JAMES KWAK ~ ECONOMISM

~ 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-ITWTMOJTESO-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

~ RARWQTSMAATITST-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

~ TAOETPAASRTRDIOSOIS ~ The Ability Of Economism To Pass As Abstract Science Rather Than Rhetorical Device Is One Source Of Its Strength

~ EIAIBOISEAEP-ACUPOTW-WCBCQAE-DWMAUF ~ 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-HBSWICS ~ A Small Set Of Abstract Concepts – Based On Admittedly Unrealistic Assumptions – Has Become So Widespread In Contemporary Society

~ IALETMACITAWOSADC-TIIITRWOPAI ~ It’s A Lost 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-OPIWAFIOTW ~ 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

~ EEBPAOSHTCUBEPTTA ~ Economism Exists Because People And Organizations Saw How They Could Use Basic Economic Principles To Their Advantage

~ AWFFBMEIP-MDCRTEI ~ As Wealthy Family Foundations Became More Engaged In Politics – Many Devoted Considerable Resources To Economic Ideas

~ BBTPO-PT-SI-AWP-TECTAJDUE-ASOTET-T-CCTBUWEFTPOPTO ~ Befuddled By The Popularity Of – Progressive Taxes – Social Insurance – And Welfare Programs – These Entrepreneurs Concluded That Americans Just Didn’t Understand Economics – And Set Out To Educate Them – Today – Commentators Continue To Blame Unfamiliarity With Economics For The Popularity Of Policies They Oppose

~ MICWDNSIEIARATVOE ~ Many Influential Commentators Who Do Not Specialize In Economic Issues Also Routinely Adopt The Vocabulary Of Economism

~ TMNEBMIASWOPADSAEI ~ The Media Normalize Economism By Making It A Standard Way Of Presenting And Discussing Social And Economic Issues

~ TFTCCWOUSBFE101-DTPVOE-IOTATSR ~ The Fact That Candidates Can Win Office Using Sound Bites From Economics 101 – Demonstrates The Political Viability Of Economism – Inspiring Others To Adopt The Same Rhetoric

~ EFBAAEDTAAAWODAFTRI ~ Economism Functions Both As An Effective Debating Tool And As A Way Of Distracting Attention From The Real Issues

~ ATPOE-TPRITBBAWEP-R-LIBASIAM-YMWYD-EPTPJFT-W-T-A-RS-ALFTWPOV-H-WHRMMSTP-TDHTPTPLADBNP-NPP ~ According To The Principles Of Economism – The People Raking In The Big Bucks Are Worth Every Penny – Remember – Labor Is Bought And Sold In A Market – You Make What You Deserve – Economism Provides The Perfect Justification For The – Winner-Take-All – Reward Scale – At Least From The Winner’s Point Of View – However – Wages Have Risen Much More Slowly Than Productivity – This Divergence Highlights The Possibility That Pay Levels Are Determined By Negotiating Power – Not Pure Productivity

~ ECRPFS-AGTINJTWBAOPWRFAIITSM ~ Excessive Compensation Reduces Profits For Shareholders – A Group That Includes Not Just The Wealthy But Also Ordinary People Whose Retirement Funds Are Invested In The Stock Market

~ ALTSTT-TCBMBI-CCETMDTMTBBHTCITLR ~ Awards Linked To Short-Term Targets – That Can Be Manipulated By Insiders – Can Cause Executives To Make Decisions That Maximize Their Bonuses But Harm The Company In The Long Run

~ FC-WSGWHBACPQ-ERTQFTPSTTAROT-IWTCLMPTPIS ~ 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

~ OOTCPOEITTA-VVB-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

~ TOIIHFPITUSOTPSY-WNOIIESOG-TEEMRIT1950A1960-APWTTROMIIW70%OH ~ Taxes On Investment Income Have Fallen Precipitously In The United States Over The Past Seventy Years – With No Obvious Increase In Either Savings Or Growth – The Economy Expanded Most Rapidly In The 1950s and 1960s – A Period When The Tax Rates On Most Investment Income Were 70 Percent Or Higher

~ TROCGHHLIEOSOOEG ~ Tax Rates On Capital Gains Have Had Little Impact Either On Savings Or On Economic Growth

~ MPABUOTTR-MHBFDABNOSCIROR-BOPR-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

~ TSMSTLITWISAGDHUTS-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-ASTQOWTAWDOWFWEFOGAHWIFT ~ 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

~ ERMFTPHBIACWBIAWOE-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

~ BCTSOAT-EDTTIADAA-TWSITWII-IYDA-YMNUE101 ~ 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-IWTANWTDBWTO ~ Ultimately – It Will Take A New Worldview To Do Battle With The Old

GEORGE AKERLOF + ROBERT SHILLER ~ PHISHING FOR PHOOLS ~ 2015

~ P-GPTDTTAITIOTP-B-NITIOTT ~ Phish – Getting People To Do Things That Are In The Interests Of The Phisher – But – Not In The Interest Of The Target

~ P-SW-FWR-ISP ~ Phool – Someone Who – For Whatever Reasons – Is Successfully Phished

~ PFS-AFFOELHNMIITET-NOWTGTBANWATB-YMPD ~ Personal Financial Insecurity – A Fundamental Fact Of Economic Life Has Never Made It Into The Economics Textbooks – No One Wants To Go To Bed At Night Worried About The Bills – Yet Most People Do

~ BP-CSLTC-‘BP’-TMTCF-SSAF-YNOWTBO ~ Big Phood – Commissions Scientific Laboratories To Calculate – “Bliss Points’ – That Maximize The Craving For – Sugar, Salt, And Fat – Yet No One Wants To Be Obese

