<div dir="ltr"><br><br><div class="gmail_quote"><div dir="ltr">---------- Forwarded message ---------<br>From: <strong class="gmail_sendername" dir="auto">piqd - your piqs of the day</strong> <span dir="ltr"><<a href="mailto:dailydigest@piqd.com">dailydigest@piqd.com</a>></span><br>Date: Tue, Nov 20, 2018 at 2:30 AM<br>Subject: Monopolies And "Capitalist Dystopia"<br>To: Michel Bauwens <<a href="mailto:michelsub2004@gmail.com">michelsub2004@gmail.com</a>><br></div><br><br><u></u>
<div>
<div>
<div style="margin:0px auto;max-width:610px"><table cellpadding="0" cellspacing="0" style="font-size:0px;width:100%" align="center" border="0"><tbody><tr><td style="text-align:center;vertical-align:top;direction:ltr;font-size:0px;padding:20px 25px"><div class="m_238757131370933257mj-column-per-100" style="vertical-align:top;display:inline-block;font-size:0px;line-height:0px;text-align:left;width:100%"><div class="m_238757131370933257mj-column-per-25 m_238757131370933257outlook-group-fix" style="vertical-align:middle;display:inline-block;direction:ltr;float:left;font-size:13px;text-align:left;width:25%"><table cellpadding="0" cellspacing="0" style="vertical-align:middle" width="100%" border="0"><tbody><tr><td style="word-break:break-word;font-size:0px;padding:0px" align="left"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-spacing:0px" align="left" border="0"><tbody><tr><td style="width:75px"><a href="https://mandrillapp.com/track/click/30835283/www.piqd.com?p=eyJzIjoiazJTcUZjSDRJQzN3MDk0LXROU1JqaWtlclVJIiwidiI6MSwicCI6IntcInVcIjozMDgzNTI4MyxcInZcIjoxLFwidXJsXCI6XCJodHRwczpcXFwvXFxcL3d3dy5waXFkLmNvbVxcXC9cIixcImlkXCI6XCJjN2QwYTU3MDgwMzY0ZDllYTY3YzFmMjJiMjBiOWUwOVwiLFwidXJsX2lkc1wiOltcImIwNWQ5MDk4ZjE5OTk5ZDI5OWIzYzI5NjhjNTQ3MzBlMTgyZTVjMDRcIl19In0" target="_blank"><img alt="" title="" height="auto" src="https://cache.piqd.com/assets/logos/logo-d440e4f2454370a3b49285addcddc091a6c8f5e517c0c96f467d586ae7a0343c.png" width="93"></a></td></tr></tbody></table></td></tr></tbody></table></div><div class="m_238757131370933257mj-column-per-75 m_238757131370933257outlook-group-fix" style="vertical-align:middle;display:inline-block;direction:ltr;font-size:13px;text-align:left;width:75%"><table cellpadding="0" cellspacing="0" style="vertical-align:middle" width="100%" border="0"><tbody><tr><td style="word-break:break-word;font-size:0px;padding:0px" align="right"><div style="color:#434343;font-family:Roboto,sans-serif;font-size:16px;line-height:22px;text-align:right">
<span style="color:#0d8faf">News from <br> your channels</span>
</div></td></tr></tbody></table></div></div></td></tr></tbody></table></div>
<div style="color:#434343;font-size:16px;margin:0px auto;max-width:560px;font-family:Roboto,sans-serif" class="m_238757131370933257rspec-digest-content-table"><table cellpadding="0" cellspacing="0" style="color:#434343;font-size:0px;width:100%;font-family:Roboto,sans-serif" align="center" border="0" width="100%"><tbody><tr><td style="color:#434343;text-align:center;vertical-align:top;border-left:1px solid #dcdcdc;border-right:1px solid #dcdcdc;border-top:1px solid #dcdcdc;direction:ltr;font-size:0px;padding:20px 0px;padding-bottom:0px;padding-top:0px;font-family:Roboto,sans-serif" align="center" valign="top"><div class="m_238757131370933257mj-column-per-100 m_238757131370933257outlook-group-fix" style="color:#434343;vertical-align:top;display:inline-block;direction:ltr;font-size:13px;text-align:left;width:100%;font-family:Roboto,sans-serif"><table cellpadding="0" cellspacing="0" width="100%" border="0" style="color:#434343;font-size:16px;font-family:Roboto,sans-serif"><tbody><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;font-family:Roboto,sans-serif"><div style="color:#434343;font-size:1px;line-height:10px;white-space:nowrap;font-family:Roboto,sans-serif"> </div></td></tr><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;padding:10px 25px;padding-top:25px;padding-bottom:29px;padding-right:25px;padding-left:25px;font-family:Roboto,sans-serif" align="left"><div style="color:#434343;font-weight:500;line-height:22px;text-align:left;font-family:Roboto,sans-serif;font-size:22px">Read articles on piqd:</div></td></tr>
<tr><td style="color:#434343;word-wrap:break-word;font-size:0px;padding:10px 25px;padding-top:0px;padding-bottom:0px;font-family:Roboto,sans-serif" align="left"><div style="color:#434343;font-size:16px;line-height:22px;text-align:left;font-family:Roboto,sans-serif"><a class="m_238757131370933257plain" href="https://mandrillapp.com/track/click/30835283/www.piqd.com?p=eyJzIjoiYUFTQXlUUnhfeHVvd2gtMjZtSXBxMzdrT0g0IiwidiI6MSwicCI6IntcInVcIjozMDgzNTI4MyxcInZcIjoxLFwidXJsXCI6XCJodHRwczpcXFwvXFxcL3d3dy5waXFkLmNvbVxcXC91c2Vyc1xcXC93aWxsLmtoZXJiZWtcIixcImlkXCI6XCJjN2QwYTU3MDgwMzY0ZDllYTY3YzFmMjJiMjBiOWUwOVwiLFwidXJsX2lkc1wiOltcImM5MzU0OGU4NTlmMDM2MzZmZDZhZjM3NzkzMzMyOGZkMDM0YjEyYWFcIl19In0" style="color:inherit;text-decoration:none;font-size:inherit;font-family:Roboto,sans-serif" target="_blank"><span