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Today's links A perfect distillation of the social uselessness of finance: A final thought for the yule. Hey look at this: Delights to delectate. Object permanence: Droidflake; Spy Skymall; Malthus is a dope; Happy Public Domain Day 2025. Upcoming appearances: Where to find me. Recent appearances: Where I've been. Latest books: You keep readin' em, I'll keep writin' 'em. Upcoming books: Like I said, I'll keep writin' 'em. Colophon: All the rest. A perfect distillation of the social uselessness of finance (permalink) I'm about to sign off for the year – actually, I was ready to do it yesterday, but then I happened upon a brief piece of writing that was so perfect that I decided I'd do one more edition of Pluralistic for 2025. The piece in question is John Lanchester's "For Every Winner A Loser," in the London Review of Books, in which Lanchester reviews two books about the finance sector: Gary Stevenson's The Trading Game and Rob Copeland's The Fund: https://www.lrb.co.uk/the-paper/v46/n17/john-lanchester/for-every-winner-a-loser It's a long and fascinating piece and it's certainly left me wanting to read both books, but that's not what convinced me to do one more newsletter before going on break – rather, it was a brief passage in the essay's preamble, a passage that perfectly captures the total social uselessness of the finance sector as a whole. Lanchester starts by stating that while we think of the role of the finance sector as "capital allocation" – that is, using investors' money to fund new businesses and expansions for existing business – that hasn't been important to finance for quite some time. Today, only 3% of bank activity consists of "lending to firms and individuals engaged in the production of goods and services." The other 97% of finance is gambling. Here's how Stevenson breaks it down: say your farm grows mangoes. You need money before the mangoes are harvested, so you sell the future ownership of the harvest to a broker at $1/crate. The broker immediately flips that interest in your harvest to a dealer who believes (on the basis of a rumor about bad weather) that mangoes will be scarce this year and is willing to pay $1.10/crate. Next, an international speculator (trading on the same rumor) buys the rights from the broker at $1.20/crate. Now come the side bets: a "momentum trader" (who specializing in bets on market trends continuing) buys the rights to your crop for $1.30/crate. A contrarian trader (who bets against momentum traders) short-sells the momentum trader's bet at $1.20. More short sellers pile in and drive the price down to $1/crate. Now, a new rumor circulates, about conditions being ripe for a bounteous mango harvest, so more short-sellers appear, and push the price to $0.90/crate. This tempts the original broker back in, and he buys your crop back at $1/crate. That's when the harvest comes. You bring in the mangoes. They go to market, and fetch $1.10/crate. This is finance – a welter of transactions, only one of which (selling your mangoes to people who eat them) involves the real economy. Everything else is "speculation on the movement of prices." The nine transactions that took place between your planting the crop and someone eating the mangoes are all zero sum – every trade has an evenly matched winner and loser, and when you sum them all up, they come out to zero. In other words, no value was created. This is the finance sector. In a world where the real economy generates $105 trillion/year, the financial derivatives market adds up to $667 trillion/year. This is "the biggest business in the world" – and it's useless. It produces nothing. It adds no value. If you work a job where you do something useful, you are on the losing side of this economy. All the real money is in this socially useless, no-value-creating, hypertrophied, metastasized finance sector. Every gain in finance is matched by a loss. It all amounts to – literally – nothing. So that's what tempted me into one more blog post for the year – an absolutely perfect distillation of the uselessness of "the biggest business in the world," whose masters are the degenerate gamblers who buy and sell