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    • Affecting the taste of Vermouth through proper storageRefrigerating Vermouth can help maintain its quality for up to a month, preventing an unpleasant taste and enhancing enjoyment.

      The taste of vermouth can be significantly affected by how it's stored. If not refrigerated properly, it can spoil within a week and develop an unpleasant taste, leading some people to mistakenly believe they don't like the drink. The consensus among our group was that refrigerating vermouth can help maintain its quality for up to a month. Additionally, there was a lively debate about the merits of various alcoholic beverages, including Vermouth and Aperol Spritz. Despite some strong opinions, it was agreed that proper storage and knowledge of the drinks can make a difference in one's appreciation for them. Furthermore, we discussed an engineering disaster in 1946 involving a train wreck on the Chicago Burlington and Quincy Railroad, which is often cited as a reason why the US doesn't have high-speed rail. The exact details of the incident were debated, but it was generally agreed that the incident played a role in shaping the rail industry in the US. Overall, the conversation touched on various topics related to alcohol, engineering, and rail history, with plenty of humor and banter along the way.

    • Government intervention to protect depositors during a financial crisisDuring a financial crisis, governments can guarantee deposits to maintain consistency in the value of money and prevent further instability.

      During a financial crisis, the government can intervene to protect depositors' funds by guaranteeing all deposits in a failing bank, making the value of money consistent regardless of its location in a bank account. This recent intervention by the Federal Deposit Insurance Corporation (FDIC) regarding Silicon Valley Bank is an example of such a stabilizing measure. This move, which guarantees all deposits, regardless of the amount, is a significant intervention in the financial sector and aims to prevent further instability. Additionally, other banks, like Credit Suisse, have received substantial aid from their respective central banks. Despite the ongoing financial instability, it's essential not to panic and withdraw funds unnecessarily. The FDIC has been in place since the 1930s, and its primary function is to protect depositors. This intervention is a testament to its role in maintaining financial stability.

    • Balancing Government Intervention and Free Market PrinciplesThe economic response to crises requires a balance between government intervention and free market principles. Safe and efficient transportation infrastructure is crucial to preventing incidents.

      The economic response to crises, as seen in the Patreon situation and the derailment of a train on a Native American reservation, often involves a balance between government intervention and free market principles. Some argue for more government control and ownership, while others prefer less intervention and a return to traditional banking systems. The train derailment on the Swinnamish reservation serves as an example of a fail-safe mechanism that prevented a potentially more catastrophic outcome. Despite the ongoing debate, it's clear that efficient and safe transportation infrastructure is crucial to preventing such incidents.

    • Railroad Industry's Use of Old Locomotives Raises Safety ConcernsThe railroad industry's heavy reliance on old locomotives, some dating back decades, poses safety concerns and highlights the importance of proper rest for railroad workers.

      The railroad industry relies heavily on reusing old locomotives due to the lack of production of new ones, which can lead to safety concerns. An incident involving a GP39 locomotive, built during the Kennedy administration, highlights this issue. The locomotive was likely involved in a derailment due to crew fatigue, emphasizing the importance of proper rest for railroad workers. The industry's reliance on old locomotives, some of which are as old as the youngest among us, raises concerns about safety and regulations. The lack of production of new 4-axle road switcher locomotives since the 1990s further underscores this issue. While there are alternatives, they often come with their own set of challenges. The railroad industry's approach to meeting mission standards is a topic of ongoing debate.

    • Speed limits on US train tracks varied greatly pre-1946Before 1946, US train speed limits varied greatly due to competing safety standards and railroad resources.

      The speed limits on train tracks in the United States before 1946 were not uniform and varied greatly from railroad to railroad. This was due to the haphazard array of competing safety standards, with some railroads having more resources to invest in safety measures than others. For instance, the BNSF railway had a stretch of track engineered for speeds of 79 miles per hour for Talgo equipment, passenger trains, and freight. However, other parts of the country had much lower speed limits, such as a 25 miles per hour limit for a 30-mile stretch between Rouses Point and Montreal, Canada. It's important to note that these speed limits were not intended to slow down trains for nefarious reasons but were based on the specific safety standards and resources of each railroad. Additionally, trains had to adhere to timetables, so track speed was the fastest safe speed to maintain the schedule.

