DANIEL BOORSTIN ~ THE IMAGE ~ 1961

~ P-E ~ Pseudo-Event

~ ALALPOOE-HHCTCOP-E-TFOC ~ A Larger And Larger Proportion Of Our Experience – Has Come To Consist Of Pseudo-Events – They Flood Our Consciousness

~ TGR ~ The Graphic Revolution

~ T-NL-IAP-EPE ~ The – News Leak – Is A Pseudo-Event Par Excellence

~ P-EPMP-E ~ Pseudo-Events Produce More Pseudo-Events

~ AP-EIAAT-PIAAF ~ A Pseudo-Event Is An Ambiguous Truth – Propaganda Is An Appealing Falsehood

~ P-ETOOHDTBI-PFOOWTBI ~ Pseudo-Events Thrive On Our Honest Desire To Be Informed – Propaganda Feeds On Our Willingness To Be Inflamed

~ POE-P-EOI ~ Propaganda Oversimplifies Experience – Pseudo-Events Overcomplicate It

~ O-‘FMOI’-IAPWPACBCP-EAAATJAT ~ Our – “Free Market Of Ideas – Is A Place Where People Are Confronted By Competing Pseudo-Events And Are Allowed To Judge Among Them

~ KOP-E-OWHBR-O-WHBS-AH-BTTOB-‘I’ ~ Knowledge Of Pseudo-Events – Of What Has Been Reported – Or – What Has Been Staged – And How – Becomes The Test Of Being – “Informed”

~ T-GR-SGU-AOT-TMOF-W-K ~ The – Graphic Revolution – Suddenly Gave Us – Among Other Things – The Means Of Fabricating – Well-Knownness

~ TQWNCMAMOWIA-‘NA’-B-AIFANCOHE ~ The Qualities Which Now Commonly Make A Man Or Woman Into A – “Nationally Advertised” – Brand – Are In Fact A New Category Of Human Emptiness

~ H-W-FPTC-WOADOA-D ~ Hero-Worship – From Plato To Carlyle – Was Often A Dogma Of Anti-Democracy

~ TCIAPWIKFHW-K-THP-E-H[/H]RTMAERIHA-T-NM-‘H’-ARIWWPOOP ~ The Celebrity Is A Person Who Is Known For His Well-Knownness – The Human Pseudo-Event – His[/Her] Relation To Morality And Even Reality Is Highly Ambiguous – These – New-Model – “Heroes” – Are Receptacles Into Which We Pour Our Own Puposelessness

~ TH-WDB-A;TC-B-IOT ~ The – Hero – Was Distinguished By – Achievement; The Celebrity – By – Image Or Trademark

~ TVAWFMTC-ITLR-D-D-A-M-B-P ~ The Very Agency Which First Makes The Celebrity – In The Long Run – Destroys – Destroyed – As – Made – By – Publicity

~ C-BTAMTO-CBMT-P-C-F-A-FU-WDNLTCTWALIAM-WLFM-A-WSOOI ~ Celebrities – Because They Are Made To Order – Can Be Made To – Please – Comfort – Fascinate – And – Flatter Us – We Do Not Like To Confess That We Are Looking In A Mirror – We Look For Models – And – We See Our Own Image

~ INRI ~ Images Now Displace Ideals

~ AI-ISWHACO-AI-HACOU ~ An Image – Is Something We Have A Claim On – An Ideal – Has A Claim On Us

~ TAOTN-T-N-F-PSWANTNF ~ The Appeal Of The Neither-True-Nor-False – Persuasive Statements Which Are Neither True Nor False

~ TAOTS-FP-TAOMTTBSTAS ~ The Appeal Of The Self-Fulfilling Prophecy – The Art Of Making Things True By Saying They Are So

~ TAOTH-I-EUTHTOEEMBCT ~ The Appeal Of The Half-Intelligible – Encourages Us To Hope That Our Extravagant Expectations May Be Coming True

~ TAOTC-WAFTAWGTSTFU ~ The Appeal Of The Contrived – We Are Flattered That Anyone Would Go To Such Trouble For Us

~ N-T-B-C-ITMT ~ Not – Truth – But – Credibility – Is The Modern Test~ TI-TAOC-TAHBSCTTNSC ~ This Is – The Age Of Contrivance – The Artificial Has Become So Commonplace That The Natural Seems Contrived

~ TINDSLAWDNTTBCGWAGN-B-TGR-HOUTMOMAEAFO-MCG-WCBCSTGUTITWABN ~ There Is No Danger So Long As We Do Not Think That By Chewing Gum We Are Getting Nourishment – But – The Graphic Revolution – Has Offered Us The Means Of Making All Experience A Form Of – Mental Chewing Gum – Which Can Be Continually Sweetened To Give Us The Illusion That We Are Being Nourished

PEACE PILGRIM ~ STEPS TOWARD INNER PEACE ~ 1981

FOUR PREPARATIONS

~ ARATL-STPTLSBY-AYWFTSTCTYIG-HTSCPCATYG-ATPSNBA ~ Assume Right Attitudes Toward Life – Solve The Problems That Life Sets Before You – And You Will Find That Solving Them Contributes To Your Inner Growth – Helping To Solve Collective Problems Contributes Also To Your Growth – And These Problems Should Never Be Avoided

~ LGB-TLGHCAARATLOG-OTTLPUTH-SMOTLAACB-YCBBPIPATGTYB-NLCBIHUBAPAIH ~ Live Good Beliefs – The Laws Governing Human Conduct Apply As Rigidly As The Law Of Gravity – Obedience To These Laws Pushes Us Toward Harmony – Since Many Of These Laws Are Already Common Belief – You Can Begin By Putting Into Practice All The Good Things You Believe – No Life Can Be In Harmony Unless Belief And Practice Are In Harmony

~ FYPITLP-YHAPITSOT-WTPIYCKOFWY-YCSIIRS-YCBTLIAWIBDATGTYAMTAGTTPIYLOATSTTCOHL ~ Find Your Place In The Life Pattern – You Have A Part In The Scheme Of Things – What That Part Is You Can Know Only From Within Yourself – You Can Seek It In Receptive Silence – You Can Begin To Live In Accordance With It By Doing All The Good Things You Are Motivate Toward And Giving These Things Priority In Your Life Over All The Superficial Things That Customarily Occupy Human Lives

