NICHOLAS DUNBAR ~ THE DEVIL’S DERIVATIVES ~ 2011

~ RTDIA ~ Ready To Do It Again

~ TBAHFMCTB ~ The Bankers And Hedge Fund Managers Celebrating Their Bonuses

~ TBTMBS ~ The Bets That Made Banking Sexy

~ IWCA-CDS-RTBLT-CM-IR-S-O-C-TDWLT-UFD:TDOLOB-IWABLBIPOSEL-TCOPFRNHAQPTCBTED ~ It Was Called A – Credit Default Swap – Rather Than Being Linked To – Currency Markets – Interest Rates – Stocks – Or – Commodities – These Derivatives Were Linked To – Unmitigated Financial Disaster: The Default Of Loans Or Bonds – It Was A Bit Like Buying Insurance Policy On Someone Else’s Life – The Cost Of Protection From Risk Now Had A Quantifiable Price That Could Be Traded Every Day

~ T-S-S-D-O-H-T-LB ~ The – Sad – Strange – Death – Of – Hate-To-Lose Banking

~ TFAOR ~ The False Apostles Of Rationality

~ BRTMTT ~ Bending Reality To Match The Textbook

~ AD-SHIYL ~ A Derivatives-Shaped Hole In Your Life

~ A-FL-W-PF ~ A – Free Lunch – With – Processed Food

~ TDAEMP ~ The Debt And Equity Morality Play

~ BATG ~ Barbarians Among The Gatekeepers

~ STU ~ Selling The Unsellable

~ RC ~ Regulatory Capture

~ PTB ~ Passing The Bucks

~ ‘SI’/’LD’-’LL’ ~ “Stated Income” / “Limited Documentation” – “Liar Loans”

~ P-T-EL ~ Primed-To-Explode Loans

~ A-BCDS ~ Asset-Backed Credit Default Swaps

~ NINJA ~ No Income / No Job / No Assets

~ TF-SMOTFSWNOACOMA ~ The Full-Scale Meltdown Of The Financial System Was Now Only A Couple Of Months Away

~ BITS ~ Banking In The Shadows

~ T-S-I-WL-R-AM-S-DITE-‘R’-FESOTIP ~ The – Self-Interest – Was Less – Rational – And More – Selfish – Driving Individuals To Extract – “Rent” – From Each Step Of The Innovation Process

~ BBPM ~ Banking By Photocopy Machine

~ TCOASA-H/L/U-O-TBG-TF-WAYU ~ The Consequences Of Allowing Such A – Huge / Leveraged / Unregulated – Off-Track Betting Game – To Flourish – Were As Yet Unimagined

~ PGTB ~ Pop Goes The Bubble

~ MCD ~ Massive Collateral Damage

~ ‘STBYOV…’ ~ “Sorry To Bother You On Vacation…”

~ CITS ~ Cracks In The Street

~ L-A-D-O-PD ~ Life – And – Death – On – Planet Derivative

~ WHBMRBIU-BPHOBODITS-GQTWOU-APU-PD ~ What Had Been Measurable Risk Became Immeasurable Uncertainty – By Pouring Hundreds Of Billions Of Dollars Into The System – Governments Quenched The Wildfire Of Uncertainty – And Propped Up – Planet Derivative

~ JTATOTB ~ Just Throw A Tarp Over The Body

~ ASOILADMAAD-AOTUPUBTG-PFBT ~ A Series Of Increasingly Large And Desperate Merger And Acquisition Deals – All Of Them Ultimately Propped Up By The Government – Paid For By Taxpayers

~ BHMHRC ~ But How Much Has Really Changed?

~ UB ~ Unchastened Banks

~ TM-NCTATBRIB ~ The Multi-Nationals Continue To Argue That Bigger Really Is Better

~ DS(M)U-THITTRATHT-TOIP-TCOC-TUATWOC ~ Derivatives Still (Mostly) Unbound – The Huge Incentives To Take Risks And Then Hedge Them – The Opacity In Pricing – The Contagion Of Collateralization – The Uncertainty About The Web Of Counterparties

~ BB ~ Buyers Beware

JOSEPH STIGLITZ ~ THE PRICE OF INEQUALITY ~ HOW TODAY’S DIVIDED SOCIETY ENDANGERS OUR FUTURE ~ NORTON ~ 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-BTHNIMC ~ 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

~ INHTBWITGSY-F-$500M-AM-TW-$1B~ It’s Not Hard To Become Wealthy If The Government Sells You – For – $500 Million – A Mine – That’s Worth – $1 Billion

