CARL HONORE ~ IN PRAISE OF SLOW ~ 2004

~ TTITHCO-T-C-TD-WE-TSTE-RTTOWR ~ Then There Is The Human Cost Of – Turbo-Capitalism – These Days – We Exist – To Serve The Economy – Rather Than The Other Way Round

~ FHPAPISOTWDOTME ~ Fatigue Has Played A Part In Some Of The Worst Disasters Of The Modern Era

~ ATTTBUTAMLWL-C-F-F-TOTOTWNHEO:T ~ All The Things That Bind Us Together And Make Life Worth Living – Community – Family – Friendship – Thrive On The One Thing We Never Heave Enough Of: Time

~ TTI-TCOM-T-DTTAOSSC-SE-SM-AY-WIOMIDTTNVW ~ Then There Is – The Curse Of Multi-Tasking – Doing Two Things At Once Seems So Clever – So Efficient – So Modern – And Yet – What It Often Means Is Doing Two Things Not Very Well

~ S-OM-B ~ Slower – Often Means – Better

~ PATIA-SM-OY-FR ~ Performing A Task In A – Slow Manner – Often Yields – Faster Results

~ S-BAWOLDT-IR-ATWLI-O ~ Scheduling – Became A Way Of Life During The – Industrial Revolution – As The World Lurched Into – Overdrive

~ P-TE-IW-T-LBTC-WNE-TRC-SAP-P-A-ACDAAMV-W-D-SAT-A-CS ~ Persuading – The Early – Industrial Workers – To – Live By The Clock – Was Not Easy – The Ruling Classes – Set About Promoting – Punctuality – As – A Civic Duty And A Moral Virtue – While – Denigrating – Slowness And Tardiness – As – Cardinal Sins

~ TAM-R-O-E-F-S ~ There Are Many – Reasons – Or – Excuses – For – Speeding

~ WNT-WTDMS ~ We Need To – Want To Drive More Slowly

~ PTMC-WTAC-TP-LT-TV ~ People Think More Creatively – When They Are Calm – Time Pressure – Leads To – Tunnel Vision

~ M-IOWTTTMTR-MINN-POAFHBUIFTOYITQFIHOSE ~ Meditation – Is One Way To Train The Mind To Relax – Meditation Is Not New – People Of All Faiths Have Been Using It For Thousands Of Years In The Quest For Inner Harmony Or Spiritual Enlightenment

~ TAMGRFW ~ There Are Many Good Reasons For Walking

~ WWW-WAAOTDAU-WMC ~ When We Walk – We Are Aware Of The Details Around Us – We Make Connections

~ SLTW-A-MTII-SS ~ Spend Less Time Working – And – More Time Indulging In – Slow Sex

~ TBOWLH ~ The Benefits Of Working Less Hard

~ TWAT-NSLA-WMLFTAN-AOL-M-PTLEFTDOW ~ There Was A Time – Not So Long Ago – When Mankind Looked Forward To A New – Age Of Leisure – Machines – Promised To Liberate Everyone From The Drudgery Of Work

~ WHTT-AOL? ~ Whatever Happened To The – Age Of Leisure?

~ WFH-CESI-WATT ~ Working From Home – Can Easily Slide Into – Working All The Time

~ MGTWEWTTOITBE ~ Millions Go To Work Even When Too Tired Or Ill To Be Effective

~ WTH-IB-FU-A-FTE ~ Working Too Hard – Is Bad – For Us – And – For The Economy

~ PAWTD-WTWTW ~ People Also Want To Decide – When They Want To Work

~ TNHBTPPFTHTSOTJ-RTFWTP ~ The Norm Has Been To Pay People For The Hours They Spend On The Job – Rather Than For What They Produce

~ PWFICOTT-AM-R-C-A-P ~ People Who Feel In Control Of Their Time – Are More – Relaxed – Creative – And – Productive

~ N-CBEH-N-WSMOUANSEAN ~ Napping – Can Be Especially Helpful – Nowadays – When So Many Of Us Are Not Sleeping Enough At Night

~ R-STAPOW-D-T-COS ~ Reading – Surrendering To A Piece Of Writing – Defies – The – Cult Of Speed

~ UT ~ Unstructured Time

~ TGBO-SD-I-RTTATTMMC-WP-WC-WW-WN-WOOBAM ~ The Great Benefit Of – Slowing Down – Is – Reclaiming The Time And Tranquility To Make Meaningful Connections – With People – With Culture – With Work – With Nature – With Our Own Bodies And Minds

~ TCTOTSPI-TTTTDTP-A-T-ETM ~ The Central Tenet Of The Slow Philosophy Is – Taking The Time To Do Things Properly – And – Thereby – Enjoy Them More

~ WICT-SD-IIBT-SS ~ When It Comes To – Slowing Down – It Is Best To – Start Small

JAMES KWAK ~ ECONOMISM ~ 2017

~ BEATROI ~ Bad Economics And The Rise Of Inequality

~ E-ROTPT-PCAM-BAT-TA-TDIOAE101T-ETTABTDVNHTITRW ~ Economism – Rests On The Premise That – People – Companies – And – Markets – Behave According To – The Abstract – Two-Dimensional Illustrations Of An Economics 101 Textbook – Even Though The Assumptions Behind Those Diagrams Virtually Never Hold True In The Real World

~ EIAILTWPMSOR-BICTAO-‘E’-ECBAPRT ~ Economism Is An Interpretive Lens Through Which People Make Sense Of Reality – Because It Claims The Authority Of – “Economics” – Economism Can Be A Powerful Rhetorical Tool

~ WSEACSMP-ITWTMOJ-TESO-ATITIG-WETFOAATCI ~ While Superficial Economic Arguments Can Serve Multiple Purposes – In Today’s World They Most Often Justify – The Existing Social Order – And The Inequality That It Generates – While Explaining The Futility Of Any Attempt To Change It

~ RARWQTSM-A-ATITST-ITS-EILAI ~ Reducing All Real-World Questions To Simple Models – And – Answering Them In The Same Terms – In This Sense – Economism Is Like An Ideology

~ TCJFGDOW-INLTTSHWDBG-OTTSOTFIRFTPOTS-I-IIN-EC-BIITNOOAESTPTGGTTGN ~ The Common Justification For Great Disparities Of Wealth – Is No Longer That The Social Hierarchy Was Dictated By God – Or That The Survival Of The Fittest Is Required For The Progress Of The Species – Instead – Inequality Is Necessary – Even Celebrated – Because It Is The Natural Outcome Of An Economic System That Provides The Greatest Good To The Greatest Number

~ TAOETPA-AS-RT-RD-IOSOIS ~ The Ability Of Economism To Pass As– Abstract Science – Rather Than – Rhetorical Device – Is One Source Of Its Strength

~ EIAIBOISEAEP-A-C-U-POTW-WCBCQAE-DW-MAUF ~ Economism Is Also Influential Because Of Its Sedative Elegance And Explanatory Power – A – Clean – Uncluttered – Picture Of The World – Which Can Be Communicated Quickly And Easily – Dispensing With – Messy And Uncooperative Facts

~ ASSOAC-BOAUA-HB-WICS ~ A Small Set Of Abstract Concepts – Based On Admittedly Unrealistic Assumptions – Has Become – Widespread In Contemporary Society

~ IALETMAC-ITAWOSADC-TII-ITRWOPAI ~ It’s A Lot Easier To Make A Case – In The Abstract World Of Supply And Demand Curves – Than It Is – In The Real World Of People And Institutions

~ IGPPWTBUTAISOS-WTSTIOTG-O-PIWAFIOTW ~ Ideas Gain Power Precisely When They Become Useful To An Important Segment Of Society – When They Support The Interests Of That Group – Or – Provide It With A Favorable Interpretation Of The World

~ BBTPO-PT-SI-A-WP-CCTBUWEFTPOPTO ~ Befuddled By The Popularity Of – Progressive Taxes – Social Insurance – And – Welfare Programs – Commentators Continue To Blame Unfamiliarity With Economics For The Popularity Of Policies They Oppose

~ M-IC-WDNSIEI-ARATVOE ~ Many – Influential Commentators – Who Do Not Specialize In Economic Issues – Also Routinely Adopt The Vocabulary Of Economism

~ TM-NE-BMIASWOPADSAEI ~ The Media – Normalize Economism – By Making It A Standard Way Of Presenting And Discussing Social And Economic Issues