~ TPHTUOTCOMTAC-TPFMDTANITBI-TDNDWIRGFT-TDNCWTRW ~ The Psychologists Have Taught Us Over The Course Of More Than A Century – That People Frequently Make Decisions That Are Not In Their Best Interest – They Do Not Do What Is Really Good For Them – They Do Not Choose What They Really Want

~ WTACFM-TINOFTC-TIAFTP ~ When There Are Completely Free Markets – There Is Not Only Freedom To Choose – There Is Also Freedom To Phish

~ WAPB-WWTRGAF-WWTBNTPWL-WDNWTDA-WTTFOIDHTB-WWODTBIC-A-WAATTL ~ We Are Phisable Because – We Want To Reciprocate Gifts And Favors – We Want To Be Nice To People We Like – We Do Not Want To Disobey Authority – We Tend To Follow Others In Deciding How To Behave – We Want Our Decisions To Be Internally Consistent – And – We Are Averse To Taking Losses

~ NTDB-OITOORT-A-OITOOMOTST-MAGDTOL-IAMRWJLPB-FTC-LTSEP ~ Noticing The Difference Between – Optimality In Terms Of Our Real Tastes – And – Optimality In Terms Of Our Monkey-On-The-Shoulder Tastes – Makes A Great Difference To Our Lives – It’s A Major Reason Why Just Letting People Be – Free To Choose – Leads To Serious Economic Problems

~ TMG-TBWTPFMITLTPT-B-JBWCSTMDNMIT ~ The Mantra Goes – The Best Way To Police Financial Markets Is To Let Them Police Themselves – But – Just Because We Can Say The Mantra Does Not Make It True

~ RM-TM-O-LDDDFP-OW-WRFI ~ Reputation Mining – The More-Or-Less Deliberate Drawing Down For Profit – Of Hard-Won Reputation For Integrity

~ TEO-‘RB’-WTWE ~ The Era Of – “Relational Banking” – Where Trust Was Essential

~ HDIATIBC-STTWNLTFOTB? ~ How Did Incentives At The Investment Banks Change – So That Trust Was No Longer The Foundation Of Their Business?

~ TEO-‘PTCIF’-CNLBTFG ~ The Ethic Of – “Placing The Client’s Interest First” – Can No Longer Be Taken For Granted

~ TCOIFRPFBIOSR ~ The Conflict Of Interest From Ratings Paid For By Issuers Of Securities Remains

~ RSOTLFPCBHRITFS ~ Relatively Small Opportunities To Loot For Profit Can Bring Huge Risks Into The Financial System

~ ORTPIR ~ One Response To Phishing Is Regulation

~ NIATIDNIYEP-SOT-I-GNWTPFP ~ New Ideas And Technical Innovation Do No Invariably Yield Economic Progress – Some Of Them – Instead – Give New Ways To Phish For Phools

~ TAI-WDATP-SSM-A-SIMCF ~ There Are Idealists – Who Draw Attention To Phishing – Start Social Movements – And – Set In Motion Corrective Forces

~ THMNTITON-MOOTFAPSTAC-MACBVAGSOIOOTMNIOM ~ The Human Mind Naturally Thinks In Terms Of Narratives – Much Of Our Thought Follows A Pattern Similar To A Conversation – Most Advertising Can Be Viewed As Grafting Stories Of Its Own Onto The Mental Narratives In Our Minds

~ MSTNTMAA-BPAP-WAHTP ~ Modern Statistical Techniques Now Tell Marketers And Advertisers – Both Private And Political – Where And How To Phish

~ TWOAAMISAGTRMACTRS ~ The World Of Advertising And Marketing Is Still About Getting The Right Message And Creating The Right Story

~ BAOTBOFMSNABUTTD ~ Being Aware Of The Benefits Of Free Markets Should Not Also Blind Us To Their Defects

~ RE-PAAATR ~ Rankings Everywhere – People Are Addictively Attracted To Rankings

~ CTCR-AEAARAB ~ Compared To Cancer Research – Alcohol Epidemiology And Alcohol Research Are Backwaters

~ BFP ~ Bankruptcy For Profit

~ TCWKDTR ~ The Can Was Kicked Down The Road

~ TROMFR ~ The Role Of Misleading Financial Ratings

~ SE-PNCS-B-IF-WLIACOP ~ Standard Economics – Presumes No Civil Society – But – In Fact – We Live In A Community Of People

~ MP-ISWOO-COGNBOTO-‘S’-PATT-S-TAISTOSWANO ~ Most Phishing – In Some Way Or Other – Consists Of Grafting New Branches Onto The Old – “Stories” – People Are Telling Themselves – Sometimes – It Also Involves Supplanting The Old Story With A New One

~ MEIFTGWDAT-PNASTDHBSUTR ~ Modern Economics Inherently Fails To Grapple With Deception And Trickery – Peoples Naiveté And Susceptibility To Deception Have Been Swept Under The Rug

~ TPHTLOTDM ~ The Psychologists Have Their Lists Of These Dysfunctional Motivations

~ SODAUBOTSWATOAOS-TGUATCOM-TAUTUHMPFPH-TSAQM-JCPFAOCCTDTM ~ Since Our Decisions Are Usually Based On The Stories We Are Telling Ourselves About Our Situation – This Give Us A Transparent Characterization Of Motivation – That Allows Us To Understand How Most Phishing For Phools Happens – These Stories Are Quite Manipulable – Just Change People’s Focus And One Can Change The Decisions They Make

VIKTOR FRANKL ~ MAN’S SEARCH FOR MEANING

~ TLITS-TSITFMITS ~ To Live Is To Suffer – To Survive Is To Find Meaning In The Suffering

