Posts Tagged ‘Economics’

From the end of Paul Street’s They Rule: The 1% vs. Democracy (2014):

Those on the radical left who worry that pursuing a Green New Deal and leading with the environmental issue means giving up on the struggle against the 1% for a democratically transformed “world turned upside down” can rest easy. The green transformation required for human survival will be bright rouge. With its inherent privileging of private profit and exchange value over the common good and social use value, its intrinsic insistence on private management; its inbuilt privileging of the short-term bottom line over the long-term fate of the earth and its many species, with its deep-sunk cost investment in endless quantitative growth and the carbon-addicted way of life and death, and with its attachment to the division of the world into competing nations and empires that are incapable of common action for the global good, capitalism is simply inconsistent with the deep environmental changes required for human survival. “Green capitalism” is an oxymoron. It is naïve to think that the green transformation required for civilization’s survival can take place without an epic confrontation with — and defeat of — the concentrated wealth and power enjoyed by the capitalist elite and its profits system. [p. 197]

An astounding sentence (sandwiched for context) from They Rule: The 1% vs. Democracy (2014) by Paul Street:

The contemporary wealthy do not simply benefit from society; they accumulate fortunes at the expense of it. They profit from mass unemployment’s depressive impact on wages, which cuts their labor costs; regressive tax cuts and loopholes, which increase with wealth while shutting down social services for the poor; the cutting and undermining of environmental regulations, which reduce their business costs while spoiling livable ecology; wars and giant military budgets, which feed the bottom lines of the “defense” corporations they own while killing and crippling millions and stealing money from potential investment in social uplift; a hyper-commercialized mass consumer culture that despoils the environment while reducing human worth to exchange value and destroying peoples’ capacity for critical thought; dealing with corrupt dictators who provide natural resources at cheap prices while depressing wages and crushing democracy in “developing countries”; the closing down of livable wage jobs in the United States and the export of employment to repressive and low-wage peripheries; a health care system that privileges the profits of giant insurance and drug companies over the well-being of ordinary people; exorbitant credit card interest rates that lead to millions of bankruptcies each year; predatory lending practices that spread and perpetuate poverty and foreclosure; agricultural and trade practices that destroy sustainable local and regional food cultivation and distribution practices at home and abroad; the imposition of overly long working hours that keep employee compensation levels down while helping maintain a large number of unemployed workers; exorbitant public business subsidies and taxpayer incentives and bailouts of the rich paid for by the rest; and … the list goes on and on. Corporate and financial profits were restored in the wake of the 2008 financial crisis largely because the working-class majority paid for them, through taxpayer bailouts, slashed social services, layoffs, and reduced wages, hours, and benefits. [p. 89]

From They Rule: The 1% vs. Democracy (2014) by Paul Street, which I’m just starting to read:

The contemporary United States, I find in this volume, is neither a dictatorship nor a democracy. It is something in between or perhaps different altogether: a corporate-managed state-capitalist pseudo-democracy that sells the narrow interests of the wealthy business and financial elite as the public interest, closes off critical and independent thought, and subjects culture, politics, policy, institutions, the environment, daily life, and individual minds to the often hidden and unseen authoritarian dictates of money and profit. It is a corporate and financial plutocracy whose managers generally prefer to rule through outwardly democratic and noncoercive means since leading American corporations and their servants have worked effectively at draining and disabling democracy’s radical and progressive potential by propagandizing, dulling, pacifying, deadening, overextending, overstressing, atomizing, and demobilizing the citizenry. At the same time, American state and capitalist elites remain ready, willing, and able to maintain their power with the help from ever more sinister and sophisticated methods and tools of repression brutality, and coercive control.

I’ve grown rather tired of hearing the financial 1% to 0.01% (depending on source) being called the “elite.” There is nothing about them most would recognize as elite other than their absurd wealth. As a rule, they’re not particularly admirable men and women; they’re merely aspirational (as in everyone thinking “wish I had all that money” — the moral lesson about the corruptions of excessive wealth rarely having been learned). The manner in which such fortunes are amassed pretty much invalidates claims to moral or ethical superiority. In the typical case, “real” money is acquired by identifying one or more market opportunities and exploiting them ruthlessly. The object of exploitation might be a natural resource, labor, a product or service, or a combination.

