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Elon Musk used Twitter to invite Russian President Vladimir Putin to join him for a chat on Clubhouse

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Biden’s Executive Order on Housing: Replacing Old Sins with New Ones

President Biden’s flurry of executive orders has now extended to housing policy — and to a pledge to reverse the Trump administration’s approach to “fair housing.” Specifically, that would mean reversing the Trump reversal of an Obama-era rule known as “Affirmatively Furthering Fair Housing” — designed to introduce “affordable” (read “subsidized”) housing into higher-income, suburban zip codes. To justify a return to this controversial policy, President Biden rehearsed a long litany of federal housing-policy sins. He’s right about many of those — but wrong about his approach to redress. More subsidized housing, in the tragic public-housing tradition, will only spur division and do little to help minority groups in their quest for upward mobility. It is incontrovertible, as President Biden stated in his executive order, that “during the 20th century, Federal, State, and local governments systematically implemented racially discriminatory housing policies that contributed to segregated neighborhoods and inhibited equal opportunity and the chance to build wealth for Black, Latino, Asian American and Pacific Islander, and Native American families, and other underserved communities.” Most significantly, the Federal Housing Authority would not insure mortgages for blacks in white neighborhoods, and racial covenants — deed restrictions against blacks (and Jews, by the way) — were the norm into the 1950s. Urban freeways ploughed through low-income, often (though not exclusively) minority, neighborhoods, displacing thousands. Today, we are left with the Cross Bronx Expressway and the Chrysler Freeway. Even this apology is, however, selective. African Americans, particularly, suffered the tragedy of a (still) favorite progressive program: public housing. A key history here is underappreciated. Historically black neighborhoods — Central Harlem, Detroit’s Black Bottom, Chicago’s Bronzeville, Desoto-Carr in St. Louis — were denigrated as slums, even though they were home to large numbers of residential property owners and hundreds of black-owned businesses. When they were cleared to make way for public housing, they were replaced by high-rise hells in which ownership — asset accumulation — was by definition impossible. The social fabric of self-help, civil society, and upward mobility was ripped apart. Blacks have always been, and remain, disproportionately represented in public and otherwise subsidized housing, often trapped into long-term dependency by counterproductive policies: When their income rises, so does rent. Compensating for this dual history of outright racism and harmful progressivism must not mean a new generation of housing sins. But Affirmatively Furthering Fair Housing, should it be restored, is just that. Federal pressure — through the leverage of local aid programs — to force the introduction of subsidized rental housing for low-income tenants has long been a guarantee of resistance by lower-middle class residents, white and black, justifiably concerned that households who have not strived and saved to make it to their neighborhoods will pose problems. Concentrations of housing-voucher tenants, dispersed by the demolition of some public-housing projects, have already spread dysfunction and poor maintenance — including into apartment buildings in Warrensville Heights, the Ohio hometown of Marcia Fudge, the incoming secretary of the U.S. Department of Housing and Urban Development. Racial integration and fair housing remain goals for which America must strive. But that means understanding how neighborhoods work. Americans, black and white, self-select to live in areas in which they share the socioeconomic characteristics of their neighbors. Some liberals might not like that — but those are their personal choices, as well. When minority-group members share the economic and educational backgrounds of new neighbors, the odds of intolerance are vastly decreased. That’s why “fair housing” should mean nondiscrimination — not subsidized new developments. Instead, Biden is doubling down on the example set by the Obama administration in Westchester County, which was forced to spend $60 million to subsidize 874 housing units — in a county in which racial and ethnic minorities are already well represented. That means that current black and Hispanic homeowners, who have bought their homes through striving and saving, will have to see their county taxes used to subsidize others to the tune of $68,000 per home. The “exclusionary” suburbs won’t be pried open by confrontation. There will be endless lawsuits. Instead, HUD, if it’s to have any useful role, must try to use such tools as model zoning (suggestions, not mandates) to convince local planning boards to permit the market to build naturally occurring affordable housing — small homes, including small multifamilies, on small lots. Historically, that’s how the American working class was able to afford homes. An administration truly interested in correcting the housing-policy sins of the past would not overlook the existing problems of public and subsidized housing. Here’s a bold idea: sell off public-housing projects on high-value real estate (see the Brooklyn waterfront) and provide cash compensation to its residents. They should be able to move where they like — or just put the money aside. There’s a lot about our housing past to correct. Doubling down on previous sins is not the way to start.