~ [S]HWHA-‘W’TLCBWAA-’H’ ~ [S]He Who Has A – “Why” – To Live Can Bear With Almost Any – “How”

~ SWFYPBYHFTTAI ~ Success Will Follow You Precisely Because You Had Forgotten To Think About It

~ NSRIAESCFADR ~ No Situation Repeats Itself And Each Situation Calls For A Different Response

~ NPOECTFYWYHE ~ No Power On Earth Can Take From You What You Have Experienced

~ AOTSIPOAAROTOTS ~ Actualization Of The Self Is Possible Only As A Result Of Transcendence Of The Self

~ TMOLACBINCTB ~ The Meaning Of Life Always Changes But It Never Ceases To Be

~ ACTLTIOMPTOP ~ A Challenge To Live Thoughts Instead Of Merely Putting Them On Paper

~ LAI-YWLFTST-AHAAWTFTAYAATAN ~ Live As If – You Were Living For The Second Time – And Had Acted As Wrongly The First Time As You Are About To Act Now

DAVID BOHM ~ ON DIALOGUE

~IPATC-TWT-THTBATCSIC-STTSITMDAA-RTS-CFAATTO ~ If People Are To Cooperate – To Work Together – They Have To Be Able To Create Something In Common – Something That Takes Shape In Their Mutual Discussions And Actions – Rather Than Something Conveyed From An Authority To The Others

~ IWKOTTTWITSFOC-TWAGTEIISOW-AWAGTMAPS ~ If We Keep On Thinking That The World Is There Solely For Our Convenience – Then We Are Going To Exploit It In Some Other Way – And We Are Going To Make Another Problem Somewhere

~ TDIBAAETTMBW-TITP ~ Thought Defends Its Basic Assumptions Against Evidence That They May Be Wrong – Thought Is The Problem

~ ABNFADWBFPTSIAC-SAGADFA-IAFDC ~ A Basic Notion For A Dialogue Would Be For People To Sit In A Circle – Such A Geometric Arrangement Doesn’t Favor Anybody – It Allows For Direct Communication

~ IP-TDSW-WAL-A-WAA ~ In Principle – The Dialogue Should Work – Without Any Leader – And – Without Any Agenda

~ IMBUTHAFTGTGG-WKAWOIFAW-PWBTLRTDLALOTD ~ It May Be Useful To Have A Facilitator To Get The Group Going – Who Keeps A Watch On It For A While – People Would Begin To Learn Really To Depend Less And Less On The Facilitator

~ TWOSHBOTBTWCFWL-B-MWC ~ The Whole Of Society Has Been Organized To Believe That We Can’t Function Without Leaders – But – Maybe We Can

~ IIITUTADGINATGOSK-WANTTCAH-TIMHAAB ~ It Is Important To Understand That A Dialogue Group Is Not A Therapy Group Of Some Kind – We Are Not Trying To Cure Anybody Here – Though It May Happen As A Byproduct

~ ITDGWANGTDWTDAA-TIC-OWANF-WMHAESWWANOTDA-NCTAC-OPIRRCCIT-IYWTCTAP ~ In The Dialogue Group We Are Not Going To Decide What To Do About Anything – This Is Crucial – Otherwise We Are Not Free – We Must Have An Empty Space Where We Are Not Obliged To Do Anything – Nor Come To Any Conclusions – Our Purpose Is Really To Communicate Coherently In Truth – If You Want To Call That A Purpose

~ PWCTAGWDIAA-NIFACWOP ~ People Will Come To A Group With Different Interests And Assumptions – Negotiating Involves Finding A Common Way Of Proceeding

~ AGDOWNITCTBDTTFON-PAGNRTGITDIWTFHWTCTBAD ~ A Great Deal Of What Nowadays Is Typically Considered To Be Dialogue Tends To Focus On Negotiation – People Are Generally Not Ready To Go Into The Deeper Issues When They First Have What They Consider To Be A Dialogue

~ TPINTEAFDGF-BR-OTLLETMAC ~ The Point Is Not To Establish A Fixed Dialogue Group Forever – But Rather – One That Lasts Long Enough To Make A Change

~ ACIALORAPAI-STWCLT-BIOWIWHAC-WITWS-MSPAV-OIFA -~ A Society Is A Link Of Relationships Among People And Institutions – So That We Can Live Together – But It Only Works If We Have A Culture – Which Implies That We Share – Meaning, Significance, Purpose, And Value – Otherwise It Falls Apart

~ D-FPTRWIOEOMWCTACOJ ~ Dialogue – For People To Realize What Is On Each Other’s Minds Without Coming To Any Conclusions Or Judgments

~ ITCITL-EWOWTCC-YAITGWTS ~ If You Can Influence The Leaders – Either With Or Without Their Conscious Cooperation – You Automatically Influence The Group Which They Sway

~ BPUAOC-O-MANO-TPCSSAWMOGE ~ By Playing Upon An Old Cliche – Or – Manipulating A New One – The Propagandist Can Sometimes Swing A Whole Mass Of Group Emotions

~ TL-WLTATAPC-WDSOIICBMTTTOI ~ The Leaders – Who Lend Their Authority To Any Propaganda Campaign – Will Do So Only If It Can Be Made To Touch Their Own Interests

~ EAAMBCIOTPIIC ~ Events And Activities Must Be Created In Order To Put Ideas Into Circulation

~ TLISTBAUEABTSC ~ The Law Isn’t Supposed To Be About Unspoken Excuses And Behind-The-Scenes Calculations

~ DWYLISF-BWYLIDBWYT-ATIOAPWIF ~ Doing What You Like Is Seldom Freedom – Because What You Like Is Determined By What You Think – And That Is Often A Pattern Which Is Fixed

