~ 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


~ 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


~ DC-OR-O-TPS-ITWO-CE-CW-TTODAEMO ~ Disaster Capitalism – Orchestrated Raids – On – The Public Sphere – In The Wake Of – Catastrophic Events – Combined With – The Treatment Of Disasters As Exciting Market Opportunities

~ DCC ~ Disaster Capitalism Complex

~ CSI ~ Corporate Supremacist Ideology

~ AP-RA-B-AFVLC-A-ACO-MW-P-WHAE-SLBTTG ~ A Powerful – Ruling Alliance – Between – A Few Very Large Corporations – And – A Class Of – Mostly Wealthy – Politicians – With Hazy And Ever-Shifting Lines Between The Two Groups

~ The Ideologies That Long For That Impossible – Clean Slate – Which Can Be Reached Only Through – Some Kind Of Cataclysm – Are The Dangerous Ones

~ T-TITMO-W-P-TMIG ~ Then – There Is The Matter Of – Where – Precisely – The Money Is Going

~ WID-BC ~ When In Doubt – Blame Corruption

~ TPO-ST-ITOUAWF-EPTBMVQ-N-DTL-B-PBOI-CSL-F-CTC-MOASATLCU ~ The Point Of – Shock Therapy – Is To Open Up A Window For – Enormous Profits To Be Made Very Quickly – Not – Despite The Lawlessness – But – Precisely Because Of It – Constantly Shifting Location – From – Crisis To Crisis – Moving On As Soon As The Law Catches Up

~ BCF-LAO-A-TPHABMO-IRJAWO-LTTEPF ~ But Calling For – Law And Order – After – The Profits Have All Been Moved Offshore – Is Really Just A Way Of – Legalizing The Theft Ex Post Facto

~ T-G-R-O-D-T-D ~ The – Get-Rich-Or-Die-Trying – Dystopia

~ TUSO-‘S’-IT-TVMNCBA-TEU-IS-IB-O-ICSC-TA-TD ~ The Ugly Secret Of – “Stablization” – Is That – The Vast Majority Never Climb Back Aboard – They End Up – In Slums – In Brothels – Or – In Cargo Ship Containers – They Are – The Disinherited

~ TTI-TWRDBGAI ~ Then There Is – The Whirling Revolving Door Between Government And Industry

~ NCR ~ No Conspiracies Required

~ THOSMW-B-ATMOTWP-WNAPP-N-O-WIALO ~ The Hoarding Of So Much Wealth – By – A Tiny Minority Of The World’s Population – Was Not A Peaceful Process – Nor – Often – Was It A Legal One

~ OTMOTSDADACU-WCBHTTBS-MDTC-SR ~ Once The Mechanics Of The Shock Doctrine Are Deeply And Collectively Understood – Whole Communities Become Harder To Take By Surprise – More Difficult To Confuse – Shock Resistant

~ TBWT-R-F-H-TOTB-H-HTRTBPOA-CR ~ The Best Way To – Recover – From – Helplessness – Turns Out To Be – Helping – Having The Right To Be Part Of A – Communal Recovery


~ 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


~ 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


~ LOFCC ~ Lords Of The Computing Clouds

~ FANP ~ Fragments Are Not People

~ TMITAATIHICP ~ The Most Important Thing About A Technology Is How It Changes People

~ PIIT ~ Politics Influences Information Technology

~ ESP-B-ITU ~ Entrenched Software Philosophies – Become – Invisible Through Ubiquity

~ TCSBLTTL ~ Technology Criticism Should Be Left To The Luddites

~ NE ~ Network Effect

~ CT ~ Cybernetic Totalists

~ DM ~ Digital Maoists

~ MOMFDWM ~ Many Of My Friends Disagree With Me

~ WDYDWTTACTTL? ~ What Do You Do When The Techies Are Crazier Than The Luddites?