~ 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

LAURENCE BRITT ~ 14 CHARACTERISTICS COMMON TO FASCIST REGIMES ~ 2003

~ H/G-M/I-S/P-P/C-S/I ~ Hitler/Germany – Mussolini/Italy – Salazar/Portugal – Pinochet/Chile – Suharto/Indonesia

~ POEP – PPIATNAWHTTF ~ Promotion Of Extreme Patriotism – Promote Pride In All Things National Along With Hostility To Things Foreign

~ DFHR-PCTAVOHRFTMONS ~ Disdain For Human Rights – Persuade Citizens To Accept Violations Of Human Rights For The Maintenance Of National Security

~ CS-FS(OCT)FTPPOS ~ Create Scapegoats – Find Scapegoats (Or Create Them) For The Perceived Problems Of Society

~ SOTM-RFFSPWITFOTMAI‘D’C ~ Supremacy Of The Military – Remove Funding From Social Programs While Increasing The Financing Of The Military And Its “Defence” Contractors

~ RS-PM-DIAETROWAS-CC ~ Rampant Sexism – Promote Male-Dominated Institutions And Encourage The Regarding Of Women As Second-Class Citizens

~ S/CMM-CTMOOC-OTOOI ~ Supportive/Controlled Mass Media – Control The Media Outright Or Co-Opt The Ownership Of It

~ TOWNS-EANSAWOISABTROL ~ Obsession With National Security – Establish A National Security Apparatus Which Operates In Secret And Beyond The Rule Of Law

~ RARL-PTREASDOTF-ATROOI-‘G’E ~ Religion And Regime Linked – Portray The Ruling Elites As Staunch Defenders Of The Faith – And The Righteous Opponents Of Its – “Godless” Enemies

~ PAPOC-LLC(PMC)TOIRFWLTROOC ~ Promotion And Protection Of Corporations – Leave Large Corporations (Particularly Military Contractors) To Operate In Relative Freedom While Limiting The Rights Of Ordinary Citizens

~ IOOL-COSUOTRAIATMBASOOP ~ Intolerance Of Organized Labour – Crush Or Strip Unions Of Their Rights And Influence As They Might Be A Source Of Opposition Power

~ SOIATA-SDIAAFEVTDFTPL ~ Suppression Of Intellectuals And The Arts – Strongly Discourage Intellectuals And Artists From Expressing Views That Deviate From The Party Line

~ OWCAP-OHSOCJ(ABLOP)WGTP(AATTN) ~ Obsession With Crime And Punishment – Operate Harsh Systems Of Criminal Justice (And Build Lots Of Prisons) While Glorifying The Police (And Adding To Their Numbers)

~ RCAC-PLGCTTTSTR ~ Rampant Cronyism And Corruption – Provide Lucrative Government Contracts To Those That Support The Regime

~ FE-CTEM-FAPSAOC-IADOV-DODLV-A-AALR-HERDBAJABABTTR ~ Fraudulent Elections – Control The Election Machinery – Fabricate And Promote Slander Against Opposition Candidates – Intimidate And Disenfranchise Opposition Voters – Destroy Or Disallow Legal Votes – And – As A Last Resort – Have Election Results Decided By A Judiciary Appointed By And Beholden To The Regime

LEWIS LAPHAM ~ MAMMON/ENGLISH DICTIONARY ~ THE AGONY OF MAMMON ~ 01-11-1998

~ A-HAIPOFEFPWCATGTBS-CPEASRFTVOM ~ Austerity: Healthy And Invigorating Program Of Fiscal Exercise For People Who Cannot Afford To Go To Business School – Constant Practice Encourages A Sober Respect For The Value Of Money

~ B-DWBITCMDSOTC-T-A-WRTSEI:ACFPBCBALP-O-B-WRTOOI-AJRBUACE ~ Bailout: Difficult Word Because Its Two Contrary Meanings Depend Solely On The Context – Thus – A – With Reference To Somebody Else’s Investments: A Criminal Fraud Perpetrated By Corrupt Banks And Lying Politicians – Or – B – With Reference To One’s Own Investments – A Just Reward Bestowed Upon A Courageous Entrepreneur

~ B-EOFE-NBKWIMTMAPOTAR ~ Bureaucrats: Enemies Of Free Enterprise – No Bureaucrat Knows What It Means To Meet A Payroll Or Take A Risk

~ CS-PEO-JB – Campaign Slogans: Political Equivalents Of – Junk Bonds

~ CEO-COTP-HOOT-TCOMATTS-40,000SW-WAMQOH ~ CEOs: Champions Of The People – Heroes Of Our Time – Their Clarity Of Mind Allows Them To Subtract – 40,000 Superfluous Workers – Without A Moment’s Qualm Or Hesitation

