Tuesday, August 23, 2016
Monday, August 22, 2016
What the world is witnessing, without actually paying much attention, is the death of our debt-based economy — that is, borrowing the means to thrive in the now from a future that can’t really furnish it anymore. The illusion that the future would always provide was a legacy of the cheap energy era. That era ended in 2005. The basic promise is broken and with it the premise for living as we had been. The energy available today, especially oil, is no longer cheap enough to run the industrial economies designed to run on it. Any way that you look at the dynamic, Modernity loses.
With oil under $50 a barrel, and gasoline under $3 a gallon (back east), the public apparently thinks that the Peak Oil story is dead and gone. But when it costs $75 a barrel to pull the stuff out of the ground, and the stuff only sells for $47 a barrel, the oil companies’ business model doesn’t really work. The shale oil companies especially have been gaming the system by issuing bonds that pay relatively high interest rates in an investment climate where almost nothing else offers enough yield to live on, especially for pension funds and insurance companies. Two little upward bumps this year in the price of oil toward the $50 range prompted a wish that the good old days of high-priced oil were coming back, that the oil business would be profitable again.
The trouble is that high oil prices — say, over $100 a barrel, as it was in 2014 — crush advanced economies, so that demand for oil crashes, and with it productive activity. Without productivity, the debts issued by companies (and even governments) don’t get repaid. There really is no “sweet spot” in this energy cost equation.
A lot of wishful thinkers would like to believe that you can run contemporary life on something beside oil. But the usual “solutions,” solar and wind energy, don’t pencil out, especially when you consider that the hardware for running them — the photovoltaics, charge controllers, batteries, turbines, and blades, can’t be mass-produced and distributed without the very fossil fuels they are supposed to replace.
These matters add up to the essential quandary of our time. It has expressed itself in falling standards of living for what used to be the middle class, most particularly in the USA. European countries have tried to work around this problem with their rigid bureaucracies for keeping those already employed from losing their jobs. In France, Spain, and Italy, this has only made it much harder for people under 30 to get a job. The jobs picture for millennials in the USA is not much better, though there’s no structural job-protection for their elders who are still working here. They live in abject fear of termination by the HR ghouls of the big corporations.
Sooner or later the younger generation will explode in rage at the system and there is no telling what the result will be. We’re already seeing it in the black ghettos, where decades of accrued social dysfunction make the anomie and purposelessness — of young men especially — much worse. The newer loser class of people who once had good jobs and now have poor prospects of ever getting them back gets swept up in the mania for their incoherent champion, Trump, who shows no sign of understanding the essential quandary of our time. The tragedy of Trumpism is that the man so poorly represents a large group of Americans with genuine woes and grievances. And the larger tragedy of our country these days is that events did not prompt better leaders to step forward.
The explanation may be that people who actually understand the dark dynamics spinning out are rather pessimistic about the our ability to carry on under the familiar disposition of things. Hillary represents the forces in our national life that want to pretend that nothing is wrong, that all the splendid rackets of the day — Federal Reserve interventions, corporate debt-fueled stock buybacks, military log-rolling, medical racketeering, the college loan Ponzi, pension fund levitation, primary dealer bank interest rate arbitrage, agribiz Frankenfood proliferation — can just grind along like some old riverboat banger engine keeping the garbage barge of American life afloat. Thus, Hillary is shaping up to be the patsy of the century, likely to preside, if elected, over the biggest blowup of established arrangements that world has ever seen.
The debt problem alone is absolutely certain to express itself in at least three major ways: the crash of equity markets, the collapse of the bond markets, and the loss of faith in the value and meaning of whatever money you’re using. Any of those events would turn the economic life of the linked advanced economies upside down. Any of them could occur during the 2016 US election season.
Sunday, August 21, 2016
"[A]fter decades in which it struggled with overcrowding, Japan is confronting the opposite problem: When a society shrinks, what should be done with the buildings it no longer needs? ... 'Tokyo could end up being surrounded by Detroits,' said Tomohiko Makino, a real estate expert who has studied the vacant-house phenomenon. Once limited mostly to remote rural communities, it is now spreading through regional cities and the suburbs of major metropolises. Even in the bustling capital, the ratio of unoccupied houses is rising."
Saturday, August 20, 2016
The degree of antipathy is actually quite useful. It tells us why the Green Party is so important and why liberals are such a dangerous enemy.
The World Socialist Web Site isn't impressed:
WSWS.org: Green Party candidates at CNN town hall: Promoting illusions in the capitalist system
Acting as a flank of bourgeois politics, the Greens promote nothing more than protest and pressure politics within the confines of the existing economic and political system.