~ SLTBIAOW-BIH ~ Simply Life To Bring Inner And Outer Well-Being Into Harmony

FOUR PURIFICATIONS

~ POTBT ~ Purification Of The Bodily Temple

~ POTT-IINETDRTASRT-YMATRT-PTCBPIFG-NTCMYPI-BSTINUSBYAAOHB-FOWYHCTHUTCYAIH ~ Purification Of The Thoughts – It Is Not Enough To Do Right Things And Say Right Things – You Must Also Think Right Things. – Positive Thoughts Can Be Powerful Influences For Good – Negative Thoughts Can Make You Physically Ill – Be Sure There Is No Unpeaceful Situation Between Yourself And Any Other Human Being – For Only When You Have Ceased To Harbor Unkind Thoughts Can You Attain Inner Harmony

~ POTD ~ Purification Of The Desires

~ POM-TBOSTYFHMBYMBYLCCIH ~ Purification Of Motives – To Be Of Service To Your Fellow Humans Must Be Your Motive Before Your Life Can Come Into Harmony

FOUR RELINQUISHMENTS

~ ROS-W ~ Relinquishment Of Self-Will

~ ROTFOS ~ Relinquishment Of The Feeling Of Separateness

~ ROA-OWYHRAACYBRF-MTAHFU-A-AYCRWIHOIUPY-YCOLIHWYFHIYHNFTYPT-A-TDNTTRTL ~ Relinquishment Of Attachments – Only When You Have Relinquished All Attachments Can You Be Really Free – Material Things Are Here For Use – And – Anything You Cannot Relinquish When It Has Outlived Its Usefulness Possesses You – You Can Only Live In Harmony With Your Fellow Humans If You Have No Feeling That You Possess Them – And – Therefore Do Not Try To Run Their Lives

~ ROANF ~ Relinquishment Of All Negative Feelings

PEACE PILGRIM ~ STEPS TOWARD INNER PEACE ~ 1953-1981 [PILGRIMAGE]

~ TITWAP:O-EWG-FWT-A-HWL ~ This Is The Way Of Peace: Overcome – Evil With Good – Falsehood With Truth – And – Hatred With Love

~ AOUCWFP-WCWRWWA-RWO-B-TMPWHWOOL-TMWCRITOS

~ All Of Us Can Work For Peace – We Can Work Right Where We Are – Right Within Ourselves – Because – The More Peace We Have Within Our Own Lives – The More We Can Reflect Into The Outer Situation

~ PWO-AST-PIOW ~ Peace Within Ourselves – A Step Toward – Peace In Our World

~ UPAJUB-ABN-TTBB ~ Unnecessary Possessions Are Just Unnecessary Burdens – Anything Beyond Need – Tends To Become Burdensome

~ MTMBPITPP-ATYCRWIHOIUPY-A-ITMA-AGMOUAPBOP-WANF ~ Material Things Must Be Put Into Their Proper Place – Anything That You Cannot Relinquish When It Has Outlived Its Usefulness Possesses You – And – In This Materialistic Age – A Great Many Of Us Are Possessed By Our Possessions – We Are Not Free

~ WIAUMOOTWCC-SDYWATPM;IUAR ~ Worry Is A Useless Mulling Over Of Things We Cannot Change – Seldom Do You Worry About The Present Moment; It’s Usually All Right

~ WTTSOTPT-STITOMOCL-IYDLIYNRGATLAA-IYDLTPM-YTNTW ~ We Tend To Skim Over The Present Time – Since This Is The Only Moment That One Can Live – If You Don’t Live It You Never Really Get Around To Living At All – If You Do Live This Present Moment – You Tend Not To Worry

~ EMIANOTBOS ~ Every Moment Is A New Opportunity To Be Of Service

~ TINNAT ~ There Is Nothing New About This

~ ETYCIAS-TOSG ~ Every Time You Come Into A Situation – Think Of Some Good

~ TIACBWYCJWTTYATATTYADARFY-TCI-HTBYIP?-ITHN-TISWWT-SKT ~ There Is A Criterion By Which You Can Judge Whether The Thoughts You Are Thinking And The Things You Are Doing Are Right For You – That Criterion Is – Have They Brought You Inner Peace? – If They Have Not – There Is Something Wrong With Them – So Keep Trying

~ WMBATUTWWNTATRTWRWTHOTU ~ We Must Be Able To Use Things When We Need Them And Then Relinquish Them Without Regret When They Have Outlived Their Usefulness

~ ATYSTHCWHYC-A-IYDFYMGF ~ Anything That You Strive To Hold Captive Will Hold You Captive – And – If You Desire Freedom You Must Give Freedom

~ TWAOTHMBAPFG-IINITOBNA-RSNBSOD-KTERTYD-EGWYS-EPTYT-HGE ~ Those Who Act On Their Highest Motivations Become A Power For Good – It Is Not Important That Others Be Noticeably Affected – Results Should Never Be Sought Or Desired – Know That Every Right Thing You Do – Every Good Word You Say – Every Positive Thought You Think – Has Good Effect

~ APCBPW ~ All People Can Be Peace Workers

~ WYBHIAUS-YCTTTPP ~ Whenever You Bring Harmony Into Any Unpeaceful Situation – You Contribute To The Total Peace Picture

~ IAYHPIYL-YRIIYSAIYW ~ Insofar As You Have Peace In Your Life – You Reflect It Into Your Surroundings And Into Your World

~ IYWTTP-YOO-YMSWTA-ATLOU-IYSTTAABYLOU0LTTY ~ If You Want To Teach People – Young Or Old – You Must Start Where They Are – At Their Level Of Understanding – If You See That They Are Already Beyond Your Level Of Understanding – Let Them Teach You

~ SSTSAATISVO-MOUCTOA ~ Since Steps Toward Spiritual Advancement Are Taken In Such Varied Order – Most Of Us Can Teach One Another

~ OOPCBHTL-TWTIPITL ~ Only Outer Peace Can Be Had Through Law – The Way To Inner Peace Is Through Love