    • Effective communication and understanding are key to preventing disastersClear communication and understanding are vital in preventing accidents in railroads and maintaining harmony in relationships. Misunderstandings can lead to problems, and precise language and continuous improvement are necessary for safety.

      Communication and understanding are essential in preventing disasters, whether it's in railroads or relationships. In the early days of railroading, signaling systems were crucial to avoid collisions. Semaphore and searchlight signals, derails, and switches were used to ensure safe passage. However, even with these measures, accidents could still happen. In a similar vein, miscommunication and misunderstanding can lead to problems in personal relationships. For instance, having different tastes in movies can cause friction between partners. The use of humor, albeit juvenile, can reveal underlying biases and prejudices. The importance of clear communication was also emphasized during the discussion about railroad terminology. Misunderstanding acronyms like DODGE and GMC, which were erroneously interpreted as having homophobic meanings, highlights the need for accurate and precise language. Moreover, the development of modern technologies like positive train control and automatic train stop systems underscores the importance of continuous improvement and innovation in safety measures. In summary, effective communication and understanding are key to preventing disasters and ensuring harmony in various aspects of life, be it in railroads or relationships.

    • The Streamliner Design Revolutionized Railroads with Sleek Appearance and Improved EfficiencyThe streamliner design, popularized by trains like the Burlington Zephyr, revolutionized the railroad industry with its sleek appearance and improved efficiency through the use of diesel multiple units with front engines and stainless steel outer frames.

      The streamliner design revolutionized the railroad industry in the early 20th century with its sleek, aerodynamic appearance and improved efficiency. The most famous example is the Burlington Zephyr, which set new speed records and inspired many other railroads to adopt similar designs. The Zephyr was a diesel multiple unit with a front engine and a stainless steel outer frame, which looked cool and helped reduce friction. However, by 1946, longer trains required more powerful engines, leading to the development of larger, more powerful diesel locomotives like the EMD E5A. The E5 was the only one of its kind with a full stainless steel outer frame and fluting, making it a stunning addition to the railways. The streamliner design marked a significant advancement in railroad technology and aesthetics, leaving a lasting impact on the industry.

    • Significant Railroad Exposition Flyer from the Post-WWII EraThe exposition flyer showcased the collaboration between the Chicago Burlington Quincy, Rio Grande, and Western Pacific railroads, offering passengers efficient, convenient, and luxurious travel options during the post-WWII era with multiple sections and luxurious amenities.

      The exposition flyer was a train operated by the Chicago Burlington Quincy Railroad (CB&Q) in the late 1940s, which connected Chicago and San Francisco during the 1939 Golden Gate International Exposition. The train was part of a larger collaboration with the Rio Grande and Western Pacific railroads to transport passengers from the East to the West Coast. The exposition flyer was significant because it offered multiple sections, allowing passengers to board at different times while still arriving on schedule, making it an efficient and convenient travel option. The post-World War II era saw the height of the railroad's passenger and freight traffic, and the extensive network of passenger service provided by the CB&Q was one of the most extensive in the country. The collaboration between the three railroads was successful and continued after the exposition flyer was canceled. The train offered luxurious amenities, including sleeping cars, reclining chair cars, and dining cars, which were worth the cost despite being more expensive than regular fares. Overall, the exposition flyer represented a significant moment in railroad history, offering efficient, convenient, and luxurious travel options for passengers during a time of high demand.

    • Efficient crew and railroad changes during pre-Amtrak eraThe pre-Amtrak era allowed for efficient crew and railroad changes as multiple railroads operated within a single system, contrasting Amtrak's nationalized service.

      During the pre-Amtrak era, passenger trains were often operated by multiple railroads within a single system, allowing for more efficient crew and railroad changes. This is no longer the case with Amtrak's nationalized service. The discussion also highlighted the Golden Gate International Exposition of 1939, which took place on Treasure Island in San Francisco Bay. The island was built by hydraulically dredging the bay and was the site of an impressive World's Fair, showcasing Pacifica style architecture. The exposition was accessible by both trains and seaplanes, and the beautiful administration building and seaplane hangars still exist today. Another key point was the transition from steam to diesel locomotives during World War II, which allowed for faster train speeds and wider crew changes due to the elimination of coal or oil stops.