~ T-‘P’-IIALAYKOPIATTBYT-THTBISSAOIC ~ The – “Problem” – Is Insoluble As Long As You Keep On Producing It All The Time By Your Thought – Thought Has To Be In Some Sense Aware Of Its Consequences

~ TOSITHM-P-P-TCAMSTYCSTROYT-YHTSYI ~ The Point Of Suspension Is To Help Make – Proprioception – Possible – To Create A Mirror So That You Can See The Results Of Your Thought – You Have To See Your Intention

~ ITB-PWTEO-ITSTIOTD-TWWWI-A-ATSTKEO-TBTTEO ~ In The Beginning – People Won’t Trust Each Other – If They See The Importance Of The Dialogue – They Will Work With It – And – As They Start To Know Each Other – They Begin To Trust Each Other

~ TOOADINTAT-O-TWAA-OTEO-R-IITS-O ~ The Object Of A Dialogue Is Not To Analyze Things – Or – To Win An Argument – Or To Exchange Opinions – Rather – It Is To Suspend – Opinions

~ IWCSWAOOOM-TWASACC-EIWDAE ~ If We Can See What All Of Our Opinions Mean – Then We Are Sharing A Common Content – Even If We Don’t Agree Entirely

~ IMTOTTOANRVI-TAAA-WCJSSTAOTM-TEU-NTWHCI ~ It May Turn Out That The Opinions Are Not Really Very Important – They Are All Assumptions – We Can Just Simply Share The Appreciation Of The Meanings –– Truth Emerges Unannounced – Not That We Have Chosen It

~ IWAHDAADT-EPITGTHADC-BWWRTITOPA ~ If We All Have Different Assumptions And Defend Them – Each Person Is Then Going To Have A Different Content – Because We Won’t Really Take In The Other Person’s Assumptions

~ TINPIBPOC-TNRCOR-ISIR-YDNTBP-ISHTPY-TTIPSDAI ~ There Is No Point In Being Persuaded Or Convinced – That’s Not Really Coherent Or Rational – If Something Is Right – You Don’t Need To Be Persuaded – If Somebody Has To Persuade You – Then There Is Probably Some Doubt About It

~ TINRTHTAAITIETIINR-TPSOAAOOAOITIIOTETIMNBR ~ There Is No Reason To Hold To An Assumption If There Is Evidence That It Is Not Right – The Proper Structure Of An Assumption Or Of An Opinion Is That It Is Open To Evidence That It May Not Be Right

~ TDNEFO-IMEFSE-PFAMFMOTTM ~ Truth Does Not Emerge From Opinions – It Must Emerge From Something Else – Perhaps From A More Free Movement Of The Tacit Mind

~ EIOFWP-WWAW-CPIADB-OTATT ~ Even If One Faction Won’t Participate – We Who Are Willing – Can Participate In A Dialogue Between – Our Thought And Their Thought

~ GPHTTA-ATANTT ~ Generally People Hold To Their Assumptions – So They Are Not Thinking Together

~ TINPITDFTPOAAH-WWTBFOHAAAWM-WWCLABTA ~ There Is No Place In The Dialogue For The Principle Of Authority And Hierarchy – We Want To Be Free Of Hierarchy And Authority As We Move – Where We Can Let Anything Be Talked About

~ TPITGPTCTKEOA-AKWTA ~ The Principle Is To Get People To Come To Know Each Other’s Assumptions – And Know What They Are

~ MOOT-IIGF-INI-IOITWC-AIPU-WPIU-ACFP-FF-FS-FN-FB-ASO-WSCPOIWWL-AWMROP-BS-IACFTP ~ Most Of Our Thought – In Its General Form – Is Not Individual – It Originates In The Whole Culture – And It Pervades Us – We Pick It Up – As Children From Parents – From Friends – From School – From Newspapers – From Books – And So On – We Select Certain Parts Of It Which We Like – And We May Reject Other Parts – But Still – It All Comes From That Pool

TWYES-DOHYRI-O-MI ~ The Way You Experience Something – Depends On How You Represent It – Or Misrepresent It

~ NWDSTOAAATNOOO-B-TAA-TWWST-TWWET-A-C-TTTWWTD ~ Normally We Don’t See That Our Assumptions Are Affecting The Nature Of Our Observations – But – The Assumptions Affect – The Way We See Things – The Way We Experience Them – And – Consequently – The Things That We Want To Do

~ WHGTL-S-TOT-TSWIID-WCABATTRIOWO-WCABATTRIPWO ~ We Have Got To Learn – Somehow – To Observe Thought – To See What It Is Doing – Be Attentive To The Results It Produces Within Ourselves – Even – Of How It Affects Perception

WILLIAM BONNER + LILA RAJIVA ~ MOBS, MESSIAHS AND MARKETS ~ 2007

~ BBIBS ~ Blue Bloods In Black Shirts

~ WTWIWIAGAFATOD-IOPHOTAOI-W-TMBU-OE ~ What The World Improvers Want Is A Globe As Familiar As Their Own Boudoirs – If Other People Have Other Tastes And Other Ideas – Well – They Must Be Uneducated – Or Evil

~ WRMTWIIV-AWMTOITTGITISR ~ What Really Moves The World Improvers Is Vanity – And What Makes Them Odious Is That They Give In To It So Readily

~ TTI-PPAB-AAAFTFOSOV ~ The Truth Is – Popular Politics And Bubbles – Are Almost Always Frauds That Flatter Our Sense Of Vanity

