Twitter is an American online news and social networking service on which users post and interact with messages known as "tweets". Tweets were restricted to 140 characters, but on November 7, 2017, this limit was doubled for all languages except Chinese and Korean. Registered users can post and retweet tweets, but unregistered users can only read them. Users access Twitter through its website interface, through Short Message Service or its mobile-device application software. Twitter, Inc. is based in San Francisco and has more than 25 offices around the world. Twitter was created in March 2006 by Jack Dorsey, Noah Glass, Biz Stone, Evan Williams and launched in July of that year; the service gained worldwide popularity. In 2012, more than 100 million users posted 340 million tweets a day, the service handled an average of 1.6 billion search queries per day. In 2013, it was one of the ten most-visited websites and has been described as "the SMS of the Internet"; as of 2018, Twitter had more than 321 million monthly active users.
Since 2015 Twitter has been a hotbed of debates and news covering politics of the United States. During the 2016 U. S. presidential election, Twitter was the largest source of breaking news on the day, with 40 million election-related tweets sent by 10:00 p.m. that day. It was a source of information on Brett Kavanaugh's Supreme Court nomination and the 2018 United States midterm elections. Twitter's origins lie in a "daylong brainstorming session" held by board members of the podcasting company Odeo. Jack Dorsey an undergraduate student at New York University, introduced the idea of an individual using an SMS service to communicate with a small group; the original project code name for the service was twttr, an idea that Williams ascribed to Noah Glass, inspired by Flickr and the five-character length of American SMS short codes. The decision was partly due to the fact that the domain twitter.com was in use, it was six months after the launch of twttr that the crew purchased the domain and changed the name of the service to Twitter.
The developers considered "10958" as a short code, but changed it to "40404" for "ease of use and memorability". Work on the project started on March 21, 2006, when Dorsey published the first Twitter message at 9:50 p.m. Pacific Standard Time: "just setting up my twttr". Dorsey has explained the origin of the "Twitter" title:...we came across the word'twitter', it was just perfect. The definition was'a short burst of inconsequential information,' and'chirps from birds', and that's what the product was. The first Twitter prototype, developed by Dorsey and contractor Florian Weber, was used as an internal service for Odeo employees and the full version was introduced publicly on July 15, 2006. In October 2006, Biz Stone, Evan Williams and other members of Odeo formed Obvious Corporation and acquired Odeo, together with its assets — including Odeo.com and Twitter.com — from the investors and shareholders. Williams fired Glass, silent about his part in Twitter's startup until 2011. Twitter spun off into its own company in April 2007.
Williams provided insight into the ambiguity that defined this early period in a 2013 interview: With Twitter, it wasn't clear what it was. They called it a social network, they called it microblogging, but it was hard to define, because it didn't replace anything. There was this path of discovery with something like that, where over time you figure out what it is. Twitter changed from what we thought it was in the beginning, which we described as status updates and a social utility, it is that, in part, but the insight we came to was Twitter was more of an information network than it is a social network. The tipping point for Twitter's popularity was the 2007 South by Southwest Interactive conference. During the event, Twitter usage increased from 20,000 tweets per day to 60,000. "The Twitter people cleverly placed two 60-inch plasma screens in the conference hallways streaming Twitter messages," remarked Newsweek's Steven Levy. "Hundreds of conference-goers kept tabs on each other via constant twitters.
Panelists and speakers mentioned the service, the bloggers in attendance touted it." Reaction at the conference was positive. Blogger Scott Beale said. Social software researcher danah boyd said. Twitter staff received the festival's Web Award prize with the remark "we'd like to thank you in 140 characters or less, and we just did!"The first unassisted off-Earth Twitter message was posted from the International Space Station by NASA astronaut T. J. Creamer on January 22, 2010. By late November 2010, an average of a dozen updates per day were posted on the astronauts' communal account, @NASA_Astronauts. NASA has hosted over 25 "tweetups", events that provide guests with VIP access to NASA facilities and speakers with the goal of leveraging participants' social networks to further the outreach goals of NASA. In August 2010, the company appointed Adam Bain from News Corp.'s Fox Audience Network as president of revenue. The company experienced rapid initial growth, it had 400,000 tweets posted per quarter in 2007.