A link on WSWS.org leads to the campaign website for Jerry White and Niles Niemuth, running for president and vice president on the Socialist Equality ticket.
Jerry White, 56, is the US labor editor of the World Socialist Web Site. He joined the Workers League, the predecessor of the Socialist Equality Party, in 1979, while working at United Parcel Service and attending the City University of New York. For nearly four decades, as a writer and activist, Jerry has played a major role in the struggles of the working class. He was the SEP’s presidential candidate in 2008 and 2012.
Niles Niemuth, 28, was raised in a working-class family in Wisconsin and became a member of the SEP during the 2011 mass protests against budget cuts imposed by Wisconsin Governor Scott Walker. Niles joined the staff of the WSWS after completing his master’s degree at the University of Wisconsin Milwaukee, where he specialized in African-American history. Niemuth has written extensively on US social conditions, working-class struggles and the government’s assault on democratic rights.
Friday, August 19, 2016
JAG Recovered lists the titles of articles published on JAG, if not always the articles themselves, which were deleted.
At least some of them were republished elsewhere, e.g., "A Coherent 'Trumpism.'"
The Week: Trumpism for Intellectuals.
Thursday, August 18, 2016
Oh Gawker...this tweet is a matter of legit history now. https://t.co/SdYuQqiAp9— Wizard Of Cause (@wizardofcause) August 18, 2016
Gawker was this walking attitude problem my least restrictive platform ever. The world needs places like that. https://t.co/HPESKAQpLg— Ana Marie Cox (@anamariecox) August 18, 2016
Sorry to say this but Thiel's and (unfortunately) Nick's protestations to the contrary, seems clear that yes .. Thiel destroyed Gawker.— Josh Marshall (@joshtpm) August 18, 2016
I'm so sad and angry right now. Every news org should mourn gawker's loss and worry about being next.— Dan Kois (@dankois) August 18, 2016
Gawker isn't closing bc of a sextape or bad choices, but bc of a vindictive billionaire. That's bad news for everyone. Except billionaires.— Jason Schreier (@jasonschreier) August 18, 2016
Peter Thiel has successfully created a blueprint for billionaires to destroy any news org they don’t like. Awful. https://t.co/5vwYov7aiK— Freedom of the Press (@FreedomofPress) August 18, 2016
Thiel is about to watch Gawker's diaspora of reporters seed their loathing of him into every outlet they work for https://t.co/NImnDPAHRh— Andy Greenberg (@a_greenberg) August 18, 2016
RIP Gawker, which changed the way that people wrote on the Internet, for the better. https://t.co/bfmaRpowUV— daveweigel (@daveweigel) August 18, 2016
A billionaire drove a press organization that displeased him out of business. The oligarchy has triumphed https://t.co/DmeN7iPxXV— Laura Miller (@magiciansbook) August 18, 2016
Gawker was worth more to society than anything any of its enemies had ever done or will ever do combined. https://t.co/ERZxFzR0Hu— Sean T. Collins (@theseantcollins) August 18, 2016
If you are not actually Hulk Hogan, and you’re gloating about a billionaire using lawfare to shut down a news site, god help you.— daveweigel (@daveweigel) August 18, 2016
"Gawker is no more. I’m sorry to hear that, not because I’m a huge Gawker fan, but because Peter Thiel is not a person whose integrity I trust. But they were influential in their time, both in the good and bad sense, and did some very good stuff over the years."--Nancy Nall
and he thinks there hasn't been enough gnashing of teeth:
Journalists should be very upset about the death of Gawker, and how it went down. We don't seem to be, and that's bad.— Gene Weingarten (@geneweingarten) August 18, 2016
But there is also celebration
Seeing a lot of people talking about how great Gawker was. What? It was a cesspool.— Brad Glasgow (@Brad_Glasgow) August 18, 2016
HUMILIATION: Gawker bought out by a site with a fraction of its audience. https://t.co/ob2FdpsQnG— Breitbart News (@BreitbartNews) August 17, 2016
Literally every single person tweeting their support for Gawker and screeching about "vindictive billionaires" is a bourgeois journalist.— Louis Le Vau (@LouisLeVau) August 18, 2016
Last but not least, Hulk Hogan, weighs in:
They messed with the wrong guy brother HH— Hulk Hogan (@HulkHogan) August 18, 2016
Peter Thiel maintains his lawsuit against Gawker, which led to its bankruptcy, was about online privacy, not a vendetta.