class="m_238757131370933257text" style="color:#434343">Will Kherbek</span></a> | <a class="m_238757131370933257plain" href="https://mandrillapp.com/track/click/30835283/www.piqd.com?p=eyJzIjoiNTZ0NXJRNDYtNmd4TTJONXdiTjc3UF9uajFrIiwidiI6MSwicCI6IntcInVcIjozMDgzNTI4MyxcInZcIjoxLFwidXJsXCI6XCJodHRwczpcXFwvXFxcL3d3dy5waXFkLmNvbVxcXC9ib29tLWJ1c3RcIixcImlkXCI6XCJjN2QwYTU3MDgwMzY0ZDllYTY3YzFmMjJiMjBiOWUwOVwiLFwidXJsX2lkc1wiOltcIjMwZWE3OWQzOTA0MzRmOGYzYTEzMjQ0ZWY2MDYzYTQ3NjIyYjkxNGZcIl19In0" style="color:inherit;text-decoration:none;font-size:inherit;text-transform:uppercase;font-family:Roboto,sans-serif" target="_blank"><span class="m_238757131370933257text" style="color:#434343">Boom and bust</span></a></div></td></tr><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;padding:10px 25px;padding-top:0px;padding-bottom:19px;font-family:Roboto,sans-serif" align="left"><div style="color:#0d8faf;font-size:16px;line-height:22px;text-align:left;text-decoration:underline;font-family:Roboto,sans-serif"><a href="https://mandrillapp.com/track/click/30835283/www.piqd.com?p=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" class="m_238757131370933257piq-short-link" style="color:#0d8faf;font-size:18px;font-family:Roboto,sans-serif" target="_blank">Monopolies And "Capitalist Dystopia"</a></div></td></tr><tr>
<td style="color:#434343;word-wrap:break-word;font-size:0px;font-family:Roboto,sans-serif"><div style="color:#434343;font-size:1px;line-height:20px;white-space:nowrap;font-family:Roboto,sans-serif"> </div></td></tr></tbody></table></div></td></tr></tbody></table></div>
<div style="margin:0px auto;max-width:560px"><table cellpadding="0" cellspacing="0" style="color:#434343;font-size:0px;width:100%;font-family:Roboto,sans-serif" align="center" border="0" width="100%"><tbody><tr><td style="color:#434343;text-align:center;vertical-align:top;border-left:1px solid #dcdcdc;border-right:1px solid #dcdcdc;border-top:1px solid #dcdcdc;direction:ltr;font-size:0px;padding:20px 0px;padding-bottom:0px;padding-top:0px;font-family:Roboto,sans-serif" align="center" valign="top"><div class="m_238757131370933257mj-column-per-100 m_238757131370933257outlook-group-fix" style="color:#434343;vertical-align:top;display:inline-block;direction:ltr;font-size:13px;text-align:left;width:100%;font-family:Roboto,sans-serif"><table cellpadding="0" cellspacing="0" width="100%" border="0" style="color:#434343;font-size:16px;font-family:Roboto,sans-serif"><tbody><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;font-family:Roboto,sans-serif"><div style="color:#434343;font-size:1px;line-height:40px;white-space:nowrap;font-family:Roboto,sans-serif"> </div></td></tr><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;padding:10px 25px;padding-top:0px;padding-bottom:0px;font-family:Roboto,sans-serif" align="left"><div style="color:#434343;font-size:16px;line-height:22px;text-align:left;font-family:Roboto,sans-serif"><a href="https://mandrillapp.com/track/click/30835283/www.piqd.com?p=eyJzIjoiNTZ0NXJRNDYtNmd4TTJONXdiTjc3UF9uajFrIiwidiI6MSwicCI6IntcInVcIjozMDgzNTI4MyxcInZcIjoxLFwidXJsXCI6XCJodHRwczpcXFwvXFxcL3d3dy5waXFkLmNvbVxcXC9ib29tLWJ1c3RcIixcImlkXCI6XCJjN2QwYTU3MDgwMzY0ZDllYTY3YzFmMjJiMjBiOWUwOVwiLFwidXJsX2lkc1wiOltcIjMwZWE3OWQzOTA0MzRmOGYzYTEzMjQ0ZWY2MDYzYTQ3NjIyYjkxNGZcIl19In0" class="m_238757131370933257plain" style="color:inherit;text-decoration:none;font-size:inherit;font-family:Roboto,sans-serif" target="_blank"><span class="m_238757131370933257plain m_238757131370933257blue m_238757131370933257header-1" style="font-size:20px;line-height:1.2em;text-transform:uppercase;color:#0d8faf">Boom and bust</span></a></div></td></tr><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;padding:10px 25px;padding-top:0px;padding-bottom:0px;font-family:Roboto,sans-serif"><p style="color:#434343;line-height:1.5em;margin-bottom:0;font-size:1px;margin:0px auto;border-top:1px solid #0d8faf;width:100%;font-family:Roboto,sans-serif"></p></td></tr></tbody></table></div></td></tr></tbody></table></div>
<div class="m_238757131370933257rspec-user-header" style="color:#434343;font-size:16px;margin:0px auto;max-width:560px;font-family:Roboto,sans-serif"><table cellpadding="0" cellspacing="0" style="color:#434343;font-size:0px;width:100%;font-family:Roboto,sans-serif" align="center" border="0" width="100%"><tbody><tr><td style="color:#434343;text-align:center;vertical-align:top;border-left:1px solid #dcdcdc;border-right:1px solid #dcdcdc;direction:ltr;font-size:0px;padding:0px 25px 30px 25px;font-family:Roboto,sans-serif" align="center" valign="top"><div class="m_238757131370933257mj-column-per-100 m_238757131370933257outlook-group-fix" style="color:#434343;vertical-align:middle;display:inline-block;direction:ltr;font-size:13px;text-align:left;width:100%;font-family:Roboto,sans-serif"><table cellpadding="0" cellspacing="0" style="color:#434343;font-size:16px;vertical-align:middle;font-family:Roboto,sans-serif" width="100%" border="0" valign="middle"><tbody><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;font-family:Roboto,sans-serif"><div style="color:#434343;font-size:1px;line-height:40px;white-space:nowrap;font-family:Roboto,sans-serif"> </div></td></tr><tr><td><table width="100%" style="color:#434343;font-size:16px;font-family:Roboto,sans-serif">