~ CL-FGT-M/C/R/ATUP-EE ~ Civil Liberties: Favors Granted To – Minorities / Criminals / Radicals / And The Undeserving Poor – Extremely Expensive

~ C(T)-L-T-CI-CT-TMC-O-TLOAR-BIEITROPAICGBTIOP ~ Corporation (Transnational): Late-Twentieth-Century Institution – Comparable To – The Medieval Church – Or – The Legions Of Ancient Rome – Because It Exists In The Realm Of Pure Abstraction It Can Give Birth To Its Own Parents

~ C-SOAMS-TPOOAABTTLOC ~ Corruption: Sign Of A Mature Society – The Practice Of Offering And Accepting Bribes Teaches The Lesson Of Civility

~ C-FNFTCWBSOPH ~ Culture: Fancy Name For Traditional Customs Worn By Schoolchildren On Public Holidays

~ D-OSOGUTTCOTT-FC ~ Democracy: Outworn System Of Government Unequal To The Challenges Of The Twenty-First Century

~ D-TKTOM-OETDWTEL ~ Dictators: They Know Their Own Minds – Often Easier To Deal With Than Elected Legislatures

~ ES-ETC-NG-TWPSATPOTWM ~ Economic Sovereignty: Entrusted To Corporations – Not Governments – The World’s Parliaments Serve At The Pleasure Of The World’s Markets

~ E-NH ~ Ethics: Native Handicrafts

~ F-AMHAMESOGTIGS ~ Fascism: A Much Happier And More Efficient System Of Government Than Is Generally Supposed

~ FM-TFPWSQIOBTWRS ~ Free Market: The Few People Who Still Question Its Omniscience Belong To Weird Religious Sects

~ GE-WOM-EBWF-TGTHOM-IRTPOIIOC ~ Global Economy: Wonderfully Ornate Mechanism – Engineered By Wise Financiers – To Guarantee The Happiness Of Mankind – It Requires The Participation Of Investors Instead Of Citizens

~ GR-STSOV-ISTSOI ~ Government Regulation: Similar To Serpents Or Vines – It Strangles The Sinews Of Industry

~ I:DS-ILSTLARTOLT-ICII-WBTAPRO-V ~ Idealism: Dangerous Substance – If Left Standing Too Long At Room Temperature On A Library Table – Idealism Congeals Into Ideology – Which Breeds Totalitarianism And Puritanical Reigns Of – Virtue

~ MCP:TUWAGSISTACOB ~ Minimum Consensus Program: Terms Under Which A Government Surrenders Its Sovereignty To A Consortium Of Banks

~ M:TLOTWATMOH ~ Money: The Light Of The World And The Mandate Of Heaven

~ M:GMOHI-TSOAOB ~ Monopoly – Glorious Manifestation Of Human Ingenuity – The Source Of All Our Blessings

~ M:TDSUIBTTU ~ Multiculturalism – The Department Stores Understand It Better Than The Universities

~ N:LROSAICWADTT-IOTCABM-TOSRARL ~ Nationalism: Last Refuge Of Small And Impoverished Countries Without A Well-Developed Tourist Trade – Instead Of Tennis Courts And Boat Marinas – They Offer Street Riots And Recreational Looting

~ P,T:IB-POTGE-TPANS:RPMFPTCES ~ Poor, The – Inspirational By-Products Of The Global Economy – They Perform A Necessary Service: Reminding People More Fortunately Placed That Civilization Entails Sacrifice

~ P:NIOO ~ Profits: Never Indecent Or Obscene

~ T,T: FS-FPCITTGE ~ Titanic, The – Famous Ship – Foolish People Compare It To The Global Economy

~ T:WIWIG ~ Transparency: Worth Its Weight In Gold

~ U:NCOI ~ Unemployment: Necessary Check On Inflation

PETER KROPOTKIN ~ MUTUAL AID ~ 1902

~ WATF:TWACAWWEO-O-TWSOA? ~ Who Are The Fittest: Those Who Are Continually At War With Each Other – Or – Those Who Support One Another?

~ TWOEAA-INTLON ~ The War Of Each Against All – Is Not The Law Of Nature

~ MA-IAMALONA-MS ~ Mutual Aid – Is As Much A Law Of Nature As – Mutual Struggle

~ LISINEITAW;IITR ~ Life In Societies Is No Exception In The Animal World; It Is The Rule

~ IIETLISWBUIWACDOSF-A-E-OACCSOJGTBAH-IEIWCAIPAWTOIIFOTW-NS-LWBP ~ It Is Evident That Life In Societies Would Be Utterly Impossible Without A Corresponding Development Of Social Feelings – And – Especially – Of A Certain Collective Sense Of Justice Growing To Become A Habit – If Every Individual Were Constantly Abusing Its Personal Advantages Without The Others Interfering In Favour Of The Wronged – No Society-Life Would Be Possible

~ TWEDCREWEAS?-UWITAB? ~ To What Extent Does Competition Really Exist Within Each Animal Species? – Upon What Is The Assumption Based?