Admittedly, effort goes into exploiting a market niche, and it often takes considerable time to develop and mature (less these days in overheated and overvalued markets), but the pattern is well established. Further, those who succeed are often mere beneficiaries of happenstance from among many competing entrepreneurs, speculators, financiers, and media types putting in similar effort. While capitalism is not as blind as rock-paper-scissors or subtly skilled as poker, both of which are designed to produce an eventual sole winner (and making everyone else losers), this economic system tends over time to pool increasing wealth in the accounts of those who have already “won” the game. Thus, wealth inequality increases until social conditions become so intolerable (e.g., tent cities across the U.S.) the masses revolt. How many resets of this deplorable game do we get?

Meanwhile — and here’s another thing I can’t grok — billionaires seem discontent (alert: intentional fallacy) to merely enjoy their wealth or heaven forfend use it to help others. Instead, they announce their ambitions to rule by campaigning for high office, typically skipping the preliminary step of developing actual political skills, because (doncha know?) everything worth having can be bought. Few sane people actually believe that a giant fortune qualifies someone for high office, except of course them who gots the fortunes and have gone off the deep end. They’re so use to being fawned over by sycophants and cozied up to by false admirers that it’s doubtful anyone is ever bold enough to tell them anything resembling truth about themselves (notably including major character deficiencies). So the notion enters the noggin that the next big project ought be to squat on high office as though it’s a right bequeathed specially to the ultrarich, whether one is Tom Steyer, Michael Bloomberg, Oprah Winfrey, Mark Zuckerberg, Mark Cuban, or (gasp!) that trailblazer who demonstrated it’s possible: 45. In a pinch, mere millions will have to suffice, as most congressfolk and senators can attest.

According to Anand Giridharadas, author of the book Winners Take All, seeking political office and practicing philanthropy is not at all the public service or “giving back” it pretends to be. Rather, it’s an attempt to maintain the status quo (funneling money upstream to those at the top), thus forestalling one of those nasty resets where the rabble overwhelms their betters with a fury known in past centuries to get quite out of hand. A few supposed elites riding herd over the great unwashed masses sounds rather passé, no? The bygone stuff of barbarian hordes and robber barons? But it describes the current day, too, and considering these folks are basically taking a giant dump on billions of other people, sorta gives a new, inverted meaning to the term squatter’s rights.

Holiday creep is observable in at least two aspects: (1) those who can (i.e., those with enviable employment benefits) use additional time off on adjacent workdays to create 4-, 5-, or 6-day holiday spans, and (2) businesses that sell to the public mount incessant sales campaigns that demand everyone’s attention and participation as good American consumers. Since I’m a Bah! Humbug! sorta fellow, these expansive regions of the calendar take on the characteristics of a black hole, sucking everything into their gravity wells and crushing the life out of any honest sentiment left to cynics and curmudgeons like me. We’re in the midst of one such holiday span, and my inclination (beyond appreciating the time off from work) is to hide away from bustle and obligation. Nonetheless, I show up and participate in some small measure.

Here in Chicago, trains and buses going to the Loop (the downtown business district) are less heavily trafficked at rush hours for several days before the actual holiday. However, I suspect the Blue Line to O’Hare and the Orange Line to Midway are both quite busy with travelers on the move. This is traditionally the holiday when people visit family for feasting and afternoon naps (or football games, I’m told). I’ve braved air travel at this time only a couple times, which is more miserable than usual due to congestion and weather-related delays. My workplace was a ghost town not only on the eve of the holiday for days in advance. Is it only my memory is that the eves of Christmas and New Year’s Day used to be the only ones that were celebrated? Now many expect to be released early from work prior to any observed holiday. Again, this is a benefit not evenly shared across the population and one I do not take for granted.

Feeding and shopping frenzies associated with holidays are well established traditions. However, subtle shifts to the shopping side are occurring that signal either welcome change or dying tradition, depending on one’s perspective. For instance, in the past few years, it’s been customary to learn of shoppers cued outside various superstores who stampede, trample, and fight like barbarians once doors are flung open. That ugly prospect is apparently disappearing, at least according to this report, as shoppers move away from brick-and-mortar venues to online shopping. Still, one acquaintance of mine relished the chance to among those multitudes and joked about trampling others to score a great deal on a comforter.