~ DWB-WTPDTDIFETBDT ~ Deception Works Best – When The Person Doing The Deceiving Is Fool Enough To Be Deceived Too

~ MTIAHIAE-IOATBAPOCRBOP-ATFR-OTP ~ Moral Thinking Is Actually Highly Intuitive And Emotional – It Only Appears To Be A Product Of Careful Reasoning Because Of People’s – After-The-Fact Rationalizations – Of Their Preferences

~ ITRATA-F-CTM-TMTTCUWOR-O-WMTTTAI-B-TAUTSTO ~ If The Reasons Are Taken Away – Few – Change Their Minds – They May Try To Come Up With Other Reasons – Or – Want More Time To Think About It – But – They Are Unlikely To Switch Their Opinions

~ TMIHWAWB-B-UHWIE ~ The Mob Is Happy When A War Begins – But – Usually Happier When It Ends

~ AWEBTOPD-WTTTHAGR ~ And What Extraordinarily Bad Things Ordinary People Do – When They Think They Have A Good Reason

~ TWOTWHTPNITDA-B-ITCDOTE-IWNIFWDTPOTW-IWT-SLF ~ The Worst Of The Witch-Hunting Took Place Not In The Dark Ages – But – In The Clear Dawn Of The Enlightenment – It Was Not Illiterate Fools Who Drove The Persecution Of The Witches – It Was The – Semi-Literate Fools

~ FNINN ~ Fake News Is Not New

~ WDTBTAGT-TTTITDTMOT-CBTWDFTFWDWI? ~ Why Do They Believe That A Government That – They Think Too Incompetent To Deliver The Mail On Time – Can Be Trusted With Delivering Freedom To Foreigners Who Don’t Want It?

~ WGP-AALOI-PMCTTS-A-MWWBOFQ ~ Without Government Propaganda – And A Lot Of It – People Might Come To Their Senses – And – Most Wars Would Blow Over Fairly Quickly

~ TNCATEOAEAWI-A-REAOTTPAATB ~ The Negative Consequences At The End Of An Effort At World Improvement – Are – Roughly Equal And Opposite To The Positive Aspirations At The Beginning

~ T-U-ITTWRAE-IEURY-BYKI-YADSTFNORTTIWED ~ That – Ultimately – Is The Trouble With Running An Empire – It Ends Up Running You – Before You Know It – You Are Doing Suicidal Things For No Other Reason Than That Is What Empires Do

~ PDSTNTMOWTTFG-FGWSAA-WATTPUIITB-EIIKT ~ People Don’t Seem To Notice That Much Of What They Take For Granted – Future Generations Will See As Absurd – Whatever Allows Them To Puff Up In Importance They Believe – Even If It Kills Them

~ AWAPS-DAD-AQFB-F ~ As With Any Public Spectacle – Deceit And Deception – Are Quickly Followed By – Farce

~ ITIOTWKATSOC-IITTC-TIIG-TIIF-BRIID ~ If There Is One Thing We Know About The Sentiments Of Crowds – It Is That They Change – Today It Is Greed – Tomorrow It Is Fear – But Rarely Is It Doubt

~ TPWH-WI-I-FAR-OWCNK-WMWTR-WI-W-WSB(IOO)-B-AT-WOTTTAI ~ The Perfect World Hypothesis – What Is – Is – For A Reason – One We Cannot Necessarily Know – We Might Want To Replace – What Is – With – What Should Be (In Our Opinion) – But – At Least – We Ought To Think Twice About It

~ TPWWTFTIOYAATPWIATMI ~ The People Who Want To Force Their Ideas On You Are Always The People Whose Ideas Are The Most Idiotic

~ HBAAMCTTTATAF ~ Human Beings Are Always More Complicated Than The Theories About Them Allow For

~ Y-SPAMTETVBIT ~ Yet – So Powerful Are Myths That Even The Victims Buy Into Them

~ TTOJ ~ The Tao Of Jones

~ WRSTO-BEED ~ We Repeat Slogans To Ourselves – Because Everyone Else Does

~ BSAFT ~ Black Swans And Fat Tails

~ FT-ETLSFOTNCOETWTTPTEFAIOC ~ Fat Tails – Events That Lie So Far Outside The Normal Course Of Events That We Tend To Push Them Equally Far Away In Our Consciousness

~ BSOMMCTWT-TANTROTAOLOSE-BTROTMOE-AEIOSE ~ Black Swans Occur Much More Commonly That We Think – They Are Not The Result Of The Addition Of Lots Of Small Effects – But The Result Of The Multiplication Of Effects – An Exponential Increase Of Small Effects

~ COTB-FITRT-HIOI ~ Complexity Overwhelms The Brain – Forcing It To Revert To – Habit, Instinct, Or Intuition

~ WPTTW-WTACITHOTM-A-HTATTC-AQDT-ANOTIEM ~ What People Think They Want – What They Actually Choose In The Heat Of The Moment – And – How They Afterward Think They Chose – Are Quite Different Things – And None Of Them Is Easily Measured

~ WAFNJBTROTU-BE-BTUOOOEM ~ We Are Fooled Not Just By The Randomness Of The Universe – But Equally – By The Unpredictability Of Our Own Emotional Makeup

~ NOIGNEGNEB-IINEOST-IIS ~ Not Only Is Globalization Neither Entirely Good Nor Entirely Bad – It Is Not Even One Single Thing – It Is Several

~ FDB ~ Fin De Bubble

~ TBSH ~ The Buck Starts Here

~ TMDT ~ The Million Dollar Trailer

~ T-MLNTFMSTBTBATMWS-OTWPTLM-BTNMLRMTB-ATHAJTMF~ Traditionally – Mortgage Lenders Needed To First Make Sure That Both The Borrower And The Market Were Solid – Or They Weren’t Prepared To Lend Money – But The New Mortgage Lenders Rarely Met The Borrower – And They Had Already Judged The Market Foolproof