    • Transition from steam to diesel locomotivesThe shift towards diesel locomotives brought improvements in passenger comfort and efficiency, with the introduction of express trains and specialized cars, despite initial issues with safety.

      The transition from steam to diesel locomotives brought about not only the end of an era but also significant improvements in passenger comfort and efficiency. The introduction of express trains with specialized cars, such as express box cars with steam through lines and heating systems, made travel more comfortable and faster. However, the Expedition Flyer, a diesel train during this era, had a checkered past with several wrecks, earning it the nickname "Explosion Flyer." Despite its issues, the train was a part of a transitional period in railway history, where both lightweight and heavyweight cars were used. Overall, the shift towards diesel locomotives marked a significant advancement in rail transportation, offering faster schedules, greater comfort, and improved operational efficiency.

    • Tragic train collision due to engineer's negligenceNegligent engineer failed to stop at red signal, causing a collision resulting in 44 deaths and 12 injuries.

      The Grenville Collins train disaster was a tragic railway collision that occurred due to the negligence of an engineer who failed to stop at a red signal, resulting in the deaths of 44 people and injuries to 12 others. The trains were running closely together because of precise scheduling, and the flagmen did not have enough time to properly flag down the train behind the stopped train. The incident was widely reported in the media, with sensationalized accounts of the aftermath. It is important to note that the three-minute headways for large passenger trains were generally considered acceptable by the railroad company, but this instance proved that even the most precise scheduling can go wrong. The engineer's inattention led to the collision, which occurred just west of Chicago Union Station.

    • Miscommunication between train crews leads to tragic collisionClear communication and adherence to protocols are crucial in preventing rail accidents and saving lives

      A miscommunication between train crews leading to a brakeman waving a red flag instead of the prescribed signal can have disastrous consequences. This incident resulted in the collision of a streamlined E5 locomotive with a passenger train, causing extensive damage, injuries, and fatalities. The brakeman, likely a veteran employee with years of service, tried to flag down the oncoming train but was unfortunately struck and killed. The engineer and some crew members survived, but many passengers did not. The incident underscores the importance of clear communication and adherence to established protocols in the rail industry to prevent accidents and ensure safety.

    • DuPage County coroner's inquest recommends manslaughter charges against engineer for 1956 Naperville train disaster due to mixing of old and new equipmentAn old, cement-filled train car mixed with newer equipment led to a devastating train disaster, resulting in numerous fatalities and investigations, with the DuPage County coroner's inquest being the first to recommend charges against the engineer.

      The DuPage County coroner's inquest following the 1956 Naperville train disaster recommended manslaughter charges against the engineer for the exposition flyer due to the mixing of old and new equipment. The scene was horrific, with numerous fatalities and bodies being lined up like statistics. The older, riveted steel Northern Pacific heavyweight car, built in 1915, was the oldest in the contest and held up better than the newer, lighter equipment. However, the investigation revealed that the underframe of the older car was filled with cement, which is different from concrete, and this rigidity contributed to the devastating outcome. The tragedy led to four investigations, with the DuPage County coroner's inquest being the first to recommend charges against the engineer. Despite the horrific scene, regular people were seen loafing around, highlighting the human fascination with disasters.

    • Train safety investigations in the 20th centuryInvestigations into train accidents in the 20th century revealed the complexities of train safety, with debates over operator error vs. car strength differences, and the eventual implementation of automatic train stop guidelines.

