Wasted Food

http://yaleglobal.yale.edu/display.article?id=11039

What Now? Part Five

29 July Update: I just found out about Coconut Girl and her take on what she calls "the sad state of Big Island newspapers."
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Hunter Bishop reports on his blog that the Hawaii Island Journal might come back, probably in August or September.

By chance on Monday or Tuesday night I saw part of the televised testimony before the County Council. Peter Serafin spoke, followed by a woman from the ad department (I think). She said that the three main departments of the paper often operated as three independent entities, and thus were out of sync. Senior writer Alan McNarie opened with a remark that Serafin's and the woman's testimony were both true but that the paper's demise was more "complex" than that. The bulk of his testimony blamed Honolulu Weekly's 2005 acquisition for making the paper "not local." He also said bloggers are "inherently biased," as if papers aren't.

I'm curious about the Island Sun, whose inaugural run of 5,000 copies might mean it'll be hard to find an issue. No website that I can see either. And will people read the Big Island Weekly, Hawaii Free Press (the black sheep of the Big Island alternative media), Island Sun, and a resurgent Hawaii Island Journal? I'd like to think so. The only thing is that BIW, IS, and HIJ might be clones of one another. Each may be a liberal-left paper with lots of arts, some politics, etc., but each should develop its own personality. Book, movie, music, and art reviews, obviously. Sports coverage (see the Village Voice's Jockbeat for inspiration). Cartoons. Big Island Weekly's publication of Berido's cartoons are a good step in the right direction.

Cleaning Out Magazine Cabinet

Yesterday I took the plunge and spent five hours sorting out hundreds of magazines, accumulated over many years, in the garage. I'm still not finished but I made a large dent, such that most of the magazines fit nicely on two and one-half shelves, rather than three shelves and two bins stuffed full.

The Content, Not the Frequency.

http://mrmagazine.wordpress.com/2008/06/11/it-is-the-content-and-not-the-frequency/

What Now? Part Four

From HunterBishop.com

Serafin's testimony on HIJ's demise

What follows is former Hawaii Island Journal Editor Peter Serafin's testimony to the Hawaii County Planning Commttee on Tuesday:

1 July 08

Peter's Council Testimony:

Members of the council, ladies and gentlemen, good morning. My name is Peter Serafin; for the past 2 1/2 years it's been my great pleasure and privilege to have served as editor of Hawai'i Island Journal. I'd like to start off by thanking Chairman Naole for providing me this opportunity to discuss the recent closure of the Journal, a locally owned newspaper which many on this island and elsewhere consider a valuable local resource.

In certain lines of work, the rewards are not exclusively, nor even primarily, financial. Firefighters. School teachers. Police officers. Health care workers. They certainly earn enough to support their families, but nobody gets rich doing these jobs. However, for a certain kind of person the additional reward provided is much more valuable than money: the opportunity for some type of community or public service.

So it is with journalists. Our function is to provide the most complete information we can, so citizens can make the best decisions they can. This is essential to a functional democracy. In fact, the Founding Fathers of the United States considered an independent press so important that it is the only profession protected, by name, in the Constitution.

For the past nine years, HIJ has served the community as a small, locally-owned newspaper. Then, as now, most local news coverage was provided by Stephens Media Group, a conglomerate of approximately 65 newspapers nationwide that is ultimately controlled from the company's headquarters in Las Vegas. On this island they owned both daily papers and a few smaller ones.

When the Journal started, the two Stephens dailies – West Hawaii Today and Hawaii Tribune-Herald — seldom ventured far from either Kailua-Kona or Hilo, respectively. The activities and concerns of people in Ka'u, Hamakua, Puna and other areas were ignored or, at best, underreported. To an extent, that has changed. We believe that the fact that the dailies are doing a bit better in covering these previously forgotten districts is a direct result of the Journal's example.