~ SN ~ Speculation Nation

~ NTBIO-TBBWMLBNS-B-TWNTM ~ Now That The Boom Is Over – The Baby Boomers Will Most Likely Be Net Sellers – Because – They Will Need The Money

~ TMOTMOAB-D-TI-TEEPBWOAWU ~ The Mother Of The Mother Of All Bubbles – Debt – That Is – Traded, Extended, Extruded, Pressed, Bottled, Wrung Out, And Wadded Up

~ OGITWTHOTETFCIFW-DWGAS-‘TP’-P-TDRDRAA-TAI ~ Our Guess Is That When The History Of The Early Twenty-First-Century Is Finally Written – Derivatives Will Get A Special “Tipping Point” Place – They Don’t Really Disperse Risk At All – They Aggregate It

~ WTBFP-YCBSIWBTMMWLTH ~ When The Bubble Finally Pops – You Can Be Sure It Won’t Be These Money Men Who Lose Their Homes

~ F-LBR-DNCW-TMRI-WTMMIHMIGT-ITBTILT ~ Financiers – Like Bank Robbers – Do Not Create Wealth – They Merely Redistribute It – While The Mob May Idolize Holdup Men In Good Times – In The Bad Times It Lynches Them

~ NGTFFTF ~ Never Get Too Far From The Facts

~ NBWEEIRTB ~ Never Buy What Everyone Else Is Rushing To Buy

~ DAAG-TA-IOU-IBTWBD ~ Dollars Are A Gamble – They Are – IOUs – Issued By The World’s Biggest Debtor

~ RHIOR ~ Rot Has Its Own Rationale

~ RISTOW-OMWFOD-NTOWA ~ Reason Is Slave To Our Wishes – Our Minds Work For Our Desires – Not The Other Way Around

DEAN BURNETT ~ THE IDIOT BRAIN

~ TBATLIAPRTBUOS ~ The Brain Apparently Thinks Logic Is A Precious Resource To Be Used Only Sparingly

~ WSDKTPOS-WTTRFI-SIEFNBF ~ We Still Don’t Know The Purpose Of Sleep – Whatever The True Reason For It – Sleep Is Essential For Normal Brain Functioning

~ TMRBTBASCTAHCUBAC-TPOALOAIM ~ The Memories Retrieved By The Brain Are Sometimes Comparable To A Hairball Coughed Up By A Cat – The Product Of A Lot Of Alarming Internal Mangling

~ MOWOBDIDTMYLAFAGAP-A-OOTWICDTIBMYMTMYFBAY- MUFAIWWBIAIC ~ Much Of What Our Brain Does Is Dedicated To Making You Look And Feel As Good As Possible – And One Of The Ways It Can Do This Is By Modifying Your Memories To Make You Feel Better About Yourself – Making Us Feel As If We Were Better Informed And In Control

~ ASOSWAASTBITNFFH ~ A Sense Of Self-Worth And Achievement Seems To Be Integral To Normal Functioning For Humans

~ WBMOOWVOWOPTOATU ~ We Base Much Of Our World View On What Other People Think Of And Tell Us

~ IYPHS-IHLTYPTU-WHTWATWST ~ If Your Parents Have Superstitions – It’s Highly Likely That You’ll Pick Them Up – Without Having To Witness Anything That Would Support Them

~ TBSTSWTITSCHFNDROTC-TRORHNKOC-OOWITRATETHDSFAR-ORTA-‘F’ ~ The Brain Seems To Struggle With The Idea That Something Can Happen For No Discernible Reason Other Than Chance – The Rejection Of Randomness Has Numerous Knock-On Consequences – One Of Which Is The Reflex Assumption That Everything That Happens Does So For A Reason – Often Referred To As – ‘Fate’

~ FTBTEATA-ISTHTBSARI-B-ASATITO-STRCBA ~ For The Brain To Enjoy A Thrilling Activity – It Seems There Has To Be Some Actual Risk Involved – But – Also Some Ability To Influence The Outcome – So The Risks Can Be Avoided

~ FI-I-TAT-UI-WWI-AI-ASO ~ Fluid Intelligence – Is –The Ability To – Use Information – Work With It – Apply It – And So On

~ CI-I-TIYHSIM-A-CUTHYGTBOS ~ Crystallised Intelligence – Is – The Information You Have Stored In Memory – And – Can Utilise To Help You Get The Better Of Situations

~ FIDAWA-C-CIRSOAL ~ Fluid Intelligence Declines As We Age – Contrastingly – Crystallised Intelligence Remains Stable Over A Lifetime

~ LNTAPNSCBASCITB-TBIAPO-ICAWPATTDMOI ~ Learning New Things And Practising New Skills Can Bring About Structural Changes In The Brain – The Brain Is A Plastic Organ – It Can And Will Physically Adapt To The Demands Made Of It

~ ‘BT’GAE-TI-AP-NAETAOTPCAIIGI-TJCYTBGASG-ATBIECENTHTEEETATTH ~ ‘Brain-Training’ Games And Exercises – There Is – At Present – No Accepted Evidence That Any Of These Products Cause An Increase In General Intelligence – They Just Cause You To Become Good At Specific Games – And The Brain Is Easily Complex Enough Not To Have To Enhance Everything Else To Allow This To Happen