~ COGSTYMOYTR ~ Concentrate On Giving So That You May Open Yourself To Receiving

~ JOWAYNAIYS-OIYCIOTJTWAWHBA ~ Judging Others Will Avail You Nothing And Injure You Spiritually – Only If You Can Inspire Others To Judge Themselves Will Anything Worthwhile Have Been Accomplished

~ YCCAEY-AYHBAE-YCIOTCT ~ You Cannot Change Anyone Except Yourself – After You Have Become An Example – You Can Inspire Others To Change Themselves

~ IACSYMBTOASWIFTAC-IOASWIOATY-OASWIFTACCBWITLR ~ In A Conflict Situation You Must Be Thinking Of A Solution Which Is Fair To All Concerned – Instead Of A Solution Which Is Of Advantage To You – Only A Solution Which Is Fair To All Concerned Can Be Workable In The Long Run

~ TPA-IOS-TBTWIAA-IS-TGTWIAF ~ The Positive Approach – Instead Of Stressing – The Bad Things Which I Am Against – I Stress – The Good Things Which I Am For

~ TWCTNA-DOWIW-RTJAC-A-SETN-C ~ Those Who Choose The Negative Approach – Dwell On What Is Wrong – Resorting To Judgement And Criticism – And – Sometimes Even To Name-Calling

~ WEIA-IM-AIMHBWAUB-A-TTAGIVAS-WTINABIGIABTBUTS-NODTETTFA-BTE-DTTBT ~ When Evil Is Attacked – It Mobilizes – Although It May Have Been Weak And Unorganized Before – And – Therefore The Attack Gives It Validity And Strength – When There Is No Attack But Instead Good Influences Are Brought To Bear Upon The Situation – Not Only Does The Evil Tend To Fade Away – But The Evil-Doer Tends To Be Transformed

~ WYMPATAIAWTLI-OVAI ~ When You Make People Angry They Act In Accordance With Their Lesser Instincts – Often Violently And Irrationally

~ WYIPTAIAWTHI-SAR ~ When You Inspire People They Act In Accordance With Their Higher Instincts – Sensibly And Rationally

~ AIT-W-ISHALE ~ Anger Is Transient – Whereas – Inspiration Sometimes Has A Lifelong Effect

~ WFP:AFRDPCOTIEOMO-O-O-HP-SWWWFPMNF-WMCTSFPATLTWOP-TIO-WMCTTOPATKIIP ~ Working For Peace: A Few Really Dedicated People Can Offset The Ill Effects Of Masses Of Out-Of-Harmony People – So We Who Work For Peace Must Not Falter – We Must Continue To Speak For Peace And To Live The Way Of Peace – To Inspire Others – We Must Continue To Think Of Peace And To Know It Is Possible

~ TFOS ~ The Freedom Of Simplicity

~ AMFFRC:HAYO-TROTC-N-TGOA ~ A Magic Formula For Resolving Conflicts: Have As Your Objective – The Resolving Of The Conflict – Not – The Gaining Of Advantage

~ AMFFAC:BCT-YDNO-N-TYANO ~ A Magic Formula For Avoiding Conflicts: Be Concerned That – You Do Not Offend – Not – That You Are Not Offended

~ WPRSFI-I-Y-OIAOLROI-B-AWMWWEBLASUBI-IACBTTTSMOUWTA-WTIO ~ What People Really Suffer From Is Immaturity – Yes – Our Institutions And Our Leaders Reflect Our Immaturity – But – As We Mature We Will Elect Better Leaders And Set Up Better Institutions – It Always Comes Back To The Thing So Many Of Us Wish To Avoid – Working To Improve Ourselves!

CHARLES SEIFE ~ VIRTUAL UNREALITY ~ 2014

~ VU ~ Virtual Unreality

~ DIID ~ Digital Information Is Different

~ WWLTTAOOII-BAB-WUAENCUTW-OWP-AD-WODU ~ When We Learned To Turn All Of Our Information Into – Bits And Bytes – We Unleashed An Entirely New Creature Upon The World – One Whose Powers – And Dangers – We Only Dimly Understand

~ TDRHDCNJHWGIATWBAHWCTWTITOAG ~ The Digital Revolution Has Dramatically Changed Not Just How We Gather Information About The World But Also How We Can Tamper With The Information That Others Are Gathering

~ WAOBTOABOTIOTOW-WHADSA-A-TOWIRHWMAMSB ~ We’re Altering Our Behavior Toward One Another Because Of The Influence Of The Online World – We Humans Are Deeply Social Animals – And – The Online World Is Reshaping How We Make And Maintain Social Bonds

~ BIIADTAAOU ~ Bad Information Is A Disease That Affects All Of Us

~ Y-KIIA-D-IE-INSTTWOTM-MLTTWOTM ~ Yet – Knowledge Is Inherently Anti-Democratic – It’s Elitist – It’s Not Subject To The Will Of The Majority – Much Less To The Whims Of The Mob

~ FANLTITU-A-IOTFTTMRTATATMI ~ Facts Are No Less True If They’re Unpopular – And – It’s Often The Facts That The Majority Refuse To Accept That Are The Most Important

~ WAF-K-TCT-ID-TPIHAPEOOPOTW ~ We Are Forcing – Knowledge – To Conform To – Internet Democracy – This Process Is Having A Profound Effect On Our Perception Of The World

~ P-T-HLTIMETCOIB-AWOAW-TB-TTAPOIOW ~ Politicians – Too – Have Learned That It’s Much Easier To Craft One’s Image By – Altering Words On A Webpage – Than By – Trying To Affect Public Opinion In Other Ways

~ TIHPITPO-M-O-A-WBTFUTPI-R ~ The Internet Has Put Immense Time Pressure On – Media – Outlets – And – What’s Beginning To Fail Under The Pressure Is – Reporting

~ PAPVTFWTLFRI ~ People Are Particularly Vulnerable To Fakes When They’re Looking For Romantic Involvement

~ TLOTI ~ The Loneliness Of The Interconnected

~ TMIWFFOUFI-OP-ANOTF-WAWTBWY-ITAO-FTB-YCFSFTBROD ~ The Most Important Weapon For Fighting Off Uncomfortable Facts Is – Other People – A Network Of The Faithful – Who Are Willing To Believe With You – In The Arms Of – Fellow True Believers – You Can Find Solace From The Brutal Reality Of Disconfirmation