      The use of heavyweight and lightweight cars in train consists, particularly in the 20th century, posed unique safety challenges. Heavyweight cars, made of wood and steel, were more resilient but not completely safe, while lightweight cars were more vulnerable. The mixing of the two types in a consist led to uneven distribution of impact forces, causing greater damage to the lighter cars. The Chicago Burlington and Quincy Railroad conducted a controversial investigation to recreate the disaster, applying full emergency brakes instead of blowing through a red signal. This test aimed to prove operator error as the cause of the wreck, but it was a risky and unconventional approach. The Interstate Commerce Commission conducted a more comprehensive investigation, focusing on the strength differences between heavyweight and lightweight cars and their impact on train safety. They recommended automatic train stop guidelines to prevent similar accidents in the future. Ultimately, the DuPage County grand jury found that the railroad and some employees were negligent, but no single act caused the wreck. Instead, the accident resulted from a combination of factors. No indictments were made against the engineer, and charges were dropped. These investigations highlight the complexities of train safety in the 20th century and the evolving approaches to understanding and preventing accidents.

    • ICC imposes nationwide train speed limit and automatic stop equipment requirementThe ICC's response to the 1918 railroad disaster resulted in costly mandates for railroads, negatively impacted their reputation, and gave the airline industry an edge.

      The Interstate Commerce Commission (ICC) ruling following the 1918 railroad disaster resulted in a nationwide speed limit of 79 miles per hour for trains, with the requirement for automatic train stop equipment to exceed this limit. This decision was made due to the lack of implementation of such technology by many railroads and the public's growing preference for air travel and interstate highways. The ICC's stance was seen as an opportunity by the nascent airline industry to gain an edge over railroads. The engineer involved in the accident was ultimately absolved of major blame, and rule changes followed regarding improper scheduling and poor intercommunication between conductors. Despite the ICC's mandate, this decision is now considered an unfunded mandate with negative outcomes for the railroads, as it led to significant costs for implementing the required technology. The railroad industry's reputation was also negatively impacted by the disaster and the public's shifting preferences towards other modes of transportation.

    • Railroads' Decision to Skip Automatic Train Control SystemsRailroads' decision not to adopt automatic train control systems after a fatal accident led to a decline in passenger train service and the rise of regional airlines. Only the Santa Fe railroad saw improvements by implementing this technology.

      The decision made by railroads not to implement automatic train control systems after a fatal accident in the late 19th century had significant consequences. While some railroads, like the Santa Fe, chose to invest in this technology and saw improvements in their operations and schedule reductions, others did not. This led to a decline in passenger train service and the rise of regional airlines. The Santa Fe's implementation of automatic train control systems allowed them to run faster trains and reduce their transcontinental schedules. In contrast, the Chicago, Burlington, and Quincy railroad chose to upgrade their tracks instead, and their schedules barely changed. The Santa Fe was the only major railroad to implement automatic train control systems, and they saw significant benefits. However, the lack of standardization across the rail industry led to the erosion of passenger train service and the growth of regional airlines instead. This decision had long-term consequences, as passenger train service never fully recovered, and regional airlines became the primary means of transportation between medium and small cities.

    • Manipulating Regulations for Financial GainRailroads have historically manipulated regulations to boost profits, sometimes sacrificing passenger service and safety.

      Railroads, especially in the past, have found creative ways to manipulate regulations to their financial advantage, often at the expense of passenger service and safety. The Napierville Wreck of 1946 is a prime example. The Chicago Burlington and Quincy's Zephyrue Express service was profitable until the railroad cooked the books to make it seem unprofitable, leading to its demise before Amtrak could take over. Similarly, the Southern Pacific Railroad manipulated booking agents to cancel the Lark overnight train between San Francisco and LA, claiming it was losing money. Regulations requiring safety improvements were often ignored, resulting in slower trains and decreased competitiveness with other modes of transportation. This pattern of disregard for regulations and the public interest continues to this day, making some argue for nationalization of the railroads for true accountability and public service.

    • Government ownership and operation for rail efficiencyHistorical examples of government-owned railways show improved efficiency and safety, while the food industry could benefit from stricter safety guidelines and effective training.