~ FC-WSGWHBACPQ-ERTQFTPSTTAROT-IWT-CLM-PT-P-I-S ~ For Centuries – Who Should Get What Has Been A Central Political Question – Economism Removes The Question From The Political Sphere To The Abstract Realm Of Theory – In Which The – Competitive Labor Market – Provides The – Perfect – Indisputable – Solution

~ OOTCPOEIT-T-A-V-V-B-AU-YCMTAEUAS-A-DD-TITHTDPFWATMSWOIPTSMDETOE ~ One Of The Core Principles Of Economism Is That – Taxes – Are – Very – Very – Bad – As Usual – You Can Make The Argument Easily Using A Supply-And-Demand Diagram – The Idea That Higher Taxes Discourage People From Working And Therefore Make Society Worse Off Is Probably The Single Most Deeply Entrenched Tenet Of Economism

~ MPABUOTTR-MHBFDABNOSCIROR-B-OPR-SA-‘SWILOAE’ ~ Many People Are Blissfully Unaware Of Their Tax Rates – Most Human Beings’ Financial Decisions Are Based Not On Sophisticated Calculations Involving Rates Of Return – But – On Primitive Rules – Such As – “Save Whatever Is Left Over After Expenses”

~ LTRITAOMTTGHTB-RTCATTPS ~ Lower Tax Revenues Increase The Amount Of Money That The Government Has To Borrow – Reducing The Capital Available To The Private Sector

~ TSMST-LITWISAG-DHUTS-LPKMOTSDNAMTTWM ~ The Simple Model Saying That – Lower Investment Taxes Will Increase Savings And Growth – Doesn’t Hold Up To Scrutiny – Letting People Keep More Of Their Salaries Does Not Always Motivate Them To Work More

~ AGISAMBWWOCAOSTWDNTTPSTLAE-AS-TQOWTAWDOWFWEFOGAHWIFT ~ A Government Is Simply A Mechanism By Which We Organize Certain Aspects Of Society That We Do Not Trust The Private Sector To Look After Effectively – And So – The Question Of Whether Taxes Are Worthwhile Depends On What Functions We Expect From Our Government And How Well It Fulfills Them

~ TGPOAWITSTBOWPBIEP ~ The Greatest Power Of A Worldview Is To Set The Boundaries Of What People Believe Is Even Possible

~ ERM-FTP-HBIACWBIAWOE-IFC ~ Economism’s Rosy Model – Failed To Predict – How Both Individuals And Companies Would Behave In A World Of Ever-Increasing Financial Complexity

~ I2008-WRTLTACMDNMETCFTIMPU-I-P-SBLBPACTMTIGIWTDLDAWR-SOATMS ~ In 2008 – We Relearned The Lesson That A Competitive Market Does Not Magically Ensure That Capital Flows To Its Most Productive Uses – Instead – Profit-Seeking Behavior Leads Both People And Companies To Maximize Their Individual Gains In Ways That Distort Lending Decisions And Waste Resources – Sometimes On A Truly Monumental Scale

~ TMTNCALAMCTE-A-CRASTLTETTBWSTNCI ~ The Megabanks That Nearly Collapsed Are Larger And More Complex Than Ever – And – Capital Requirements Are Still Too Low To Ensure That Those Banks Will Survive The Next Crisis Intact

~ IARWLM-TADCCL ~ In A Real-World Labor Market – Trade Agreements Do Create Clear Losers

~ TGAOEHBT-RAPI-AAL-E-T-U-SN-FFSTW ~ The Great Achievement Of Economism Has Been To – Repackage A Political Ideology – As A Lightweight – Easy-To-Use – Seemingly Neutral – Framework For Seeing The World

~ BCTSO-AT-EDTTIADAA-TWSITWII-IYDA-YMNU-E101 ~ By Claiming The Status Of – Absolute Truth – Economism Denies That There Is Any Debate At All – The World Simply Is The Way It Is – If You Don’t Agree – You Must Not Understand – Economics 101

~ EPAIRIOCPI-PCTOAAA-WPOTTM ~ Economism Plays An Important Role In Our Contemporary Political Institutions – Prioritizing Certain Types Of Analyses And Arguments – While Pushing Others To The Margins

~ FASTBR-CMANE-TMAB-PDPI-TPEF-MP-SC-A-SAESOR ~ For A Society To Become Rich – Competitive Markets Are Not Enough – There Must Also Be – Pluralistic Democratic Political Institutions – That Prevent Elites From – Monopolizing Power – Suppressing Competitors – And – Seizing An Excessive Share Of Resources

~ U-IWTA-NW-TDBWTO ~ Ultimately – It Will Take A – New Worldview – To Do Battle With The Old

JOSEPH STIGLITZ ~ THE PRICE OF INEQUALITY ~ 2012

~ SGVFCTC-TWSST-TWACUT-IMW-T-EAPS-HF-A-T-BWFU ~ Specific Grievances Varied From Country To Country – There Were Some Shared Themes – There Was A Common Understanding That – In Many Ways – The – Economic And Political System – Had Failed – And – That – Both Were Fundamentally Unfair

~ TGBWOEAPSASTD-WWWTTDD-AWTAC-BTLTBI ~ The Gap Between What Our Economic And Political Systems Are Supposed To Do – What We Were Told They Did Do – And What They Actually Do – Became Too Large To Be Ignored

~ TBHTB-T-WGA-WHBTATEED-ACLATSSTTWNAA-TBHITBTW ~ The Bankers Had Taken Bets – That – Without Government Assistance – Would Have Brought Them And The Entire Economy Down – A Closer Look At The System Showed That This Was Not An Accident – The Bankers Had Incentives To Behave This Way

~ TMOINE ~ The Market Obviously Is Not Efficient

~ U-TIOTMTGJFSMC-ITWFOTM-TGSOI-AAMCOI ~ Unemployment – The Inability Of The Market To Generate Jobs For So Many Citizens – Is The Worst Failure Of The Market – The Greatest Source Of Inefficiency – And A Major Cause Of Inequality

~ WHEHAHP ~ We Have Empty Homes And Homeless People

~ WAPAHPFO-I-AESTISSALE-WLG-A-ADTHBPIP ~ We Are Paying A High Price For Our – Inequality – An Economic System That Is Less Stable And Less Efficient – With Less Growth – And – A Democracy That Has Been Put Into Peril

~ TPOMIE-B-THNIMC ~ The Power Of Markets Is Enormous – But – They Have No Inherent Moral Character

~ ATB-MHPACRITSIIPASOLITPTHY-BGHAPAMRITA-AFTF-MATFTA ~ At Their Best – Markets Have Played A Central Role In The Stunning Increases In Productivity And Standards Of Living In The Past Two Hundred Years – But Government Has Also Played A Major Role In These Advances – A Fact That Free-Market Advocates Typically Fail To Acknowledge

~ OTOH-MCACW-PECOTS-A-AWAC ~ On The Other Hand – Markets Can Also Concentrate Wealth – Pass Environmental Costs On To Society – And – Abuse Workers And Consumers

~ TFIPAEAR-ATREO-PHSTM-ASIIWT-ATT-ATEOTR ~ The Failures In Politics And Economics Are Related – And They Reinforce Each Other – Politics Have Shaped The Market – And Shaped It In Ways That – Advantage The Top – At The Expense Of The Rest

~ UMDNWW-AWHS ~ Unfettered Markets Do Not Work Well – As We Have Seen

~ TLOI-A-TAOO-INI-NIIRRSTPOIMF ~ The Level Of Inequality – And – The Absence Of Opportunity – Is Not Inevitable – Nor Is Its Recent Rise Simply The Product Of Inexorable Market Forces

~ IA-ATAM-ATTCTGMMTTTWBE-PBIWLTMG-TIAIC-T-DE-IHALP-AHLBD-HIHNLTMG ~ Inequality’s Apologists – And They Are Many – Argue To The Contrary That Giving More Money To The Top Will Benefit Everyone – Partly Because It Would Led To More Growth – This Is An Idea Called – Trickle-Down Economics – It Has A Long Pedigree – And Has Long Been Discredited – Higher Inequality Has Not Led To More Growth

~ SDIIFTBIP-TETERTTSAA-‘PT’ ~ So Difficult Is It For Those Born Into Poverty To Escape – That Economists Refer To The Situation As A – “Poverty Trap”

~ MOIIDFCCAOI ~ Measures Of Income Inequality Don’t Fully Capture Critical Aspects Of Inequality

~ MOTITETIARO-GP-BWTGDAWIDND-IITROPFAMAOEO ~ Much Of The Inequality That Exists Today Is A Result Of – Government Policy – Both What The Government Does And What It Does Not Do – Inequality Is The Result Of Political Forces As Much As Of Economic Ones