~ TCTI-NETCIAUBAFMCAF-CAR-BABOFT ~ Then Came The Internet – Now Even The Craziest Ideas Are Usually But A Few Mouse Clicks Away From – Confirmation And Reinforcement – By A Band Of Fellow Travelers

~ WNADTITTOP-WDOOTI-WWUWIOOFI-RBAUBTM-TNICTBAWUTW;IIBAMTAUTGOUOOB ~ With News And Data That Is Tailored To Our Prejudices – We Deprive Ourselves Of True Information – We Wind Up Wallowing In Our Own False Ideas – Reflected Back At Us By The Media – The News Is Ceasing To Be A Window Unto The World; It Is Becoming A Mirror That Allows Us To Gaze Only Upon Our Own Beliefs

~ IGAPOA-‘P-S’-W-A-WAGIS-IHTGPTPAMFI ~ Informational Goods Are Part Of A – “Post-Scarcity” World – And – When A Good Isn’t Scarce – It’s Hard To Get People To Pay Any Money For It

~ ‘IWTBF’-I-TCCOTIG-B-INFTC-TLTR ~ “Information Wants To Be Free” – Is – The Clarion Call Of The Internet Generation – But – It’s Not Free To Create – Therein Lies The Rub

~ I-1980-IWHBABITMFLATEOAPSJWBE-N-FSJAE ~ In 1980 – It Would Have Been All But Impossible To Masquerade For Long As The Editor Of A Phoney Scientific Journal Without Being Exposed – Nowadays – Fake Scientific Journals Are Everywhere

~ HPP ~ Hollow Potemkin Publications

~ IAVSS-BIH-I-TTFANSINR-AH-B-AA-SR ~ It’s A Very Subtle Shift – But It’s Happening – Increasingly – The Target For A News Story Is Not Really – A Human – But – An Algorithm – Search Rankings

~ RAETW ~ Rankings Are Easily Tinkered With

~ AU ~ Artificial Unintelligence

~ J18WAB ~ Jennifer18 Was A Bimbot

~ AWT-SOITUIFTPIMF-STITTTHSWI ~ As With All Technology – Step One Is To Use It For The Purpose It’s Meant For – Step Two Is To Try To Have Sex With It

~ BS ~ Bacon Specialist

~ MMF ~ Make Money Fast

~ IWT-‘J’-S-W-FS-W-BI ~ Information Warfare Technique – “Jamming” – Swamping – With – False Signals – With – Bogus Information

~ DIGPTTP-B-IGEMTTWPUU ~ Digital Information Gives Power To The People – But – It Gives Even More To Those Who Prey Upon Us

~ IMWWETMT-ROP-WHTCOBIHOGMA-MI-MIR-TAOCUTS ~ In Many Ways We’re Easier To Manipulate Than – Rats Or Pigeons – We’re Happy To Change Our Behavior In Hopes Of Getting More Abstract – More Insubstantial – More Infrequent Rewards – Than Any Other Creature Under The Sun

~ PAMTIAVF ~ Performing A Mindless Task In A Virtual Fishbowl

~ SPCCPT-AATBJ-DTM-AE-MF ~ Social Pressure Can Cause People To – Act Against Their Better Judgement – Discard Their Morals – And Even – Misperceive Facts

~ GU-V-T-M-O-I-IRFLONAA ~ Giving Up – Valuable – Time – Money – Or – Information – In Return For Little Or Nothing At All

~ IIV-A-TGIUTITAAYOI ~ Information Is Valuable – And – To Give It Up Thoughtlessly Is To Act Against Your Own Interest

~ YMWDTYMHBSYOS-I-IAIW-TBACE-A-IITS-ATWCOATCOOOB-DTPTATTUUFTOP ~ You Might Well Discover That You Might Have Been Sacrificing Your Own Self-Interest – In Almost Imperceptible Ways – To Benefit A Commercial Enterprise – And – It Is Through Self-Awareness That We Can Once Again Take Control Of Our Own Brains – Despite The Parasites That Are Trying To Use Us For Their Own Purposes

~ IWWTBATTWRAWN-WMLTSTTHOVUTSAU ~ If We Want To Be Able To Tell What’s Real And What’s Not – We Must Learn To See Through The Haze Of Virtual Unreality That’s Settling Around Us

~ A-OIS-TTTOP-TMETCTROEBASOOTCU ~ As – Our Information Sources – Tailor Themselves To Our Prejudices – This Means Eschewing The Chatter That Reinforces Our Preexisting Beliefs And Seeking Out Ones That Challenge Us

CHARLES CALOMIRIS + STEPHEN HABER ~ FRAGILE BY DESIGN ~ 2014

~ TGOBB ~ The Game Of Bank Bargains

~ NBWS-A-NSWB ~ No Banks Without States – And – No States Without Banks

~ I-SAEB-A-SAGI-WATSR? ~ If – Stable And Efficient Banks – Are – Such A Good Idea – Why Are They So Rare?

~ TN-RDOBC ~ The Non-Random Distribution Of Banking Crises

~ TCBNBSWTPPOTS ~ There Can Be No Banking Systems Without The Police Power Of The State

~ TITBSCEOASOGRISALFT ~ The Idea That Banking Systems Can Exist Outside A System Of Government Regulation Is Simply A Libertarian Fairy Tale

~ TINE–TGOBB-PAIIBR ~ There Is No Escaping – The Game Of Bank Bargains – Politics Always Intrudes Into Bank Regulation

~ A-B-I-B-D-APUE-TIA-B-TNFOB-DOTSOPRTOGCP-BNPG ~ A – Bank – Is – By – Design – A Potentially Unstable Enterprise – This Instability Arises – Because – The Normal Functioning Of Banks – Depends On Three Sets Of Property Rights That Only Government Can Provide – Banks Need Powerful Governments