We morphed from Ka'u Landing into the Journal in 1998, and by 2005 were publishing biweekly, ultimately distributing 24,000 copies of each issue island wide. Over the years we'd built a reputation of looking deeper into local issues than the dailies did. We took the time to investigate without the pressure of daily deadlines, nor the requirement that a reporter write one story per day.

The Journal grew steadily, and eventually began getting attention beyond this island. Last summer in Honolulu we received top honors from the Hawaii Chapter of the Society of Professional Journalists for Best Community Reporting and Best Feature Writing. We won two of the four statewide categories we were eligible for. During the year no other Hawai'i Island paper was considered the best in any category. We were batting .500 -- not bad in any league. Then just last month, on our third attempt, we were accepted into the highly selective national organization the Association of Alternative Newsweeklies.

Despite these journalistic successes, we faced challenges on the business side. To print a paper like ours requires a Web press, which can cost over $1 million. Through the country, daily newspapers are the ones that an afford this expensive equipment. But their presses are busy only a few hours a day printing the paper. To maximize revenue from this expensive asset, virtually every newspaper company in the country takes on additional contract printing jobs in their off hours. For example, the New York Times press always printed the New York City phone book, and dozens of other outside jobs. It's standard in the industry.

Stephens Media owns the only two Web presses on this island, where they print the Trib-Herald and West Hawaii Today. Lane Wick, HIJ's previous owner, approached Stephens with a contract job to print the Journal. Their response: We'll only print the Journal if you sell us a controlling interest. As a believer in independent journalism, Wick turned them down. With the new publisher, it was the same story – we won't print you unless we own you. The Journal continued to be printed in Honolulu at the Star-Bulletin press.

Although they couldn't buy us, Stephens still wanted a monopoly. A year and a half ago they launched Big Island Weekly, a copycat paper specifically created to drive the Journal out of business. They pursued a strategy similar to the one go! airlines used against Aloha Air. Sell the product – be it advertising space or airline tickets – below cost, and make up the shortfall with cash infusions from the parent company on the mainland. Since the local company has to actually earn the money it costs to operate, keep it up and you'll eventually drive them out of business.

I'd like to make it perfectly clear that the local staffers of Big Island Weekly have nothing to do with this strategy of their bosses. Like the local go! Airlines workers, they're happy to have a job here doing something they enjoy. But make no mistake: just because the local BIW employees didn't know what their bosses on the mainland were up to doesn't mean it wasn't happening. It most certainly was. And a news monopoly serves no one – except, of course, the one holding the monopoly.

This isn't the only place independent newspapers are being attacked like this. In San Francisco, the Bay Guardian newspaper has been publishing every week for almost 40 years. A few years ago a media conglomerate came in from out of town. They launched the competing San Francisco Weekly and sold extremely cheap advertising. The Bay Guardian sued, charging the Weekly was using predatory pricing and cash infusions from the parent corporation intended to unfairly damage their paper. A court agreed and awarded the Bay Guardian $15 million in damages. The ruling stood on appeal.

Besides being targeted by Stephens, the Journal also faced industry-wide challenges. Like all other newspapers – free or paid – the bulk of our revenue came from advertising. Industry wide, newspaper classified ad revenues dropped 5% last year – a continuing trend over the past decade. Print ads were similarly affected nationally.

So what now? Do the people of this island want and deserve multiple news sources? We think they do. Are they content to get all their local news from one off-island company that owns both our dailies, the only commercial TV station and most of the other papers? We think not. I believe people here are smarter than that and want more than that.

Despite their best efforts, corporate media hasn't managed to control everything yet. Blogging is still in its infancy, but locally Hunter Bishop, Aaron Stene and others are giving us online alternatives to the monopoly, as does the new Island Sun.

As for the Journal, it may not be completely dead after all. I was off-island at the beginning of a long-planned vacation when the publisher called and said she was suspending publication. Since then I've been overwhelmed with calls and emails of support – strongly urging us to carry on. A number of investors are in discussion to buy the paper and relaunch publication. Anyone interested in participating in this effort, or anyone with any questions is welcome to contact me at SaveTheJournal@mac.com. As I've always said, I love hearing from readers.

