. In this new case, the United States was his target:

Even this year, the consensus got it wrong, expecting a recovery to above-trend annual GDP growth — faster than 3%. But the first-half growth rate looks set to come in closer to 1.5% at best, even below 2011’s dismal 1.7%. And now, after getting the first half of 2012 wrong, many are repeating the fairy tale that a combination of lower oil prices, rising auto sales, recovering house prices, and a resurgence of US manufacturing will boost growth in the second half of the year and fuel above-potential growth by 2013.”

Read more

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Off the Rails? Goldman Lowers Q2 GDP ‘tracking’ Estimate to 1.1 pct

The July Philadelphia Fed business activity index improved less than expected and remained “significantly negative,” pointing to a third month of contraction. Following news that June existing home sales were much weaker than forecast, Goldman Sachs economists lowered their Q2 GDP tracking estimate to 1.1 percent from 1.2 percent.

Read the article here.

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Union Pacific CEO: Economy To Keep Growing

The economy continues to grow slowly, and the upswing should continue through the rest of the year, Jack Koraleski, Union Pacific CEO, told CNBC’s “Squawk on the Street” on Thursday.

Koraleski spoke hours after Union Pacific (UNP) posted record second-quarter earnings.

For the quarter, the railroad’s net income rose to $1 billion, or $2.10 per share from $785 million, or $1.59 a share, a year before.

Operating revenue rose 7 percent to $5.2 billion, in line with estimates.

Read here:

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MORE DROUGHT: U.S. Government Forecasts Hotter, Drier-Than-Average August $CORN $DBA

WASHINGTON (Reuters) – Hotter-than-average temperatures are expected over the vast majority of the contiguous 48 U.S. states in August, with below-average precipitation for Midwest areas already hit by the worst drought in a half century, the government said on Thursday.

After the hottest half-year on record in the United States, hotter, drier conditions from the Southwest, through the Midwest and across the East Coast from Florida to Maine are forecast to continue through October, the National Oceanic and Atmospheric Administration said.

Drought hit 29 U.S. states, with Texas feeling the heaviest impact, followed by Colorado, Missouri, Florida, New Mexico, Arkansas, Indiana and Hawaii.

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Societe Genrale Says the U.S. is Already in a Recession

“According to Societe Generale Cross Asset Research by Albert Edwards, the United States is already in a recession given the drop to below 30% in their Analyst Optimism index which tends to be a leading indicator of economic performance.”

Full article

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