our politicians, set our policy, and control our lives. They're the ones enshittifying the internet, burning down the planet, and pushing Elon Musk towards trillionairedom. It's their world, and we just live on it. For now. (Image: Sam Valadi, CC BY 2.0, modified) Hey look at this (permalink) Meta Is Considering Charging Business Pages To Post Links https://www.socialmediatoday.com/news/meta-considering-charging-business-pages-to-post-links/808099/ The original Mozilla "Dinosaur" logo artwork https://www.jwz.org/blog/2025/12/the-original-mozilla-dinosaur-logo-artwork/ A Local Self-Reliance Agenda for New York City: ILSR’s Memo to Mamdani https://ilsr.org/articles/memo-mamdani/ Apple loses its appeal of a scathing contempt ruling in iOS payments case https://arstechnica.com/tech-policy/2025/12/epic-celebrates-the-end-of-the-apple-tax-after-appeals-court-win-in-ios-payments-case/ The Internet’s Tollbooth Operators https://prospect.org/2025/12/10/internets-tollbooth-operators-wu-review/ Barnum's Law of CEOs https://www.antipope.org/charlie/blog-static/2025/12/barnums-law-of-ceos.html Google Starts Sharing All Your Text Messages With Your Employer https://archive.ph/wE2U7#selection-3936.0-3936.1 Object permanence (permalink) #15yrsago Star Wars droidflake https://twitpic.com/3guwfq #15yrsago TSA misses enormous, loaded .40 calibre handgun in carry-on bag https://web.archive.org/web/20101217223617/https://abclocal.go.com/ktrk/story?section=news/local&id=7848683 #15yrsago Brazilian TV clown elected to high office, passes literacy test https://web.archive.org/web/20111217233812/https://www.google.com/hostednews/afp/article/ALeqM5jmbXSjCjZBZ4z8VUcAZFCyY_n6dA?docId=CNG.b7f4655178d3435c9a54db2e30817efb.381 #15yrsago My Internet problem: an abundance of choice https://www.theguardian.com/technology/blog/2010/dec/17/internet-problem-choice-self-publishing #10yrsago LEAKED: The secret catalog American law enforcement orders cellphone-spying gear from https://theintercept.com/2015/12/16/a-secret-catalogue-of-government-gear-for-spying-on-your-cellphone/#10yrsago #10yrsago Putin: Give Sepp Blatter the Nobel; Trump should be president https://www.theguardian.com/football/2015/dec/17/sepp-blatter-fifa-putin-nobel-peace-prize #10yrsago Star Wars medical merch from Scarfolk, the horror-town stuck in the 1970s https://scarfolk.blogspot.com/2015/12/unreleased-star-wars-merchandise.html #10yrsago Some countries learned from America’s copyright mistakes: TPP will undo that https://www.eff.org/deeplinks/2015/12/how-tpp-perpetuates-mistakes-dmca #10yrsago No evidence that San Bernardino shooters posted about jihad on Facebook https://web.archive.org/web/20151217003406/https://www.washingtonpost.com/news/post-nation/wp/2015/12/16/fbi-san-bernardino-attackers-didnt-show-public-support-for-jihad-on-social-media/ #10yrsago Exponential population growth and other unkillable science myths https://web.archive.org/web/20151217205215/http://www.nature.com/news/the-science-myths-that-will-not-die-1.19022 #10yrsago UK’s unaccountable crowdsourced blacklist to be crosslinked to facial recognition system https://arstechnica.com/tech-policy/2015/12/pre-crime-arrives-in-the-uk-better-make-sure-your-face-stays-off-the-crowdsourced-watch-list/ #1yrago Happy Public Domain Day 2025 to all who celebrate https://pluralistic.net/2024/12/17/dastar-dly-deeds/#roast-in-piss-sonny-bono Upcoming appearances (permalink) Hamburg: Chaos Communications Congress, Dec 27-30 https://events.ccc.de/congress/2025/infos/index.html Denver: Enshittification at Tattered Cover Colfax, Jan 22 https://www.eventbrite.com/e/cory-doctorow-live-at-tattered-cover-colfax-tickets-1976644174937 Colorado Springs: Guest of Honor at COSine, Jan 23-25 https://www.firstfridayfandom.org/cosine/ Recent appearances (permalink) Enshittification on The Last Show With David Cooper: https://www.iheart.com/podcast/256-the-last-show-with-david-c-31145360/episode/cory-doctorow-enshttification-december-16-2025-313385767 (Digital) Elbows Up (OCADU) https://vimeo.com/1146281673 How to Stop “Ensh*ttification” Before It Kills the Internet (Capitalisn't) https://www.youtube.com/watch?v=34gkIvYiHxU Enshittification on The Daily Show