~ LOD ~ Levels Of Description

~ OI ~ Oracle Illusion

~ RTBTMM ~ Race To Be The Most Meta

~ ATPLOA ~ Aggregate The Previous Layers Of Aggregation

~ TIOHLM ~ The Illusion Of High-Level Metaness

~ IDDTBF ~ Information Doesn’t Deserve To Be Free

~ WIOHARAIIN? ~ What If Only Humans Are Real And Information Is Not?

~ IIAE ~ Information Is Alienated Experience

~ EITOPTCDI ~ Experience Is The Only Process That Can De-Alienate Information

~ IOTKTP-WTBF-INBASOOOM-A-WNOIO-IWNSIIDGWIW ~ Information Of The Kind That Purportedly – Wants To Be Free – Is Nothing But A Shadow Of Our Own Minds – And – Wants Nothing On Its Own – It Will Not Suffer If It Doesn’t Get What It Wants

~ MICOBKIARS-ITEOAHB ~ Machine Intelligence Can Only Be Known In A Relative Sense – In The Eyes Of A Human Beholder

~ PDTIOTMMSS-ATT ~ People Degrade Themselves In Order To Make Machines Seem Smart – All The Time

~ COE-WYCTCOYC-YCYCOY ~ Circle Of Empathy – When You Change The Contents Of Your Circle – You Change Your Conception Of Yourself

~ ITD ~ Infelicitous Technological Designs

~ OMRTTCOSNANTMOTN-TRCITAOTF-B-TCHYTAIASW ~ One Must Remember That The Customers Of Social Networks Are Not The Members Of Those Networks – The Real Customer Is The Advertiser Of The Future – But – This Creature Has Yet To Appear In Any Significant Way

~ TNDDI ~ The Net Doesn’t Design Itself

~ AFPP ~ Anonymous Fragmentary Pseudo-People

T-INASO-II-B-TSQOTOW ~ Trolling – Is Not A String Of – Isolated Incidents – But – The Status Quo In The Online World

~ IOV ~ Ideology Of Violation

~ TROTCAPTR ~ The Rules Of The Cloud Apply Poorly To Reality

~ MEPITC ~ Meta Equals Power In The Cloud

~ MNTIITDAG ~ Morality Needs Technology If It’s To Do Any Good

~ PWFOAOTFAKOAOSLATCTCUWWTILSFEAO ~ People Will Focus On Activities Other Than Fighting And Killing One Another Only So Long As Technologists Continue To Come Up With Ways To Improve Living Standards For Everyone At Once

~ TDOE ~ The Devaluation Of Everything

~ U&U ~ Unobtrusive And Useful

~ IYWTK-WRGO-IA-SOI-FTM ~ If You Want To Know – What’s Really Going On – In A – Society Or Ideology – Follow The Money

~ RTTFOS-P ~ Reciprocity Takes The Form Of Self-Promotion

~ CITBPNBA ~ Culture Is To Become Precisely Nothing But Advertising

~ IMIFT-A-IO-M-J-A-A-TASIMCWMTTOB ~ If Money Is Flowing To – Advertising – Instead Of – Musicians – Journalists – And – Artists – Then A Society Is More Concerned With Manipulation Than Truth Or Beauty

~ ICIW-TPWSTB-EAC ~ If Content Is Worthless – Then People Will Start To Become – Emptyheaded And Contentless

~ PALOTC ~ Peasants And Lords Of The Clouds

~ AWBTDUFPOM-IIFP-WHAP ~ Are We Building The Digital Utopia For People Or Machines – If It’s For People – We Have A Problem

~ MAAGOTWPM-SNHWETWBTB ~ Maybe After A Generation Or Two Without Professional Musicians – Some New Habitat Will Emerge That Will Bring Them Back

~ TF-ACRTBBHA-EC-B-T-F-A-ER-AAR-TIOEIT-AOI-HB-THD ~ Thus Far – All Computer-Related Technologies Built By Humans Are – Endlessly Confusing – Buggy – Tangled – Fussy – And – Error-Ridden – As A Result – The Icon Of Employment In The – Age Of Information – Has Been – The Help Desk