Mahalo for your attention and for this opportunity to speak here.

Peter Serafin

Editor

Hawai'i Island Journal

SaveTheJournal@mac.com

Posted on Wednesday, July 2, 2008 at 07:38AM by Hunter Bishop | Post a Comment
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Bishop vs. Walden

Hunter Bishop opines on Andrew Walden and his Hilo-based paper, the Hawaii Free Press:

Post outs isle paper as scandalmonger

Ian Lind at iland.net [sic] today alerts us to the part of this Washington Post story about right-wing loony [really, now!--P.Z.] Andrew Walden, publisher of Hawaii Free Press.

Seems Walden now may claim the dishonor of being the first in the nation to publish certain false and malicious rumors about Barack Obama that had been circulating on the Internet by way of an anonymous e-mail chain, according to the Post.

Of course around here discerning readers already know of Walden's tortured relationship with truth. Now it's known nationwide. Walden will probably crow perversely about the notoriety when he should be embarrassed to be exposed as a hack on such a grand scale.

Makes you wonder, doesn't it? Walden's active in the Republican party. Does the party condone this sort of political thuggery? Or does the GOP like having Walden's newspaper around for this very purpose, spreading smear campaigns?
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Walden addresses the Post here.

Update: Hattie's Web comments.

Walden's article quoted in the Post: Here.

Worse Than Grandma's Depression

June 30, 2008
Worse Than Grandma's Depression

This isn't so funny anymore. Intimations of a July banking collapse rumbled though the Internet this weekend while mainstream news orgs like The New York Times and CNN pulled their puds over swift boats and Amy Winehouse's performance technique. Something is happening, and you don't know what it is, do you Mr. Jones...? to quote the master.

What's happening is that American society is sliding into a greater depression than the one Grandma lived through. On the technical side, there has been unending controversy as to whether we're gripped by inflation or deflation. It's certainly deceptive. Food and gasoline prices are rising faster than the rivers of Iowa. But the prices of assets, like houses, stocks, jet-skis, GMC Yukons and pre-owned Hummel figurines are cratering as America turns into Yard Sale Nation.

We're a very different country than we were in 1932. In that earlier crisis of capital, few people had any money but our society still possessed fantastic resources. We had plenty of everything that our land could provide: a treasure trove of mineral ores and the equipment to refine it all, a wealth of oil and gas still in the ground, and all the rigs needed to get at it, manpower galore (and of a highly disciplined, regimented kind), with fine-tuned factories waiting for orders. We had a railroad system that was the envy of the world and millions of family farms (even despite the dust bowl) owned by people who retained age-old skills not yet degraded by agribusiness. We had fully-functional cities with operating waterfronts and ten thousand small towns with local economies, local newspapers, and local culture.

We had a crisis of capital in the 1930s for reasons that are still debated today. My own guess is a combination of a bad debt workout that sucked "money" into a black hole (since money is loaned into existence, but vanishes if the loans are not systematically paid back) plus a gross saturation of markets, meaning that every American who had wanted to buy a car or an electric toaster had done so and there was no one left to sell to. (The first round of globalism -- 1870 - 1914 -- had shut down after the fiasco of World War One.)

Our debt problems today are of a magnitude so extreme that astronomers would be hard pressed to calculate them. By any rational measure our society is comprehensively bankrupt. From the federal treasury down to the suburban cul-de-sacs so much loaned money is either not being paid back, or is at risk of never being paid back, that the suckage of presumed wealth has passed through an event horizon out of the known universe into some other realm of space-time, never to be seen again in this realm. This would seem to be the very essence of monetary deflation -- money defaulted out-of-existence.