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Elon Musk Says He’ll Pay $11 Billion in Taxes in 2021 But Twitter Wants ‘Proof’

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Elon Musk took to Twitter to clarify once and for all that he will be paying a whopping $11 billion as taxes this year.

If the number of times Elon Musk could count when someone has asked him to pay the full taxes, he would be a very rich..wait, never mind. The Tesla boss is rich beyond any private individual has been in history, reports said.

Musk has increasingly been facing criticism from many politicians and many others who insist he has not been paying taxes as compared to the profits his companies have been making. On Sunday, the SpaceX CEO took to Twitter to share that he will be paying a whopping $11 billion as taxes.

For those wondering, I will pay over $11 billion in taxes this year— Elon Musk (@elonmusk) December 20, 2021

But some of the questions did not stop. One person tweeted how they needed to see Musk’s tax returns while yet another asked how much percentage was that of his total income.

A few were, however scathing of the government who thought they will add that amount to their pockets rather than using it for some proper development.

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Wow that’s enough to give each person in the world almost $2 million but instead the government will just stick it in their pockets— greg (@greg16676935420) December 20, 2021

Why not $200 billion? Asking for a Senator— litquidity (@litcapital) December 20, 2021

Earlier this week, Democratic US Senator Elizabeth Warren has tweeted to say that Musk should pay taxes and stop “freeloading off everyone else” after Time magazine named him its “person of the year”.

In response, Musk shot four tweets in which he said that the senator reminded him of a friend’s angry mom who yelled at everybody. He tweeted, ““And if you opened your eyes for 2 seconds, you would realize I will pay more taxes than any American in history this year.” “Don’t spend it all at once … oh wait you did already.”

He added further, “You remind me of when I was a kid and my friend’s angry Mom would just randomly yell at everyone for no reason.”

Musk responded by saying that he “will pay more taxes than any American in history this year”. This Twitter exchange left netizens divided as even though many supported Warren and agreed that Musk should pay more taxes, others felt that he was already doing enough.

Musk’s Tesla is worth about $1 trillion. Over the last few weeks, he has sold nearly $14 billion worth of Tesla shares.

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The Tesla boss has been pushing for his colonize Mars agenda for years now, and has made it very clear in some occasions that he would rather spend the money on putting humanity on the red planet, than pay his taxes. “My plan,” the SpaceX founder tweeted about his fortune, “is to use the money to get humanity to Mars and preserve the light of consciousness.”

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Twitter Admits Policy ‘Errors’ After Far-Right Abuse Its New Rules of Posting Pictures

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Twitter’s new picture permission policy was aimed at combating online abuse, but US activists and researchers said Friday that far-right backers have employed it to protect themselves from scrutiny and to harass opponents.

Even the social network admitted the rollout of the rules, which say anyone can ask Twitter to take down images of themselves posted without their consent, was marred by malicious reports and its teams’ own errors.

It was just the kind of trouble anti-racism advocates worried was coming after the policy was announced this week.

Their concerns were quickly validated, with anti-extremism researcher Kristofer Goldsmith tweeting a screenshot of a far-right call-to-action circulating on Telegram: “Due to the new privacy policy at Twitter, things now unexpectedly work more in our favor.”

“Anyone with a Twitter account should be reporting doxxing posts from the following accounts,” the message said, with a list of dozens of Twitter handles.

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Gwen Snyder, an organizer and researcher in Philadelphia, said her account was blocked this week after a report to Twitter about a series of 2019 photos she said showed a local political candidate at a march organized by extreme-right group Proud Boys.