~ POTHD ~ Planet Of The Help Desks

~ CEC ~ Computationally Enhanced Corruption

~ CHMIEFCTPETTTTANAOTOS ~ Computers Have Made It Easier For Criminals To Pretend Even To Themselves That They Are Not Aware Of Their Own Schemes

~ TWOFCTTPI2008WSCB ~ The Wave Of Financial Calamities That Took Place In 2008 Were Significantly Cloud Based

~ NOITP-DEHTMVCTLTHOHITWWRAATN ~ No One In The Pre-Digital Era Had The Mental Capacity To Lie To Him- Or Herself In The Way We Routinely Are Able To Now

~ WOTCTCTC?-ALF ~ Who Owns The Cloud That Connects The Crowd? – A Lucky Few

~ EHAISABI-UTAAIP ~ Entitlement Has Achieved Its – Singularity – And – Become Infinite – Unless The Algorithm Actually Isn’t Perfect

~ TGUSOTNI ~ The Grand Unified Scam Of The New Ideology

~ ASCIWBHVIOBF-AEWGPFTB ~ A Social Contract In Which Bits Have Value Instead Of Being Free – And Everyone Would Get Paid For Their Bits

~ WADOIS-MWB ~ Without A Degree Of Imposed Scarcity – Money Would Be Valueless

~ AVITAOTLT ~ A Volunteer In The Army Of The Long Tail

~ TWPOTOWARHS ~ The Wrong People Often Take Over When A Revolution Happens Suddenly

~ ETMELMATFCHT-FTCTATG ~ Even The Most Extreme Libertarian Must Admit That – Fluid Commerce Has To Flow Through Channels That Amount To Government

~ WMSOH-A-EOR-IOTBB ~ We Must See Ourselves Honestly – And – Engage Ourselves Realistically In Order To Become Better

~ E-IA-HTB-M-ASORWCC-W-RTWCC ~ Economics – Is About – How To Best – Mix – A Set Of Rules We Cannot Change – With – Rules That We Can Change

~ TUTOF ~ The Unbearable Thinness Of Flatness

~ OCIFOTWAIWBTWWB ~ Online Culture Is Fixated On The World As It Was Before The Web Was Born

~ TOAHBATC-L-PC-IHBSGAC-NO ~ The Open Approach Has Been Able To Create – Lovely – Polished Copies – It Hasn’t Been So Good At Creating – Notable Originals

~ WITNM?-EI-R/R/R ~ Where Is The New Music? – Everything Is – Retro / Retro / Retro

~ WMS-R-IS-IIITRITC ~ What Makes Something – Real – Is That – It Is Impossible To Represent It To Completion

~ ESAP ~ Encapsulation Serves A Purpose

~ BFSL-FLS ~ Been Fast So Long – Feels Like Slow

~ SJ ~ Silicon Juvenilia

~ DC:WAWOJ ~ Digital Culture: Wave After Wave Of Juvenilia

~ PC ~ Postsymbolic Communication


~ TGB-WTSIAUTD-A-WMPAWTA-WTCI-‘P’-GUV ~ The Gap Between – What The Science Is Asking Us To Do – And – What Most People Are Willing To Accept – What They Claim Is – “Possible” – Gives You Vertigo

~ D-KRDM-A-BLSWIC ~ Deniers – Keep Repackaging Debunked Material – And – Badgering Legitimate Scientists With Irrelevant Concerns

~ WLIA-PC-WT-SO-O-AOCE-AP-O-ATC-CAMWFTGPA-TSKOAG ~ We Live In A – Public Cyberspace – Where The – Scientific Opinions – Of – An Oil Company Executive – A Politician – Or – A Television Commentator – Carry As Much Weight For The General Public As – The Scientific Knowledge Of A Geophysicist

~ WDPBTTAPF? ~ Why Do People Believe Things That Are Patently False?