~ B-AAAP-A-AHB ~ Banking – Is All About Politics – And – Always Has Been

~ ABCSDT-ISHLLOOLP-O-TG-COT-IDSB-GP-T-BC-A-ETI-C ~ A Bank Cannot Simply Declare That – Its Shareholders Have Limited Liability Or Other Legal Protections – Only – The Government – Can Offer These – It Does So By – Granting Privileges – Through – Bank Charters – And – Enforcing Them In – Courts

~ TRT-TAOLHTBFBOIB-IS-TPWAATRTG-RTALS-DNHTOTAA ~ The Reason That – Taxpayers Are Often Left Holding The Bag For Bailing Out Insolvent Banks – Is That – The People Who Are Arranging The Rules That Govern – Risk Taking And Loss Sharing – Do Not Have To Obtain Taxpayers’ Active Agreement

~ TITE-CR-AETCAM ~ The Institutions That Enforce – Contract Rights – Are Expensive To Create And Maintain

~ TIA-SER-C-WROL(CGBA)-IL-A-SCG ~ There Is A – Strong Empirical Relationship – Connecting – Weak Rule Of Law (Countries Governed By Autocrats) – Insider Lending – And – Slow Credit Growth

~ T-AASO-RE-F-TBS-OWTI-DI-O-GBOB ~ Taxpayers – Are A Source Of – Rent Extraction – From – The Banking System – Only When There Is – Deposit Insurance – Or – Government Bailouts Of Banks

~ ENHSFOG-CB-CBAN-SEAOFATST-RTPS-1600-TTICBBHTATIOTTGCTTCOAVS:R-M-A-F ~ Every Nation-State Has Some Form Of Government-Chartered Bank – Chartered Banks And Nation-States Emerged As Organizational Forms At The Same Time – Roughly The Period Since – 1600 – The Two Institutions Coevolved Because Banks Helped To Align The Incentives Of The Three Groups Crucial To The Creation Of A Viable State: Rulers – Merchants – And – Financiers

~ MCBEASE:MISAE-CENTTFTAW-A-MAADNTTHSTPO ~ Modern Chartered Banks Evolved As States Evolved: Monarchs In Seventeenth- And Eighteenth-Century Europe Needed Them To Finance Trade And War – And – Modern Autocracies And Democracies Need Them To Help Sustain The Political Order

~ TCBWNIO:IWTOOALSO-IE-I-TIONKOC-SA-DAABOE-A-TCONFO-PO-SA-TJ-SC ~ The Chartered Bank Was Not Invented Overnight: It Was The Outcome Of A Long Series Of – Institutional Experiments – Including – The Invention Of New Kinds Of Contacts – Such As – Debt Annuities And Bills Of Exchange – And – The Creation Of New Forms Of – Property Ownership – Such As – The Joint-Stock Company

~ RWAIGFBTWDWAUCOL ~ Rulers Would Act In Good Faith Because They Were Dealing With A Untied Coalition Of Lenders

~ J-SCAACFTR: BEIC(1600)-DEIC(1602)-DWIC(1621)-HBC(1670)-MC(1684) ~ Joint-Stock Companies And A Charter From The Ruler: British East India Company (1600) – Dutch East India Company (1602) – Dutch West India Company (1621) – Hudson Bay Company (1670) – Mississippi Company (1684)

~ ORHUTIO-T-C-J-SC-AAWTFTCOAOE-TRTTCS-MC-FABROOAOS-TC-IE-CTBOSI-SF-EOWW-G-PVP ~ Once Rulers Hit Upon The Idea Of – The – Chartered – Joint-Stock Company – As A Way To Finance The Creation Of An Overseas Empire – They Realized That They Could Sell – Monopoly Charters – For A Broad Range Of Other Activities Of State – They Could – In Effect – Carve The Business Of State Into – Separate Franchises – Each Of Which Was – Given – Particular Valuable Privileges

~ TDOTCBWDBTEN:TFTOILD-A-TFWTWIBAL ~ The Development Of The Chartered Bank Was Driven By Two Essential Needs: To Finance Trade Over Increasingly Long Distances – And – To Finance Wars That Were Increasingly Bloody And Long

~ TCOTCBAAFIOTMSSGRTAFI:F(P)M ~ The Creation Of The Chartered Bank As A Fundamental Institution Of The Modern State Soon Gave Rise To Another Fundamental Innovation: Fiat (Paper) Money

~ CBCTPMGRIESATCOTIGSDTGD-GIVTATEIAMPIOT-PEAMSP-RTPPTMPCWMAFIVOTC ~ Central Banks Came To Play Much Greater Roles In Economic Stabilization After The Collapse Of The Intentional Gold Standard During The Great Depression – Governments Increasingly Valued The Ability To Engage In Activist Monetary Policy In Order To – Promote Employment And Maintain Social Peace – Rather Than Passively Pursue The Monetary Policy Consistent With Maintaining A Fixed International Value Of Their Currency

~ SMBABMS ~ States Made Banks And Banks Made States

~ T-IR-HISO-TRIPF-NBOI ~ The – Industrial Revolution – Happened In Spite Of – The Revolution In Public Finance – Not Because Of It

~ IIGBBE-T-ACBTEAMOTCOFC-A-ICWVISIPOMO-WFTOB-WIINAC-AAPEWTMOSR ~ It Is Generally Believed By Economists – That – A Central Bank That Enjoys A Monopoly Over The Creation Of Fiat Currency – And – Is Charged With Varying Its Supply In Pursuit Of Macroeconomic Objectives – Will Fulfill Those Obligations Better – When It Is Not Also Charge – As A Private Entity With The Maximization Of Shareholder Returns

~ BCDJH-BSASTCWTCAMIC:B-TOSRITLAOI-A-HICOTBSTATLAWTRLAI ~ Banking Crises Don’t Just Happen – Banking Systems Are Susceptible To Collapse When Two Conditions Are Met In Combination: Banks – Take On Sufficient Risk In Their Loans And Other Investments – And – Have Inadequate Capital On Their Balance Sheets To Absorb The Losses Associated With Those Risky Loans And Investments

~ TPOAPC-IPTPT-GAPOTGAWST-[S]H-K-INITL-RPI-B-III-[H]H-OS-TI ~ The Power Of A Political Coalition – Is Precisely The Power To – Get A Public Official To Go Along With Something That – [S/]He – Knows – Is Not In The Long-Run Public Interest – Because – It Is In – His[/Her] – Own Short-Term Interest