This condition is partly disguised by both the loss of credibility of US currency and real-world scarcities of oil and food, but the upshot will be something at least twice as bad as the Great Depression of the 1930s: people with no money in a land with no resources (with manpower that has no discipline), hardly any family farms left, cities that are basket-cases of bottomless need, comatose small towns stripped of their assets and social capital, an aviation industry on the verge of death, and a railroad system that is the laughingstock of the world. Not to mention the mind-boggling liabilities of suburbia and the motoring infrastructure that services it.

The banks have been doing their death dance for an entire year now, pretending that their problems are those of mere "liquidity" (i.e. cash-on-hand) rather than insolvency (no cash either on hand or in the vault and nothing else to sell to raise cash except worthless "creative" securities that nobody would ever buy). But the destruction of money (resulting from loans not paid back) is now so intense that the game of pretend has reached its terminal point. The question for the moment is exactly who and what will be crushed as these institutions roll over and die.

Complicating matters is a global oil predicament that is really not hard to understand, but which the organs of news and opinion have obdurately failed to explicate for an anxious public. Call it Peak Oil. There are only a few elements of it you need to know. 1.) that demand has now permanently outstripped supply; 2.) that new discoveries are too meager to offset consumption; 3.) That under under the circumstances, the systems we rely on for daily life are crumbling. I've called this situation The Long Emergency.

Our chances of mitigating this, and of continuing our current way-of-life is about zero. I've tried to promote the idea that rather than waste remaining resources in the futile attempt to sustain the unsustainable (i.e. come up with "solutions" to keep suburbia running), that we should begin immediately making other arrangements for daily life -- mainly by downscaling and re-scaling everything from farming to commerce to the way we inhabit the landscape -- but my suggestions have proven unpopular even among the "environmental" elites, who are too busy being entranced by new-and-groovy ways to keep all the cars running.

So where we are at now is the equivalent of standing in the slop by the ocean shore under a gathering hundred-foot-high wave that is about to come crashing down on our heads. Since I sure don't know everything, I can't say how this will all play out in the months ahead, especially with the presidential election coming at the exact moment that voters will be turning on their furnaces for the cold and dark winter beyond. I would venture to say that so far our society as a whole has done a piss-poor job of comprehending the situation. But there is still the possibility, with four months of politicking left, that the nature of our predicament can be articulated in a way that few can fail to understand, the way Mr, Lincoln articulated the terms of the Civil War on the eve of its fateful outbreak.

What Now? Part Three

A 23 June post on HunterBishop.com mentions this:

Also in these comments from Tiffany was the agenda for the County Council's Human Services and Economic Development Committee meeting at 9:30 a.m. July 1 in Hilo, where the closing of the Hawaii Island Journal will be discussed:

Comm. 1296:
PRESENTATION BY HAWAI‘I ISLAND JOURNAL REPRESENTATIVES ON THE DEMISE OF THE ISLAND’S INDEPENDENTLY OWNED ALTERNATIVE NEWSPAPER
From Councilmember Emily Naeole, dated June 12, 2008, requesting the above presentation.

That should prove to be interesting.
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Would Naeole have gone through the trouble if it were the Hawaii Free Press that went under?

But "a flicker of hope remains" :

And another note on the Journal. There's a small chance that the reports of its demise may be premature. I understand that at least one buyer is interested and that the newspaper's staff has remained largely intact, though unpaid, pending further developments. Nothing certain, but a flicker of hope remains.
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Hunter Bishop doesn't mention Andrew Walden's HFP article that suggests Stephens Media may have acquired some of the Journal's assets. I see that Rob Brezsny's syndicated "Free Will Astrology" column, a Journal staple, has made its debut in the 25 June Big Island Weekly.

