In 19th-century Munich, a woman with no formal banking experience began promising ordinary people extraordinary returns on their savings. Workers, servants, craftsmen and farmers flocked to her door, carrying the money they had spent years accumulating. Some mortgaged their homes or sold their land to take advantage of her generosity. For a time, the money flowed so freely that her business appeared almost invincible.

The woman was Adele Spitzeder, a former actress who became one of the most notorious financial swindlers in 19th-century Germany. Her private banking enterprise, popularly known as the Dachauer Bank, promised returns of as much as 10 per cent a month. But behind the apparent prosperity lay a simple deception: much of the money paid to earlier investors came not from profitable investments, but from the deposits of newcomers.

“As a child, I thought of the burrito as something predictable, filling, and reliable. It would be years before I saw it as a source of political conviction; something that once split my family’s loyalty between their hungry children and a revolutionary cause.” In this essay at Orion, Victoria Blanco writes about her Abuelita, whose family had owned a burrería in downtown Juárez during the Mexican Revolution, and how she worked hard there through childhood, making burritos for Pancho Villa’s troops—an army fighting for a better life for the next generation. “The food we ate was built for movement,” she writes, “the same way we were.” Blanco reflects on the burrito as a symbol resistance, the borderland, and belonging.

I found the unspoken parts of Abuelita’s childhood when I was working in a university archive as a student, examining photographs no one in my family had ever seen. One image stopped me completely: a rooftop terrace at the Paso del Norte hotel, where well-dressed Americans held cocktails and binoculars, watching the war across the river as though it were a form of entertainment. On the other side of that same river—a river with two names, Río Bravo on one bank, Rio Grande on the other—men were falling from gunfire while children went without food so that revolutionaries could have the sustenance they needed to keep fighting. I sat with that photograph for a long time, thinking about my abuelita, a girl somewhere in that city while Americans sipped cocktails and watched her world from a hotel roof.

The richest countries climbed to prosperity by methods they now forbid everyone else to use. Hamilton, List, Carey and Polanyi, four economists explained why those methods work and why abandoning them ends badly. There is a story the world’s wealthiest capitals love to tell about themselves. Prosperity, it goes, is the reward for opening your […]

10/19/1789: Chief Justice John Jay takes oath.

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Named for a Warsaw Ghetto Uprising hero, Kibbutz Yad Mordechai embodies Jewish resistance. From 1948 to Oct 7, 2023, it rebuilds anew, a testament to resilience, hope, and renewal.