~ TMTMA-TMCTALTB-WGI-CMCEAD ~ The More Transparent Markets Are – The More Competitive They Are Likely To Be – Without Good Information – Capital Markets Can’t Exercise Any Discipline

~ T-WAS-CWI;IC-T-T-‘R’-O-L/NR-WMTD ~ Taxing – Work And Savings – Can Weaken Incentives; In Contrast – Taxing – The – “Rents” – On – Land / Natural Resources – Won’t Make Them Disappear

~ TSWTASMIGTGTGYO ~ The Simplest Way To A Sustainable Monopoly Is Getting The Government To Give You One

~ IOTTWIAFG-IQATBATWTROTG-A-IEW-IYCCYOR ~ It’s One Thing To Win In A Fair Game – It’s Quite Another To Be Able To Write The Rules Of The Game – And – It’s Even Worse – If You Can Choose Your Own Referees

~ ‘RC’-TOTRC-CFARTTSTTASTR-STSW-GWRITP-GC ~ “Regulatory Capture” – Those On The Regulatory Commissions – Come From And Return To The Sector That They Are Supposed To Regulate – Serve The Sector Well – Get Well Rewarded In Their Post-Government Career

~ ITGGYTRT-E-R-F-F-IDTAGTMAF ~ If The Government Grants You The Right To – Extract – Resources – For – Free – It Doesn’t Take A Genius To Make A Fortune

~ OESRP-NMHTM-AIA-M-CE-INSTSMSPTTS ~ Our Economic System Rewards Profits – No Matter How They’re Made – And In A – Money-Centric Economy – It’s Not Surprising To See Moral Scruples Put To The Side

~ TMDOAIS-IC ~ The Major Determinant Of An Individual’s Success – Initial Conditions

~ LIR-LR-A-ADADFS-CTTROTE-FAM ~ Low Interest Rates – Lax Regulations – And – A Distorted And Dysfunctional Financial Sector – Came To The Rescue Of The Economy – For A Moment

~ R-ATROTG-TEC-TPA-TPTTCPT ~ Regulations – Are The Rules Of The Game – To Ensure Competition – To Prevent Abuses – To Protect Those That Cannot Protect Themselves

~ MOTIIOE:TROR-S ~ Much Of The Inequality In Our Economy: The Result Of Rent-Seeking

~ TFSIST-STROTE-NTOWA ~ The Financial Sector Is Supposed To – Serve The Rest Of The Economy – Not The Other Way Around

~ MOT-‘FI’-WDT-CR-AALL-REP ~ Many Of These – “Financial Innovations” – Were Designed To – Circumvent Regulations – And Actually Lowered Long-Run Economic Performance

~ TCBDAWACC ~ There Can Be Destructive As Well As Constructive Competition

~ IF-ATPOF-IP ~ Increasing Fairness – And The Perception Of Fairness – Increases Productivity

~ TSTOEAPSIU-UT-WIEFTFOOS ~ The Sense That Our Economic And Political System Is Unfair – Undermines Trust – Which Is Essential For The Functioning Of Our Society

~ G-ITFITWWAT-C-TSTNP ~ Government – Is The Formal Institution Through Which We Act Together – Collectively – To Solve The Nation’s Problems

~ CATAIIESOS ~ Cooperation And Trust Are Important In Every Sphere Of Society

~ WOU-TROT-IMOEW-O-TIOTSC-TBUT ~ We Often Underestimate – The Role Of Trust – In Making Our Economy Work – Or – The Importance Of The Social Contract – That Binds Us Together

~ SC-ITGTHST ~ Social Capital – Is The Glue That Holds Societies Together

~ OCSH-D-NS-D-A-FAUG ~ One Cannot Simultaneously Have – Democracy – National Self-Determination – And – Full And Unfettered Globalization

~ N-ITHOTP-HSM-GSM-TSF-WWSR-WAAIR ~ Never – In The History Of The Planet – Had So Many – Given So Much – To So Few – Who Were So Rich – Without Asking Anything In Return

~ MH-BBHRAPLTERTBB ~ Moral Hazard – Bank Bailouts Had Repeatedly And Predictably Led To Excessive Risk Taking By Banks

~ RBBHIHCOT ~ Repeated Bank Bailouts Have Imposed High Costs On Taxpayers

~ ATW-TEO-FP-AL ~ Around The World – The Examples Of – Failed Privatizations – Are Legion

~ MOCWIHWTTC ~ Much Of Corporate Welfare Is Hidden Within The Tax Code

~ MCWITISD-ICGOTUOTR-WTBTL ~ Markets Can’t Work If There Isn’t Some Discipline – If Companies Get Only The Upside Of The Risks – With Taxpayer Bearing The Losses

~ WTWIO-DHTBTFCOTA-TWHII-NTIT-A-TTPTAROI ~ When Those Who Injure Others – Don’t Have To Bear The Full Consequences Of Their Actions – They Will Have Inadequate Incentives – Not To Injure Them – And – To Take Precautions To Avoid Risks Of Injury

~ IEPIACBTUD-PCWF ~ If Economic Power In A Country Becomes Too Unevenly Distributed – Political Consequences Will Follow

~ IAD-API-APAIM-ACBIAPI-MHSDOA-OTMSTTINM-ABDAEP ~ In Any Democracy – A Public Institution – And Pretend As It Might – A Central Bank Is A Public Institution – Must Have Some Degree Of Accountability – Oversight To Make Sure That There Is No Malfeasance – A Central Bank’s Decisions Are Essentially Political

~ AWIP ~ Another World Is Possible

~ N-TPOE-TPOEAF ~ Not – The Politics Of Envy – The Politics Of Efficiency And Fairness

JOHN RALSTON SAUL ~ THE UNCONSCIOUS CIVILIZATION ~ 1995

~ TGLB ~ The Great Leap Backward

~ OTE-IME-B-HMOICTIAUS? ~ Our Technocratic Elite – It Must Exist – But – How Much Of It Can The Industrious Among Us Support?

~ TTO-SE-WCBTOFTLS-IAITS-TSABAWBTARBCAASOW-BOTI ~ The Reaction Of – Sophisticated Elites – When Confronted By Their Own Failure To Lead Society – Is Almost Invariably The Same – They Set About Building A Wall Between Themselves And Reality By Creating An Artificial Sense Of Well-Being On The Inside

~ NWAEBANA-PCG-TM-AHA-T ~ Now We Are Enthralled By A New All-Powerful Clockmaker God – The Marketplace – And His Archangel – Technology

~ OC-TSWFOO ~ Of Course – The Suffering Will Fall On Others

~ HHBFOMAWWHTSOTOAFTS ~ History Has Been Full Of Men And Women Who Had To Sing One Tune Or Another For Their Supper

~ WDLL? ~ Where’s Does Legitimacy Lie?

~ WLIACSWSPTD ~ We Live In A Corporatist Society With Soft Pretensions To Democracy

~ CTDMASIPATCDOSIIADUTE ~ Clearly The Democratic Mechanisms Are Still In Place And The Citizens Do Occasionally Succeed In Imposing A Direction Upon The Elites

~ CR-NMHNADTP-ITFSTCTTWI ~ Confronting Reality – No Matter How Negative And Depressing The Process – Is The First Step Towards Coming To Terms With It

~ WDNCIHRATBCTRFU ~ What Does Not Change In Human Relationships Are The Basic Choices That Repeatedly Face Us

~ AOOM-DWBCBTROTE ~ An Oversupply Of Managers – Dead Weight Being Carried By The Rest Of The Economy

~ G-ITOOMTMPTLOSDKA-TPG ~ Government – Is The Only Organized Mechanism That Makes Possible That Level Of Shared Disinterest Known As – The Public Good

~ TI-LI-S-TITPCO-I-TOQIWFTSWT ~ The Individual – Lives In – Society – That Is The Primary Characteristic Of – Individualism – The Only Question Is What Form That Society Will Take

~ TPWROGSE ~ The Power We Refuse Ourselves Goes Somewhere Else

~ PBSOBHGTTFIIMTBTGAITOPPFTHPO ~ People Become So Obsessed By Hating Government That They Forget It Is Meant To Be Their Government And Is The Only Powerful Public Force They Have Purchase On

~ TC-IRTTSO-ASATFOTTOTM ~ The Citizen – Is Reduced To The Status Of – A Subject At The Foot Of The Throne Of The Marketplace