This grew to 100 million tweets posted per quarter in 2008. In February 2010, Twitter users were sending 50 million tweets per day. By March 2010, the company recorded over 70,000 registered applications; as of June 2010, about 65 million tweets were posted each day, equaling about 750 tweets sent each second, according to Twitter. As of March 2011, about 140 million tweets posted daily; as noted on Compete.com, Twitter moved up to the third-highest-ranking social networking site
Fiscal localism comprises institutions of localized monetary exchange. Sometimes considered a backlash against global capitalism or economic globalization, fiscal localism affords voluntary, market structures that help communities trade more efficiently within their communities and regions. "Buy local" or local purchasing is the most visible face of fiscal localism. There are more complex institutions. Institutions like credit unions, CDFI's, local currency or complementary currency all can contribute to making communities more resilient and wealthy. Local currency has been in the news most, with journalists citing the Berkshares in Massachusetts, the Ithaca Hours in Ithaca, New York. Beyond these salient examples, there are thousands of local currencies all over the world. Fiscal localism is rooted in the concept of decentralization; the creation and maintenance of a regional economy is supported by communities who believe that their community is economically better off sustaining itself rather than being part of and relying upon a larger economy, such as a national economy or the global economy.
This is a movement against the increasing globalization of all economies around the world. The main tenets of fiscal localism include buying products that are made locally and using a currency, unique to that local economy; this allows a community to grow at a controllable and sustainable rate by supporting farmers and service providers of a community. Consumers in these communities are more informed about how their foods and products are grown and made. Using a unique form of currency allows a community to determine its economic growth and health more than using metrics of a national economy to gauge economic health. Taxation in these communities is emphasized at the local level and low importance is put on local taxes; these communities want to separate themselves from the larger national economy so they must rely on revenue generated from local taxation. Banking is preferred to be done on a local level. Communities that follow fiscal localism would rather have one local bank than be customers of a massive bank that does business across the country as well as internationally.
Unique currencies used by local economies are backed by a national currency. Totnes, England is a town that began using the Totnes Pound in 2010. "The Totnes Pound is backed by the British Pound sterling at a one-to-one ratio." The idea behind using a unique, local currency is to keep money flowing through the community while preventing money from leaving or relying on money to enter the community. This allows a community to become self-sufficient, have enough funds to create an energy source for the community to use, eliminate transportation costs for bringing products into the community. A large reason Totnes wants to become self-sufficient is to decrease its dependence on the use of oil; the town believes that it is better off in the long run if it is able to operate without relying an oil, a finite resource. Multiple towns have established a local currency. Brixton, Stroud and Exeter are towns in England that have established currencies of their own. A few towns in the United States have adopted unique currencies.
Berkshire and Ithaca, New York have implemented Massachusetts BerkShares and the HOUR, respectively. While a BerkShare is worth $.95 US dollars, the HOUR is not convertible to US dollars or any other type of national currency. A British Quaker colony in Pennsylvania created and used the Pennsylvania Pound in the 18th century, but fiscal localism failed for the colony and the currency was abandoned. Lorenzo Fioramonti, director of the Centre for the Study of Governance Innovation at the University of Pretoria in South Africa, believes that the European Union would be more stable if it used multiple local currencies combined with a "digital euro". Proponents of fiscal localism argue that paying higher local taxes and lower national taxes will help communities grow and thrive. A report from The TaxPayers' Alliance states that a decentralized form of taxation leads to a more efficient public sector; this report references a German econometric study which found that “government efficiency increase with the degree of fiscal decentralization”.
Reasons used to support local taxation include responsiveness, cost efficiency and accountability. The Spanish Institute of Fiscal Studies conducted a study over a period stretching from 1972-2005 using data from 23 countries regarding taxes; the study found that “reducing the share of central government in total tax revenue by one percentage point boosts long-run GDP growth by about 0.06 per cent per annum.” Setting local taxes is complicated because too high of a tax rate will lead to taxpayers refusing to pay while too low of a rate will not give the local government enough funds to function and operate effectively. These taxes are not set at the state or federal level. Increasing local taxes allows a community to reinvest revenue generated from the taxes into public institutions or programs that help the local community. Residents are able to physically see and experience where their tax money is going and how it improves their lives. Modern banks have become monolithic institutions with thousands of branches in their respective countries of service.
This globalization of banking institutions and the banking practices used by these organizations is the antithesis of what fiscal localism is about. Toby Blume argues for a shift in the banking system in his essay "Changing the Debate: The Ideas Redefining Britain." Blume writes, "A more localised banking system