~ FTGPFAIOLWTLWOE-NSCSOTWPFACAMAP ~ For The Greatest Possible Fullness And Intensity Of Life With The Least Waste Of Energy – Natural Selection Continually Seeks Out The Ways Precisely For Avoiding Competition As Much As Possible

~ FFBAPFOO-TFIAVLP-S/B/T-N-F-WTPFOOOM ~ Far From Being A Primitive Form Of Organization – The Family Is A Very Late Product – Societies / Bands / Tribes – Not Families – Were – The Primitive Form Of Organization Of Mankind

~ TVPOTCOSHUFIITRPMAADAOI-WOOTIP-A-TAOTPFACAAOROTS ~ The Very Persistence Of The Clan Organization Shows How Utterly False It Is To Represent Primitive Mankind As A Disorderly Agglomeration Of Individuals – Who Only Obey Their Individual Passions – And Take Advantage Of Their Personal Force And Cunningness Against All Other Representatives Of The Species

~ UIIAMG-BIINCOPM ~ Unbridled Individualism Is A Modern Growth – But It Is Not Characteristic Of Primitive Mankind

~ PFSMCEOAAATA-DUTA-TTETTCRFEOA-TWBIRBAISOUROPWATFOTCEATWIGOB-TI-BOH-FTOT ~ Primitive Folk So Much Consider Every One’s Acts As A Tribal Affair – Dependent Upon Tribal Approval – That They Easily Think The Clan Responsible For Every One’s Acts – Their Whole Behaviour Is Regulated By An Infinite Series Of Unwritten Rules Of Propriety Which Are The Fruit Of Their Common Experience As To What Is Good Or Bad – That Is – Beneficial Or Harmful – For Their Own Tribe

~ S-RAS-S-ITIOTC ~ Self-Restriction And Self-Sacrifice – In The Interest Of The Clan

~ WDNKOSHROOSNWHNHIPO-VC-IWAUP-ANOOTCO ~ We Do Not Know One Single Human Race Or One Single Nation Which Has Not Had Its Period Of – Village Communities – It Was A Universal Phase – A Natural Outcome Of The Clan Organization

~ PP-O-P‘FE’-W-I-WTVPATRCO-TVC ~ Private Property – Or – Possession “For Ever” – Was – Incompatible – With The Very Principles And The Religious Conceptions Of – The Village Community

~ TVCWNOAUFG-S-ITCL-BAAU-F-CC-MSIAPF-PFV-A-DO:K/NB/MC ~ The Village Community Was Not Only A Union For Guaranteeing – Share – In The Common Land – But Also A Union – For – Common Culture – Mutual Support In All Possible Forms – Protection From Violence – And – Development Of Knowledge: / National Bonds / Moral Conception

~ EC-IT-J/M/E/EM-HTBDATF-O-TV-TT-O-TC ~ Every Change – In The – Judicial / Military / Educational / Economical Manners – Had To Be Decided At The Folkmotes Of – The Village – The Tribe – Or – The Confederation

~ TRB-WL-OTC-UAWSOI-IWCATWMBUONT-TOC-A-TIWPHDFGTG-IVAS-IPOT-ISAI ~ The Real Barbarian – Was Living – On The Contrary – Under A Wide Series Of Institutions – Imbued With Considerations As To What May Be Useful Or Noxious To – Tribe Or Confederation – And – These Institutions Were Piously Handed Down From Generation To Generation – In Verses And Songs – In Proverbs Or Triads – In Sentences And Instructions

~ TFVRATLC-DIF-AIN-A-FDI-TMS-IETOTSOE-ILTAHY-FC-HBCIE-E-TBTTFG-ATA-ATI-OWOPC-WAIAAPFTF-IOAFD ~ The Fortified Village Rose Against The Lord’s Castle – Defied It First – Attacked It Next – And – Finally Destroyed It – The Movement Spread – Involving Every Town On The Surface Of Europe – In Less Than A Hundred Years – Free Cities – Had Been Called Into Existence – Everywhere – They Bequeathed To The Following Generations – All The Arts – All The Industries – Of Which Our Present Civilization – With All Its Achievements And Promises For The Future – Is Only A Further Development

~ AGMBAOEFFTVWSWAC-TOFCWTBBTEOTVC-ANLOFBTDWTFE-TMCWB ~ A General Movement Began All Over Europe For Fortifying The Villages With Stone Walls And Citadels – Thousands Of Fortified Centres Were Then Built By The Energies Of The Village Communities – A New Life Of Freedom Began To Develop Within The Fortified Enclosures – The Mediaeval City Was Born

