Posts Tagged ‘No Comment’

What a doomer (finance only) U.S. presidential candidate might have said to voters if the truth were told, according to Egon von Greyerz (Britishisms noted):

Our nation is bankrupt. We cannot make ends meet and we need to eliminate Medicare/Medicaid, Social Security and Defence totally to balance the budget. That will save us $3 trillion which almost covers the 2020 deficit.

The problem is that we expect a bigger deficit next year. Covid is paralysing major parts of the country and will be very costly. It will also have permanent negative effects. In addition, we expect major problems in the insolvent financial system. This will necessitate the printing of further trillions of dollars or even tens of trillions.

But as we print these dollars, we get an ever bigger problem. The value of the dollar will fall precipitously and we will need to print and borrow even more. That will create a vicious circle with a lower dollar, bigger deficits and bigger debts plus inflation.

So these are the facts. I am obviously very sorry to present these to you but I am certain that there can be no other outcome.

I sincerely hope that you will elect me on this platform. After all, I am the only presidential candidate in history who has told his people the truth and the real state of the nation.

And please don’t believe the fake promises of the other candidate. A liar doesn’t deserve to be president.

Finally, I promise to do my best to manage the coming disorderly collapse of the USA to the best of my ability.

From a lengthy blog post by Timothy Burke, which sparked considerable follow-on discussion in the comments:

What the liberal-progressive world largely doesn’t understand is that the 35% of the electorate that stand[s] with Trump no matter what he does (maybe a quarter of people resident inside the borders of the US) do[es] not believe in democracy. It is not that they don’t realize that Trump is an authoritarian, etc., that democracy is in danger. They realize it and they’re glad. Mission accomplished. They have a different view of power and political process, of social relations. They are brutalists. Fundamentally they think power is a zero-sum game. You hold it or you are held by it. You are the boot on someone’s neck or there will be a boot on yours. They agree that what they have was taken from others; they think that’s the way of all things. You take or are taken from.

They do not believe in liberty and justice for all, or even really for themselves: it is not that they reserve liberty for themselves, because they believe that even they should be subject to the will of a merciless authority (who they nevertheless expect to favor them as an elect of that authority). We often ask how evangelicals who think this way can stand the notion of a God who would permit a tornado to destroy a church and kill the innocents gathered in it for shelter. They can stand it because they expect that of authority: that authority is cruel and without mercy because it must be. They simply expect authority to be far more cruel to others than it is to them. And they expect to be cruel with the authority they possess.

Can’t let these two brief paragraphs pass by without reinforcing them, from Tom Lewis’ latest blog post:

… we have generations of privileged white people who cannot imagine being non white or unrich. We have whole populations who cannot imagine that an infectious disease is a real threat because they don’t have it, and neither does anyone they know. Who are unable to believe that global warming is real because where they are, it’s cold. Who cannot conceive of conditions that would cause a family to walk a thousand miles and seek a new life in another country. Who cannot think of any reason other than moral depravity that would lead a person into addiction.

People who are devoid of imagination find it easy to accept simplistic explanations of how things work: forests burn fiercely in California because they haven’t been raked; bleach could be good for COVID-19; all we have to do to have a better life is get rid of the (fill in the blank, one word only). 

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.

In my preparations for a speech to be given in roughly two months, I stumbled across a prescient passage in an essay entitled “Jesuitism” from Latter-Day Pamphlets (1850) by Thomas Carlyle. Connect your own dots as this is offered without comment.

… this, then, is the horrible conclusion we have arrived at, in England as in all countries; and with less protest against it hitherto, and not with more, in England than in other countries? That the great body of orderly considerate men; men affecting the name of good and pious, and who, in fact, excluding certain silent exceptionary individuals one to the million, such as the Almighty Beneficence never quite withholds, are accounted our best men,–have unconsciously abnegated the sacred privilege and duty of acting or speaking the truth; and fancy that it is not truth that is to be acted, but that an amalgam of truth and falsity is the safe thing. In parliament and pulpit, in book and speech, in whatever spiritual thing men have to commune of, or to do together, this is the rule they have lapsed into, this is the pass they have arrived at. We have to report than Human Speech is not true! That it is false to a degree never witnessed in this world till lately. Such a subtle virus of falsity in the very essence of it, as far excels all open lying, or prior kinds of falsity; false with consciousness of being sincere! The heart of the world is corrupted to the core; a detestable devil’s-poison circulates in the life-blood of mankind; taints with abominable deadly malady all that mankind do. Such a curse never fell on men before.

For the falsity of speech rests on a far deeper falsity. False speech, as is inevitable when men long practise it, falsifies all things; the very thoughts, or fountains of speech and action become false. Ere long, by the appointed curse of Heaven, a man’s intellect ceases to be capable of distinguishing truth, when he permits himself to deal in speaking or acting what is false. Watch well the tongue, for out of it are the issues of life! O, the foul leprosy that heaps itself in monstrous accumulation over Human Life, and obliterates all the divine features of it into one hideous mountain of purulent disease, when Human Life parts company with truth; and fancies, taught by Ignatius or another, that lies will be the salvation of it! We of these late centuries have suffered as the sons of Adam never did before; hebetated, sunk under mountains of torpid leprosy; and studying to persuade ourselves that this is health.

And if we have awakened from the sleep of death into the Sorcerer’s Sabbath of Anarchy, is it not the chief of blessings that we are awake at all? Thanks to Transcendent Sansculottism and the long-memorable French Revolution, the one veritable and tremendous Gospel of these bad ages, divine Gospel such as we deserved, and merciful too, though preached in thunder and terror! Napoleon Campaignings, September Massacres, Reigns of Terror, Anacharsis Clootz and Pontiff Robespierre, and still more beggarly tragicalities that we have since seen, and are still to see: what frightful thing were not a little less frightful than the thing we had? Peremptory was our necessity of putting Jesuitism away, of awakening to the consciousness of Jesuitism. ‘Horrible,’ yes: how could it be other than horrible? Like the valley of Jehoshaphat, it lies round us, one nightmare wilderness, and wreck of dead-men’s bones, this false modern world; and no rapt Ezekiel in prophetic vision imaged to himself things sadder, more horrible and terrible, than the eyes of men, if they are awake, may now deliberately see. Many yet sleep; but the sleep of all, as we judge by their maundering and jargoning, their Gorham Controversies, street-barricadings, and uneasy tossings and somnambulisms, is not far from ending. Novalis says, ‘We are near awakening when we dream that we are dreaming.’ [italics in original]

If anyone has been paying attention to me at all, then I don’t even need to provide an opinion about this in the Boston Globe:

When “say,” “they” and “weigh” rhyme, but “bomb,” “comb” and “tomb” don’t, wuudn’t it maek mor sens to spel wurdz the wae thae sound?

Those in favor of simplified spelling say children would learn faster and illiteracy rates would drop. Opponents say a new system would make spelling even more confusing.

Eether wae, the consept has yet to capcher th publix imajinaeshun.

Must … keep … opinion … to … self … heroic … effort … involved.