<tbody><tr>
<td class="m_238757131370933257rspec-user-image" width="15%" style="color:#434343;font-size:16px;font-family:Roboto,sans-serif">
<a href="https://mandrillapp.com/track/click/30835283/www.piqd.com?p=eyJzIjoiYUFTQXlUUnhfeHVvd2gtMjZtSXBxMzdrT0g0IiwidiI6MSwicCI6IntcInVcIjozMDgzNTI4MyxcInZcIjoxLFwidXJsXCI6XCJodHRwczpcXFwvXFxcL3d3dy5waXFkLmNvbVxcXC91c2Vyc1xcXC93aWxsLmtoZXJiZWtcIixcImlkXCI6XCJjN2QwYTU3MDgwMzY0ZDllYTY3YzFmMjJiMjBiOWUwOVwiLFwidXJsX2lkc1wiOltcImM5MzU0OGU4NTlmMDM2MzZmZDZhZjM3NzkzMzMyOGZkMDM0YjEyYWFcIl19In0" style="font-size:16px;color:#0d8faf;font-family:Roboto,sans-serif" target="_blank">
<img alt="" title="" width="64" style="border-radius:50%;max-width:90%;width:64px" src="https://cache.piqd.com/system/dragonfly/production/2018/10/29/6u6qzvm20z_IMG_8667.jpg">
</a>
</td>
<td style="color:#434343;font-size:16px;font-family:Roboto,sans-serif">
<span class="m_238757131370933257blue" style="color:#0d8faf">piqer:</span><br>
Will Kherbek
</td>
<td class="m_238757131370933257voting-score" style="color:#434343;font-size:16px;text-align:right;font-family:Roboto,sans-serif" align="right">
<a href="https://mandrillapp.com/track/click/30835283/www.piqd.com?p=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" style="font-size:16px;text-decoration:none;color:inherit;font-family:Roboto,sans-serif" target="_blank">
5
<img alt="" title="" width="13" height="13" src="https://cache.piqd.com/assets/email/icon-bewertung-33_65-8243b4161aca63952f6f59e886d6907b7cc139a9e3cb1463074d036f0c06885c.png">
</a>
</td>
</tr>
</tbody></table></td></tr></tbody></table></div></td></tr></tbody></table></div>
<div style="color:#434343;font-size:16px;margin:0px auto;max-width:560px;font-family:Roboto,sans-serif"><table cellpadding="0" cellspacing="0" style="color:#434343;font-size:0px;width:100%;font-family:Roboto,sans-serif" align="center" border="0" width="100%"><tbody><tr><td style="color:#434343;text-align:center;vertical-align:top;border-left:1px solid #dcdcdc;border-right:1px solid #dcdcdc;direction:ltr;font-size:0px;padding:20px 0px;padding-bottom:0px;padding-top:0px;font-family:Roboto,sans-serif" align="center" valign="top"><div class="m_238757131370933257mj-column-per-100 m_238757131370933257outlook-group-fix" style="color:#434343;vertical-align:top;display:inline-block;direction:ltr;font-size:13px;text-align:left;width:100%;font-family:Roboto,sans-serif"><table cellpadding="0" cellspacing="0" width="100%" border="0" style="color:#434343;font-size:16px;font-family:Roboto,sans-serif"><tbody><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;padding:10px 25px;padding-top:0px;padding-bottom:0px;font-family:Roboto,sans-serif" align="left"><div style="color:#434343;line-height:1.2em;text-align:left;font-family:Roboto,sans-serif;font-size:20px"><a class="m_238757131370933257plain" href="https://mandrillapp.com/track/click/30835283/www.piqd.com?p=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" style="color:inherit;text-decoration:none;font-size:inherit;font-family:Roboto,sans-serif" target="_blank">
<span class="m_238757131370933257text" style="color:#434343">Monopolies And "Capitalist Dystopia"</span>
</a></div></td></tr><tr class="m_238757131370933257pitch-text"><td style="color:#434343;word-wrap:break-word;font-size:0px;padding:10px 25px;padding-bottom:13px;font-family:Roboto,sans-serif" align="left"><div style="color:#434343;font-size:16px;line-height:22px;text-align:left;font-family:Roboto,sans-serif"><p>One doesn’t expect to hear the phrase “capitalist dystopia” uttered without irony by a reporter for <i>The Economist</i>; nevertheless, that is the troubling diagnosis of Patrick Fowles in this “Money Talks” podcast. Fowles is speaking specifically about the advance of monopolies in a number of sectors of the American economy. He recounts a recent trip to America to attend a conference and lists the monopolies and quasi-monopolies he interacts with on his brief trip. The numbers speak for themselves: Apple, 62% marketshare; the three main credit card providers, American Express, Visa, and Mastercard, 95% marketshare; Google, 60% of browser marketshare. These aren’t even the most shocking numbers he cites. </p><p>The picture gets even bleaker when Fowles recites a list of the largest corporations in America and reveals that 17% of the shares in these companies are owned by one or another of three investment firms: Blackrock, State Street, and Vanguard. One could extend this analysis further and consider that investment houses like the aforementioned big three, and the companies they deal with, are rated for creditworthiness by three