https://www.youtube.com/watch?v=d2e-c9SF5nE Enshittification with Four Ways to Change the World (Channel 4) https://www.youtube.com/watch?v=tZQaEeuuI3Q Latest books (permalink) "Canny Valley": A limited edition collection of the collages I create for Pluralistic, self-published, September 2025 "Enshittification: Why Everything Suddenly Got Worse and What to Do About It," Farrar, Straus, Giroux, October 7 2025 https://us.macmillan.com/books/9780374619329/enshittification/ "Picks and Shovels": a sequel to "Red Team Blues," about the heroic era of the PC, Tor Books (US), Head of Zeus (UK), February 2025 (https://us.macmillan.com/books/9781250865908/picksandshovels). "The Bezzle": a sequel to "Red Team Blues," about prison-tech and other grifts, Tor Books (US), Head of Zeus (UK), February 2024 (thebezzle.org). "The Lost Cause:" a solarpunk novel of hope in the climate emergency, Tor Books (US), Head of Zeus (UK), November 2023 (http://lost-cause.org). "The Internet Con": A nonfiction book about interoperability and Big Tech (Verso) September 2023 (http://seizethemeansofcomputation.org). Signed copies at Book Soup (https://www.booksoup.com/book/9781804291245). "Red Team Blues": "A grabby, compulsive thriller that will leave you knowing more about how the world works than you did before." Tor Books http://redteamblues.com. "Chokepoint Capitalism: How to Beat Big Tech, Tame Big Content, and Get Artists Paid, with Rebecca Giblin", on how to unrig the markets for creative labor, Beacon Press/Scribe 2022 https://chokepointcapitalism.com Upcoming books (permalink) "Unauthorized Bread": a middle-grades graphic novel adapted from my novella about refugees, toasters and DRM, FirstSecond, 2026 "Enshittification, Why Everything Suddenly Got Worse and What to Do About It" (the graphic novel), Firstsecond, 2026 "The Memex Method," Farrar, Straus, Giroux, 2026 "The Reverse-Centaur's Guide to AI," a short book about being a better AI critic, Farrar, Straus and Giroux, June 2026 Colophon (permalink) Today's top sources: John Naughton (https://memex.naughtons.org/). Currently writing: "The Reverse Centaur's Guide to AI," a short book for Farrar, Straus and Giroux about being an effective AI critic. LEGAL REVIEW AND COPYEDIT COMPLETE. "The Post-American Internet," a short book about internet policy in the age of Trumpism. PLANNING. A Little Brother short story about DIY insulin PLANNING This work – excluding any serialized fiction – is licensed under a Creative Commons Attribution 4.0 license. That means you can use it any way you like, including commercially, provided that you attribute it to me, Cory Doctorow, and include a link to pluralistic.net. https://creativecommons.org/licenses/by/4.0/ Quotations and images are not included in this license; they are included either under a limitation or exception to copyright, or on the basis of a separate license. Please exercise caution. How to get Pluralistic: Blog (no ads, tracking, or data-collection): Pluralistic.net Newsletter (no ads, tracking, or data-collection): https://pluralistic.net/plura-list Mastodon (no ads, tracking, or data-collection): https://mamot.fr/@pluralistic Medium (no ads, paywalled): https://doctorow.medium.com/ Twitter (mass-scale, unrestricted, third-party surveillance and advertising): https://twitter.com/doctorow Tumblr (mass-scale, unrestricted, third-party surveillance and advertising): https://mostlysignssomeportents.tumblr.com/tagged/pluralistic "When life gives you SARS, you make sarsaparilla" -Joey "Accordion Guy" DeVilla READ CAREFULLY: By reading this, you agree, on behalf of your employer, to release me from all obligations and waivers arising from any and all NON-NEGOTIATED agreements, licenses, terms-of-service, shrinkwrap, clickwrap, browsewrap, confidentiality, non-disclosure, non-compete and acceptable use policies ("BOGUS AGREEMENTS") that I have entered into with your employer, its partners, licensors, agents and assigns, in perpetuity, without prejudice to my ongoing rights and privileges. You further represent that you have the authority to release me from any BOGUS AGREEMENTS on behalf of your employer. ISSN: 3066-764X

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