Similarly, some recognize the ecological impact of overconsumption (related to overpopulation) and have called for a ban to Black Friday sales, and presumably, other perverse incentives. This second development fits my thinking as I’ve blogged repeatedly how we’re awash in refuse and debris from our own past consumption. Still, my e-mail inbox has been positively pummeled by those few retailers in possession of my address who preview their Black Friday sales for weeks beforehand then offer forgiveness and second chances afterwards. The stink of desperation is on them, as business news organs report that holiday sales account for an impressively large percentage of annual sales but are threatened by fewer shopping days between the two anchor holidays this year (Thanksgiving falls late in the month). While that may have its effect, I daresay the larger problem is income inequality and the absence of positive bank balances among an ever-growing segment of the population. Debit balances on credit cards have already fueled about as much overconsumption as most can stomach.

Does it truly feel like the “most wonderful time of the year” on reflection and honest assessment? There is still enjoyment to be had, certainly. But unless one is an innocent child protected from the harshness of reality or otherwise living under a rock, every holiday decoration is tinged with knowledge of excess and suspicion that this year may finally be the last one we enjoy fully before things spin out of control. For a couple others of my holiday-themed blog entries (less dour perhaps than this one), see this and this.

Well, dammit! Guess I’m gonna have to add a SWOTI tag after all. Obviously, I’ve been paying too much attention to bogus pronouncements by economists.

/rant on

Yet more fools stating confidently that climate change is not really a serious concern has me gasping in exasperation. Take, for instance, this astounding paragraph by Egon von Greyerz:

Yes, of course global warming has taken place recently as the effect of climate cycles. But the cycle has just peaked again which means that all the global warming activists will gradually cool down with the falling temperatures in the next few decades. The sun and the planets determine climate cycles and temperatures, like they have for many millions of years, and not human beings. [emphasis added]

So no climate change worries to disturb anyone’s dreams. Sleep soundly. I’m so relieved. All the effort expended over the past decades toward understanding climate change can be waived off with a mere three sentences by a motivated nonexpert. The linked webpage offers no support whatsoever for these bald statements but instead goes on to offer economic prophecy (unironically, of certain doom). For minimal counter-evidence regarding climate change, embedded below is a two-year-old video explaining how some regions are expected to become uninhabitable due to high wet-bulb temperatures.

The article ends with these brief paragraphs:

There is no absolute protection against this scenario [economic collapse] since it will hit all aspects of life and virtually all people. Obviously, people living off the land in remote areas will suffer less whilst people in industrial and urban areas will suffer considerably.

The best financial protection is without hesitation physical gold and some silver. These metals are critical life insurance. But there are clearly many other important areas of protection to plan for. A circle of friends and family is absolutely essential. [emphasis in original]

Ok, so I’m wrong: the guy’s not an economist at all; he’s a salesman. After placating one catastrophe only to trot out another, his scaremongering message clear: buy gold and silver. Might not be a bad idea, actually, but that won’t protect against TEOTWAWKI. So whose eyes are deceiving them, Egon’s or mine (or yours)? He’s selling precious metals; I’m sharing the truth (best as I can ascertain, anyway).

The other idiotic thing to darker my brow was several actual economists asked about the economic effects of implementing Greta Thunberg’s dream world (sarcasm much?). If her dream world is spelled out somewhere, I haven’t seen it, nor is it provided (link or otherwise) in the article. Seems like the sort of invented argument attached to a trending name for the purpose of clickbait attacking the messenger and thus shooting down her message. However, let me be generous for a moment and suggest that efforts to stop climate change include, at a minimum, getting off fossil fuels, reforming Big Ag, and denying developing nations their quest to join the First-World Age of Abundance. Those are the three subjects discussed in the article. These economists’ conclusion? It will be, um, costly. Well, yeah, true! Very costly indeed. I agree entirely. But what of the cost if those things aren’t done? Isn’t that question implied? Isn’t that what Greta Thunberg has insisted upon? The answer is it will cost far more, though perhaps not in something as cravenly readily quantifiable as profit or loss. Referring again to the embedded video above, it will cost us the very habitability of the planet, and not in just a few restricted regions we can add to existing sacrifice zones. Widespread species dislocation and die-off will include the human species, since we rely on all the others. Some prophesy a human death pulse of monstrous proportion (several billions, up to perhaps 90% of us) or even near-term human extinction. Is that costly enough to think about the problem differently, urgently, as Greta Thunberg does? Might the question be better framed as the cost of not implementing Greta Thunberg’s dream world so that economists are sent off on a different analytical errand?

