Why it Pays to Have Rich Friends, and Why Poor Kids Don’t. ‘Own Nothing, Be Happy’ – the Origin of a Disinformation Meme, Lavaland – and more! (2024)

Grüezi!I’m Adrian Monck, and welcome to this LinkedIn newsletter featuring seven things that caught my attention this week. I’m back from vacation, bike packing with friends along King Alfred’s Way. Recommended!

Also this edition – what Japan knows about saving energy, good news from down under, and a chilling piece of history – Madison Square Garden in 1939.

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1️⃣Rich Kids, Poor Kids

The economics, sociology and psychology of friendship and money.

As a poor kid lucky enough to make it to elite educational institutions, I made an early discovery – rich kids didn’t want to be my friends.

It was as if they could scent poverty and politely but discretely avoid it.

Their clubs, connections and camaraderie were tantalisingly close, but permanently out of reach (see Walter Kirn’s ‘Lost in the Meritocracy’).

Chetty’s first paper finds that having rich friends is the best predictor of poor kids earning more later in life. His second looks at how those friendships form against the natural bias of friending ‘people like us’.

What are the experiences and places where rich and poor can meet and become friends? Neighbourhoods and educational institutions tend to be bad places for this. Work, recreational and religious groups? Better.

My favourite commentary on Chetty’s studies is from young conservative contrarian Rob Henderson. He turned a very tough start in life into an academic career, and whilst I don’t buy his whole schtick, when it comes to the trade-offs required for upward mobility and the barriers against it, he is on the money:

• Having rich friends improves your likelihood of earning more money later in life. Still, the implications for the real world are unclear. The burden of trying to befriend people with a totally different life experience might not be worth the future earnings premium.
• I imagine someone making an offer to me as a kid.
• ‘Hey, when you grow up do you want to make 20% more money than you otherwise would have?’
• ‘Sure.’
• ‘All you have to do is make friends with a bunch of rich kids.’
• ‘No thanks.’

There are no easy solutions. In the meantime, here’s a lovely essay on friendship. Enjoy.

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2️⃣ The Racist Origins of a Viral Disinformation Meme

And Russia’s role in turbocharging hate.

Here’s something I wrote over the holidays:

• Own nothing, be happy. You may have heard the phrase. It started life as a screenshot, culled from the internet by an anonymous antisemitic account on the image board 4chan.
• “Own nothing, be happy – The Jew World Order 2030,” said the post, which went viral among extremists.
• How did a years-old headline turn into a meme for the far right and a slogan picked up by mainstream conservative politicians? And what’s the truth behind that headline?

Disinformation is poisoning our public sphere. And the barriers? They are few and far between...

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3️⃣ How to Save Water

Flushed with success.

Here in Switzerland, the high pastures are too dry to feed to cows.

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4️⃣ How to Head off an Energy Crunch?

Japan has ideas.

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5️⃣ The Great Barrier Reef is Getting Great Again

Some good news amidst the grim.

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6️⃣It Really Should be Called Lavaland

What Iceland’s latest eruptions mean.

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7️⃣ A Chilling Reminder From History

If America had taken a different turn in 1939...

⏭Reading for chilling, rather than chilling reading on ourbook club podcast.

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If you enjoy this newsletter – please recommend it!

Best,

Adrian