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The far-right’s favoured social-media platform plots a comeback

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AH, TWITTER IN 2020. X was just a letter in the alphabet. Elon Musk was preoccupied with implanting computer chips into pigs. Donald Trump wasn’t yet banned, though his tweets were loud, alarming—and getting fact-checked by the platform itself. Tired of liberal big-tech companies telling them what they could post, some Republicans had started to defect to a rival platform launched two years earlier: Parler. It looked similar to Twitter, but with less content moderation. More began to announce their migration from the nest with the hashtag #Twexit. “Hey @twitter, your days are numbered,” tweeted Brad Parscale, then Mr Trump’s campaign manager, with a link to Parler.

Parler has since earned a darker reputation. Messages exchanged on Parler have been presented in court as evidence to convict rioters who broke into the Capitol on January 6th 2021. Misinformation and far-right conspiracy theories shared on the platform came to the fore. The app was taken off the Apple and Google app stores (although it was later restored). A legal battle with Amazon Web Services, the cloud platform that hosted Parler, ensued. For a brief moment in 2022 Kanye West, a controversial rapper, attempted to buy it. The app eventually went down altogether.

Now it is promising a “big comeback” after being acquired by PDS Partners, a Texas-based company. Parler rejects its association with January 6th. Shortly after the insurrection, the platform’s previous ownership denounced “Big Tech’s scapegoating of Parler” in a letter to the House Oversight Committee (HOC) and said that Parler had shared concerns about violent activity with law enforcement before January 6th.

“Many people organised to be at that event on all different platforms,” says Elise Pierotti, the firm’s returning chief marketing officer. “Parler was the only one that was scrutinised.” Ms Pierotti, who claims that Parler’s move to return in an election year is coincidental and that the firm is “not thinking about politics”, says that the platform will allow users to say that the 2020 election was stolen (“because that is a personal opinion”) and that mail-in ballots are fraudulent. “When it comes to open discussion, or people presenting, you know, different ideas, that’s not up to us.”

Parler is not the only fringe platform to have won favour among those on the right, but it is the best-known. Nor was it the only social-media service to be cited in the House’s January 6th report, though the committee notes that it found “alarmingly violent and specific posts that in some cases advocated for civil war” on Parler. “It’s hard to imagine that the brand itself, the name Parler, has shed the public understanding of the app as being a place [where] many who were part of January 6th got organised and shared resources,” says Joan Donovan of Boston University.

Will fans of Parler return? Twitter (now known as X) looks very different under Mr Musk’s ownership; these days it is liberal users who threaten to go elsewhere. Mr Musk has dismantled or weakened X’s fact-checking tools as part of his own free-speech crusade, claiming that the platform “has interfered in elections”. He recently shared posts about America’s “insane” voting system and why “you can’t trust the media” to his 172m followers (by comparison, Ms Pierotti estimates that Parler had almost 20m users at its peak).

If Parler does return, how concerning would that be? Social media’s ability to influence extreme political acts is notoriously difficult to quantify. Several papers published since January 6th 2021 have begun to paint a more nuanced picture of the link between platforms of all stripes, polarisation and violence. Parler’s unique contribution to January 6th is “very unclear”, reckons Daniel Karell, a sociology professor at Yale University who co-authored a study on Parler, platforms like it and civil unrest. He found that while it is unlikely someone could have been radicalised by posts on Parler alone, the platform did attract like-minded people with extreme views and gave them a space to affirm each other’s ideas. In other words, a loosely moderated forum made storming the Capitol seem almost like a normal thing to do.

As private, encrypted channels—which can offer both unfiltered conversation and fewer prying eyes—grow in popularity, such conversations will become harder to see. One thing supersedes the power of content moderation altogether: the charismatic figure that rallies others to their cause (or social platform of choice). Ms Donovan says her own research into networked incitement has found a common thread among those who were arrested at the Capitol: “they came because Trump asked them to, very simple.” Whether Parler’s user base will return or grow remains to be seen. The conversations it hosted never went away.

Stay on top of American politics with The US in brief, our daily newsletter with fast analysis of the most important electoral stories, and Checks and Balance, a weekly note from our Lexington columnist that examines the state of American democracy and the issues that matter to voters.

Accounting

Business Transaction Recording For Financial Success

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Business Transaction Recording For Financial Success

In the world of financial management, accurate transaction recording is much more than a routine task—it is the foundation of fiscal integrity, operational transparency, and informed decision-making. By maintaining meticulous records, businesses ensure their financial ecosystem remains robust and reliable. This article explores the essential practices for precise transaction recording and its critical role in driving business success.

The Importance of Detailed Transaction Recording
At the heart of accurate financial management is detailed transaction recording. Each transaction must include not only the monetary amount but also its nature, the parties involved, and the exact date and time. This level of detail creates a comprehensive audit trail that supports financial analysis, regulatory compliance, and future decision-making. Proper documentation also ensures that stakeholders have a clear and trustworthy view of an organization’s financial health.

Establishing a Robust Chart of Accounts
A well-organized chart of accounts is fundamental to accurate transaction recording. This structured framework categorizes financial activities into meaningful groups, enabling businesses to track income, expenses, assets, and liabilities consistently. Regularly reviewing and updating the chart of accounts ensures it stays relevant as the business evolves, allowing for meaningful comparisons and trend analysis over time.