In the middle of the 19th century, Scottish satirist Thomas Carlyle called economics The Dismal Science, which description stuck. The full context of that coinage may have had more to do with slavery than poor scholarship, so in the context of lying or at least misleading with numbers, I propose instead calling it The Deceitful Science. Among the stupid habits to dispel is the risible notion that, by measuring something as a means of understanding it, we grasp its fullness, and concomitantly, what’s really important. I suggest further that most economists deceive themselves by performing a fundamentally wrong kind of analysis.

The issue of deceit is of some importance beyond getting at the truth of climate change. Everything in the public sphere these days is susceptible to spin, massage, and reframing to such a degree that an epistemological crisis (my apt term) has fundamentally altered sense-making, with the result that most nonexperts simply don’t know what to believe anymore. Economists are doing no one any favors digressing into areas beyond their Deceitful Science.

/rant off

For want of a useful way to describe multiple, intersecting problems plaguing the modern world — a nest of problems, if you will — let me adopt matryoshkas (a/k/a Russian nesting dolls). The metaphor is admittedly imperfect because problems are not discrete, resized replicas of each other that nest snugly, one inside the next. Rather, a better depiction would look more like some crazy mash-up of a Venn diagram and a Rorschach test but without the clean dividing lines or symmetry.

I use matryoshkas because they bear close relationship to each other. Also, the matryoshka is a maternal figure, much like Mother Earth. Matryoshkas are interlocking, each affecting others, though their relationships beyond the metaphor are far too complex to manage or manipulate effectively. For instance, the expansionary (growth) economy matryoshka (the paradigmatic problem of our time), nested two or three levels inside the Mother Earth matryoshka, bursts the outer dolls from within, whereas the collapsing Mother Earth matryoshka crushes the inner dolls. Similarly, if the economy matryoshka contracts (as it should and must), other inner dolls (e.g., nation states) will not survive. Which matryoshka fits inside another is a matter of interpretation. The one representing human consciousness is especially hard to position because it’s both cause and effect.

The Global Climate Strike underway this week reminds us of the outermost matryoshka, the largest one that contains or encapsulates all the others. Dealing with this biggest problem (since it’s truly an extinction level event, though slow-acting due to its global scale) has been delayed so long that (to mix my metaphors) the patient has become terminal. The diagnosis came long ago (i.e., quit smoking, or more accurately, quit burning fossil fuels and heating the planet), but treatment (cessation, really) never happened. We just kept puffing away with our transportation infrastructure (cars, boats, trains, and planes) and industrial machinery (including weaponry) because to do otherwise would — gasp — imperil the economy or negatively impact what’s become a nonnegotiable lifestyle, at least in the First World and only for a diminishing portion. The implicit decision, I suppose, is to live large now but condemn those unfortunate enough to follow in the wake of global ecological destruction.

Unless I misjudge the mood and consensus, climate change is (finally!) no longer the subject of controversy or denial except by a few intransigent fools (including political leaders and news groups that have inexplicably instituted gag orders to conceal the staggering immensity of the problem). Enough nasty events (storms, species die-offs, and epidemics — though no pandemic just yet) have piled up, including by way of example “unprecedented” flooding in Houston (never mind that flooding is a regular occurrence now, establishing a new precedent from which we steadfastly refuse to learn), that it’s impossible to dispute that we’ve entered an era of rather extraordinary instability. (That last sentence has problems with nesting, too, which I could fix by rewriting the sentence, but perhaps it’s fitting to just let the problems fester.) Indeed, as I have indicated before, we’re transitioning out of the Garden Earth (having left behind Ice Age Earth some 12,000 years ago) to Hothouse Earth. The rate of change is quite unlike similar transitions in the geological past, and we’re quite unlikely to survive.

Continuing (after some delay) from part 1, Pankaj Mishra concludes chapter 4 of The Age of Anger with an overview of Iranian governments that shifted from U.S./British client state (headed by the Shah of Iran, reigned 1941–1979) to its populist replacement (headed by Ayatollah Khomeini, ruled 1979–1989), both leaders having been authoritarians. During the period discussed, Iran underwent the same modernization and infiltration by liberal, Western values and economics, which produced a backlash familiar from Mishra’s descriptions of other nations and regions that had experienced the same severed roots of place since the onset of the Enlightenment. Vacillation among two or more styles of government might be understood as a thermostatic response: too hot/cold one direction leads to correction in another direction. It’s not a binary relationship, however, between monarchy and democracy (to use just one example). Nor are options between a security state headed by an installed military leader and a leader elected by popular vote. Rather, it’s a question of national identity being alternatively fractured and unified (though difficult to analyze and articulate) in the wake of multiple intellectual influences.