~ CCAPL ~ Corporatism Cuts Across Political Lines

~ OTPOLCHBA-TMOCTOTBI ~ Once The Principle Of Legalized Corruption Had Been Accepted – The Methods Of Corruption Turned Out To Be Inexhaustible

~ GCTDSTAAHBHBITLRTTPBTPS-OLAFWTS ~ Governments Continue To Deliver Services That Are And Have Been Historically Better In The Long Run Than Those Provided By The Private Sector – Our Lives Are Filled With These Services

~ SIAWOOQ-R-II-POOIOAAFFSAFAOA-IQBI ~ Sensibly Integrated Along With Our Other Qualities – Reason – Is Invaluable – Put Out On Its Own As A Flagship For Society And For All Of Our Actions – It Quickly Becomes Irrational

~ MO-TRTBP-WTRNOS-IABODA-CCTBTPIIOTWTPG ~ Most Of – The Reforms That Brought Prosperity – Were The Result Not Of Self-Interested Action But Of Disinterested Action – Citizens Committing Themselves Beyond Their Personal Interest In Order To Widen The Public Good

~ TM-DN-L-B-O-E-D-H-PR-IITMEWTCB ~ The Market – Does Not – Lead – Balance – Or – Encourage – Democracy – However – Properly Regulated – It Is The Most Effective Way To Conduct Business

~ ASCSTBRTSUGARTOTRTL ~ A Severe Crisis Seems To Be Required To Shake Up Governments And Remind Them Of Their Responsibility To Lead

~ CTTFI? ~ Can The Technology Free Itself?

~ T-DS-F ~ Technology – Doesn’t Seek – Freedom

~ T-LAOEM-CBEHITRC-ICIAOISSP ~ Trade – Like Any Other Economic Mechanism – Can Be Extremely Helpful In The Right Circumstance – It Cannot In And Of Itself Solve Societal Problems

~ P-TKEOG-HBTFGTSTTBFLCOTMC ~ Perhaps – The Key Effect Of Globalization – Has Been To Force Governments To Shift The Tax Burden From Large Corporations Onto The Middle Class

~ TMDITRAOTI-AS-THWAETGAP ~ The Market Disciples Ignore The Repeated Admonition Of Their Idol – Adam Smith – That High Wages Are Essential To Growth And Prosperity

~ MM-UTFRA-A-PI ~ Money Markets – Unrelated To Financing Real Activity – Are – Pure Inflation

~ TUMM-HNGUOTYO-C-I-GS-A-NRW-B-IIGWNOW? ~ The Unregulated Money Markets – Have Now Given Us Over Twenty Years Of – Crisis – Instability – Gratuitous Speculation – And – No Real Growth – But – Is It Growth We Need Or Want?

~ B-L-WIW-ITTTMIPT-IR ~ But – Language – When It Works – Is The Tool That Makes It Possible To – Invoke Reality

~ TDOBAUI ~ The Danger Of Becoming An Unconscious Ideologue

~ C-AITDAUTLOTIATCIAD ~ Corporatism – An Ideology That Denies And Undermines The Legitimacy Of The Individual As The Citizen In A Democracy

ROBERT FRANK ~ THE DARWIN ECONOMY ~ 2011

~ ITI-NRA-TLUAGWTPTL-MT-OBOITTTCOTW-DTMVFOM ~ If There Is – No Realistic Alternative – To Living Under A Government With The Power To Levy – Mandatory Taxes – Our Best Option Is To Try To Create One That Will – Deliver The Most Value For Our Money

~ ATOAA-NOGR-B-A-DTA ~ A Tax On Any Activity – Not Only Generates Revenue – But – Also – Discourages The Activity

~ AA-RD-‘SE’-AT-‘COB’-‘SOC’-A-‘CTWWLOL’-B-IAVC-B-VE-LAR-C-SE ~ Antigovernment Activists – Reliably Denounce – “Social Engineering” – Attempts To – “Control Our Behaviour” – “Steer Our Choices” – And – “Change The Way We Live Our Lives” – But – It’s A Vacuous Compliant – Because – Virtually Every – Law And Regulation – Constitutes – Social Engineering

~ LAHAT-O-SL-SS-TL-SE-I-I-SB-NS-IWOLPTCUHTO ~ Laws Against Homicide And Theft – Noise Ordinances – Speed Limits – Stop Signs – Traffic Lights – Social Engineering – Is – Inescapable – Simply Because – Narrow Self-Interest Would Otherwise Lead People To Cause Unacceptable Harm To Others

~ EDRBTHAIODLTWMRBTUO ~ Every Dollar Raised By Taxing Harmful Activities Is One Dollar Less That We Must Raise By Taxing Useful Ones

~ WGS-OC-SBCWP ~ Wasteful Government Spending – Of Course – Should Be Cut Whenever Possible

~ IETSH-S-WCPITGHNUM-MSNHIACWLIITTAH-AIFWDCATMOTGATH-OPOP ~ It’s Easy To See How – Someone – Whose Core Philosophy Is That Government Has No Useful Mission – Might See No Harm In Appointing Cronies With Little Interest In The Task At Hand – Appointing Incompetent Friends Who Don’t Care About The Mission Of The Government Agencies They Head – Often Plays Out Poorly

~ TSFWT-EPW-ISIII-PW-IAMETET-PW ~ The Search For Ways To – Eliminate Private Waste – Is Still In Its Infancy – Private Waste – Is Actually Much Easier To Eliminate Than – Public Waste

~ TIP-ITTUDA-WRMS-SHO-PPQ-ATEOPRR-SATAPOIFDHASQ ~ The Important Point – Is That The Ultimate Decision About – Whether Regulation Makes Sense – Should Hinge On – Purely Practical Questions – About The Efficacy Of Proposed Regulatory Remedies – Slogans About The Absolute Primacy Of Individual Freedom Don’t Help Answer Such Questions

~ ICBAI? ~ Is Cost Benefit Analysis Immoral?

~ DAGR-EBCAB-ITE-QRWSRTDAQPO-WRSWD? ~ Defending Any Given Right – Entails Both Costs And Benefits – In The End – Questions Regarding Which Specific Rights To Defend Are Quintessentially Practical Ones – Which Rights Should We Defend?

~ DAGRCBFTWVI-B-IAGC-NJFTTWETR-BA-FTWBIRBI ~ Defending Any Given Right Creates Benefits For Those Who Value It – But – It Also Generates Costs – Not Just For Those Tasked With Enforcing The Right – But Also – For Those Whose Behavior Is Restricted By It

~ TITMTWPWPFBT ~ The Infrastructure That Made Their Wealth Possible Was Paid For By Taxes

~ TOAT-SE-I-CA ~ The Only Alternative To – Social Engineering – Is – Complete Anarchy

~ AT-RMF-HBAC-IOI-FO-HSFTB-U-MOTAHBCBMPABEOTPS-APWBML-I-WCA-I-FV-A-TRBSAM ~ Attempts To – Remedy Market Failure – Have Been A Central – If Often Implicit – Focus Of – Human Societies From The Beginning – Unfortunately – Many Of Those Attempts Have Been Compromised By Misguided Perceptions At Both Ends Of The Political Spectrum – Additional Progress Will Be More Likely – If – We Can Abandon – Ill-Founded Views – About – The Relationship Between Success And Merit

~ IWTOBTAATSUPCSTRBTU-IAINTRA ~ If We Think Of Being Taxed As Akin To Some Unknown Person Confiscating Something That Rightfully Belongs To Us – It’s Almost Impossible Not To React Angrily

~ IPTTOTROGLITOS-TATTOTROBLIOF ~ If People Tend To Overlook The Role Of Good Luck In Their Own Success – They Also Tend To Overlook The Role Of Bad Luck In Others’ Failures

~ TPFITTWJL ~ The Plan Fact Is That They Were Just Lucky

~ TPFPTPHANRTKTFBTTAECITLM-GTETWIROPIFBT-TPHNMMS ~ The Prevailing Framework Presumes That People Have A Natural Right To Keep The Full Bounty Their Talents And Efforts Command In The Labor Market – Given The Extent To Which Incomes Rest On Public Investment Financed By Taxes – That Presumption Has Never Made Much Sense

~ WHNPRTBT-HTOTEWIEG-TCIOR-A-SQ ~ We Have No Persuasive Reasons To Believe That – Higher Taxes On Top Earners Would Inhibit Economic Growth – This Claim Is Often Repeated – And – Seldom Questioned

~ IWC-TTR-TNHORTRWN-B-TGN-IT-CTCBLOTEWHTIIAW ~ If We Can’t – Tax The Rich – There’s No Hope Of Raising The Revenue We’ll Need – But – The Good News – Is That – Certain Taxes Can Be Levied On Top Earners Without Harming Their Interest In Any Way