firms: Moody’s, Standard and Poor’s, and Fitch Group (collectively, 95% marketshare). Such levels of concentration are not only staggering, but Fowles suggests, pernicious. </p><p>The size of the problem, like the size of the companies that are creating it, is only growing, but Fowles podcast host Simon Long, <i>The Economist</i>'s International Editor, provide both a genealogy of an incipient crisis as well as a mercifully plausible blueprint for solving it. Indeed, Fowles suggests, the only true challenge is ensuring that there's sufficient political will to address the crisis. Unlikely? Perhaps, but having listened to this call to arms by market-loving capitalists against a galloping capitalist dystopia, one is left with a genuine sense of hope that anything is possible. </p><p></p></div></td></tr><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;font-family:Roboto,sans-serif"><div style="color:#434343;font-size:1px;line-height:20px;white-space:nowrap;font-family:Roboto,sans-serif"> </div></td></tr></tbody></table></div></td></tr></tbody></table></div>
<div style="color:#434343;font-family:Roboto,sans-serif;font-size:16px;margin:0px auto;max-width:560px"><table style="border-collapse:collapse;color:#434343;font-family:Roboto,sans-serif;font-size:0px;width:100%" width="100%" cellspacing="0" cellpadding="0" border="0" align="center"><tbody><tr><td style="border-collapse:collapse;border-left-color:#dcdcdc;border-left-style:solid;border-left-width:1px;border-right-color:#dcdcdc;border-right-style:solid;border-right-width:1px;color:#434343;direction:ltr;font-family:Roboto,sans-serif;font-size:0px;padding:0px 25px 30px;text-align:center;vertical-align:top" valign="top" align="center">
<div class="m_238757131370933257mj-column-per-100" style="color:#434343;display:inline-block;font-family:Roboto,sans-serif;font-size:0px;line-height:0px;text-align:left;vertical-align:top;width:100%" align="left">
<div class="m_238757131370933257mj-column-per-50 m_238757131370933257outlook-group-fix" style="color:#434343;direction:ltr;display:inline-block;font-family:Roboto,sans-serif;font-size:13px;text-align:left;vertical-align:top;width:50%" align="left"><table style="border-collapse:collapse;border-spacing:0px;color:#434343;font-family:Roboto,sans-serif;font-size:16px" cellspacing="0" cellpadding="0" border="0" align="left"><tbody><tr><td style="border-collapse:collapse;color:#434343;font-family:Roboto,sans-serif;font-size:16px;width:37px" width="37"><a href="https://twitter.com/intent/tweet?text=Monopolies%20And%20%22Capitalist%20Dystopia%22%20https%3A%2F%2Fwww.piqd.com%2Fboom-bust%2Fmonopolies-and-capitalist-dystopia%3Futm_source%3DTwitter%26utm_medium%3Dsocial%26utm_campaign%3Dnewsletter_sharing%20via%20%40piqd_com" class="m_238757131370933257piq-social-sharing" style="color:#0d8faf;display:inline;font-family:Roboto,sans-serif;font-size:16px;text-decoration:none" target="_blank"><img alt="" title="" src="https://cache.piqd.com/assets/email/icon-s-t-fda6b0591254f9ffa2b7dfdf3bef3868874d116aed60be5cc48e02f3c52b7cf1.png" style="border-radius:0px;border:0 none;display:inline-block;height:32px;line-height:100%;outline:none;text-decoration:none;width:32px" width="32" height="32"></a></td><td style="border-collapse:collapse;color:#434343;font-family:Roboto,sans-serif;font-size:16px;width:37px" width="37"><a href="https://mandrillapp.com/track/click/30835283/www.facebook.com?p=eyJzIjoiU1dhamRYanIxZklPX3otTDlnSWREeVhDdjhjIiwidiI6MSwicCI6IntcInVcIjozMDgzNTI4MyxcInZcIjoxLFwidXJsXCI6XCJodHRwczpcXFwvXFxcL3d3dy5mYWNlYm9vay5jb21cXFwvc2hhcmVyXFxcL3NoYXJlci5waHA_dT1odHRwcyUzQSUyRiUyRnd3dy5waXFkLmNvbSUyRmJvb20tYnVzdCUyRm1vbm9wb2xpZXMtYW5kLWNhcGl0YWxpc3QtZHlzdG9waWElM0Z1dG1fc291cmNlJTNERmFjZWJvb2slMjZ1dG1fbWVkaXVtJTNEc29jaWFsJTI2dXRtX2NhbXBhaWduJTNEbmV3c2xldHRlcl9zaGFyaW5nXCIsXCJpZFwiOlwiYzdkMGE1NzA4MDM2NGQ5ZWE2N2MxZjIyYjIwYjllMDlcIixcInVybF9pZHNcIjpbXCI2NWJmYWJhNDJhN2Y0MzI0ZDFlZTI5NjY5OWVhMDQzYmE2ZGY0M2JiXCJdfSJ9" class="m_238757131370933257piq-social-sharing" style="color:#0d8faf;display:inline;font-family:Roboto,sans-serif;font-size:16px;text-decoration:none" target="_blank"><img alt="" title="" src="https://cache.piqd.com/assets/email/icon-s-f-9e85f4529ae69ace552c0a23f8c2965e5f3725422dfa184ac7fea52812ab8f08.png" style="border-radius:0px;border:0 none;display:inline-block;height:32px;line-height:100%;outline:none;text-decoration:none;width:32px" width="32" height="32"></a></td><td style="border-collapse:collapse;color:#434343;font-family:Roboto,sans-serif;font-size:16px;width:37px" width="37"><a class="m_238757131370933257piq-social-sharing" style="color:#0d8faf;display:inline;font-family:Roboto,sans-serif;font-size:16px;text-decoration:none"><img alt="" title="" src="https://cache.piqd.com/assets/email/icon-s-w-f11c7306a6f2571323a8b163dc7e6dadb1f5fdfd97889380c0e17b442b55f3cb.png" style="border-radius:0px;border:0 none;display:inline-block;height:32px;line-height:100%;outline:none;text-decoration:none;width:32px" width="32" height="32"></a></td></tr></tbody></table><table style="border-collapse:collapse;color:#434343;font-family:Roboto,sans-serif;font-size:16px" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody>