Rather than go through an appeal with Twitter she opted to delete the images and alert others to what was happening.

“Twitter moving to eliminate (my) work from their platform is incredibly dangerous and is going to enable and embolden fascists,” she told AFP.

In announcing the privacy policy on Tuesday, Twitter noted that “sharing personal media, such as images or videos, can potentially violate a person’s privacy, and may lead to emotional or physical harm.”

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But the rules don’t apply to “public figures or individuals when media and accompanying Tweets are shared in the public interest or add value to public discourse.”

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By Friday, Twitter noted the roll out had been rough: “We became aware of a significant amount of coordinated and malicious reports, and unfortunately, our enforcement teams made several errors.”

“We’ve corrected those errors and are undergoing an internal review to make certain that this policy is used as intended,” the firm added.

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Jack Dorsey Post Twitter Is Chasing His Crypto, Fintech Dream

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At a packed Miami conference in June, Jack Dorsey, mused in front of thousands of attendees about where his real passion lay: “If I weren’t at Square or Twitter, I’d be working on Bitcoin.”

On Monday, Dorsey made good on one part of that, announcing he would leave Twitter for the second time, handing the CEO position to a 10-year veteran at the firm. The 45-year-old entrepreneur, who is often described as an enigma with varied interests from meditation to yoga to fashion design, plans to pursue his passion which include focusing on running Square and doing more philanthropic work, according to a source familiar with his plan.

Well before the surprise news, Dorsey had laid the groundwork for his next chapter, seeding both companies with cryptocurrency-related projects.

Underlying Dorsey’s broader vision is the principle of “decentralisation,” or the idea that technology and finance should not be concentrated among a handful of gatekeepers, as it is now, but should, instead, be steered by the hands of the many, either people or entities.

The concept has played out at Square, which has built a division devoted to working on projects and awarding grants with the aim of growing Bitcoin’s popularity globally. Bitcoin price in India stood at Rs. 44.52 lakh as of 12:50pm IST on December 1.

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Dorsey has been a longtime proponent of Bitcoin, and the appeal is that the cryptocurrency will allow for private and secure transactions with the value of Bitcoin unrelated to any government.

The idea has also underpinned new projects at Twitter, where Dorsey tapped a top lieutenant – and now the company’s new CEO Parag Agrawal – to oversee a team that is attempting to construct a decentralised social media protocol, which will allow different social platforms to connect with one another, similar to the way email providers operate.

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The project called Bluesky will aim to allow users control over the types of content they see online, removing the “burden” on companies like Twitter to enforce a global policy to fight abuse or misleading information, Dorsey said in 2019 when he announced Bluesky.

Bitcoin has also figured prominently at both of his companies. Square became one of the first public companies to own Bitcoin assets on its balance sheet, having invested $220 million (roughly Rs. 1,650 crore) in the cryptocurrency.

In August, Square created a new business unit called TBD to focus on Bitcoin. The company is also planning to build a hardware wallet for Bitcoin, a Bitcoin mining system, as well as a decentralised Bitcoin exchange.

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Twitter allows users to tip their favourite content creators with Bitcoin and has been testing integrations with non-fungible tokens (NFTs), a type of digital asset that allows people to collect unique digital art.

Analysts see the transition as a positive signal for Square, the fintech platform he co-founded in 2009. Square’s core Cash App, after a bull run in its share in 2020, has experienced slower growth in the most recent quarter. It is also trying to digest the $29 billion (roughly Rs. 2,17,240 crore) acquisition of Buy Now Pay Later provider Afterpay, its largest acquisition ever.

But these ambitions will not pay off until years from now, analysts cautioned.

“The blockchain platform they’re trying to develop is great but also fraught with technical challenges and difficult to scale for consumers. I think he’ll focus more on Square and crypto will be part of that,” said Christopher Brendler, an analyst at DA Davidson.

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© Thomson Reuters 2021

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Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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