~ TOHACTBKA-PT ~ Taxes On Harmful Activities Came To Be Known As – Pigouvian Taxes

~ TPOAPTGHSESRTC ~ The Price Of Any Product That Generates Harmful Side Effects Should Reflect Their Cost

~ MPSDHV ~ Many Public Services Deliver High Value

~ TPSOO-PP-IRDHB-ACOS-T-CMTTNOTACWF ~ The Primary Source Of Our – Political Paralysis – In Recent Decades Has Been – A Collection Of Slogans – That – Completely Misrepresent The True Nature Of The Actual Choices We Face

~ PA-WABC-U-APSFATCHTO-A-RE ~ Personal Autonomy – Will Always Be Compromised – Unless – All Problems Stemming From Activities That Cause Harm To Others – Are – Resolved Efficiently

~ T-BL-ITI-SR-DMT-TEP-ALAP-TSAOTE-TPAOEC ~ The – Bottom Line – Is That If – Society’s Rules – Don’t Make The – Total Economic Pie – As Large As Possible – They Squander An Opportunity To Enhance – The Personal Autonomy Of Every Citizen

~ B-GG-DJH-IMBNC-STB-R-SHHUFTKOSMOUWTLI ~ But – Good Government – Doesn’t Just Happen – It Must Be Nurtured Carefully – Starve The Beast – Rhetoric – Surely Hasn’t Helped Us Forge The Kind Of Society Most Of Us Want To Live In

~ ANOW-AGTTTREB-ATEGWFOO-BTCRH-TOCEAOTO-IWTTDTBWTLTP ~ Almost No One Wants – A Government That Tries To Regulate Every Behavior – A Truly Effective Government Would Focus Only On – Behaviors That Cause Real Harm – That Others Cannot Easily Avoid On Their Own – It Would Try To Discourage Those Behaviors With The Lightest Touch Possible

JAMES KWAK ~ ECONOMISM ~ 2017

~ BEATROI ~ Bad Economics And The Rise Of Inequality

~ E-ROTPT-PCAM-BAT-TA-TDIOAE101T-ETTABTDVNHTITRW ~ Economism – Rests On The Premise That – People – Companies – And – Markets – Behave According To – The Abstract – Two-Dimensional Illustrations Of An Economics 101 Textbook – Even Though The Assumptions Behind Those Diagrams Virtually Never Hold True In The Real World

~ EIAILTWPMSOR-BICTAO-‘E’-ECBAPRT ~ Economism Is An Interpretive Lens Through Which People Make Sense Of Reality – Because It Claims The Authority Of – “Economics” – Economism Can Be A Powerful Rhetorical Tool

~ WSEACSMP-ITWTMOJ-TESO-ATITIG-WETFOAATCI ~ While Superficial Economic Arguments Can Serve Multiple Purposes – In Today’s World They Most Often Justify – The Existing Social Order – And The Inequality That It Generates – While Explaining The Futility Of Any Attempt To Change It

~ RARWQTSM-A-ATITST-ITS-EILAI ~ Reducing All Real-World Questions To Simple Models – And – Answering Them In The Same Terms – In This Sense – Economism Is Like An Ideology

~ TCJFGDOW-INLTTSHWDBG-OTTSOTFIRFTPOTS-I-IIN-EC-BIITNOOAESTPTGGTTGN ~ The Common Justification For Great Disparities Of Wealth – Is No Longer That The Social Hierarchy Was Dictated By God – Or That The Survival Of The Fittest Is Required For The Progress Of The Species – Instead – Inequality Is Necessary – Even Celebrated – Because It Is The Natural Outcome Of An Economic System That Provides The Greatest Good To The Greatest Number

~ TAOETPA-AS-RT-RD-IOSOIS ~ The Ability Of Economism To Pass As – Abstract Science – Rather Than – Rhetorical Device – Is One Source Of Its Strength

~ EIAIBOISEAEP-A-C-U-POTW-WCBCQAE-DW-MAUF ~ Economism Is Also Influential Because Of Its Sedative Elegance And Explanatory Power – A – Clean – Uncluttered – Picture Of The World – Which Can Be Communicated Quickly And Easily – Dispensing With – Messy And Uncooperative Facts

~ ASSOAC-BOAUA-HB-WICS ~ A Small Set Of Abstract Concepts – Based On Admittedly Unrealistic Assumptions – Has Become – Widespread In Contemporary Society

~ IALETMAC-ITAWOSADC-TII-ITRWOPAI ~ It’s A Lot Easier To Make A Case – In The Abstract World Of Supply And Demand Curves – Than It Is – In The Real World Of People And Institutions

~ IGPPWTBUTAISOS-WTSTIOTG-O-PIWAFIOTW ~ Ideas Gain Power Precisely When They Become Useful To An Important Segment Of Society – When They Support The Interests Of That Group – Or – Provide It With A Favorable Interpretation Of The World

~ BBTPO-PT-SI-A-WP-CCTBUWEFTPOPTO ~ Befuddled By The Popularity Of – Progressive Taxes – Social Insurance – And – Welfare Programs – Commentators Continue To Blame Unfamiliarity With Economics For The Popularity Of Policies They Oppose

~ M-IC-WDNSIEI-ARATVOE ~ Many – Influential Commentators – Who Do Not Specialize In Economic Issues – Also Routinely Adopt The Vocabulary Of Economism

~ TM-NE-BMIASWOPADSAEI ~ The Media – Normalize Economism – By Making It A Standard Way Of Presenting And Discussing Social And Economic Issues

~ FC-WSGWHBACPQ-ERTQFTPSTTAROT-IWT-CLM-PT-P-I-S ~ For Centuries – Who Should Get What Has Been A Central Political Question – Economism Removes The Question From The Political Sphere To The Abstract Realm Of Theory – In Which The – Competitive Labor Market – Provides The – Perfect – Indisputable – Solution

~ OOTCPOEIT-T-A-V-V-B-AU-YCMTAEUAS-A-DD-TITHTDPFWATMSWOIPTSMDETOE ~ One Of The Core Principles Of Economism Is That – Taxes – Are – Very – Very – Bad – As Usual – You Can Make The Argument Easily Using A Supply-And-Demand Diagram – The Idea That Higher Taxes Discourage People From Working And Therefore Make Society Worse Off Is Probably The Single Most Deeply Entrenched Tenet Of Economism

~ MPABUOTTR-MHBFDABNOSCIROR-B-OPR-SA-‘SWILOAE’ ~ Many People Are Blissfully Unaware Of Their Tax Rates – Most Human Beings’ Financial Decisions Are Based Not On Sophisticated Calculations Involving Rates Of Return – But – On Primitive Rules – Such As – “Save Whatever Is Left Over After Expenses”

~ LTRITAOMTTGHTB-RTCATTPS ~ Lower Tax Revenues Increase The Amount Of Money That The Government Has To Borrow – Reducing The Capital Available To The Private Sector

~ TSMST-LITWISAG-DHUTS-LPKMOTSDNAMTTWM ~ The Simple Model Saying That – Lower Investment Taxes Will Increase Savings And Growth – Doesn’t Hold Up To Scrutiny – Letting People Keep More Of Their Salaries Does Not Always Motivate Them To Work More

~ AGISAMBWWOCAOSTWDNTTPSTLAE-AS-TQOWTAWDOWFWEFOGAHWIFT ~ A Government Is Simply A Mechanism By Which We Organize Certain Aspects Of Society That We Do Not Trust The Private Sector To Look After Effectively – And So – The Question Of Whether Taxes Are Worthwhile Depends On What Functions We Expect From Our Government And How Well It Fulfills Them

~ TGPOAWITSTBOWPBIEP ~ The Greatest Power Of A Worldview Is To Set The Boundaries Of What People Believe Is Even Possible

~ ERM-FTP-HBIACWBIAWOE-IFC ~ Economism’s Rosy Model – Failed To Predict – How Both Individuals And Companies Would Behave In A World Of Ever-Increasing Financial Complexity

~ I2008-WRTLTACMDNMETCFTIMPU-I-P-SBLBPACTMTIGIWTDLDAWR-SOATMS ~ In 2008 – We Relearned The Lesson That A Competitive Market Does Not Magically Ensure That Capital Flows To Its Most Productive Uses – Instead – Profit-Seeking Behavior Leads Both People And Companies To Maximize Their Individual Gains In Ways That Distort Lending Decisions And Waste Resources – Sometimes On A Truly Monumental Scale