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In that same issue of the Big Island Weekly, there is a letter by Galen Kelly that takes a very different view of the demise of the Journal:

Socialism is not a term to be easily tossed about. And no, I'm not afraid of the word, but more on that in a minute. Kristine, your two opening paragraphs (June 18) lead the reader to believe that what follows is your take on, and response to, the sinking of The Hawaii Island Journal. We get a bit of that and then are lead [sic] down the path of socialism and global warming. Firstly, it's my belief that the Journal was dying a slow death long before the BIW came on the scene; my own perception of it was that it was killing itself with moderation (mostly in its lukewarm coverage of the war), with playing it safe, with avoiding the kind of controversy that shines a light on many of the corruptions we face today. It is the Internet that houses the bravest of journalists and the most uninhibited informing, leaving in the dust those who still honor the status-quo and cower to power. Many papers are suffering under this phenomenon. The Big Island Weekly can escape that and seems to be going further in bringing the truth, even when the truth is ugly. May it continue to grow in being brave and uncompromising. [Emphasis mine.--P.Z.]
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30 June update: This column by Andrew Walden, "Bloggers Buzz Over Big Island Media Shakeup," appeared in the 17 December 2006 issue of HawaiiReporter.com. It has proven to be prescient. In retrospect, the decline of the Journal might be traced to its acquisition by the Honolulu Weekly, though some would blame pre-Weekly editor Lane Wick for steering the paper back to the arcaneness which plagued the Journal's predecessor, Ka'u Landing, in the late nineties: [Note: I added the names of HunterBishop comment authors, and the dates when they were published.--P.Z.]

Special from Hawaii Free Press
By Andrew Walden, 12/17/2006 2:40:01

With the December 6 introduction of Big Island Weekly, Las Vegas-based Stevens Media, owner of the Hawaii Tribune Herald, West Hawaii Today, North Hawaii News, Westside Weekly, and the Kamaaina Shopper enters the Big Island alternative media space. This move continues the reshaping of a print media scene marked by the termination earlier this year of reporter Hunter Bishop and others at the Hawaii Tribune-Herald, and now by the resignations of reporters Tiffany Edwards and Betsy Tranquilli from West Hawaii Today.

To counter the challenge from Big Island Weekly, the South Kona-based Journal is believed to be considering adopting a weekly format [Hawaii Island Journal never went weekly--P.Z.] and opening an office in (gasp) Hilo, considered by some of its Kona readers to be a “bastion of low-IQ people”.

Commenting on the first issue of Big Island Weekly, Bishop writes on his Blog, [link added by P.Z.] “Editor Kristine Kubat, a Puna geothermal protester in the early '90s, pulled out all the environmental stops in the inaugural issue, including an interview with her old friend Palikapu Dedman….”

More fake environmentalism from those who oppose accepting Madame Pele’s gift to Hawaii--clean geothermal electricity--can only be a sign the Big Island Weekly is aiming at the heart of the HIJ’s political base of anti-environmental “environmentalists”.
...

Say the readers of Bishop’s Puna-focused blog:

“I can't say I've been satisfied with the quality of Hawaii Island Journal since the purchase by the Honolulu Weekly. The size of the paper has dwindled and with it, the amount of quality content. Perhaps it will improve as a weekly but I won't hold my breath. That said, the publisher of BIW (Stephens Media) does not instill a lot of confidence in this reader that the average BIW will be any more worthy of my time than their Kamaaina Shopper already is.” [2nd comment, Rodion, 12 Dec. 2006]

“I kind of stopped reading the HIJ just because those articles were getting super long and cumbersome to read and because the overall subject matter was not that interesting to me.” [10th comment, Josephine Keliipio (was nativeroots), 14 Dec. 2006]


“[Hawaii Island Journal] used to come out with hard-hitting articles that focused attention on important issues. When is the last time they broke a major story? It seems that all they can manage now is a lot of new-age philosophy, which probably pleases some of their advertisers but doesn't do much for me. Oh yes, they will decry injustice and support the environment generically, but investigative reporting is what is needed. An expose' on the good old boy local power structure, or on the inequities in the local government funding structure might get my attention again. I don't even bother to pick it up any more, so somebody will have to tell me if they get it back on track.” [11th comment, Wankine, 14 Dec. 2006]
...

Kunstler Speaks on CBC

"I am Modo Dodo!"