According to Lewis and Huntington, modernity has failed to take root in intransigently traditional and backward Muslim countries despite various attempts to impose it by secular leaders such as Turkey’s Atatürk, the Shah of Iran, Algeria’s Ben Bella, Egypt’s Nasser and Sadat, and Pakistan’s Ayub Khan.

Since 9/11 there have been many versions, crassly populist as well as solemnly intellectual, of the claims by Lewis and Huntington that the crisis in Muslim countries is purely self-induced, and [that] the West is resented for the magnitude of its extraordinary success as a beacon of freedom, and embodiment of the Enlightenment’s achievements … They have mutated into the apparently more sophisticated claim that the clash of civilizations occurs [primarily] within Islam, and that Western interventions are required on behalf of the ‘good Muslim’, who is rational, moderate and liberal. [p. 127]

This is history told by the putative winners. Mishra goes on:

Much of the postcolonial world … became a laboratory for Western-style social engineering, a fresh testing site for the Enlightenment ideas of secular progress. The philosophes had aimed at rationalization, or ‘uniformization’, of a range of institutions inherited from an intensely religious era. Likewise, postcolonial leaders planned to turn illiterate peasants into educated citizens, to industrialize the economy, move the rural population to cities, alchemize local communities into a singular national identity, replace the social hierarchies of the past with an egalitarian order, and promote the cults of science and technology among a pious and often superstitious population. [p. 133]

Readers may recognize this project and/or process by its more contemporary name: globalization. It’s not merely a war of competing ideas, however, because those ideas manifest in various styles of social and political organization. Moreover, the significance of migration from rural agrarian settings to primarily urban and suburban ones can scarcely be overstated. This transformation (referring to the U.S. in the course of the 20th century) is something James Howard Kunstler repeatedly characterizes rather emphatically as the greatest misallocation of resources in the history of the world. Mishra summarizes the effects of Westernization handily:

In every human case, identity turns out to be porous and inconsistent rather than fixed and discrete; and prone to get confused and lost in the play of mirrors. The cross-currents of ideas and inspirations — the Nazi reverence for Atatürk, a gay French philosopher’s denunciation of the modern West and sympathy for the Iranian Revolution, or the various ideological inspirations for Iran’s Islamic Revolution (Zionism, Existentialism, Bolshevism and revolutionary Shiism) — reveal that the picture of a planet defined by civilizations closed off from one another and defined by religion (or lack thereof) is a puerile cartoon. They break the simple axis — religious-secular, modern-medieval, spiritual-materialist — on which the contemporary world is still measured, revealing that its populations, however different their pasts, have been on converging and overlapping paths. [p. 158]

These descriptions and analyses put me in mind of a fascinating book I read some years ago and reviewed on Amazon (one of only a handful of Amazon reviews): John Reader’s Man on Earth (1988). Reader describes and indeed celebrates incredibly diverse ways of inhabiting the Earth specially adapted to the landscape and based on evolving local practices. Thus, the notion of “place” is paramount. Comparison occurs only by virtue of juxtaposition. Mishra does something quite different, drawing out the connective ideas that account for “converging and overlapping paths.” Perhaps inevitably, disturbances to collective and individual identities that flow from unique styles of social organization, especially those now operating at industrial scale (i.e., industrial civilization), appear to be picking up. For instance, in the U.S., even as mass shootings (a preferred form of attack but not the only one) appear to be on the rise at the same time that violent crime is at an all-time low, perpetrators of violence are not limited to a few lone wolves, as the common trope goes. According to journalist Matt Agorist,

mass shootings — in which murdering psychopaths go on rampages in public spaces — have claimed the lives of 339 people since 2015 [up to mid-July 2019]. While this number is certainly shocking and far too high, during this same time frame, police in America have claimed the lives of 4,355 citizens.