</tbody></table></div>
<div class="m_238757131370933257mj-column-per-50 m_238757131370933257outlook-group-fix" style="color:#434343;direction:ltr;display:inline-block;font-family:Roboto,sans-serif;font-size:13px;text-align:left;vertical-align:top;width:50%" align="left"><table style="border-collapse:collapse;color:#434343;font-family:Roboto,sans-serif;font-size:16px" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td style="border-collapse:collapse;color:#434343;font-family:Roboto,sans-serif;font-size:0px;padding:0px;word-wrap:break-word" align="right"><table style="border-collapse:collapse;border-spacing:0px;color:#434343;font-family:Roboto,sans-serif;font-size:16px" cellspacing="0" cellpadding="0" border="0" align="right"><tbody><tr><td style="border-collapse:collapse;color:#434343;font-family:Roboto,sans-serif;font-size:16px;width:122px" width="122"><a href="https://mandrillapp.com/track/click/30835283/www.piqd.com?p=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" style="color:#0d8faf;font-family:Roboto,sans-serif;font-size:16px" target="_blank"><img alt="" title="" src="https://cache.piqd.com/assets/email/view_piq_button.en-523e2a910a326d06e7b503e12ae42044c3448b1e6fa2cd0bef4bb5829057ff5e.png" style="border-radius:0px;border:0 none;display:block;height:32px;line-height:100%;outline:none;text-decoration:none;width:100%" width="122" height="32"></a></td></tr></tbody></table></td></tr></tbody></table></div>
</div>
</td></tr></tbody></table></div>
<div style="color:#434343;font-size:16px;margin:0px auto;max-width:560px;font-family:Roboto,sans-serif"><table cellpadding="0" cellspacing="0" style="color:#434343;font-size:0px;width:100%;font-family:Roboto,sans-serif" align="center" border="0" width="100%"><tbody><tr><td style="color:#434343;text-align:center;vertical-align:top;border-left:1px solid #dcdcdc;border-right:1px solid #dcdcdc;direction:ltr;font-size:0px;padding:20px 0px;padding-bottom:0px;padding-top:0px;font-family:Roboto,sans-serif" align="center" valign="top"><div class="m_238757131370933257mj-column-per-100 m_238757131370933257outlook-group-fix" style="color:#434343;vertical-align:top;display:inline-block;direction:ltr;font-size:13px;text-align:left;width:100%;font-family:Roboto,sans-serif"><table cellpadding="0" cellspacing="0" width="100%" border="0" style="color:#434343;font-size:16px;font-family:Roboto,sans-serif"><tbody><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;padding:10px 25px;padding-top:0px;padding-bottom:0px;font-family:Roboto,sans-serif" align="center"><table cellpadding="0" cellspacing="0" style="color:#434343;font-size:16px;border-collapse:collapse;border-spacing:0px;font-family:Roboto,sans-serif" align="center" border="0"><tbody><tr><td style="color:#434343;font-size:16px;width:510px;font-family:Roboto,sans-serif" width="510"><a href="https://mandrillapp.com/track/click/30835283/www.piqd.com?p=eyJzIjoiU3VFOFR3RV9nRkRUemp5c3VnMzl5aDdrNWEwIiwidiI6MSwicCI6IntcInVcIjozMDgzNTI4MyxcInZcIjoxLFwidXJsXCI6XCJodHRwczpcXFwvXFxcL3d3dy5waXFkLmNvbVxcXC90cmFja2luZ1xcXC9ib29tLWJ1c3RcXFwvbW9ub3BvbGllcy1hbmQtY2FwaXRhbGlzdC1keXN0b3BpYVxcXC9vcmlnaW5hbD9jaWQ9NjI3ZWVkMjE4YjQ2N2I4MDY0NWRkNWNlNWI2NmI4Nzcmc291cmNlPURhaWx5RGlnZXN0RW1haWxcIixcImlkXCI6XCJjN2QwYTU3MDgwMzY0ZDllYTY3YzFmMjJiMjBiOWUwOVwiLFwidXJsX2lkc1wiOltcIjU1NDRlMGY5NzMwYThlNzliNjRmYTE0MDYyZmU4YzBmMzZmODkxZDZcIl19In0" style="font-size:16px;color:#0d8faf;font-family:Roboto,sans-serif" target="_blank"><img alt="" title="" height="auto" src="https://image-cache.piqd.com/3c1F3OLt8smWqj16hfzdRcrVTPU=/508x0/http%3A%2F%2Fi1.sndcdn.com%2Fartworks-000439363539-fnhpkm-t500x500.jpg" style="display:block;outline:none;text-decoration:none;width:100%;height:auto" width="510"></a></td></tr></tbody></table></td></tr></tbody></table></div></td></tr></tbody></table></div>
<div style="color:#434343;font-size:16px;margin:0px auto;max-width:560px;font-family:Roboto,sans-serif"><table cellpadding="0" cellspacing="0" style="color:#434343;font-size:0px;width:100%;font-family:Roboto,sans-serif" align="center" border="0" width="100%"><tbody><tr><td style="color:#434343;text-align:center;vertical-align:top;border-left:1px solid #dcdcdc;border-right:1px solid #dcdcdc;direction:ltr;font-size:0px;padding:25px;padding-bottom:0px;padding-top:0px;font-family:Roboto,sans-serif" align="center" valign="top"><div class="m_238757131370933257mj-column-per-100 m_238757131370933257outlook-group-fix" style="color:#434343;vertical-align:top;display:inline-block;direction:ltr;font-size:13px;text-align:left;width:100%;font-family:Roboto,sans-serif"><table cellpadding="0" cellspacing="0" style="color:#434343;font-size:16px;border-left:1px solid #dcdcdc;border-right:1px solid #dcdcdc;font-family:Roboto,sans-serif" width="100%" border="0"><tbody><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;padding:10px 25px;font-family:Roboto,sans-serif" align="center"><div style="color:#909090;font-size:12px;line-height:22px;text-align:center;font-family:Roboto,sans-serif">Source: The Economist | <a href="http://soundcloud.com" target="_blank">soundcloud.com</a> on 11/13/2018 | Image: The Economist Podcast | Language: EN</div></td></tr><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;font-family:Roboto,sans-serif"><div style="color:#434343;font-size:1px;line-height:20px;white-space:nowrap;font-family:Roboto,sans-serif"> </div></td></tr><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;padding:10px 25px;padding-top:0px;padding-bottom:0px;font-family:Roboto,sans-serif" align="center"><div style="color:#434343;font-size:20px;line-height:1.2em;text-align:center;font-family:Roboto,sans-serif">Money talks: Monopolies and boardroom games by The Economist</div></td></tr><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;font-family:Roboto,sans-serif"><div style="color:#434343;font-size:1px;line-height:40px;white-space:nowrap;font-family:Roboto,sans-serif"> </div></td></tr><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;padding:10px 25px;padding-top:0px;padding-bottom:0px;font-family:Roboto,sans-serif" align="center"><table cellpadding="0" cellspacing="0" style="color:#434343;font-size:16px;border-collapse:separate;font-family:Roboto,sans-serif" align="center" border="0"><tbody><tr><td style="font-size:16px;border:none;border-radius:3px;color:white;padding:10px 25px;font-family:Roboto,sans-serif" align="center" valign="middle" bgcolor="#dc4534"><a href="https://mandrillapp.com/track/click/30835283/www.piqd.com?p=eyJzIjoiU3VFOFR3RV9nRkRUemp5c3VnMzl5aDdrNWEwIiwidiI6MSwicCI6IntcInVcIjozMDgzNTI4MyxcInZcIjoxLFwidXJsXCI6XCJodHRwczpcXFwvXFxcL3d3dy5waXFkLmNvbVxcXC90cmFja2luZ1xcXC9ib29tLWJ1c3RcXFwvbW9ub3BvbGllcy1hbmQtY2FwaXRhbGlzdC1keXN0b3BpYVxcXC9vcmlnaW5hbD9jaWQ9NjI3ZWVkMjE4YjQ2N2I4MDY0NWRkNWNlNWI2NmI4Nzcmc291cmNlPURhaWx5RGlnZXN0RW1haWxcIixcImlkXCI6XCJjN2QwYTU3MDgwMzY0ZDllYTY3YzFmMjJiMjBiOWUwOVwiLFwidXJsX2lkc1wiOltcIjU1NDRlMGY5NzMwYThlNzliNjRmYTE0MDYyZmU4YzBmMzZmODkxZDZcIl19In0" style="text-decoration:none;line-height:100%;background:#dc4534;color:white;font-size:16px;font-weight:normal;text-transform:uppercase;margin:0px;font-family:Roboto,sans-serif" target="_blank">Read article</a></td></tr></tbody></table></td></tr><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;font-family:Roboto,sans-serif"><div style="color:#434343;font-size:1px;line-height:40px;white-space:nowrap;font-family:Roboto,sans-serif"> </div></td></tr></tbody></table></div></td></tr></tbody></table></div>
<div style="color:#434343;font-size:16px;margin:0px auto;max-width:560px;font-family:Roboto,sans-serif"><table cellpadding="0" cellspacing="0" style="color:#434343;font-size:0px;width:100%;font-family:Roboto,sans-serif" align="center" border="0" width="100%"><tbody><tr><td style="color:#434343;text-align:center;vertical-align:top;border-left:1px solid #dcdcdc;border-right:1px solid #dcdcdc;direction:ltr;font-size:0px;padding:25px;padding-bottom:0px;padding-top:0px;font-family:Roboto,sans-serif" align="center" valign="top"><div class="m_238757131370933257mj-column-per-100 m_238757131370933257outlook-group-fix" style="color:#434343;vertical-align:top;display:inline-block;direction:ltr;font-size:13px;text-align:left;width:100%;font-family:Roboto,sans-serif"><table cellpadding="0" cellspacing="0" width="100%" border="0" style="color:#434343;font-size:16px;font-family:Roboto,sans-serif"><tbody><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;padding:0px;font-family:Roboto,sans-serif" align="center"><table cellpadding="0" cellspacing="0" style="color:#434343;font-size:16px;border-collapse:collapse;border-spacing:0px;font-family:Roboto,sans-serif" align="center" border="0"><tbody><tr><td style="color:#434343;font-size:16px;width:510px;font-family:Roboto,sans-serif" width="510"><img alt="" title="" height="auto" src="https://cache.piqd.com/assets/email/piqd-email-border-85e01894c7d51551c169e0286d31b6d1f51f3a1667cae0eab3a54c596edcd2f3.png" style="border:none;border-radius:0px;display:block;outline:none;text-decoration:none;width:100%;height:auto" width="510"></td></tr></tbody></table></td></tr></tbody></table></div></td></tr></tbody></table></div>
<div style="margin:0px auto;max-width:560px"><table cellpadding="0" cellspacing="0" style="font-size:0px;width:100%" align="center" border="0"><tbody><tr><td style="text-align:center;vertical-align:top;border-left:1px solid #dcdcdc;border-right:1px solid #dcdcdc;direction:ltr;font-size:0px;padding:0px"><div class="m_238757131370933257mj-column-per-100 m_238757131370933257outlook-group-fix" style="vertical-align:top;display:inline-block;direction:ltr;font-size:13px;text-align:left;width:100%"><table cellpadding="0" cellspacing="0" width="100%" border="0"><tbody><tr><td style="word-wrap:break-word;font-size:0px"><div style="font-size:1px;line-height:20px;white-space:nowrap"> </div></td></tr></tbody></table></div></td></tr></tbody></table></div>