      A more efficient and effective rail system could be achieved through government ownership and operation of both freight and passenger lines. This concept, known as the "one big railroad theory," involves purchasing and upgrading existing rail infrastructure and consolidating smaller lines into a well-maintained, high-quality network. This approach is supported by historical examples like Conrail in the US and DSBB in Switzerland. When it comes to the food industry, a key safety concern is the use of industrial meat slicers. These machines, which consist of a sharp, spinning metal disc, require operators to place their hands and fingers near the blade, increasing the risk of cuts and amputations. Despite official safety guidelines, such as wearing chainmail gloves, many workers do not follow these precautions due to perceived inefficiency or lack of enforcement. The rail and food industries share a common theme: the potential for significant improvements through better organization, regulation, and investment in safety and maintenance. In the case of rail, this could mean government ownership and operation, while in the food industry, it could involve stricter enforcement of safety guidelines and more effective training for workers.

    • Pressured to Perform Unsafe TasksWorkers should never compromise safety for employment, even if it means refusing unsafe tasks. Employers must provide proper training and ensure worker confidence before asking them to perform hazardous tasks.

      Workers should never feel pressured to perform unsafe tasks, even if it means risking their own safety or the possibility of losing their job. The speaker in this discussion had a harrowing experience when they were forced to use a dangerous machine without proper training, leading to a near-accident. Despite their fears and reservations, they felt compelled to comply due to the threat of losing their employment. However, they were fortunate enough to have been wearing chainmail gloves, which saved them from serious injury. This incident serves as a reminder that safety procedures should always be prioritized, and workers have the right to refuse tasks that put them at risk. It's crucial for employers to provide proper training and ensure that their employees feel comfortable and confident in their abilities before asking them to operate machinery or perform other potentially hazardous tasks.

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    BTC160: The Hidden Cost of Money w/ Seb Bunney

    BTC160: The Hidden Cost of Money w/ Seb Bunney
    In a deep dive with Seb Bunney, author of "The Hidden Cost of Money," we explore the intricate impact of monetary systems on society. From historical interventions shaping finance to money's influence on mental health and politics, Bunney challenges mainstream views on capitalism and regulation, revealing how money shapes our world. Tune in for a thought-provoking journey through economic realities. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:34 - Uncover the societal consequences of monetary choices, focusing on inequality and social cohesion. 04:04 - Discover how historical interventions have drastically shaped our current financial system. 14:03 - Learn about the hidden costs of monetary intervention, including its impact on purchasing power. 14:03 - Understand the 'Four Stages of Economic Ruin' and see real-world examples of each stage. 19:25 - Learn about the extent of monetary system's influence on government policy and political behavior, and the ways to address money's corruption in politics. 28:36 - Explore how our monetary system influences individual and collective behavior and the concept of monetary sovereignty. 40:10 - Gain insight into the connection between economic instability and mental health, and how a stable monetary system can improve mental health outcomes. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Seb’s Website and book: The Hidden Cost of Money. Related episode: Listen to BTC080: Macro and Bitcoin Education w/ Greg Foss, James Lavish, Jason Sansone, & Seb Bunney, or watch the video. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. Check out all the books mentioned and discussed in our podcasts here.  SPONSORS Support our free podcast by supporting our sponsors: River Toyota Linkedin Marketing Solutions Fidelity Efani Shopify NDTCO Fundrise Wise NetSuite TurboTax Vacasa NerdWallet Babbel Learn more about your ad choices. Visit megaphone.fm/adchoices

    Singapore wants to shake up its stock market

    Singapore wants to shake up its stock market

    Shares in Arm drop after it reports lacklustre revenue projections, Singapore is studying proposals to shake up its struggling stock market, EU countries have agreed to use an estimated €3bn in profits from Russia’s frozen state assets to buy weapons for Ukraine, and a newly expanded pipeline in Canada breathes life into the oil industry. Plus, hedge fund manager Sir Paul Marshall has lost a legal battle with the South African government over shipwrecked treasure. 


    Mentioned in this podcast:

    Arm shares drop as revenue forecast falls short despite AI boom

    Singapore battles to revive struggling stock market

    EU agrees to arm Ukraine using profits from Russian state assets

    Canada’s oil industry cuts reliance on US market as pipeline expands

    Hedge fund boss Paul Marshall loses case over silver salvaged from shipwreck


    The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Breen Turner, Mischa Frankl-Duval, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.


    Read a transcript of this episode on FT.com



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