~ B-PBIAETIIUBITTP:IDUITTOPACBTMFOOPRTFOHOPIESCC ~ Blame – Placing Blame Is An Enterprise That Is Inherently Unproductive Because It Trivializes The Problem: It Distracts Us Into Thinking That Our Problems Are Caused By The Moral Flaws Of Other People Rather Than Focusing On How Our Political Institutions Encourage Socially Costly Coalitions

~ TROTM-T-B-T-F-P-BAIS-TS-EBLB

~ The Rise Of The Megabanks – Too-Big-Too-Fail – Protection – Became An Increasingly Significant – Taxpayer Subsidy – Enjoyed By Large Banks

~ WATHFODE ~ Warnings Appear To Have Fallen On Deaf Ears

~ T-TOMDTB-TSC-RFAF-TWOLTMMRMTTHMB ~ The – Tsunami Of Mortgage Defaults That Became – The Subprime Crisis – Reflected First And Foremost – The Willingness Of Lenders To Make Much Riskier Mortgages Than They Had Made Before

~ RF-TPWNALOR-JPAPOIR ~ Regulatory Failure – The Problem Was Not A Lack Of Regulation – Just Piles And Piles Of Ineffectual Regulation

~ WGTTMTRNCWYACTTGIGTBYO? ~ Why Go To The Markets To Raise New Capital When You Are Confident That The Government Is Going To Bail You Out?

~ RAAOTPEIWTO ~ Regulators Are Aware Of The Political Environment In Which They Operate

~ BFAC:TCTTMMTO-FW-BSOH-QLAOFOATMTLORTWTTAACC-O-TCTWRBEAWREAAGGSN ~ Bankers Faced A Choice: They Could Try To Make Money The Old-Fashioned Way – By Seeking Out High-Quality Lending And Other Financial Opportunities And Then Matching The Level Of Risk They Were Taking To An Appropriate Capital Cushion – Or – They Could Take Wild Risks By Exploiting A Weak Regulatory Environment And A Generous Government Safety Net

~ T-T-B-T-F-P-P:I-IHNBC ~ The – Too-Big-To-Fail – Problem – Persists: Indeed – It Has Now Be Codified

~ RIAPOMH ~ Reality Is A Plague On Many Houses

BRINK LINDSEY + STEVEN TELES ~ THE CAPTURED ECONOMY ~ 2017

~ WPFEI-TGMD-LOAG-A-MSO-‘TO’-WL-SLAZ-SS-GBOG-AIA-LBOOG ~ When People Feel Economically Insecure – They Grow More Defensive – Less Open And Generous – And – More Suspicious Of – “The Other” – When Life – Seems Like A Zero-Sum Struggle – Gains By Other Groups – Are Interpreted As – Losses By One’s Own Group

~ IAU-TSOOSGASI ~ Inefficient And Unequal – The Simultaneous Occurrence Of Sluggish Growth And Spiralling Inequality

~ I-RACW-TEG-H-BRIFO-PATT ~ In – Real And Consequential Ways – The Economic Game – Has – Been Rigged In Favor Of – People At The Top

~ W-IATWTRCBTPAWO-ED-C-API-G-IA-VC ~ When – Institutions Are Too Weak To Resist Capture By The Powerful And Well Organized – Economic Decline – Corruption – And – Political Instability – Grow – In A – Vicious Circle

~ CAGAIIAC-ETVIAC-DAET-MGME-A-YSNBSIYEUW-WIG ~ Casting All Government As Inherently Incompetent And Corrupt – Enables The Very Incompetence And Corruption – Disdain Any Efforts To – Make Government More Efficient – And – You Should Not Be Surprised If You End Up With – Woefully Inefficient Government

~ A-TROR-SISGAAI-HBHIPVFSTN-TABTC-ASBGLO-IT-OB-T-L-A-R-HPTBBSAI-RC-AA-SCTOCEP ~ Although – The Role Of Rent-Seeking In Slowing Growth And Accelerating Inequality – Has Been Hidden In Plain View For Some Time Now – Things Are Beginning To Change – A Small But Growing List Of – Influential Thinkers – On Both – The – Left – And – Right – Have Pierced The Bipartisan Blind Spot And Identified – Regulatory Capture – As A – Significant Contributor To Our Current Economic Predicament

~ TRATDH ~ The Rents Are Too Damn High

~ R-S:ATSTIPWCAOV-TDTMP ~ Rent-Seeking: Activity That Seeks To Increase Profits Without Creating Anything Of Value – Through Distortions To Market Processes

~ TTETR-SHS-TIHOCDITGHOCC-A-TLPOTPIDIAFFOSI ~ To The Extent That Rent-Seeking Holds Sway – The Invisible Hand Of Capitalism Degenerates Into The Grasping Hand Of Crony Capitalism – And – The Lofty Pursuit Of The Public Interest Devolves Into A Feeding Frenzy Of Special Interests

~ FM-D-PFS-OTEO-ASSETETROTG-IA-I-P-SF-EP-M-S-BKFBTITPPTGTR ~ Free Markets – Depend – Paradoxically For Some – On The Existence Of – A State Strong Enough To Enforce The Rules Of The Game – In An – Impartial – Public-Spirited Fashion – Economic Power – Must – Somehow – Be Kept From Being Translated Into The Political Power To Game Those Rules

~ TUSOEGII:NPAPM ~ The Ultimate Source Of Economic Growth Is Innovation: New Products And Production Methods

~ EE-IIETGRB-WFTTPP-TEWBDT-N-SRS-A-ARI-R-CP-CLTA-D-OIPE ~ Entrepreneurial Energy – If It’s Easier To Get Rich By – Winning Favors Through The Policymaking Process – That Energy Will Be Diverted To – Negative-Sum Rent Seeking – Accordingly – A Rise In – Rent-Creating Policies – Can Lead To A – Drop-Off In Productive Entrepreneurship

~ RR:R-CPTUGWEI ~ Regressive Regulation: Rent-Creating Polices That Undermine Growth While Exacerbating Inequality