~ TMTNCALAMCTE-A-CRASTLTETTBWSTNCI ~ The Megabanks That Nearly Collapsed Are Larger And More Complex Than Ever – And – Capital Requirements Are Still Too Low To Ensure That Those Banks Will Survive The Next Crisis Intact

~ IARWLM-TADCCL ~ In A Real-World Labor Market – Trade Agreements Do Create Clear Losers

~ TGAOEHBT-RAPI-AAL-E-T-U-SN-FFSTW ~ The Great Achievement Of Economism Has Been To – Repackage A Political Ideology – As A Lightweight – Easy-To-Use – Seemingly Neutral – Framework For Seeing The World

~ BCTSO-AT-EDTTIADAA-TWSITWII-IYDA-YMNU-E101 ~ By Claiming The Status Of – Absolute Truth – Economism Denies That There Is Any Debate At All – The World Simply Is The Way It Is – If You Don’t Agree – You Must Not Understand – Economics 101

~ EPAIRIOCPI-PCTOAAA-WPOTTM ~ Economism Plays An Important Role In Our Contemporary Political Institutions – Prioritizing Certain Types Of Analyses And Arguments – While Pushing Others To The Margins

~ FASTBR-CMANE-TMAB-PDPI-TPEF-MP-SC-A-SAESOR ~ For A Society To Become Rich – Competitive Markets Are Not Enough – There Must Also Be – Pluralistic Democratic Political Institutions – That Prevent Elites From – Monopolizing Power – Suppressing Competitors – And – Seizing An Excessive Share Of Resources

~ U-IWTA-NW-TDBWTO ~ Ultimately – It Will Take A – New Worldview – To Do Battle With The Old

HENRY GIROUX ~ TWILIGHT OF THE SOCIAL ~ 2012

~ UI-APIIDF-C/PV/TPG ~ Unbridled Individualism – Almost Pathological In Its Disdain For – Community / Public Values / The Public Good

~ TGP-ANPTFA-PC-O-TER-WSIFTS-SA-A-CANATGUA-IOTB ~ The General Public – Almost Never Points The Finger At – Powerful Corporations – Or – The Elite Rich – Who Seem Immune From The Shared-Sacrifice Argument – And – Consequently Are Not Asked To Give Up Anything – Including Obscene Tax Breaks

~ UTRO-MF-MITWMTLHSAMHBEWOA ~ Under The Regime Of – Market Fundamentalism – Many Institutions That Were Meant To Limit Human Suffering And Misfortune Have Been Either Weakened Or Abolished

~ AVO-TGS-HBRWVO-IH-CB-AESFIG ~ A Vision Of – The Good Society – Has Been Replaced With Visions Of – Individual Happiness – Characterized By – An Endless Search For Instant Gratification

~ OOTMDOFTLOPVITDSOOTCFAOTOOPI ~ One Of The Most Devastating Outcomes From This Loss Of Public Values Is The Diminished Sense Of Obligation To Care For Anything Other Than Our Own Personal Interests

~ IO-PS-TP-D-D-A-AWSE-WH-ES-T-IAETT-WOOT-UD-R-T-A-C ~ Instead Of – Public Spheres – That Promote – Dialogue – Debate – And – Arguments With Supporting Evidence – We Have – Entertainment Spheres – That – Infantilize Almost Everything They Touch – While Offering Opinions That – Utterly Disregard – Reason – Truth – And – Civility

~ PBD-WASCTPTCFPTB-S-C-R-A-SR ~ Politics Becomes Dysfunctional – Without A Supportive Culture To Provide The Conditions For People To Become – Self-Critical – Reflexive – And – Socially Responsible

~ MDC-RTAT-FIASEIWS-IISTTAOPV ~ Market-Driven Culture – Rejects The Assumption That – Freedom Is A Shared Experience In Which Self-Interest Is Subordinated To The Affirmation Of Public Values

~ DTOD-B-DACC-CTPIASMBAWGBPDASC ~ Democracy Thrives On Dissent – But – Dissent And Critical Citizenship – Cannot Take Place In A Society Marked By A Widening Gap Between Political Democracy And Socioeconomic Capacities

~ W-TIH-T-A-TDR-WPGTNAMDPS-RTBS ~ Whether – The Information Highway – Technoculture – And – The Digital Revolution – Will Provide Gateways To New And More Democratic Public Spheres – Remains To Be Seen

~ VEMOTNUACCAMA ~ Virtual Encounters More Often Than Not Undermine Authentic Communication And Minimize Accountability

~ PVM ~ Public Values Matter

~ N-AIAE ~ Nowadays – All Ideas Are Equal

~ T-WS-IBD;IIBRBTHROT-PS ~ The – Welfare State – Is Being Dismantled; It Is Being Replaced By The Harsh Realities Of The – Punishing State

~ WPIRTPA ~ Widespread Poverty Is Relegated To Private Anecdotes

~ D-IA-‘WOL’ ~ Democracy – Is A – “Way Of Life”

~ ED-SMTE;IAP-I-V-P-M-A-ROT ~ Economic Darwinism – Shapes More Than Economics; It Also Produces – Ideas – Values – Power – Morality – And – Regimes Of Truth

~ MO-J-E-A-E-HOABETTMOP ~ Matters Of – Justice – Ethics – And – Equality – Have Once Again Been Exiled To The Margins Of Politics

~ SA-GC-TI-GIS-YP-HSAMTTWTTRTLALURPRSBAMBNW ~ Signalling A – Generational Crisis – That Is – Global In Scope – Young People – Have Sent A Message To The World That They Refuse To Live Any Longer Under Repressive Political Regimes Sustained By A Morally Bankrupt Neoliberal World

~ ‘ZOSA’ ~ “Zones Of Social Abandonment”

~ TMYPATGNLI-‘ASOPE’ ~ Too Many Young People Around The Globe Now Live In – “A State Of Perpetual Emergency”

~ OTOH-AMATRAAN ~ On The Other Hand – Austerity Measures Against The Rich Are Almost Nonexistent

~ T-DC ~ Trickle-Down Cruelty

~ A-UAC-EM-BS-SALN-HTTC-N-HTCPTWLPI ~ As – Universities And Colleges – Emphasize Market-Based Skills – Student Are Learning Neither – How To Think Critically – Nor – How To Connect Private Troubles With Larger Public Issues

~ AKHBSOIVAASG ~ Academic Knowledge Has Been Stripped Of Its Value As A Social Good

~ ASIWPIVAI ~ A Society In Which Politics Is Viewed As Irrelevant

~ IOT-OTIOTWAPC-T-FC-SF-A-I-NFAVD-AU-AIAW-RA ~ In Order To – Protect The Interests Of The Wealthy And Powerful Corporations – The – Formative Culture – Social Formations – And – Institutions – Necessary For A Viable Democracy – Are Under – An Intense And Wide-Ranging Assault

~ D-HBAR-CB-ASNOEWIACPM ~ Democracy – Has Become A Ritual – Controllable By – A Small Number Of Extremely Wealthy Individuals And Corporate Power Mongers

~ S-HB-H-I-TBTLOMSASOAOTTO ~ Society – Has Become – Hyper-Individualized – Trapped By The Lure Of Material Success And Stripped Of Any Obligation To The Other

PHILIP COGGAN ~ PAPER PROMISES ~ 2011

~ CATMBWGBTTPDW ~ Criminals Are The Main Beneficiaries When Governments Ban Things That People Desperately Want

~ WDATMG?-TMHGA;IWNRT ~ Where Did All The Money Go? – The Money Hasn’t Gone Anywhere; It Was Never Really There

~ TKT-AB-IT-TLBHDLAHPIS-R ~ The Key To – Asset Bubbles – Is That – The Link Between Higher Debt Levels And Higher Prices Is Self-Reinforcing

~ HB-AC-A-PHTS-TIBSBHALOSWTAI-B-EA-L ~ Housing Bubbles – Are Common – And – Particularly Hard To Stop – That Is Because Such Bubbles Have A Lot Of Supporters While They Are Inflating – Banks – Estate Agents – Lawyers

~ ALSHTBRITBWTBKG ~ And Lending Standards Had To Be Relaxed If The Boom Was To Be Kept Going

~ W-CE-IIHTGB-TATBM-CTTFITS ~ Without – Credit Expansion – It Is Hard To Generate Bubbles – The Ability To Borrow Money – Creates The Temptation For Investors To Speculate