<div style="color:#434343;font-size:16px;margin:0px auto;max-width:560px;background:#ebebeb;font-family:Roboto,sans-serif"><table cellpadding="0" cellspacing="0" style="color:#434343;font-size:0px;width:100%;background:#ebebeb;font-family:Roboto,sans-serif" align="center" border="0" width="100%"><tbody><tr><td style="color:#434343;text-align:center;vertical-align:top;border-bottom:1px solid #dcdcdc;border-left:1px solid #dcdcdc;border-right:1px solid #dcdcdc;direction:ltr;font-size:0px;padding:20px 0px;padding-bottom:0px;padding-top:0px;font-family:Roboto,sans-serif" align="center" valign="top"><div class="m_238757131370933257mj-column-per-100 m_238757131370933257outlook-group-fix" style="color:#434343;vertical-align:top;display:inline-block;direction:ltr;font-size:13px;text-align:left;width:100%;font-family:Roboto,sans-serif"><table cellpadding="0" cellspacing="0" width="100%" border="0" style="color:#434343;font-size:16px;font-family:Roboto,sans-serif"><tbody><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;font-family:Roboto,sans-serif"><div style="color:#434343;font-size:1px;line-height:20px;white-space:nowrap;font-family:Roboto,sans-serif"> </div></td></tr><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;padding:0px;padding-top:18px;padding-right:25px;padding-left:25px;font-family:Roboto,sans-serif" align="center"><div style="color:#434343;font-weight:500;line-height:22px;text-align:center;font-family:Roboto,sans-serif;font-size:22px">Your newsletter</div></td></tr><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;padding:10px 25px;padding-top:20px;padding-bottom:23px;font-family:Roboto,sans-serif" align="center"><div style="color:#434343;font-size:16px;line-height:22px;text-align:center;font-family:Roboto,sans-serif">Not enough information in your newsletter? Don't receive it often enough? Not enough to read?</div></td></tr><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;padding:10px 25px;padding-top:0px;padding-bottom:19px;font-family:Roboto,sans-serif" align="center"><table cellpadding="0" cellspacing="0" style="color:#434343;font-size:16px;border-collapse:separate;font-family:Roboto,sans-serif" align="center" border="0"><tbody><tr><td style="font-size:16px;border:none;border-radius:3px;color:white;padding:10px 25px;font-family:Roboto,sans-serif" align="center" valign="middle" bgcolor="#6aa00a"><a href="https://mandrillapp.com/track/click/30835283/www.piqd.com?p=eyJzIjoiVXlTSWVsRDFqeFdVQXJsYlVra0lzZ200ZGVBIiwidiI6MSwicCI6IntcInVcIjozMDgzNTI4MyxcInZcIjoxLFwidXJsXCI6XCJodHRwczpcXFwvXFxcL3d3dy5waXFkLmNvbVxcXC9zZXR0aW5nc1wiLFwiaWRcIjpcImM3ZDBhNTcwODAzNjRkOWVhNjdjMWYyMmIyMGI5ZTA5XCIsXCJ1cmxfaWRzXCI6W1wiYjhjYTJmYjNhNzkzMzNiYjkyNjc1ZTVmZDVmMWI0ZGQ0OTgzZGI3Y1wiXX0ifQ" style="text-decoration:none;line-height:100%;background:#6aa00a;color:white;font-size:16px;font-weight:normal;text-transform:uppercase;margin:0px;font-family:Roboto,sans-serif" target="_blank">change now</a></td></tr></tbody></table></td></tr><tr><td style="color:#434343;word-wrap:break-word;font-size:0px;font-family:Roboto,sans-serif"><div style="color:#434343;font-size:1px;line-height:20px;white-space:nowrap;font-family:Roboto,sans-serif"> </div></td></tr></tbody></table></div></td></tr></tbody></table></div>
<div style="margin:0px auto;max-width:600px"><table cellpadding="0" cellspacing="0" style="font-size:0px;width:100%" align="center" border="0"><tbody><tr><td style="text-align:center;vertical-align:top;direction:ltr;font-size:0px;padding:30px 0px 0px 0px"><div class="m_238757131370933257mj-column-per-100 m_238757131370933257outlook-group-fix" style="vertical-align:top;display:inline-block;direction:ltr;font-size:13px;text-align:left;width:100%"><table cellpadding="0" cellspacing="0" width="100%" border="0"><tbody><tr><td style="word-wrap:break-word;font-size:0px;padding:0px" align="center"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-spacing:0px" align="center" border="0"><tbody><tr><td style="width:24px"><a href="https://mandrillapp.com/track/click/30835283/twitter.com?p=eyJzIjoidTlJSWQtNVhEY1c1VnZZdjVOSzNodjhuWUFzIiwidiI6MSwicCI6IntcInVcIjozMDgzNTI4MyxcInZcIjoxLFwidXJsXCI6XCJodHRwczpcXFwvXFxcL3R3aXR0ZXIuY29tXFxcL3BpcWRfY29tXCIsXCJpZFwiOlwiYzdkMGE1NzA4MDM2NGQ5ZWE2N2MxZjIyYjIwYjllMDlcIixcInVybF9pZHNcIjpbXCI1ZWVlZDZjNjgwZjE4YjQ1NGUxMWNjMGM0MjFkMTE2NWYwZDZlYzdkXCJdfSJ9" style="color:#0d8faf" target="_blank"><img alt="" title="" height="24" src="https://cache.piqd.com/assets/icons/img/twitter-4af2b9c7d775dcd5abdc78d51d61a41e921033b36f2e7f42914046d03e271865.png" style="border:none;border-radius:0px;display:block;font-size:13px;outline:none;text-decoration:none;width:100%;height:24px" width="24"></a></td><td style="width:6px"></td><td style="width:24px"><a