And according to this article in Vox, this crazy disproportion (police violence to mass shootings) is predominantly an American thing at least partly because of our high rate of fetishized civilian gun ownership. Thus, the self-described “land of the free, home of the brave” has transformed itself into a paranoid garrison state affecting civil authority even more egregiously than the disenfranchised (mostly young men). Something similar occurred during the Cold War, when leaders became hypervigilant for attacks and invasions that never came. Whether a few close calls during the height of the Cold War were the result of escalating paranoia, brinkmanship, or true, maniacal, existential threats from a mustache-twirling, hand-rolling despot hellbent on the destruction of the West is a good question, probably impossible to answer convincingly. However, the result today of this mindset couldn’t be more disastrous:

It is now clear that the post-9/11 policies of pre-emptive war, massive retaliation, regime change, nation-building and reforming Islam have failed — catastrophically failed — while the dirty war against the West’s own Enlightenment [the West secretly at war with itself] — inadvertently pursued through extrajudicial murder, torture, rendition, indefinite detention and massive surveillance — has been a wild success. The uncodified and unbridled violence of the ‘war on terror’ ushered in the present era of absolute enmity in which the adversaries, scornful of all compromise, seek to annihilate each other. Malignant zealots have emerged at the very heart of the democratic West after a decade of political and economic tumult; the simple explanatory paradigm set in stone soon after the attacks of 9/11 — Islam-inspired terrorism versus modernity — lies in ruins. [pp.124–125]

A potpourri of recent newsbits and developments. Sorry, no links or support provided. If you haven’t already heard of most of these, you must be living under a rock. On a moment’s consideration, that may not be such a bad place to dwell.

rant on/

I just made up the word of the title, but anyone could guess its origin easily. Many of today’s political and thought leaders (not quite the same thing; politics doesn’t require much thought), as well as American institutions, are busy creating outrageously preposterous legacies for themselves. Doomers like me doubt anyone will be around to recall in a few decades. For instance, the mainstream media (MSM) garners well-deserved rebuke, often attacking each other in the form of one of the memes of the day: a circular firing squad. Its brazen attempts at thought-control (different thrusts at different media organs) and pathetic abandonment of mission to inform the public with integrity have hollowed it out. No amount of rebranding at the New York Times (or elsewhere) will overcome the fact that the public has largely moved on, swapping superhero fiction for the ubiquitous fictions spun by the MSM and politicians. The RussiaGate debacle may be the worst example, but the MSM’s failures extend well beyond that. The U.S. stock market wobbles madly around its recent all-time high, refusing to admit its value has been severely overhyped and inflated through quantitative easing, cheap credit (an artificial monetary value not unlike cryptocurrencies or fiat currency created out of nothing besides social consensus), and corporate buybacks. The next crash (already well overdue) is like the last hurricane: we might get lucky and it will miss us this season, but eventually our lottery number will come up like those 100-year floods now occurring every few years or decades.

Public and higher education systems continue to creak along, producing a glut of dropouts and graduates ill-suited to do anything but the simplest of jobs requiring no critical thought, little training, and no actual knowledge or expertise. Robots and software will replace them anyway. Civility and empathy are cratering: most everyone is ready and willing to flip the bird, blame others, air their dirty laundry in public, and indulge in casual violence or even mayhem following only modest provocation. Who hasn’t fantasized just a little bit about acting out wildly, pointlessly like the mass killers blackening the calendar? It’s now de rigueur. Thus, the meme infiltrates and corrupts vulnerable minds regularly. Systemic failure of the U.S. healthcare and prison systems — which ought to be public institutions but are, like education, increasingly operated for profit to exploit public resources — continues to be exceptional among developed nations, as does the U.S. military and its bloated budget.

Gaffe-prone Democratic presidential candidate Joe Biden cemented his reputation as a goof years ago yet continues to build upon it. One might think that at his age enough would have been enough, but the allure of the highest office in the land is just too great, so he guilelessly applies for the job and the indulgence of the American public. Of course, the real prize-winner is 45, whose constant stream of idiocy and vitriol sends an entire nation scrambling daily to digest their Twitter feeds and make sense of things. Who knows (certainly I don’t) how serious was his remark that he wanted to buy Greenland? It makes a certain sense that a former real-estate developer would offhandedly recommend an entirely new land grab. After all, American history is based on colonialism and expansionism. No matter that the particular land in question is not for sale (didn’t matter for most of our history, either). Of course, everyone leapt into the news cycle with analysis or mockery, only the second of which was appropriate. Even more recent goofiness was 45’s apparent inability to read a map resulting in the suggestion that Hurricane Dorian might strike Alabama. Just as with the Greenland remark, PR flacks went to work to manage and reconfigure public memory, revising storm maps for after-the-fact justification. Has anyone in the media commented that such blatant historical revisionism is the stuff of authoritarian leaders (monarchs, despots, and tyrants) whose underlings and functionaries, fearing loss of livelihood if not indeed life, provide cover for mistakes that really ought to lead to simple admission of error and apology? Nope, just add more goofs to the heaping pile of preposterity.

