Before and After: London Coffee Houses

Roughly, before 1650,

men had gathered in taverns to do business and exchange ideas. But they were often unpleasant, rowdy and – thanks to the ale – unproductive venues. Coffee, on the other hand, will prevent drowsiness and make one fit for business.

Soon, intellectuals, professionals and merchants thronged to the coffee houses to debate, distribute pamphlets, do deals, smoke clay pipes and, of course, consume a drink said to resemble syrup of soot and essence of old shoes. Newsletters and gazettes (the precursors of newspapers) were distributed in coffee houses and most functioned as reading rooms and notice boards announcing sales, sailings, and auctions to the businessmen who frequented them.

https://www.history.co.uk/history-of-london/londons-coffee-houses

"Lloyd's Coffee House (1960)" (Watch on YouTube)

With the internet, public libraries lost their younger patrons to coffee houses because food, drink and conversation were not allowed.

Tax returns are coming!

https://www.nbcnews.com/politics/congress/house-democrats-prepare-effort-request-trump-tax-returns-n978246

And on a completely different subject,

"George R. R. Martin's Earliest Inspiration Of All" (Watch on YouTube)

Quotes of the Day

“In the end, though, Aegon’s enemies had no answer for his dragons. ”

--- George R. R. Martin. Fire & Blood (A Song of Ice and Fire).

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“Aren't there parts of ourselves that are just better left unfed?”

--- David Foster Wallace, Consider the Lobster and Other Essays.

Urban vs Rural - 5

(WSJ, 3/2/2019) Big banks have boosted profits in recent years by focusing on the largest U.S. cities, which are densely populated and more affluent. The community banks trying to fill the gaps they leave behind, meanwhile, are struggling.

The 4,600 U.S. banks with $1 billion or less in assets—small community banks—today hold 6.6% of all bank assets combined. Three decades ago, around the time new laws spurred industry consolidation, they held 31.5%.
....
Technology is causing strains throughout the banking industry, especially among smaller rural banks that are struggling to fund the ballooning tab. Consumers expect digital services including depositing checks and sending money to friends, which means they don’t necessarily need a local branch nearby. This increasingly means people are choosing a big bank over a small one.

People who think that blockchain (bitcoin, etc..) is going to be this great equalizer are fooling themselves. The learning curve is too expensive to climb for the small players. On the other hand, enabling large banks to compete in the emerging space is going to be a lucrative market. What would be the leverage outside of big banks?