~ G-AFDIMT-P-AIPITEOTC-M/C/H/P/P/P/T/B/E/LW-AOOTSDPO-S-JAMS-AAOMSIACAIAAOLAIWAOFMJ ~ Guilds – A Formidable Development In Mediaeval Times – Played – An Important Part In The Emancipation Of The Cities – Merchants / Craftsmen / Hunters / Peasants / Priests / Painters / Teachers / Beggars / Executioners / Lost Women – All Organized On The Same Double Principle Of – Self-Jurisdiction And Mutual Support – An Association Of Mutual Support In All Circumstances And In All Accidents Of Life And It Was An Organization For Maintaining Justice

~ HOCIWTCITLHRU-ATAOT-NTIVOD-WDUTMOLGFOE-TSLIR-TCOIAAFOBSVCAG ~ Hundreds Of Charters In Which The Cities Inscribed Their Liberation Have Reached Us – And Through All Of Them – Notwithstanding The Infinite Variety Of Details – Which Depended Upon The More Or Less Greater Fulness Of Emancipation – The Same Leading Ideas Run – The City Organized Itself As A Federation Of Both Small Village Communities And Guilds

~ TG-L-S-A-A-P-WTCAOTMC-A-L-CG-WICF-AIO-‘J’-TTC-O- ‘R’ -TBPAC-WWSSEN-PPAE ~ To Guarantee – Liberty – Self-Administration – And – Peace – Was The Chief Aim Of The Mediaeval City – And – Labour – Craft Guilds – Was Its Chief Foundation – An Idea Of – “Justice” – To The Community – Of – “Right” – Towards Both Producer And Consumer – Which Would Seem So Extravagant Now – Penetrated Production And Exchange

~ TIOPRIAAU-TMGS-ITBPTTSWNHTII ~ The Immensity Of Progress Realized In All Arts Under – The Mediaeval Guild System – Is The Best Proof That The System Was No Hindrance To Individual Initiative

~ IR-TMC-WAFO-AACPIFS-AIHTMRFIBTFOIA-TWATC ~ In Reality – The Mediaeval City – Was A Fortified Oasis – Amidst A Country Plunged Into Feudal Submission – And It Had To Make Room For Itself By The Force Of Its Arms – The War Against The Castles

~ TC-NTE-WTRMOTNU ~ The Cities – Not The Emperors – Were The Real Makers Of The National Unity

~ TTITNDTVCDOIOA;E-OTC-ITTRCSCOP-BNASE-TAIATCTCL ~ The Truth Is That Nowhere Did The Village Community Disappear Of Its Own Accord; Everywhere – On The Contrary – It Took The Ruling Classes Several Centuries Of Persistent – But Not Always Successful Efforts – To Abolish It And To Confiscate The Communal Lands

~ TCLCTBPU-ATPWDRTL-BIWESTMOTEC-T-I-E-AEE-IBPOASPTSWOATOCO-TLOTVCWTBTL-ATAWSBP ~ The Communal Lands Continued To Be Preyed Upon – And The Peasants Were Driven From The Land – But It Was Especially Since The Middle Of The Eighteenth Century – That – In – England – As Everywhere Else – It Became Part Of A Systematic Policy To Simply Weed Out All Traces Of Communal Ownership – The Land Of The Village Community Was Taken By The Lords – And The Appropriation Was Sanctioned By Parliament

~ IS-TSPTNDO-TVC-IVO-EL-IAGAJATSP-TNDOSSOAB ~ In Short – To Speak Of The Natural Death Of – The Village Communities – In Virtue Of – Economic Laws – Is As Grim A Joke As To Speak Of – The Natural Death Of Soldiers Slaughtered On A Battlefield

~ TVCHLFOATY;AWTPWNRBWAE-TSITMOC ~ The Village Communities Had Lived For Over A Thousand Years; And Where And When The Peasants Were Not Ruined By Wars And Exactions – They Steadily Improved Their Methods Of Culture

~ CWM-FWC-TWP-AMWD-B-TVC-FTI-ATSCS ~ Canals Were Maintained – Forests Were Cleared – Trees Were Planted – And Marshes Were Drained – By – The Village Communities – From Time Immoral – And The Same Continues Still

~ EUTSORIWNP-TAMPMTM-SI ~ Even Under The System Of Reckless Individualism Which Now Prevails – The Agricultural Masses Piously Maintain Their Mutual-Support Inheritance