~ DMTIOEMF-N-‘SD’-MOTARNAAOSPSAMOA-TLTEOGIACAG ~ Drugs Meant To Improve Or Enhance Mental Function – Nootropics – ‘Smart Drugs’ – Most Of These Are Relatively New And Affect Only Specific Processes Such As Memory Or Attention –Their Long-Term Effects On General Intelligence Are Currently Anyone’s Guess

~ WSATTIIF-TTTPWOT-ITTIV-TPB ~ When Students Are Told That Intelligence Is Fixed – They Tend To Perform Worse On Tests – If Told That It’s Variable – They Perform Better

~ TBHTPACWGN ~ The Brain Has To Pick And Choose What Gets Noticed

~ TMWAWSUOPTIITCW-ILRASP-BIBOUDOA ~ The Most Worrying And Wide-Spread Use Of Personality Tests Is In The Corporate World – It Looks Rigorous And Sounds Proper – But It’s Based On Untested Decades-Old Assumptions

~ FLAPVOECBD-ICRTBTASOLH ~ Feeling Like A Passive Victim Of Events Can Be Damaging – It Can Reduce The Brain To A State Of Learned Helplessness

~ DTAIOAPTICAH-WCPTIIHIBTPAROO ~ Despite The Apparent Individuality Of A Person’s Tastes In Comedy And Humour – We Can Prove That It Is Heavily Influenced By The Presence And Reactions Of Others

~ TBHASEVOPDTCWO ~ The Brain Has A Surprisingly Extensive Variety Of Processes Dedicated To Communicating With Others

~ OBAVAARARF ~ Our Brains Are Very Adept At Recognising And Reading Faces

~ FITD-T-AWASRWMYMATALR ~ Foot-In-The-Door – Technique – Agreeing With A Small Request Will Make You More Amenable To A Larger Request

~ DITF-T-BITPBMWI-‘STD’-MOL-YFB-TADT-‘MIU’-TT ~ Door-In-The-Face – Technique – But It’s The Person Being Manipulated Who Is – ‘Slamming The Door’ – Metaphorically Or Literally – You Feel Bad – There’s A Desire To – ‘Make It Up’ – To Them

~ RBU-ATSBRTP-PP ~ Relationship Break-Up – Activates The Same Brain Regions That Process – Physical Pain

~ BPOAGCOOJ-EOS-WO-OBP-‘BL’-O-‘BR’ ~ Being Part Of A Group Can Override Our Judgement – Even Our Senses – Worryingly Often – Our Brains Prioritise – ‘Being Liked’ – Over – ‘Being Right’

~ FADB-TMSOIIOP-MAIAFPWCL ~ For A Developing Brain – The Main Source Of Information Is Other People – Mimicry And Imitation Are Fundamental Processes Whereby Children Learn

~ ‘MN’-NTA-B-WWPASA-A-WWOTAFSE-STBRAPTBOOAAFL ~ ‘Mirror Neurons’ – Neurons That Activate – Both – When We Perform A Specific Action – And – When We Observe That Action From Someone Else – Suggesting The Brain Recognizes And Processes The Behaviour Of Others At A Fundamental Level

~ OBPTUOPAAGTRFIIUS ~ Our Brains Prefer To Use Other People As A Go-To Reference For Information In Uncertain Scenarios

~ GWOAAMEXTIMWIA-GP-IVCAWGDMICC-ICBLOPBAC-A/O-OOTBA ~ Groups Will Often Adopt A More Extreme Conclusion Than Individual Members Would If Alone – Group Polarisation – It’s Very Common And Warps Group Decision-Making In Countless Circumstances – It Can Be Limited Or Prevented By Allowing Criticism – And/Or – Outside Opinions To Be Aired

~ CD-TAMOL-AMBLMG-WDAOI ~ Countless Decisions – That Affect Millions Of Lives – Are Made By Like-Minded Groups – Who Don’t Allow Outside Input

~ PAWTBR-JNTFR ~ People Are Willing To Be Rebels – Just Not The First Rebel

~ OBCUTFG-ATOTWTT ~ Our Brains Compel Us To From Groups – And Turn On Those Who Threaten Them

~ HDJWTBPOAG-TWAHRRII ~ Humans Don’t Just Want To Be Part Of A Group – They Want A High-Ranking Role In It

~ TMPACSLI-THIIFTTATNAIOTWO-B-ALAWDDSSLPTMPPICORC ~ The More Privileged And Comfortable Someone’s Life Is – The Harder It Is For Them To Appreciate The Needs And Issues Of Those Worse Off – But – As Long As We Don’t Do Something Stupid Like Put The Most Pampered People In Charge Of Running Countries – We Should Be OK

~ TBIATWIFAJ-WGBGR-ABBIP-U-TIT-B-TBISIIOBTWSTIA-SWBVFTM ~ The Brain Inherently Assumes The World Is Fair And Just – Where Good Behavior Gets Rewarded – And Bad Behaviour Is Punished – Unfortunately – This Isn’t True – But – The Bias Is So Ingrained In Our Brains That We Stick To It Anyway – So We Blame Victims For Their Misfortune

~ PALCOV-ITTCITATS-O-ITWTTVWCL ~ People Are Less Critical Of Victims – If They Themselves Can Intervene To Alleviate Their Suffering – Or – If They Were Told The Victims Were Compensated Later

~ DIAGASPTDEAR-NDAS ~ Depression Is A Genuine And Serious Problem That Deserves Empathy And Respect – Not Dismissal And Scorn

~ DINL-EWPAEIPAFTOB-AIOBHDTEIAA-TIOEEIOL ~ Depression Is Not Logical – Everything We Perceive And Experience Is Processed And Filtered Through Our Brain – And If Our Brain Has Determined That Everything Is Absolutely Awful – That’ll Impact On Everything Else In Our Lives

