The Voyage

Universal Income, French riots, Hong Kong, & more!

July 7th, 2023

Global Headlines

Universal income in Britain

Universal basic income of £1600 pounds a month ($1,983 USD) will be trialed by a group of 30 people in north London. Funding has been secured & will cost an estimated £1.15 million pounds over the course of 2 years, during this time researchers will examine the effects the money has on the recipients & how their lives are effected. Think Tank Autonomy, a non profit progressive organization is the group running the test. A separate control group of 30 people who do not have the universal basic income will be tested as well so the researchers can compare the effects of those who receive the income and those who don’t. Looking at this objectively, the test group seems entirely too small to see any real results & make a strong case for universal basic income. Giving 30 random people in North London an additional £1600 pounds a month will without a doubt improve their life for the 2 years they receive the payments, how could it not? Imagine someone showing up to your door & offering you free money for 2 years with no strings attached. The money was secured privately which will make it impossible to see the impact universal basic income would have on the British Government if put into place. This is a key part in running such a test because the government is the only place these monthly payments would ever come from if made a reality for every British citizen. The most useful results of the tests ran by Think Tank Autonomy will be those of behavior, seeing if the extra money encourages anyone to take time off work & how those businesses will be effected. What is expected is that the openly progressive non-profit group will run these tests, see the positive impact the free money has had on the 30 people & then try to make a case for universal basic income around the rest of the country. Although their intentions may be good, the test lacks many key components to make a strong enough argument. The Scottish Government recently ran tests to see if universal basic income would work in the country, with plans of minimum income guaranteed by 2030. Let’s take a look at the theoretical pro’s and con’s of universal basic income

Pros: Reduced poverty rate, eliminated need for government programs, improved mental & physical health

Cons: High cost, reduced incentive to work, extra money to those who don't “need” it, reduced wages & does not address the root cause of poverty

Aftermath of the riots in France

As it seem the riots in France have peaked over the death of 17 year old “Nahel M.” The 8 days of riots have caused millions of euros worth of damage to cities across France. Hundreds of cars and buildings were set on fire, looting mostly by minors took place as well as schools, police stations & city halls were under attack. Over the weekend the Mayor of an area near Paris had his home under attack, with rioters firing fireworks into his suburban home injuring his wife and children. Nahel’s grandmother urged the rioters to stop the violence stating people should “not smash windows, schools & busses. Stop. It is mothers who take those busses.” French President Emmanuel Macron met Tuesday with the mayors of 220 cities across France over concerns of violence, incidents and damages. More than 700 people have been arrested, 45 first responders were injured & 814 fires were reported across France. A 27 year old man in Marseille passed away on Saturday from being hit by a projectile. The impact was believed to of been from a “shock gun” which are designed to be non-lethal was fired by police, the man did not die initially but the blunt force from the projectile caused a heart attack. French prosecutors are investigating further. The motive for these riots are over the belief that the shooting & killing of Nahel M by a police officer at a traffic stop was racially motivated. (Nahel was of Moroccan descent) Overall 3,600 people have been arrested in connection to the riots with the average age being 17. What happened to the young gentleman was awful, but looking at how much of the damages and riots were caused & carried out by a group of people so young, it begs the question, how much of this was actually about wanting justice for the young gentlemen who died? Or was it a chance for the youth of France to act out and behave recklessly. What happened to Nahel was awful but at a certain point does the rioting, damages & injuries outweigh and overshadow the message they are attempting to deliver?

Pro-democracy radio show shut down in Hong-Kong

A pro-democracy radio show in Hong Kong aired its final show last Friday. The shows owner stated that their bank accounts were frozen & they are in a “dangerous political situation”. Tsnag Kin-Shang is a veteran and the shows founder which launched in 2005, which since then has been uncompromising, critical of authorities & supported a campaign for years to get freedom of the press in China. China passed a national security law in 2020 that has led to the shutting down of multiple media outlets including Apple Daily, one of the best selling newspapers in Hong-Kong & is known to produce pro-democracy content & news. Another popular outlet Stand News was shut down as well. Authorities have arrested over 250 activists under the law following a pro-democracy movement in 2019 that drew millions into the street stating that these activists pose a threat to the economic success of Hong Kong. Authorities have also claimed that “media rights are respected and expressed in city laws”. Hong Kong ranked 140th out of 180th in the global media freedom index, down from its previous spot of 73 before the national security law was put into place which is supposed to protect Hong Kong against:

1. Succession- breaking away from the country

2. subversion- undermining the power of authority of the central government

3. terrorism- using violence or intimidation against people

4. Collusion with foreign or external forces

You can see with these laws being so broad, it gives the Chinese government a broader reach as to who it can punish in the media. Many critics have called this the “end of Hong-Kong” & its hard to make a case against the statement in terms of media freedom. This essentially gives the government the jurisdiction to punish anyone who challenges their authority, whether that be news shows & articles that criticize those in power, or protests campaigning for democracy. Apple Daily’s parent company “Next Digital” had approximately $70 million in cash on its balance sheet, which was suddenly frozen leaving them unable to pay suppliers & staff. A week after this the company announced it was shutting down & many of its employees were arrested & charged with national security crimes. A national security trial will begin for Apple Daily’s founder Jimmy Lai in September, the maximum sentence possible is life in prison.

Off the beaten path

Harvard phycologist Ellen Langer who specializes in social cognition & decision making recently detailed why high-risk tourism is becoming so attractive to many who are amongst the ultra-wealthy. This has become a topic of discussion after the Titan Submersible imploded, which costs $250,000 for a seat. Aside from travelling to the depths of sea, space travel (which is estimated to be 10,000x more dangerous than flying commercial) has become more popular in recent years as well as travelling to Antarctica. With more money comes more availability to exclusive experiences & travel like this becomes a way of life for many with access to it. Langer explained that “the wealthy are willing to spend fortunes to be put in potential grave danger so they can break the mundane nature of their everyday routines” adding that “many of us are sealed in unlived lives & mindless much of the time. Doing something dangerous requires that we become mindful, and mindful engagement is literally and figuratively enlivening”

Peter Anderson is a managing director for Knightsbridge Circle & told the New York Times that he had a client that sought out a visit to South Sudan, the worlds youngest country founded in 2011, a place that is plagued by civil war, poverty & malnutrition. It is also one of 19 countries deemed unsafe for travel by the U.S department of state. At a certain level of income, desirable destinations don’t excite the ultra wealthy as much. Destinations like Italy, Monaco, Spain, etc become so accessable that they lose their novelty & charm. Anderson touches on this stating “They’re so accustomed to what they consider to be typical vacations that they begin to seek out more unique experiences, many of which involve a degree of risk”. One of those aboard the Titan Submersible was billionaire Hamish Harding who had also made a trip to space. Investor & multi-millionaire Victor Vescevo who has explored the depths of all 5 oceans, including the deepest point in the Atlantic Ocean (the Puerto Rico Trench) provided some insight to this, when asked about his explorations stating “I guess what drives me is this inherit sense of intense curiosity that was cultivated in me when I was a child. I’ve always wanted to know more and to get to the other side of the hill to find out what lay beyond".

No matter what peaks we reach as human beings, we will always want more.

Fast Facts

-Apple officially becomes the worlds first 3 trillion dollar company

-On the 4th of July, Americans spent an estimated $9.5 billion on food & an additional $2.3 billion on fireworks

-Despite many thinking it may be Egypt, Sudan actually has the most pyramids in the world

-King Charles will meet with U.S President Joe Biden at Windsor Castle on July 10th

-Sweden is making a bid to join NATO