Of course, the U.S. is hardly alone in these matters. Japan and Russia are busily managing perception of their respective ongoing nuclear disasters, including a new one in Russia that has barely broken through our collective ennui. Having followed the U.S. and others into industrialization and financialization of its economy, China is running up against the same well-known ecological despoliation and limits to growth and is now circling the drain with us. The added spectacle of a trade war with the petulant president in the U.S. distracts everyone from coming scarcity. England has its own clownish supreme leader, at least for now, trying to manage an intractable but binding issue: Brexit. (Does every head of state need a weirdo hairdo?) Like climate change, there is no solution no matter how much steadfast hoping and wishing one into existence occurs, so whatever eventually happens will throw the region into chaos. Folks shooting each other for food and fresh water in the Bahamas post-Hurricane Dorian is a harbinger of violent hair-triggers in the U.S. poised to fire at anything that moves when true existential threats finally materialize. Thus, our collective human legacy is absurd and self-destroying. No more muddling through.

/rant off

The supertall skyscraper biz has had its, um, ups and downs. My position over the 15 years of this blog is that they’re paeans to techno-utopianism and -narcissism and probably ought to stop being designed and built in an era of rapidly diminishing returns for economies around the globe. The initial price tag on these giants runs into the billions, and I have severe doubts they can be maintained even on the short term should when the next financial collapse impoverishes everyone. Just won’t be enough juice to keep nonessential luxury projects operating. That was very nearly our experience with the last collapse in 2008 — a (temporary or permanent?) setback from which many have not yet recovered despite new U.S. stock market records being set nearly every day (in mid-July 2019).

Eleven years ago, a number of skyscraper projects around Chicago were either scrapped entirely due to disappearance of financing or truncated well below their planned heights after lengthy construction hiatuses to allow time to regroup, redesign, and refinance. I had thought developers might be chastened enough by that experience to limit the grandiosity of future plans. Well, seems memories are short and nothing was learned. According to Curbed Chicago, the Loop has multiple projects in the conceptual through construction phases:

  1. Vista Tower — under construction at 1,198 feet
  2. NEMA Chicago — under construction at 896 feet
  3. Bank of America Tower — under construction at 820 feet
  4. One Chicago Square — site being prepped at 969 feet
  5. 1000M — approved at 832 feet
  6. Lakeshore East “Parcel I” — approved at 950 feet
  7. Salesforce Tower — approved at 813 feet
  8. BMO Tower — approved at 700 feet
  9. 725 W. Randolph — approved at 615 feet
  10. Tribune Tower East — proposed at 1,422 feet
  11. 400 N. Lake Shore Drive — on hold pending redesign
  12. The 78 — master plan approved, design subject to change
  13. One Central — conceptual

Number 11 is of particular interest to me as it’s the site of the ill-fated (doomed might be a better word) Chicago Spire (a/k/a Fordham Spire), a planned 2,000-foot building that would have been the world’s second tallest after the Burj Khalifa (a/k/a Burj Dubai) — at least until they were both eclipsed by the Jeddah Tower (a/k/a the Kingdom Tower) if stalled construction is ever restarted and completed. The most audacious and unnecessary proposal above is One Central, a preposterous 34-acre site situated atop existing Metra tracks serving commuters traveling into the Loop from the south and southeast.

All these projects appear to be mixed-use luxury developments: a combination of commercial, hotel, and condominium space. Affordable housing is a far more pressing need in Chicago, but those modest projects don’t produce the (presumed) profit or enhance the skyline. Where all the exceedingly well-heeled buyers will materialize from is a mystery. Indeed, claims that Chicago is fast becoming the new North American technology center for young, urban professionals after Seattle, Silicon Valley, and Austin (TX) are played out are hard to justify.

The skyscraper craze is a peculiar sort of madness from which we show no signs of recovering. A few similar madnesses have overtaken us. For instance, on the heels of the 50th anniversary of the moon landing, NASA has a renewed project for a manned moon shot. How far will we launch skyward in either aspect (skyscrapers or space travel) before our hubris gets the better of us?