~ B-DOD-TGS-H-TEO-BW-RTRBOTS-TWNLTTAOMACTCBC ~ Bubbles – Did Occur During – The Gold Standard – However – The End Of – Bretton Woods – Released The Remaining Brake On The System – There Was No Limit To The Amount Of Money And Credit That Could Be Created

~ FER-A-LTD-A-GICM-TA-TFS-TGAA-F-F-SM-A-CAVIFHA(ASO)E-RR ~ Floating Exchange Rates – Allowed – Larger Trade Deficits – And – Greater International Capital Movements – This Allowed – The Financial Sector – To Grow As A – Facilitator – For – Such Movements – And – Created A Vast Industry For Hedging Against (And Speculating On) Exchange-Rate Risk

~ LFM-AA-CGTA-CBDNRIATDTPTRB-I-B-IWMF-B-NWTR-TES ~ Liberalizing Financial Markets – Also Allowed – Credit Growth To Accelerate – Central Banks Did Not Regard It As Their Duty To Pop The Resulting Bubbles – Instead – By – Intervening When Markets Fell – But – Not When They Rose – They Encouraged Speculation

~ TP-BWEHNJPB-IHABAB-TPGOTFS ~ The Post-Bretton Woods Era Has Not Just Produced Bubbles – It Has Also Been Accompanied By – The Phenomenal Growth Of The Financial Sector

~ TBWLCIAC-TTACETMFRTS-ATMFFAF-TTGBAB-SAPWRR-IBN(ODM)TFCUOTP ~ The Bankers Were Like Croupiers In A Casino – They Took A Cut Every Time Money Flowed Round The System – As The Money Flowed Faster And Faster – Their Take Got Bigger And Bigger – Since Asset Prices Were Rising Rapidly – Investors Barely Noticed (Or Didn’t Mind) The Finance Sector’s Cut Of Their Profits

~ TSMCTBDBTFS-THEOALTAGWOTBTTOR-BHLCATA-TUM-L ~ The Stock Market Came To Be Dominated By The Finance Sector – This Huge Expansion Owed A Lot To A Greater Willingness Of The Banks To Take On Risk – Banks Held Less Capital Against Their Assets – They Used More – Leverage

~ ‘MH’-DHNITMTHOTBSGSBTAWGTD ~ “Moral Hazard” – Depositors Have No Incentive To Monitor The Health Of Their Banks Since Governments Stand Behind Them And Will Guarantee Their Deposits

~ BFWTGRTR-MROTBS-A-TRDNSATKUWTB-PCITPS ~ Banks Found Ways To Get Round The Rules – Moving Risk Off Their Balance Sheets – And – The Regulators Did Not Seem Able To Keep Up With Their Better-Paid Counterparts In The Private Sector

~ T-FS-HBWECA-‘R-S’-CEPFIS ~ The – Finance Sector – Has Become What Economists Call A – “Rent-Seeker” – Charging Excessive Prices For Its Services

~ FPAOCWTRTTEPIO;CMBPOTOWRI ~ Financial Products Are Often Complex With The Result That The Effective Price Is Obscure; Clients May Be Paying Over The Odds Without Realizing It

~ TROCBTIIAB-OSTTFOEIBHAP-H-TMMW-I ~ The Reluctance Of Central Banks To Intervene In Asset Bubbles – Owed Something To The Feeling Of Euphoria Induced By Higher Asset Prices – However – The Main Motivation Was – Ideology

~ FA-HD-‘E-MT’-WSTCPWALTBABROTFSOTMTTVOAGOOCB-B-RA-HBCAATE-MHESIWD-ICBSTHANOB ~ Finance Academics – Had Developed – “Efficient-Market Theory” – Which Suggested That Current Prices Were Always Likely To Be A Better Reflection Of The Fundamental State Of The Market Than The View Of A Government Official Or Central Banker – But – Rival Academics – Have Been Chipping Away At The Efficient-Market Hypothesis Ever Since It Was Developed – Investors Can Be Shown To Have A Number Of Biases

~ ATBB-A-S-A-D-C-A-ATCILG-SRI-R-H-CTATTMCHTRI ~ As The Banks Became – All-Singing – All-Dancing – Conglomerates – And – As They Consolidated Into Larger Groups – Systemic Risk Increased – Regulators – However – Continued To Assume That The Market Could Handle The Risks Itself

~ STDFTPTTPS-SLTSWAALODOIB ~ Shifting The Debts From The Private To The Public Sector – Still Leaves The System With An Awful Lot Of Debt On Its Books

~ ‘C’-W-PP-GIO-TNTRTS-W-J-TB-A-S-OATBARA-WADPGO-GAHOTDC ~ “Clientelism” – When – Political Parties – Get Into Office – They Need To Reward Their Supporters – With – Jobs – Tax Breaks – And – Subsidies – Once Added These Boondoggles Are Rarely Abolished – When A Different Party Gains Office – Goodies Are Handed Out To Different Clients

~ J-FODF ~ Jubilee – Festival Of Debt Forgiveness

~ ‘OD’-TPO-DIBTAK ~ “Odious Debt” – The Problem Of – Deficits Incurred By Tyrants And Kleptocrats

~ ESGTOD-YGHHTPTDOTO-B-EGHBBTTL-TAOTDWMTINLTC-TPSIROOS ~ Ever Since Governments Took On Debt – Younger Generations Have Had To Pay The Debts Of The Old – But – Each Generation Has Been Bigger Than The Last – The Aging Of The Developed World Means This Is No Longer The Case – The Ponzi Scheme Is Running Out Of Suckers

~ TWHSCACIWMADHE ~ The World Has Seen Cycle After Cycle In Which Money And Debts Have Expanded

~ E-AHWBJAPTLANTBFAIS ~ Eventually – A House Will Be Just A Place To Live And Not The Basis For An Investment Strategy

~ SMOBAIATOOTO-IAD ~ Stagnation May Only Be An Interim Alternative To Our Other Two Options – Inflation And Default

~ TURIT-OCE-CTTASPOTITF-YIAYO-UTAUO ~ The Underlying Reality Is That – One Cannot Expect – Countries To Transfer A Significant Proportion Of Their Income To Foreigners – Year In And Year Out – Unless They Are Under Occupation

~ WDIOIOEII-TFILOAP ~ Whether Debt Is Owed Internally Or Externally Is Important – The Former Is Less Of A Problem

~ FRHBMMVTTSE ~ Floating Rates Have Been Much More Volatile Than Their Supporters Expected

~ TTISITDO-CC ~ The Tide Is Shifting In The Direction Of – Capital Controls

~ TDWHMIF-WAFBOAP-A-AEROTFS ~ The Developed World Has Mortgaged Its Future – With A Foolish Bet On Asset Prices – And – An Excessive Reliance On The Finance Sector

~ TDMBRIIM-O-DC-;TMBPOTOGWAGCTR;TMRIOD ~ The Debts May Be Repaid In Inflated Money – Or – Devalued Currency; They May Be Passed On To Other Governments With A Greater Capacity To Repay; They May Result In Outright Default

~ TGEIC;FMITW-IWNBFTB ~ The Global Economy Is Changing; For Many In The West – It Will Not Be For The Better

MARSHAL MCLUHAN ~ UNDERSTANDING MEDIA ~ 1964

~ ATGCATNHE ~ Any Technology Gradually Creates A Totally New Human Environment

~ EANPWBAP ~ Environments Are Not Passive Wrappings But Active Processes

~ TMITM-M-ITO-TEA-T-ATNEHBC-T-‘C’-OTNE-ITOMEOTIA ~ “The Medium Is The Message” – Means – In Terms Of – The Electronic Age – That – A Totally New Environment Has Been Created – The – “Content” – Of This New Environment – Is The Old Mechanized Environment Of The Industrial Age

~ ENT-RACAD-Y-TNOTIPIAAF ~ Each New Technology – Regarded As Corrupt And Degrading – Yet – The New One Turns Its Predecessor Into An Art Form

~ TPOTATAFSATD-BAGAM-HLBR-A-AR-AA-‘AEWS’-AIW-EUTDSAPTILOTTPTCWT ~ The Power Of The Arts To Anticipate Future Social And Technological Developments – By A Generation And More – Has Long Been Recognized – Art – As Radar – Acts As – “An Early Alarm System” – As It Were – Enabling Us To Discover Social And Psychic Targets In Lots Of Time To Prepare To Cope With Them

~ TMITM-TIMTST-TPASCOAM-TI-OAEOO-RFTNSTIIIOA-B-EEOO-O-BANT ~ The Medium Is The Message – This Is Merely To Say That – The Personal And Social Consequences Of Any Medium – That Is – Of Any Extension Of Ourselves – Result From The New Scale That Is Introduced Into Our Affairs – By – Each Extension Of Ourselves – Or – By Any New Technology