~ ASATSRTILBMOWTHBAB-TBAAOR-NTD-P/E/S-WAM-A-ISFABATTMR ~ As Soon As The States Relax The Iron Laws By Means Of Which They Have Broken All Bonds – These Bonds Are At Once Reconstituted – Notwithstanding The Difficulties – Political / Economical / Social – Which Are Many – And – In Such Forms As Best Answer To The Modem Requirements

~ TPWI-BO-TM-AT-TTGD-WATPO-TGPI-A-I-A-S ~ The Periods When Institutions Based On – The Mutual-Aid Tendency – Took Their Greatest Development – Were Also The Periods Of – The Greatest Progress In – Arts – Industry – And – Science

~ MAITRFOOEC ~ Mutual Aid Is The Real Foundation Of Our Ethical Conceptions

TIM WU ~ THE MASTER SWITCH ~ 2010

~ TKE-TEUBADCTCIPSITI ~ The Kronos Effect ~ The Efforts Undertaken By A Dominant Company To Consume Its Potential Successors In Their Infancy

~ ATYWB-TFOTCS-WBTCT-AN-TA-F-TCOAR ~ As The Years Went By – The Founders Of The Commercial System – Would Begin To Credit Themselves – And Not – The Amateurs – For – The Creation Of American Radio

~ MWSTTAOW-GRICAPITI-B-TSR-WS-CCT-TPOI-T-CE-O-SI ~ Most Who Study These Topics Are Obsessed With – Government’s Role In Censorship And Providing Incentives To Innovate – But – The State’s Role – While Significant – Cannot Compare To – The Power Of Industry – To – Censor Expression – Or – Squelch Invention

~ TEMCOPADP ~ The Enlightened Monopolist Can Occasionally Prove A Delusional Paranoid

~ SOFTM:FO/MT/DSL/FM/SP-TLGOAO ~ Suppress Or Fail To Market: Fiber Optics / Mobile Telephones / Digital Subscriber Lines / Facsimile Machines / SpeakerPhones – The List Goes On And On

~ T-PP-ITITFSOANI-AST-‘EA’-PTTACOI ~ The – Primitive Prototype – Is Typical In The Founding Stage Of A New Industry – As Are The – “Early Adopters” – Prepared To Take A Chance On It

~ W-TV-RCATW-IW-AP-ARORIAR-TPWSBA-MOTSSAOERP ~ When – TV – Reached Consumers After The War – It Was – As Prophesied – A Replica Of Radio In All Respects – The Programming Was Sponsored By Advertisers – Most Of The Shows Simply Adaptations Of Existing Radio Programs

~ TBOTS-IOE-HBCTET-C-IE ~ The Blessing Of The State – Implicit Or Explicit – Has Been Crucial To Every Twentieth-Century Information Empire

~ YAWHSTATA-OGRIITNGUD ~ Yet As We Have Seen Time And Time Again – One Generation’s Radical Innovation Is The Next Generation’s Unyielding Dinosaur

~ AW-TBRIT1910-TOOCTAO-BIWTWOA-AW-TFTITFYOTTC-CWAD-I-T-BFAWWAW~ As With – The Broadcast Radio In The 1910s – The Origins Of Cable Television Are Obscure – Because It Was The Work Of Amateurs – As With – The Farmer’s Telephone In The First Years Of The Twentieth Century – Cable Was A Do-It-Yourself Business For Anyone With Will And Wires

~ TIAUETAAMDWIHBPTD-WSW-OMDNDSW-H-IITSO-CD-TRIAUMPAV ~ There Is An Undeniable Efficiency That Attends A Monopoly’s Doing What It Has Been Perfected To Do – What Such Well-Oiled Machines Do Not Do So Well – However – Is Initiate The Sort Of – Creative Destruction – That Revolutionizes Industries And Ultimately Multiplies Productivity And Value

~ TSATOOCEWALOTTIORMIAWWFHBCE ~ The Shape And Tenor Of Our Current Entertainment World Are Largely Owing To The Imperatives Of Risk Management In A World Where Failure Had Become Catastrophically Expensive

~ WLTCWCWYCEI? ~ Why Learn To Cope With Competition When You Can Eliminate It?

~ IAAMRTEOTM-TMCTPOIAC-TEIIFGTIITTP-BB ~ In An Age More Reliant Than Ever On Telecommunications Media – The More Concentrated The Power Over Information And Communications – The Easier It Is For Government To Indulge Its Temptation To Play – Big Brother

~ ITIRD?-EOIOIKHHIPOO-OTBTBOYAIE-WIG:TROTIOTIOTC? ~ Is The Internet Really Different? – Every Other Invention Of Its Kind Has Had Its Period Of Openness – Only To Become The Basis Of Yet Another Information Empire – Which Is Mightier: The Radicalism Of The Internet Or The Inevitability Of The Cycle?