~ AOSAOIPWDASCTS-EHOWTDTIRE ~ Accusations Of Selfishness Also Often Imply People With Depression Are Somehow Choosing Their Situation – Exactly How Or Why They’d Do This Is Rarely Explained

~ ITMW-TBTTTWBOOBI-GOS-IITIOTF-TWGP ~ In The Modern World – The Biggest Threat To The Well-Being Of Our Brains Is – Good Old Stress – If It’s Too Intense Or Too Frequent – Then We Get Problems

EDWARD BERNAYS ~ PROPAGANDA ~ 1928

~ IWNU-1915-TGFSDTEROMMTRTPTFA-MEATPOAGB-TOWMTVM-ATSMOTWATPII ~ It Was Not Until 1915 That Governments First Systematically Deployed The Entire Range Of Modern Media To Rouse Their Populations To Fanatical Assent – Mass Enthusiasm At The Prospect Of A Global Brawl – That Otherwise Would Mystify Those Very Masses – And That Shattered Most Of Those Who Actually Took Part In It

~ N’PO’SOAAFTMBM-ANTCG-BBETTDTAIJ ~ Now “Public Opinion” Stood Out As A Force That Must Be Managed – And Not Through Clever Guesswork – But By Experts Trained To Do That All-Important Job

~ TGAC-SLSP-TBGOAAP-NLCHBP-STTTBB ~ The Great Allied Campaign – Suddenly Legitimized Such Propagandists – The Reborn Generation Of Admen And Publicists – No Longer Common Hucksters But Professionals – Sold Their Talents To Big Business

~ ‘TMOC’-ANTTPS ~ “The Manufacture Of Consent” – A Necessity Throughout The Public Sphere

~ WAG-AMM-OTF-OIS-TISAVACEFOTCOMITIOSPOCOI ~ We Are Governed – Our Minds Molded – Our Tastes Formed – Our Ideas Suggested – There Is Consequently A Vast And Continuous Effort Going On To Capture Our Minds In The Interest Of Some Policy Or Commodity Or Idea

~ YW-IAI-PIGOBDUTMOTCU-ATCOTIP ~ Yet Whether – In Any Instance – Propaganda Is Good Or Bad Depends Upon The Merit Of The Cause Urged – And The Correctness Of The Information Published

~ TETWPSTPOAAUMSEWIP ~ The Extent To Which Propaganda Shapes The Progress Of Affairs About Us May Surprise Even Well Informed Persons

~ MPIAYFFBAESATMOHMABNMAR ~ Mass Psychology Is As Yet Far From Being An Exact Science And The Mysteries Of Human Motivation Are By No Means All Revealed

~ IYCITL-EWOWTCC-YAITGWTW ~ If You Can Influence The Leaders – Either With Or Without Their Conscious Cooperation – You Automatically Influence The Group Which They Sway

~ GM-IFIIUTFTEOATL ~ Group Mind – Its First Impulse Is Usually To Follow The Example Of A Trusted Leader

~ BWTEOTLINAH-ATHMTFI-IDSBMO-C-PW-I-WSFAWGOIOE ~ But When The Example Of The Leader Is Not At Hand – And The Herd Must Think For Itself – It Does So By Means Of – Cliches – Pat Words – Images – Which Stand For A Whole Group Of Ideas Or Experiences

~ BPUAOC-OMANO-TPCSSAWMOGE ~ By Playing Upon A Old Cliche – Or Manipulating A New One – The Propagandist Can Sometimes Swing A Whole Mass Of Group Emotions

~ HDATSWMTSMW-OBUTCTPCTVLJMWIMS ~ Human Desires Are The Steam Which Makes The Social Machine Work – Only By Understanding Them Can The Propagandist Control That Vast, Loose-Jointed Mechanism Which Is Modern Society

~ TL-WLTATAPC-WDSOITCBMTTTOI ~ The Leaders – Who Lend Their Authority To Any Propaganda Campaign – Will Do So Only If It Can Be Made To Touch Their Own Interests

~ AMECBMTAEIBEITPMAAMOS ~ A Minor Element Can Be Made To Assume Economic Importance By Being Established In The Public Mind As A Matter Of Style

~ EAAMBCIOTPIIC ~ Events And Activities Must Be Created In Order To Put Ideas Into Circulation

~ EOWPPOWTTPCS-ETPIS-CBUIOWOA ~ Every Object Which Presents Pictures Or Words That The Public Can See – Everything That Presents Intelligible Sounds – Can Be Utilized In One Way Or Another

~ IWBO-OC-TWTTDIAIMBOTTP-IWN-TOPWWETTWIATWBMSAI-IPTIUOU ~ It Will Be Objected – Of Course – That Propaganda Will Tend To Defeat Itself As Its Mechanism Becomes Obvious To The Public – It Will Not – The Only Propaganda Which Will Ever Tend To Weaken Itself As The World Becomes More Sophisticated And Intelligent – Is Propaganda That Is Untrue Or Unsocial

~ KTGIATPATPIATG ~ Keep The Government Informed About The Public And The Public Informed About The Government

~ TAMPITGUCOPITWT-IIAGDFIAO ~ The American Motion Picture Is The Greatest Unconscious Carrier Of Propaganda In The World Today – It Is A Great Distributor For Ideas And Opinions

~ ITPIBIATPOIL-IWBSMTMRTRATIOI ~ If The Public Is Better Informed About The Processes Of Its Life – It Will Be So Much The More Receptive To Reasonable Appeals To Its Own Interests

~ ITPBMIIICD-CFWMTNS ~ If The Public Becomes More Intelligent In Its Commercial Demands – Commercial Firms Will Meet The New Standards