~ AOM ~ Axis Of Melt

~ ML-IWWTOA-TPA-ABF-THITW-TMFITAMTFSIC-V-AAOC ~ Mercury Levels – In What We Think Of As – The Pristine Arctic – Are By Far – The Highest In The World – The Mercury Found In The Arctic Migrated There From Southern Industrial Centers – Via – Atmospheric And Ocean Currents

~ MGH-BOMLIWC-‘FH’-LEIBTOSATDP-CATAMOCAAOFFROE ~ Methane Gas Hydrates – Bits Of Methane Locked Inside Water Crystals – “Frozen Heat” – Literally Everywhere In Both The Ocean Sediment And The Deep Permafrost – Contains About Twice As Much Organic Carbon As All Other Fossil Fuel Reserves On Earth

~ TDTARAEI ~ They Describe Themselves As Research And Educational Institutions

~ WCTPOFI-APS-HBC-A-RB-LAPOASOTS ~ We Continue To Place Our Faith In – A Political System – Hijacked By Corporations – And – Run By – Liars And Propagandists On All Sides Of The Spectrum

~ OBMIFUT-SSITREOTWWHCTKAT-Y-OBAHAAATCNC ~ Our Brains May Instinctively Force Us To – Seek Shelter In The Reassuring Equilibrium Of The World We Have Come To Know And Trust – Yet – Our Brains Also Have An Amazing Ability To Chart New Courses


~ 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


~ WC-WF? ~ Whose Crisis – Whose Future?

~ T-A-G-F-R-W ~ Towards – A – Greener – Fairer – Richer – World

~ TO-AN-T-P-O-F-B-P-I-A-I ~ The Obstacles – Are Not – Technical – Practical – Or – Financial – But – Political – Intellectual – And – Ideological

~ TE-C-TSDOTE-‘E’-JUSE ~ The Economists – Call – The Systematic Destruction Of The Environment – “Externalities” – Just Unfortunate Side Effects

~ BTEIU-A-GVI-SINUAW ~ Because The Economy Is Unjust – And – Generates Vast Inequalities – Society Is Necessarily Unjust As Well

~ F-F-H-R-UIC ~ Further – Faster – Higher – Richer – Until It Crashes

~ AG-BOSMDTKTOWOTOABL ~ A Grab-Bag Of Stopgap Measures Designed To Keep The Old World Order Ticking Over A Bit Longer

~ ITF=PWAH-TB-S-RT-TRC-WATFATPET ~ It’s Tempting For – People Who Are Hurting – To Blame – Scapegoats – Rather Than – The Real Culprits – Who Are Too Far Away To Provide Easy Targets

~ T-RL-A-FFP-TPTC-WIJATTBAPBI-MS-R-TPF-TAPW-PR-POEK-AT-MCNL ~ The – Risky Loans – And – Fancy Financial Products – That Precipitated The Crisis – Were Intellectually Justified At The Time By A Pious Belief In – Market Self-Regulation – The Patent Fiction – That All Participants Were – Perfectly Rational – Possessed Of Equal Knowledge – And That – Markets Could Not Lie

~ DASPAUWTCIOTRAPAAS ~ Dark And Secret Plots Are Unnecessary When The Common Interests Of The Rich And Powerful Are At Stake

~ P/S;C/S ~ Primes / Subprimes; Crimes / Subcrimes

~ WDYM-‘NSTC’-? ~ What Do You Mean – “Nobody Saw This Coming” – ?

~ R-S ~ Regulation – Shmegulation

~ LTER ~ Let Them Eat Research

~ HNWI ~ High Net Worth Individuals

~ PAB-TKPWT-GIF ~ People Aren’t Blind – They Know Perfectly Well That – Globalization Isn’t Fair

~ NAOWTMPH ~ New And Original Ways To Make People Hungry

~ W:TPCP ~ Water: The Perfect Capitalist Product

~ CSBAPG ~ Credit – Should Be A – Public Good


~ 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