~ WHBFTRIBOSIAPC ~ We Have Been Freed To Retreat Into Bubbles Of Selective Information And Parochial Concern

~ WAOM-OHDOFOC-AWI-DAGAIAARTEOR ~ With An Open Medium – One Has Diversity Or Fragmentation Of Content – And With It – Differences Among Groups And Individuals Are Accentuated Rather Than Elided Or Repressed

~ C-FIB-TMWAARCATBV ~ Cable – From Its Birth – The Medium Was Always As Relentlessly Commercial As The Broadcast Variant

~ NHAOTMCR-CFTCTROPPM(IV)~ No Honest Account Of The Media Conglomerate’s Rise – Could Fail To Concede The Role Of Purely Personal Motivations (Indeed Vanities)

~ IPD ~ Intellectual Property Development

~ MF ~ Mine Festivals

~ TM-TA:LALS-TA:DACC-ADWAETUFWLR ~ The Monopolist’s – Tools Are: Lawyers And Local Statues – Tactics Are: Delays And Court Challenges – All Deployed With An Eye Toward Unraveling Firms With Lesser Resources

~ BTTOCWSEAAC ~ Blow The Trumpet Of Competition While Simultaneously Eliminating All Actual Competitors

~ TCCOTMS ~ The Current Custodian Of The Master Switch

~ HMGTTIHTO-S/IR/RO-IHMIYCGTT ~ However Many Good Things The Internet Has To Offer – Service / Information Resources / Retail Outlets – It Hardly Matters If You Can’t Get To Them

~ NNITT-FCVOCC ~ Net Neutrality Is The Twenty-First Century’s Version Of Common Carriage

~ WLTBTOSACPPWUPUFTCOAEP-BTHABS ~ We Like To Believe That Our Safeguards Against Concentrated Political Power Will Ultimately Protect Us From The Consequences Of Accumulated Economic Power – But This Hasn’t Always Been So

~ GOPRIAACOPP-NAAATI ~ Government’s Only Proper Role Is As A Check On Private Power – Never As An Aid To It

~ MABF-YNSATBTSW-BEIFC ~ Markets Are Born Free – Yet No Sooner Are They Born Than Some Would-Be Emperor Is Forging Chains

~ TIISN-TIEP-TIIPITB-BR-AAPE-T-CBWOB ~ The Internet Is Simply Not – The Infinitely Elastic Phantasm – That It Is Popularly Imagined To Be – But Rather – An Actual Physical Entity – That – Can Be Warped Or Broken

~ IWDNTTMT-SO-S-OTCTOIAHAUTE-WCRB-I-LOTWAFTETBTIFUIAMHHF ~ If We Do Not Take This Moment To – Secure Our – Sovereignty – Over The Choices That Our Information Age Has Allowed Us To Enjoy – We Cannot Reasonably Blame – Its – Loss – On Those Who Are Free To Enrich Themselves By Taking It From Us In A Manner History Has Foretold

THOMAS MORE ~ UTOPIA ~ 1516 ~ [1901 TRANSLATION]

~ RH ~ Raphael Hythloday

~ IIPAO-TII-AAOICTTC-T-ATAAMSBEP ~ It Is Plain And Obvious – That It Is – Absurd And Of Ill Consequence To The Commonwealth – That – A Thief And A Murderer Should Be Equally Punished

~ WTTDO-WSHALH ~ Who Throws The Dice Often – Will Sometimes Have A Lucky Hit

~ IAKSFUSCOETHCNKHSITDBBOAIU-A-BTTPAM-IWCBFHTQHKTTRIBSM ~ If A King Should Fall Under Such Contempt Or Envy That He Could Not Keep His Subjects In Their Duty But By Oppression And Ill Usage – And – By Rendering Them Poor And Miserable – It Were Certainly Better For Him To Quit His Kingdom Than To Retain It By Such Methods

~ [S]H-IAUP-TCCOD-WCHPIA ~ [S]He – Is An Unskillful Physician That Cannot Cure One Disease Without Casting His[Her] Patient Into Another

~ TNSWM ~ They Never Sup Without Music

~ WTAATSBPASAFOASW ~ While They Are At Table Some Burn Perfumes And Sprinkle About Fragrant Ointments And Sweet Waters

~ TOASPOATGTBFGTTPOTCTWTST ~ They Order A Seventh Part Of All These Goods To Be Freely Given To The Poor Of The Countries To Which They Send Them

~ TEADOOVO-EOG-WTMTCPAC-SO-G&S-OTSMTLM-CAFFTS ~ They Eat And Drink Out Of Vessels Of – Earth Or Glass – While They Make Their Chamber Pots And Close-Stools Of – Gold And Silver – Of The Same Metals They Likewise Make – Chains And Fetters For Their Slaves