Hawaii: Peak Oil Canary

The Oil Drum on how peak oil might affect Hawaii. One commenter notes already more silent nights because motorcyclists and hot rodders can't afford gas.

What Now? Part Two

Foreshadowing in this 2007 issue of the Hawaii Island Journal.

The cover article in the 10-23 March 2007 issue of the Hawaii Island Journal (pictured), "Corporate Media," by HIJ editor Peter Serafin, deals with pseudo-alternative papers, and mentions the Big Island Weekly, which had debuted a few months before. Serafin also points out that "newsgathering resources are being cut at unprecedented rates, and the quality of information available to citizens has suffered.

"A local example: Using the industry's standard ratio to determine the number of editorial staffers a newspaper needs to serve a given number of readers, Stephens Media's Hawaii Tribune-Herald is understaffed. This means HT-H staff reporters don't always have time to be as thorough as they'd like, and some stories aren't covered as well as well as they could be--if they're covered at all. There simply aren't enough people to do the work."

What Now?

was the title of a cartoon by Keith [not Ken, mea culpa] Tucker that ran occasionally in the Hawaii Island Journal. It was also the headline of the HIJ's second-to-last issue, and it's the question some are asking now that the final issue has hit stands.


In retrospect, the Journal (owned by Honolulu Weekly since 2005) has been struggling for some time. I noticed the paper had lately thinned out to twenty pages. Hattie has eyed the Big Island Weekly with suspicion as a faux-alternative paper designed to drain advertising away from the Journal, and she's probably right.

If there's a winner, or at least a survivor, it's the Hawaii Free Press, the center-right newspaper founded at the beginning of 2005 by Andrew Walden. It eschews the cultural coverage of the two other papers in favor of news and opinion. Each issue is only eight pages but there is little filler (few ads, no cartoons or horoscopes).

I'll try to post more about the HIJ later.

Update: This is perhaps the strongest post about the HIJ's demise.

An excerpt:

My understanding is that the Honolulu Weekly (and the Hawaii Island Journal) are (were) printed on the Star-Bulletin/MidWeek presses, and that the Advertiser isn't a competitive option. That is, they won't print alternative weeklies. If there are so few options, that makes publication of a weekly paper a precarious thing. With the price of shipping going up, I wonder if printing any paper out of town can make economic sense (I just don't know). If the Big Island wants to have a free weekly paper, what choices do they have to print it locally, that is, economically?

And let's face it, we're getting mostly ads and entertainment listings in the Honolulu Weekly. It's no Village Voice, and journalism isn't its main thrust. While I'm glad to see the articles they do run, those articles are very few. We're not necessarily getting our money's worth.

Airships Over Manhattan

http://theboweryboys.blogspot.com/2008/06/dinosaurs-of-new-york-skyline.html

Generation Y Illustrated

wonderfully by this Forbes cover of almost eighteen years ago. Generation Y includes the big-spending "4-to-12-year-olds" (born c. 1978-1986) that were the focus of Peter Newcomb's cover story, "Hey Dude, Let's Consume."

Alligators, Old Mink, New Money

An engaging book I found by chance some time at the library.

The Goatmilk Interview with Ron Paul

Here.

Little People

MicroCinemaDVD.com had a banner advertising Slant, a compilation of Asian-American short films. The ad featured an array of wooden finger puppets. I remember playing with these a long time ago. According to this, Fisher Price made all kinds of Little People.

Update: Little People became 'chunky' in the early nineties and are still made that way.

Life in the Crash Lane

Kunstler writes in The Washington Post and notes on his own site that the Long Emergency is probably here.


May 26, 2008
Anxious Hiatus

Loveliness was everywhere this holiday weekend in upstate New York, and it was probably hard for many to believe that the wayward nation would return to the dread uncertainty of life in the crash lane [a much better title for this post, I think--P.Z.] when the barbeques were over. There was even a wan overtone to the late-night sports news about the Indy 500 race -- as though the spectacle of cars droning round and round a speed oval epitomized the futility of American life in this moment of our history.