~ AMDHOTPOMVEEPAWAFK-MOWCTLILSBOUOWOTRTT-M-ATTVSOSRIBUBC ~ Although Mass Digitization Holds Out The Possibility Of Making Virtually Everything Ever Published Accessible With A Few Keystrokes – Millions Of Works Continue To Languish In Limbo Simply Because Of Uncertainty Over Who Owns The Rights To Them – Meanwhile – Access To The Vast Storehouses Of Scientific Research Is Bottled Up By Copyright

~ ‘IP’-‘IM’-AMSOES-A-ATFUE ~ “Intellectual Property” – “Intellectual Monopoly” – A Major Source Of Economic Stagnation – And – A Tool For Unjust Enrichment

~ AL-SPPTSOFRAFTTTRWTOWWN-YTIWWG ~ A Large-Scale Political Project To Siphon Off Further Resources And Funnel Them To The Rich Was The Opposite Of What Was Needed – Yet That Is What We Got

~ S-R-S-MBIIAMDWS-IIT-B-TCHLOR-SIN ~ Some – Rent-Seeking – May Be Inevitable In A Modern Democratic Welfare State – It Is True – But – The Current High Level Of Rent-Seeking Is Not

~ WTGDATUUIOE-IFTSPTIWSEA-POOMMI-TPS-TTAOA-G-P-TWABAC-T-IAW-QSTGSAETTAINCBPOABP-SPDTR ~ When The Government Does Attempt To Build Up Its Own Expertise – It Faces The Serious Problem That Individuals With Such Expertise Are – Paid Orders Of Magnitude More In – The Private Sector – Than They Are On A – Government – Payroll – There Will Always Be A Challenge – Therefore – In Attracting Well-Qualified Specialists To Government Service And Ensuring That Their Analysis Is Not Colored By Prospects Of A Big Private-Sector Payday Down The Road

~ TBS-R-S-NTDACJOWTCITMOTPI ~ To Be Successful – Rent-Seekers – Need To Do A Convincing Job Of Wrapping Their Claims In The Mantle Of The Public Interest

~ P-IUUA-AFOR-BIR-C-TANBBTRFT ~ Pollution – Is Usefully Understood As – A Form Of Rent – Because It Represents – Costs – That Are Not Borne By Those Responsible For Them

YUVAL NOAH HARARI ~ 21 LESSONS FOR THE 21ST CENTURY ~ 2018

~ H-TI-S-RT-I-F-N-O-E-A-TSTS-TB ~ Humans – Think – In – Stories – Rather Than – In – Facts – Numbers – Or – Equations – And – The Simpler The Story – The Better

~ H-WAFBA-IT-T-UTW ~ Humans – Were Always Far Better At – Inventing Tools – Than – Using Them Wisely

~ T-TR-MS-PBOHOOTJM-A-CAMN-‘UC’-LTSAPU ~ The – Technological Revolution – Might Soon – Push Billions Of Humans Out Of The Job Market – And – Create A Massive New – “Useless Class” – Leading To – Social And Political Upheavals

~ IIGAT-MLAR-WCAELOW-IIFFCT-TFEWNU-EAC ~ It Is Generally Agreed That – Machine Learning And Robotics – Will Change Almost Every Line Of Work – It Is Far From Certain That – The Future Economy Will Need Us – Even As Consumers

~ IIDWIIBT-PPW-UBI-TCP-O-UBS-TCP-BOHAAD-B-NMWPYC-TRPIIDW-‘U’-A-‘B’-AM ~ It Is Debatable Whether It Is Better To – Provided People With – Universal Basic Income – The Capitalist Paradise – Or – Universal Basic Services – The Communist Paradise – Both Options Have Advantages And Drawbacks – But – No Matter Which Paradise You Choose – The Real Problem Is In Defining What – “Universal” – And – “Basic” – Actually Mean

~ TQF-MAC-ME-TQFAJ ~ The Quest For – Meaning And Community – Might Eclipse – The Quest For A – Job

~ TBS-C-BPIEI ~ The Biometric Sensor – Converts – Biological Processes Into Electronic Information

~ PGM ~ Precision-Guided Manipulation

~ DD ~ Digital Dictators

~ TRPWR-INTOAI-B-RTNSACOTHM ~ The Real Problem With Robots – Is Not Their Own Artificial Intelligence – But – Rather – The Natural Stupidity And Cruelty Of Their Human Masters

~ VRATW ~ Veteran Robots Against The War

~ D-IIPF-CS-TMOBAI-EDWSRIIARNF-O-HWCTLI-‘DD’ ~ Democracy – In Its Present Form – Cannot Survive – The Merger Of Biotech And Infotech – Either Democracy Will Successfully Reinvent Itself In A Radically New Form – Or – Humans Will Come To Live In – “Digital Dictatorships”

~ HF-WGUTITTAAOAATUAISIHH ~ Human Figureheads – Will Give Us The Illusion That The Algorithms Are Only Advisers And That Ultimate Authority Is Still In Human Hands

~ AI&NS ~ Artificial Intelligence And Natural Stupidity

~ TINRTATAIWGC-B-IAC-AVDT-I-ITATSP-C-ITATF ~ There Is No Reason To Assume That Artificial Intelligence Will Gain Consciousness – Because – Intelligence And Consciousness – Are Very Different Things – Intelligence – Is The Ability To Solve Problems – Consciousness – Is The Ability To Feel

~ FTLFD-PAOTW-WTTHIOTPT-E-AT-G-A-NT-WHUGTS-IR-TT-FC-MC-TMUSIH ~ For The Last Few Decades – People All Over The World – Were Told That Humankind Is On The Path To – Equality – And That – Globalization – And – New Technologies – Will Help Us Get There Sooner – In Reality – The Twenty-First Century – Might Create – The Most Unequal Societies In History

~ B-2100-TR-1%-MONMMOTWW-BA-MOTW-B-C-H ~ By – 2100 – The Richest – 1 Percent – Might Own Not Merely Most Of The World’s Wealth – But Also – Most Of The World’s – Beauty – Creativity – Health