Leveraging Modern Accounting Software
Advanced accounting software has revolutionized how businesses handle transaction recording. These tools automate repetitive tasks like data entry, synchronize transactions in real-time with bank feeds, and perform validation checks to minimize errors. Features such as cloud integration and customizable reports make these platforms invaluable for maintaining accurate, accessible, and up-to-date financial records.

The Power of Double-Entry Bookkeeping
Double-entry bookkeeping remains a cornerstone of precise transaction management. By ensuring every transaction affects at least two accounts, this system inherently checks for errors and maintains balance within the financial records. For example, recording both a debit and a credit ensures that discrepancies are caught early, providing a reliable framework for accurate reporting.

The Role of Timely Documentation
Prompt transaction recording is another critical factor in financial accuracy. Delays in documentation can lead to missing or incorrect entries, which may skew financial reports and complicate decision-making. A culture that prioritizes timely and accurate record-keeping ensures that a company always has real-time insights into its financial position, helping it adapt to changing conditions quickly.

Regular Reconciliation for Financial Integrity
Periodic reconciliations act as a vital checkpoint in transaction recording. Whether conducted daily, weekly, or monthly, these reviews compare recorded transactions with external records, such as bank statements, to identify discrepancies. Early detection of errors ensures that records remain accurate and that the company’s financial statements are trustworthy.

Conclusion
Mastering the art of accurate transaction recording is far more than a compliance requirement—it is a strategic necessity. By implementing detailed recording practices, leveraging advanced technology, and adhering to time-tested principles like double-entry bookkeeping, businesses can ensure financial transparency and operational efficiency. For finance professionals and business leaders, precise transaction recording is the bedrock of informed decision-making, stakeholder confidence, and long-term success.

With these strategies, businesses can build a reliable financial foundation that supports growth, resilience, and the ability to navigate an ever-changing economic landscape.

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Economics

A protest against America’s TikTok ban is mired in contradiction

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AS A SHUTDOWN looms, TikTok in America has the air of the last day of school. The Brits are saying goodbye to the Americans. Australians are waiting in the wings to replace banished American influencers. And American users are bidding farewell to their fictional Chinese spies—a joke referencing the American government’s accusation that China is using the app (which is owned by ByteDance, a Chinese tech giant) to surveil American citizens.

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Economics

Home insurance costs soar as climate events surge, Treasury Dept. says

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Firefighters battle flames during the Eaton Fire in Pasadena, California, U.S., Jan. 7, 2025.

Mario Anzuoni | Reuters

Climate-related natural disasters are driving up insurance costs for homeowners in the most-affected regions, according to a Treasury Department report released Thursday.

In a voluminous study covering 2018-22 and including some data beyond that, the department found that there were 84 disasters costing $1 billion or more, excluding floods, and that they caused a combined $609 billion in damages. Floods are not covered under homeowner policies.

During the period, costs for policies across all categories rose 8.7% faster than the rate of inflation. However, the burden went largely to those living in areas most hit by climate-related events.

For consumers living in the 20% of zip codes with the highest expected annual losses, premiums averaged $2,321, or 82% more than those living in the 20% of lowest-risk zip codes.

“Homeowners insurance is becoming more costly and less accessible for consumers as the costs of climate-related events pose growing challenges to both homeowners and insurers alike,” said Nellie Liang, undersecretary of the Treasury for domestic finance.

The report comes as rescue workers continue to battle raging wildfires in the Los Angeles area. At least 25 people have been killed and 180,000 homeowners have been displaced.

Treasury Secretary Janet Yellen said the costs from the fires are still unknown, but noted that the report reflected an ongoing serious problem. During the period studied, there was nearly double the annual total of disasters declared for climate-related events as in the period of 1960-2010 combined.

“Moreover, this [wildfire disaster] does not stand alone as evidence of this impact, with other climate-related events leading to challenges for Americans in finding affordable insurance coverage – from severe storms in the Great Plans to hurricanes in the Southeast,” Yellen said in a statement. “This report identifies alarming trends of rising costs of insurance, all of which threaten the long-term prosperity of American families.”

Both homeowners and insurers in the most-affected areas were paying in other ways as well.

Nonrenewal rates in the highest-risk areas were about 80% higher than those in less-risky areas, while insurers paid average claims of $24,000 in higher-risk areas compared to $19,000 in lowest-risk regions.

In the Southeast, which includes states such as Florida and Louisiana that frequently are slammed by hurricanes, the claim frequency was 20% higher than the national average.

In the Southwest, which includes California, wildfires tore through 3.3 million acres during the time period, with five events causing more than $100 million in damages. The average loss claim was nearly $27,000, or nearly 50% higher than the national average. Nonrenewal rates for insurance were 23.5% higher than the national average.

The Treasury Department released its findings with just three days left in the current administration. Treasury officials said they hope the administration under President-elect Donald Trump uses the report as a springboard for action.

“We certainly are hopeful that our successors stay focused on this issue and continue to produce important research on this issue and think about important and creative ways to address it,” an official said.

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