~ P/D/C-NBCUSB ~ Pearls / Diamonds / Carbuncles – None But Children Use Such Baubles

~ SID-AGIABOI ~ Silk Is Despised – And Gold Is A Badge Of Infamy

~ TATDVTBLATN-STITNPAPOTSAPATEOATD ~ Thus As They Define Virtue To Be Living According To Nature – So They Imagine That Nature Prompts All People On To Seek After Pleasure As The End Of All They Do

~ TAOTIOTOSTPOL-NIUTEI-S ~ They Also Observe That In Order To Our Supporting The Pleasures Of Life – Nature Inclines Us To Enter Into – Society

~ OCIBT-TTWHUAUMOW-NFAUTIITBT-BMTPTWTCOI-EATPII?-TDTFIOAFSOJ ~ Or Can It Be Thought – That They Who Heap Up A Useless Mass Of Wealth – Not For Any Use That It Is To Bring Them – But Merely To Please Themselves With The Contemplation Of It – Enjoy Any True Pleasure In It? – The Delighted They Find Is Only A False Shadow Of Joy

~ TAHTCPTBTTB;FTTT-TPOEAD-AATODOS-AOSFDATGOMH ~ They Account Health The Chief Pleasure That Belongs To The Body; For They Think That – The Pleasure Of Eating And Drinking – And All The Other Delights Of Sense – Are Only So Far Desirable As They Give Or Maintain Health

~ Y-IAPW-TTCT-ALJDNHAG-A-TPMNBP-WTTAFDP ~ Yet – In All Pleasures Whatsoever – They Take Care That – A Lesser Joy Does Not Hinder A Greater – And – That – Pleasure May Never Breed Pain – Which They Think Always Follows Dishonest Pleasures

~ IASTWMBSOTN-TINITWWEABPOAHG ~ I Am Sure That Whatever May Be Said Of Their Notions – There Is Not In The Whole World Either A Better People Or A Happier Government

~ IHTCAGMBWT-IGTAMB ~ I Happened To Carry A Great Many Books With Me – I Gave Them All My Books

~ TA ~ Thricius Apinatus

~ TSATAOSAACTTSOL-FCOSC-O-WIMC-SATMFCTDITPTWTT-WTSRALR-AIOPHTFN ~ The Slaves Among Them Are Only Such As Are Condemned To That State Of Life – For The Commission Of Some Crime – Or – Which Is More Common – Such As Their Merchants Find Condemned To Die In Those Parts To Which They Trade – Whom They Sometimes Redeem At Low Rates – And In Other Places Have Them For Nothing

~ TTGPIF-AAIITABBAUTTUTI-STDNTIAFPTDTWTF-TRBAFS ~ They Take Great Pleasure In Fools – And As It Is Thought A Base And Unbecoming Thing To Use Them Ill – So They Do Not Think It Amiss For People To Divert Themselves With Their Folly – Their Ridiculous Behaviour And Foolish Sayings

~ IA-SRAF-BMOII-B-IWBASIHTHUAWW[S]HDCNH ~ If Any – Should Reproach Another For – Being Misshaped Or Imperfect In – Body – It Would Be Accounted Scandalous In Him[/Her] That Had Upbraided Another With What [S]He Could Not Help

~ THNLAT-EOTISITL-IIAVSS-TPMOWWACIATSOTL ~ They Have No Lawyers Among Them – Everyone Of Them Is Skilled In Their Law – It Is A Very Short Study – The Plainest Meaning Of Which Words Are Capable Is Always The Sense Of Their Laws

~ IICT-WPJAS-EBAOPA-TMFADO-J-TCSOS ~ It Is Certain That – When Public Judicatories Are Swayed – Either By Avarice Or Partial Affections – There Must Follow A Dissolution Of – Justice – The Chief Sinew Of Society

~ TDWAAVBT-AW-T-IOTTSOAAON-TTTINMITTGTIGBW ~ They Detest War As A Very Brutal Thing – And Which – They – In Opposition To The Sentiments Of Almost All Other Nations – Think That There Is Nothing More Inglorious Than That Glory That Is Gained By War

~ TDALAA-ATOVASWOD ~ They Despise And Laugh At Auguries – And The Other Vain And Superstitious Ways Of Divination

~ ICHNONOATOGTISOK-TTTAACOTR-W-OPOMTP-OPTPE ~ I Can Have No Other Notion Of All The Other Governments That I See Or Know – Than That They Are A Conspiracy Of The Rich – Who – On Pretence Of Managing The Public – Only Pursue Their Private Ends