~ IWWTPTCOAWAPITHOASE-TKIT-RTOOD ~ If We Want To Prevent The Concentration Of All Wealth And Power In The Hands Of A Small Elite – The Key Is To – Regulate The Ownership Of Data

~ OACABTFU-TTAIWGB ~ Once Algorithms Choose And Buy Things For Us – The Traditional Advertising Industry Will Go Bust

~ APA-MLABM-A-MELMITST-B-ALAISD-ICBWB ~ A Popular App – May Lack A Business Model – And – May Even Lose Money In The Short Term – But – As Long As It Sucks Data – It Could Be Worth Billions

~ WOTD?-TMWBTMIPQOOE ~ Who Owns The Data? – This May Well Be The Most Important Political Question Of Our Era

~ HHB-IYTTPLMOATYPTWATNTOTOE-YCVYAA-BSS-EAYAPTTOG-B-OYRTHBHB-A-TTSN-R-H-A-SS-IBFMDTJTE-HCYETVOCWRTFSTMICS? ~ Human Have Bodies – If You Think That People Live Mainly Online And That You Provide Them With All The Necessary Tools Of Their Online Existence – You Can View Yourself As A – Beneficial Social Service – Even As You Avoid Paying Taxes To Offline Governments – But – Once You Remember That Human Beings Have Bodies – And – That They Still Need – Roads – Hospitals – And – Sewage Systems – It Becomes Far More Difficult To Justify Tax Evasion – How Can You Extol The Virtues Of Community While Refusing To Financially Support The Most Important Community Services?

~ WMCTMTGODWOWSFO ~ We May Come To Miss The Good Old Days When Online Was Separated From Offline

~ WITOVAAPLF-AA-Y-TOTTAUTSTITOAALDACSFT ~ We Insist That Our Values Are A Precious Legacy From – Ancient Ancestors – Yet – The Only Thing That Allows Us To Say This Is That Our Ancestors Are Long Dead And Cannot Speak For Themselves

~ W-S-I-T-A-P-FMQTCD-W-AMPFMIIOA ~ War – Spreads – Ideas – Technologies – And – People – Far More Quickly Than Commerce Does – War – Also Makes People Far More Interested In One Another

~ ACEITBCFFACI-A-HNHALTSE-NW-CC-A-TD ~ A Common Enemy Is The Best Catalyst For Forging A Common Identity – And – Humankind Now Has At Least Three Such Enemies – Nuclear War – Climate Change – And – Technological Disruption

~ S-TGFCO-2008-TISIRD-WIBIV-A-MEAB ~ Since – The Global Financial Crisis Of – 2008 – The International Situation Is Rapidly Deteriorating – Warmongering Is Back In Vogue – And – Military Expenditures Are Ballooning

~ HS-I-OOTMIFIH-Y-WOTTDI ~ Human Stupidity – Is – One Of The Most Important Forces In History – Yet – We Often Tend To Discount It

~ OPRF-HS-IADO-H ~ One Potential Remedy For – Human Stupidity – Is A Dose Of – Humility

~ DT-TNOG-IV-PTDM-WSNU-TNOG-TJ-OPI-OEA-O-OPH ~ Don’t Take – The Name Of God – In Vain – Perhaps The Deeper Meaning – We Should Never Use – The Name Of God – To Justify – Our Political Interests – Our Economic Ambitions – Or – Our Personal Hatreds

~ TVSR-T-IHABISP-ILACIO ~ The Very Same Religions – That – Inspire Hate And Bigotry In Some People – Inspire Love And Compassion In Others

~ IOT-AM-YDNTBIAMOS-YJNT-D-ADAOS ~ In Order To – Act Morally – You Don’t Need To Believe In Any Myth Or Story – You Just Need To – Develop – A Deep Appreciation Of Suffering

~ QYCA-AUFBFY-T-AYCQ ~ Questions You Cannot Answer – Are Usually Far Better For You – Than – Answers You Cannot Question

~ TOP-R-E-IITSHIATOA-TIITT-HHANRTLOL-BITS-CTPO-AR-PMFH-A-SBFTWCOPAV ~ The Only Place – Rights – Exist – Is In The Stories Humans Invent And Tell One Another – Though It Isn’t True That – Humans Have A Natural Right To Life Or Liberty – Belief In This Story – Curbed The Power Of – Authoritarian Regimes – Protected Minorities From Harm – And – Safeguarded Billions From The Worst Consequences Of Poverty And Violence

~ PRATI-B-TLTI-A-EC-O-L-MF-A-S-CNF-WTBACRASC ~ People Rarely Appreciate Their Ignorance – Because – They Lock Themselves Inside – An – Echo Chamber – Of – Like-Minded Friends – And – Self-Confirming News Feeds – Where Their Beliefs Are Constantly Reinforced And Seldom Challenged

~ MOO-V-ASB-CG-RT-IR-A-WHOTTV-DT-GL ~ Most Of Our – Views – Are Shaped By – Communal Groupthink – Rather Than – Individual Rationality – And – We Hold On To These Views – Due To – Group Loyalty

~ T-GCIMH-RNJF-HAG-BEMS-F-IAI ~ The – Greatest Crimes In Modern History – Resulted Not Just From – Hatred And Greed – But Even More So – From – Ignorance And Indifference

~ IYWT-GGL-RPT-BAA-IAFBTTATT-BTT ~ If You Want To – Gauge Group Loyalty – Requiring People To – Believe An Absurdity – Is A Far Better Test Than Asking Them To – Believe The Truth

~ OOTGFOAI-TDTCOTW-A-TIAT ~ One Of The Greatest Fictions Of All Is – To Deny The Complexity Of The World – And – Think In Absolute Terms

~ F-IYWRI-PGMFI ~ First – If You Want Reliable Information – Pay Good Money For It

~ S-SSTT-TFC:CT/C/C/C ~ Schools – Should Switch To Teaching – The Four C’s: Critical Thinking / Communication / Collaboration / Creativity

~ T-BQFH-I-‘WITMOL?’-B-R-“HDWSS?’-TRTITWIS ~ The – Big Question Facing Humans – Isn’t – “What Is The Meaning Of Life?” – But – Rather – “How Do We Stop Suffering?” – The Realest Thing In The World Is Suffering