href="https://mandrillapp.com/track/click/30835283/www.facebook.com?p=eyJzIjoiRjVIQVN5RFV0MWhjSGNLT2ZRNXk5RU03NVY4IiwidiI6MSwicCI6IntcInVcIjozMDgzNTI4MyxcInZcIjoxLFwidXJsXCI6XCJodHRwczpcXFwvXFxcL3d3dy5mYWNlYm9vay5jb21cXFwvMTE1MDk0MTc0ODM2MDM4M1xcXC9cIixcImlkXCI6XCJjN2QwYTU3MDgwMzY0ZDllYTY3YzFmMjJiMjBiOWUwOVwiLFwidXJsX2lkc1wiOltcImVlNzdiMmEwMmRlM2I1Zjk5Y2Y0ZGU4NjllODAxNDZiMWI3YTRkMDBcIl19In0" style="color:#0d8faf" target="_blank"><img alt="" title="" height="24" src="https://cache.piqd.com/assets/icons/img/facebook-1289827ba8e6a57d16fd883384576dee8b92ebe2c723707ba4e13f4fed06f3ae.png" style="border:none;border-radius:0px;display:block;font-size:13px;outline:none;text-decoration:none;width:100%;height:24px" width="24"></a></td></tr></tbody></table></td></tr></tbody></table></div></td></tr></tbody></table></div>
<div style="margin:0px auto;max-width:560px"><table cellpadding="0" cellspacing="0" style="font-size:0px;width:100%" align="center" border="0"><tbody><tr><td style="text-align:center;vertical-align:top;direction:ltr;font-size:0px;padding:30px 0px 0px 0px"><div style="color:#909090;font-family:Roboto,sans-serif;font-size:12px;line-height:22px;text-align:center">
piqd GmbH | Widenmayerstr. 38 | 80538 Munich
</div><div style="color:#909090;font-family:Roboto,sans-serif;font-size:12px;line-height:22px;text-align:center">
Tel.: +49 (0) 8152 99 86 564 | Fax:+49 (0) 8152 9986571 | Email: <a href="mailto:contact@piqd.com" target="_blank">contact@piqd.com</a>
</div><div style="font-size:1px;line-height:20px;height:20px;white-space:nowrap"> </div><div style="color:#909090;font-family:Roboto,sans-serif;font-size:12px;line-height:22px;text-align:center">
Managing director: Marcus von Jordan | Seat and court of jurisdiction: Munich HRB 217337
</div><div style="color:#909090;font-family:Roboto,sans-serif;font-size:12px;line-height:22px;text-align:center">
Tax number: 143/134/81256 | VAT numer: DE 300221320
</div><div style="font-size:1px;line-height:20px;height:20px;white-space:nowrap"> </div><div style="color:#909090;font-family:Roboto,sans-serif;font-size:12px;line-height:22px;text-align:center">
<a href="https://mandrillapp.com/track/click/30835283/www.piqd.com?p=eyJzIjoiRWtmTnJjX1RlbzB5YTRVZFpRalZLZ3ZTbEhjIiwidiI6MSwicCI6IntcInVcIjozMDgzNTI4MyxcInZcIjoxLFwidXJsXCI6XCJodHRwczpcXFwvXFxcL3d3dy5waXFkLmNvbVxcXC9pbXByaW50XCIsXCJpZFwiOlwiYzdkMGE1NzA4MDM2NGQ5ZWE2N2MxZjIyYjIwYjllMDlcIixcInVybF9pZHNcIjpbXCI4NzY0ZTFlMDQzNDk1YWVmOTIyMzZkMWJlNzVmNGJiYTMxN2ZkMDEyXCJdfSJ9" style="color:#0d8faf" target="_blank">Imprint</a> |
<a href="https://mandrillapp.com/track/click/30835283/www.piqd.com?p=eyJzIjoibklhaG9kZVBHUExkLWZUUy12OS1JaXVwUGU0IiwidiI6MSwicCI6IntcInVcIjozMDgzNTI4MyxcInZcIjoxLFwidXJsXCI6XCJodHRwczpcXFwvXFxcL3d3dy5waXFkLmNvbVxcXC9wcml2YWN5XCIsXCJpZFwiOlwiYzdkMGE1NzA4MDM2NGQ5ZWE2N2MxZjIyYjIwYjllMDlcIixcInVybF9pZHNcIjpbXCIwOTEyMTUxMWU1NzYxZWQ5NzNiNDFkNWNmNDQyZjc0YzY3Y2ZhMTI1XCJdfSJ9" style="color:#0d8faf" target="_blank">Privacy</a> |
<a href="https://mandrillapp.com/track/click/30835283/www.piqd.com?p=eyJzIjoiZTl1MF9nOWtabXhVeVQxWVdGY2xNeWlzQWRNIiwidiI6MSwicCI6IntcInVcIjozMDgzNTI4MyxcInZcIjoxLFwidXJsXCI6XCJodHRwczpcXFwvXFxcL3d3dy5waXFkLmNvbVxcXC9zZXR0aW5nc1xcXC9tYWlsXFxcL3Rva2VuXFxcL2NjOGQ0ZDNlMmJiMTFlYjI1ODI2NDZkOGRmOWY4MzIzNzI1MjcxY2I2ZTAyNTgzZlwiLFwiaWRcIjpcImM3ZDBhNTcwODAzNjRkOWVhNjdjMWYyMmIyMGI5ZTA5XCIsXCJ1cmxfaWRzXCI6W1wiZjU2MGM1ZGM4NGI5NWNhNDExYzhlMTZlZTU4ZGRkYmQwYjIwZGNiZVwiXX0ifQ" style="color:#0d8faf" target="_blank">Unsubscibe</a>
</div><div style="font-size:1px;line-height:20px;height:20px;white-space:nowrap"> </div></td></tr></tbody></table></div></div>
<img class="m_238757131370933257ga-trk" height="1" src="https://www.google-analytics.com/collect?v=1&tid=UA-67228611-13&cid=02b07701-dc2d-4edb-b2fa-e85596c9e44c&uid=a0132cea-fa00-4144-9fc6-6d01f8e7b60b&t=event&ec=Email%C3%B6ffnug&ea=Lesen&el=Daily%20Digest%3A%20premium_member&utmhn=www.piqd.com" width="1">
<img src="https://mandrillapp.com/track/open.php?u=30835283&id=c7d0a57080364d9ea67c1f22b20b9e09" height="1" width="1"></div>
</div><br clear="all"><div><br></div>-- <br><div dir="ltr" class="gmail_signature" data-smartmail="gmail_signature">P2P Foundation: <a href="http://p2pfoundation.net" target="_blank">http://p2pfoundation.net</a> - <a href="http://blog.p2pfoundation.net" target="_blank">http://blog.p2pfoundation.net</a> <br><br>Connect: <a href="http://p2pfoundation.ning.com" target="_blank">http://p2pfoundation.ning.com</a>; Discuss: <a href="http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation" target="_blank">http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation</a><br><br>Updates: <a href="http://del.icio.us/mbauwens" target="_blank">http://del.icio.us/mbauwens</a>; <a href="http://friendfeed.com/mbauwens" target="_blank">http://friendfeed.com/mbauwens</a>; <a href="http://twitter.com/mbauwens" target="_blank">http://twitter.com/mbauwens</a>; <a href="http://www.facebook.com/mbauwens" target="_blank">http://www.facebook.com/mbauwens</a><br><br><br><br><br></div></div>