~ T-‘C’-OAMIAAM ~ The – “Content” – Of Any Medium Is Always Another Medium

~ WWAAC-H-H-AT-PASC-O-TDOPATAOAEP-FT-‘M’-O-AMOT-I-TCOSOPOPTIIIHA-IITMTSACTSAFOHAAA ~ What We Are Considering – Here – However – Are The – Psychic And Social Consequences – Of – The Designs Or Patterns As They Amplify Or Accelerate Existing Processes – For The – “Message” – Of – Any Medium Or Technology – Is – The Change Of Scale Or Pace Or Pattern That It Introduces Into Human Affairs – It Is The Medium That Shapes And Controls The Scale And Form Of Human Association And Action

~ TMISTM ~ The Medium Is Socially The Message

~ TOTFAAFN ~ That One Thing Follows Another Accounts For Nothing

~ TEOTDNOATLOOOC-B-ASR-O-POPSAWAR ~ The Effects Of Technology Do Not Occur At The Level Of Opinions Or Concepts – But – Alter Sense Ratios – Or – Patterns Of Perception Steadily And Without Any Resistance

~ M-ITIVOACPTOEOALP-WL-M-B-CTTFAOSP ~ Myth – Is The Instant Vision Of A Complex Process That Ordinarily Extends Over A Long Period – We Live – Mythically – But – Continue To Think Fragmentary And On Single Planes

~ CW-E-RT-M-I-ABCOOET ~ Concern With – Effect – Rather Than – Meaning – Is – A Basic Change Of Our Electric Time

~ ITTOMRTMEMTP? ~ Is The Threat Of Massive Retaliation The Most Effective Means To Peace?

~ TSOBUADCB ~ The Spectacle Of Brutality Used As Deterrent Can Brutalize

~ NITROAPT ~ Numbness Is The Result Of Any Prolonged Terror

~ TPOEVII ~ The Price Of Eternal Vigilance Is Indifference

~ AEILR-AAKOMWSAKONOF-FTIMAMITROSCAITSOP ~ As Electric Information Levels Rise – Almost Any Kind Of Material Will Serve Any Kind Of Need Or Function – Forcing The Intellectual More And More Into The Role Of Social Command And Into The Service Of Production

~ TGL:NAN ~ The Gadget Lover: Narcissus As Narcosis

~ AIOTAAEOS-AOOPB-A-SEADNRONEATOOAEOTB ~ Any Invention Or Technology Is An Extension Or Self-Amputation Of Our Physical Bodies – And – Such Extension Also Demands New Ratios Or New Equilibriums Among The Other Organs And Extensions Of The Body

~ WHTNOCNSWIIEAE-O-WWD-TTAOAAOEMIATAOTUAOA-B-IISTAOCOTU ~ We Have To Numb Our Central Nervous System When It Is Extended And Exposed – Or – We Will Die – Thus The Age Of Anxiety And Of Electric Media Is Also The Age Of The Unconscious And Of Apathy – But – It Is Strikingly The Age Of Consciousness Of The Unconscious

~ ITEA-WWAMAOS ~ In The Electric Age – We Wear All Mankind As Our Skin

~ OWH-SOSANS-TTPMOTWWTTBF-TALOOEAEAN-WDRHARL ~ Once We Have – Surrendered Our Senses And Nervous Systems – To The Private Manipulation Of Those Who Would Try To Benefit From – Taking A Lease On Our Eyes And Ears And Nerves – We Don’t Really Have Any Rights Left

~ WTTOATIPTIOD-WMWCFACT ~ When The Technology Of A Time Is Powerfully Thrusting In One Direction – Wisdom May Well Call For A Countervailing Thrust

~ TVSWEI-SASF-IOTH-S-H-IATSTTCOIAUOTS ~ The Very Success We Enjoy In – Specializing And Separating Functions – In Order To Have – Speedup – However – Is At The Same Time The Cause Of Inattention And Unawareness Of The Situation

~ AM-A-NRTEBVOTSKASOAC ~ All Media – Are – Natural Resources That Exist By Virtue Of The Shared Knowledge And Skill Of A Community

~ L-SD-A-NFOW-D-A-MATE ~ Labor-Saving Devices – Are – New Forms Of Work – Decentralized – And – Made Available To Everybody

~ TBRFAPATMFC ~ The Brothel Remains Firm And Permanent Amidst The Most Furious Changes

~ NCCPA ~ Nobody Can Commit Photography Alone

~ COCWSTCIMNWIBAOI ~ Control Over Change Would Seem To Consist In Moving Not With It But Ahead Of It

~ RN-I-BN-BNASOBNFS ~ Real News – Is – Bad News – Bad News About Someday Or Bad News For Somebody

~ AATH-IBOTIITCC-A-TSPAMITIM ~ As Automation Takes Hold – It Becomes Obvious That Information Is The Crucial Commodity – And – That Solid Products Are Merely Incidental To Information Movement

~ TGOPRAGDAT ~ The Games Of A People Reveal A Great Deal About Them

~ AITTEOEO-IBINIAITRTHSTTCBCAO ~ Any Innovation Threatens The Equilibrium Of Existing Organization – In Big Industry New Ideas Are Invited To Rear Their Heads So That They Can Be Clobbered At Once

~ WANMOHEO-ICANMFI-UAWAMF ~ Whenever Any New Medium Or Human Extension Occurs – It Creates A New Myth For Itself – Usually Associated With A Major Figure

~ TOESTM ~ The Organic Everywhere Supplants The Mechanical

~ DSTL ~ Dialogue Supersedes The Lecture

~ A-IAFFDABIAO ~ Acceleration – Is A Formula For Dissolution And Breakdown In Any Organization

~ RO-EAP-CBA-NB-TSOP-B-B-APOC ~ Restraints On – Electric Absolutist Power – Can Be Achieved – Not By – The Separation Of Powers – But – By – A Pluralism Of Centers

~ EWBRACDAMF ~ Education Will Become Recognized As Civil Defense Against Media Fallout

~ SONETINAEOOBBOOCNS-WNSAT-IL-AAMO-PE-AMO-SASI-A-ISAS-ATCPBRAW ~ Since Our New Electric Technology Is Not An Extension Of Our Bodes But Of Our Central Nervous Systems – We Now See All Technology – Including Language – As A Means Of – Processing Experience – A Means Of – Storing And Speeding Information – And – In Such A Situation – All Technology Can Plausibly Be Regarded As Weapons

~ T-FOW-CO-LAL-IT-AA ~ The – Future Of Work – Consists Of – Learning A Living – In The – Automation Age

HOWARD ZINN ~ A POWER GOVERNMENTS CANNOT SUPPRESS ~ 2007

~ TIABWIG-TPDOT-O-O-C-S-CS-JAWATAA ~ There Is A Basic Weakness In Governments – Their Power Depends On The Obedience – Of – Citizens – Soldiers – Civil Servants – Journalists – Writers – Teachers – Artists

~ IINATCTA-BIYDHNOBOAC-IIITIPWD ~ It Is Not Accurate To Call Them Accidents – Because If You Drop Huge Numbers Of Bombs On A City – It Is Inevitable That Innocent People Will Die

~ TLNAWTHBSL-IDOATIBAU-IIAMV ~ To Live Now As We Think Human Beings Should Live – In Defiance Of All That Is Bad Around Us – Is Itself A Marvelous Victory

~ W-OG-OM-A-OIOHL-SCEFRAIO-WHTRTSTMI ~ When – Our Government – Our Media – And – Our Institutions Of Higher Learning – Select Certain Events For Remembering And Ignore Others – We Have The Responsibility To Supply The Missing Information

~ HSWLOLIASTMBHMAMD? ~ How Shall We Live Our Lives In A Society That Makes Being Human More And More Difficult?

~ WMRTWCDOTGOTWTAW-BTATEITRBFW-T-W-TPOTW-MTUTC ~ We Must Recognize That We Cannot Depend On The Governments Of The World To Abolish War – Because They And The Economic Interests They Represent Benefit From War – Therefore – We – The People Of The World – Must Take Up The Challenge

~ WYLATHOW-YSH-WCEI ~ When You Look At The History Of Wars – You See How – War Corrupts Everyone Involved

~ TCTGP-A-TO-BOSC-B-WANBTHTC ~ The Committees That Give Prizes – Are – Too Often – Bereft Of Social Conscience – But – We Are Not Bound To Honor Their Choices