Everybody Knows…

You’ve heard it all before. It started in childhood. They said it about Santa Claus, the Easter Bunny […]

A Fine Line

Same actions, different contexts. https://www.wsj.com/articles/ham-sniffers-spain-christmas-11639786446 The picture on the left shows a skilled craftsman in Spain conducting quality […]

Milo Mindbender is the mess officer in Catch-22. He makes a profit by buying eggs for seven cents and selling them for five cents. How?
Seven-cent Maltese eggs cost the sellers in Malta four and one-quarter cents each to procure. Milo is actually buying the eggs from himself in Malta, which means that as a seller there he is making two and three-quarter cents each egg. After he resells the seven-cent eggs to the mess halls for five cents each, he is still making a three-quarter cent profit per egg.
However, it turns out that Milo's Maltese eggs are actually one-cent Sicilian eggs which he has secretly shipped to Malta to drive up their value, yielding him another three and one-quarter cents profit per egg.
In short: in all these dealings, where Milo is the producer, consumer, and middleman (twice), he can afford a two cent per-egg loss, because overall the syndicate is making six cents revenue per egg. And everyone has a share.

P P Read More