I had a discussion with one guy at a Sunday night party about the prospects for hydrogen-powered cars. We rehearsed the usual reasons why such a system was unlikely to get up-and-running -- and then he said, "...but what if we took all the money from the war and put it into something like the space program and... they came up with some way to make it happen...!"

This is certainly the golden heart of the great wish out there, as the empire of Happy Motoring begins to run down on $4 gasoline. It seems inconceivable that a society so bold as to put men on the moon (fer crissake) can't overcome such a prosaic problem as finding something other than oil byproducts to run our cars on.

From this holy font all cognitive dissonance flows.

It seems inconceivable, but it begins to look like that's the way it really is, and we just can't accept it.

Of course, one of the reasons that Americans are so anxious to get away on a holiday weekend from the places where they live is because we did such a perfect job the past fifty years turning our home-places into utterly unrewarding, graceless nowheres, where the private realm of the beige houses is saturated in monotony, and the public realm has been reduced to the berm between the WalMart and the strip mall. Now, we barely have the gasoline to run all this stuff, let alone escape from it for a weekend.
We're at a dead end with all this and a lot of Americans are paralyzed with fear about what's next. This may actually be a deeper fear than the anxiety about money and banking in 1933, when Franklin Roosevelt was sworn in and tried to reassure the nation. Back then, despite the grave problems of capital, we still had plenty of everything: plenty of good productive land, plenty of manpower earnestly eager for hard work, plenty of ore in the ground, shining cities equipped with excellent streetcar systems, a railroad network that was the envy of the world, sturdy small towns and small cities fully equipped with locally-owned business, and a vast number of small family farms that could re-absorb family members unable to get wages in the cities. Most of all, we had plenty of oil in the ground, and the world's biggest industry for getting it out and selling it. What we didn't have in 1933 was cash money.

The crisis at hand now goes way beyond a crisis of capital -- though that is certainly part of it. Notice how many of the things we had in 1933 are gone now. Our cities, with a few exceptions, are imploded husks. Our small towns and small cities (Schenectady, home of G.E.!) are gutted, especially in terms of locally-owned business. Our passenger rail system is worse than anything a Soviet ministry might produce (while the airline industry that replaced it is dying of a kind of financial hemorrhagic fever). Our local transit hardly exists anymore. Family farms have all but disappeared. We have plenty of manpower earnestly eager to become American Idols (but certainly not for heavy labor). Our oil industry now supplies only a fraction of the world's daily supply (and not even enough for half of our own needs).

What happens now? We face not just change but convulsive change. The public senses the rapid unraveling of our car-centric arrangements. In the week before the holiday, gasoline prices went up several cents each day -- in upstate New York, it crossed the $4 mark and kept going up. The trucking system faces collapse as diesel fuel price-rises exceed even the rise in gasoline, and the vast number of independent truckers who make up the system confront the individual calamity of a personal business failure. American Airlines last week announced severe measures to keep operating through the fall of 2008. but none of the airlines can feasibly carry on as usual with oil prices above $120-a-barrel -- and the ominous message is of a business model that has no conceivable way to adapt to the new reality. Most likely, in a very few years air travel will no longer be a "consumer" enterprise.

In the background of these practical problems -- "off screen" during the holiday of car races and ball games -- is a crisis of capital orders of magnitude worse than the one faced by Franklin Roosevelt in 1933. For behind the "liquidity" (i.e. insolvency) issues faced by the big institutions lurks the Godzilla of the derivatives trade, which has evolved into a black hole capable of sucking all notional "money" into oblivion. That "money," which represents the aggregate value of our society, also amounts to the emperor's new clothes of an empire in serious trouble. As the black hole of derivatives sucks away these "new clothes," America will stand naked against the elements of fate.

Cockburn vs. Clinton

Alexander Cockburn kicks knowledge and science like few others. In his latest column, he lays down a scathing rebuke of Hillary Clinton: