The column below shows why I post Kunstler's column every week.
Kunstler: Fed Cred Dead.
T he economy is a two-headed monster. One head is the trade in real goods and real services. The other head is the financialized traffic in swindles and frauds that surrounds banking. There is some deception and overlap about which is which. For instance so-called health care might be perceived as a real service. In fact, it’s a hostage racket, designed to victimize “patients” at their weakest, with a “protection” premium that easily runs to $12,000-a-year for a married couple, even when they aren’t sick, and vulnerable. Just see what happens if you go to an emergency room with an injury that requires six stitches. Next stop: re-po land.
Most of the remaining on-the-ground economy consists of people merely driving their cars absurd distances, burning gasoline, between exquisitely-tuned giant warehouse store operations that were designed to destroy local Main Street trade — and accomplished that, by the way, to the applause of the local citizens whose towns were destroyed (“We want bargain shopping!”).
Now, of course, even WalMart is looking over its shoulder at the collapse of the complex arrangements that allowed it to metastasize across North America like some cancerous fungus. Globalism is winding down as the gargantuan matrix of Ponzi schemes based on owed money dissolves debt by debt. It isn’t long before nobody is a credit-worthy borrower, and no transaction in real goods can be risked unless cash hits the barrelhead — which turns out to be a very awkward way of doing business.
It’s especially like this these days in the so-called “emerging markets” — e.g. places in the world with large populations of willing factory slaves. The traffic in shipping-out containers full of flat screen TVs (or shipping-in the raw materials to make them) won’t work very well without letters-of-credit, which are promises between banks to make sure that the stuff on the receiving end gets paid for. That becomes difficult when national currencies drop 3.5 percent in value one day and then 4 percent another day, and so on. An eight-year-old can figure out how that math works.
My new theory of history applies well to the macro situation: people do what they do because it seems like a good idea at the time.
For instance, a few decades ago, the suburban / “consumer” arrangement of daily life seemed like a good idea. You buy cheap land twenty-seven miles outside what used to be a functioning (now obsolete) city. Build lots and lots of houses out of cheap, shitty materials such as strand-board and vinyl, pave a lot of new roads, line many of them with even shittier strip-mall buildings and Big Box “power centers,” and there you have a wonderful basis for an economy. That was more or less the Ronald Reagan Utopia.
Now it’s all aging badly, fraying, too costly to fix and, increasingly, not worth scraping off the land and replacing with a new cheap, shitty building. The younger generation doesn’t even want to live in that suburban dystopia. They run shrieking from it to Brooklyn, or even downtown Troy, New York, up the Hudson River Valley. Alas, this younger generation has also been broadly victimized by the college loan racket — reinforced by the revised bankruptcy laws that make it impossible to ever write-off this sort of debt. When will they get political about it? Their debt loads will disfigure their lives as surely as a tour of duty in Vietnam would have forty years ago. Perhaps Siri has not informed them about this.
Last week was the watershed for central banking and for the illusion that the current disposition of things has a future. The Federal Reserve blinked on its long-touted Fed funds interest rate hike and chairperson Janet Yellen was left standing naked in the hot glare of her own carbonizing credibility, a pitiful larval creature, still maundering about “the data,” and “the median growth projection,” and other previously-owned figments spun out of the great PhD wonk machine in the Eccles Building.
The Federal Reserve itself is the victim du jour of its own grandiose fatuous fecklessness, in particular the idea that it could play a national economy like a three-button flugelhorn. What seemed like a good idea at the time when Alan Greenspan and then Ben Bernanke stepped into the pilot house now just looks like the fraud of frauds: enabling corporations to borrow ever more money from the future to pretend that their balance sheets are sound. That scam is has nowhere left to go, except into the black hole that has been waiting for it. All the Fed really has left is to destroy the value of the dollar (to save it! Just like Vietnam!).
This ought to be an interesting week in the financial markets as the players have had a long, anxious weekend to absorb the death of Fed cred. And October, too. Expect dramatic re-pricing. Sometime a few months down the line, financial markets will present a “relief rally.” Don’t get suckered on that one.
Meanwhile, what remains on the other head of this two-headed economy besides driving to-and-from the Walmart? Pornography? The tattoo industry? Meth and narcotics? Prostitution? Professional sports on the flat screen? Kim and Kanye? Grand theft auto? Do you really think Donald Trump can fix this?
Monday, September 21, 2015
Thursday, September 17, 2015
"The Last Honest Film Critic in America."
"'The Last Honest Film Critic in America': Armond White and the Children of James Baldwin" by @CU_History D.McNeil http://t.co/JCUG9uDsiX
— Dominique Marshall (@Dominiq92516944) September 14, 2015Alexander Cockburn, Thou Shouldst Be Alive at This Hour...
What would Alexander Cockburn have made of the 2016 presidential race--especially the candidacies of Donald Trump and Bernie Sanders-- or the Charleston church shooting? We have a good idea but his commentary is missed.
A warts-and-all review of A Colossal Wreck by Paul Berman.
A warts-and-all review of A Colossal Wreck by Paul Berman.
Wednesday, September 16, 2015
Phylls Hyman: "Be Careful How You Treat My Love."
Just about everything Phyllis Hyman sang is wonderful. She's one of my favorite singers.
Monday, September 14, 2015
Kunstler: The Parties Crawl Off to Die.
Soon I'll have a post about why I post Kunstler's column, given his misanthropy. For now, he pronounces a pox on both parties.
Kunstler: The Parties Crawl Off to Die.
The Parties Crawl Off to Die
I‘ve alluded to being a registered Democrat now and again, a disclosure that makes some readers go feral with wrath. For years I could only justify it as formal opposition to the cretinous brand of Republicanism that washed over the country like a septic wave with the reign of that sainted pompadour-in-search-of-a-brain, Ronald Reagan, whose “morning in America” bromide was among the biggest whoppers of my lifetime. With Reagan, we got the officially-sanctioned marriage of right wing politics and the most moronic strains of Southland evangelical religiosity. (Ronnie stated more than once his belief that Biblical “end times” were close at hand, which should have raised the question of his actual concern for the nation’s future — did he think it had one? — but nobody ever asked him about it.) George H. W. Bush expressed a similar view, perhaps merely pandering to the dolts of Dixie.
So, who in his right mind could have subscribed to that load of bullshit?
Meanwhile, the youthful and magnetic Clintons came on in 1992. They put on a good show of national stewardship in the early going. Bill could speak English fluently, unlike his two predecessors. Hillary’s committee to tackle health care reform came to grief, but the effort at least implied a recognition that medicine was turning into a shameless racket (now fully metastasized). Bill managed to shove through a species of welfare reform — remarkable for a Democrat — that has since deliquesced back into a swamp of disability fraud. But the Clinton turning point was the repeal of the Glass-Steagall Act, which opened the door to an orgy of financial mischief so arrant and awful, and to a plague of corruption so broad and deep, that American life is now pitching into a long emergency.
Add to that now the signal failures of Barack Obama: 1) no prosecution or attempted regulation of widespread financial misdeeds 2) no effort to counter the disastrous Citizens United Supreme Court decision that allows corporations to buy elections; 3) no end to dubious military operations in distant lands, and 4) healthcare “reform” that only fortified the existing rackets — take all that together and you can only recoil from whatever it means to be a Democrat.
And now the return of Hillary, gliding above the election arena like Rodan the Flying Reptile — caw! caw! Get me outa here! It’s not just her, of course. It’s the whole disgusting circus parade of identity politics, and PC witch-hunting, and trans-sex drum-beating, and girl-lugging-a-mattress-around-campus idiocy, and blame-it-all-on-Whitey whinging, and drone-strike-du-jour warfare, and out-of-control NSA surveillance monkey business, plus throw in the outrageous scams of “civil forfeiture” under a president who was supposedly a professor of constitutional law — the list of Democratic-sponsored absurdities and turpitudes gives me the vapors.
The New York Times ran a front-page story Sunday saying that the Republican nomination-chasers were sounding too ominous, too dark, about the state of the nation, at least for the purpose of getting elected. As if the Times has an interest in them succeeding. I guess they were “just sayin’.” For my money, you can’t paint a dark enough picture to fully capture the decadence and depravity in the current zeitgeist. This, after all, is the basic appeal of Trump — though a panoramic shot of his supporters in one of those stadium love-fests suggests that their very demeanor is a big part of the problem: crowds of overfed tattooed clowns in nursery togs clamoring for a return to 1956. Good luck with that.
More than once I’ve referred to the earlier period in US history, the 1850s, when the political compass points shook loose and parties died. The Whigs disappeared altogether (and fast!) and the Democrats became a rump party of southern slavers. Well, the two major parties of our time are now perfectly poised to enter the Temple Grandin cattle chute of death. But history doesn’t repeat, of course, it only rhymes, and this time there are no other political parties standing by to take their place, no credible institutions, certainly no one like Lincoln. There are only Bernie Sanders and the execrable Trump.
Sanders functions nicely as a foil to the flying reptile. But the self-labeled socialist has a big problem. The public may be simmering with grievance, but my guess is that they are not especially hot for more redistribution of the national wealth — that is, whatever little remains in the hands of a sore beset former middle class. The absence of any other reputible figure on the Democratic “bench” belies a party now more hollow than a supermarket Easter egg.
What we see gathering is a political storm as perfect as the typhoon that has formed in banking. Surely the financial storm will strike first and it will leave the public stupefied with loss. I would not even bet against the possibility of the 2016 selection being canceled in some manner. Imagine, for instance, what the Pentagon brass thinks of Trump. And what they are planning for him. Just sayin’.
Kunstler: The Parties Crawl Off to Die.
The Parties Crawl Off to Die
I‘ve alluded to being a registered Democrat now and again, a disclosure that makes some readers go feral with wrath. For years I could only justify it as formal opposition to the cretinous brand of Republicanism that washed over the country like a septic wave with the reign of that sainted pompadour-in-search-of-a-brain, Ronald Reagan, whose “morning in America” bromide was among the biggest whoppers of my lifetime. With Reagan, we got the officially-sanctioned marriage of right wing politics and the most moronic strains of Southland evangelical religiosity. (Ronnie stated more than once his belief that Biblical “end times” were close at hand, which should have raised the question of his actual concern for the nation’s future — did he think it had one? — but nobody ever asked him about it.) George H. W. Bush expressed a similar view, perhaps merely pandering to the dolts of Dixie.
So, who in his right mind could have subscribed to that load of bullshit?
Meanwhile, the youthful and magnetic Clintons came on in 1992. They put on a good show of national stewardship in the early going. Bill could speak English fluently, unlike his two predecessors. Hillary’s committee to tackle health care reform came to grief, but the effort at least implied a recognition that medicine was turning into a shameless racket (now fully metastasized). Bill managed to shove through a species of welfare reform — remarkable for a Democrat — that has since deliquesced back into a swamp of disability fraud. But the Clinton turning point was the repeal of the Glass-Steagall Act, which opened the door to an orgy of financial mischief so arrant and awful, and to a plague of corruption so broad and deep, that American life is now pitching into a long emergency.
Add to that now the signal failures of Barack Obama: 1) no prosecution or attempted regulation of widespread financial misdeeds 2) no effort to counter the disastrous Citizens United Supreme Court decision that allows corporations to buy elections; 3) no end to dubious military operations in distant lands, and 4) healthcare “reform” that only fortified the existing rackets — take all that together and you can only recoil from whatever it means to be a Democrat.
And now the return of Hillary, gliding above the election arena like Rodan the Flying Reptile — caw! caw! Get me outa here! It’s not just her, of course. It’s the whole disgusting circus parade of identity politics, and PC witch-hunting, and trans-sex drum-beating, and girl-lugging-a-mattress-around-campus idiocy, and blame-it-all-on-Whitey whinging, and drone-strike-du-jour warfare, and out-of-control NSA surveillance monkey business, plus throw in the outrageous scams of “civil forfeiture” under a president who was supposedly a professor of constitutional law — the list of Democratic-sponsored absurdities and turpitudes gives me the vapors.
The New York Times ran a front-page story Sunday saying that the Republican nomination-chasers were sounding too ominous, too dark, about the state of the nation, at least for the purpose of getting elected. As if the Times has an interest in them succeeding. I guess they were “just sayin’.” For my money, you can’t paint a dark enough picture to fully capture the decadence and depravity in the current zeitgeist. This, after all, is the basic appeal of Trump — though a panoramic shot of his supporters in one of those stadium love-fests suggests that their very demeanor is a big part of the problem: crowds of overfed tattooed clowns in nursery togs clamoring for a return to 1956. Good luck with that.
More than once I’ve referred to the earlier period in US history, the 1850s, when the political compass points shook loose and parties died. The Whigs disappeared altogether (and fast!) and the Democrats became a rump party of southern slavers. Well, the two major parties of our time are now perfectly poised to enter the Temple Grandin cattle chute of death. But history doesn’t repeat, of course, it only rhymes, and this time there are no other political parties standing by to take their place, no credible institutions, certainly no one like Lincoln. There are only Bernie Sanders and the execrable Trump.
Sanders functions nicely as a foil to the flying reptile. But the self-labeled socialist has a big problem. The public may be simmering with grievance, but my guess is that they are not especially hot for more redistribution of the national wealth — that is, whatever little remains in the hands of a sore beset former middle class. The absence of any other reputible figure on the Democratic “bench” belies a party now more hollow than a supermarket Easter egg.
What we see gathering is a political storm as perfect as the typhoon that has formed in banking. Surely the financial storm will strike first and it will leave the public stupefied with loss. I would not even bet against the possibility of the 2016 selection being canceled in some manner. Imagine, for instance, what the Pentagon brass thinks of Trump. And what they are planning for him. Just sayin’.
Friday, September 11, 2015
Late Summer
It's still summer, with hot, humid weather. The presidential race is the most tumultuous one in memory. And the movies at the theater tend to be the studios' dregs.
Thursday, September 10, 2015
Wednesday, September 09, 2015
The New York Times: National Geographic and Fox are forming a commercial media company.
A landscaping crew is cutting down a tall albizia tree on the property across the road.
A landscaping crew is cutting down a tall albizia tree on the property across the road.
Tuesday, September 08, 2015
Much to Consider About...
*charter schools
*the higher education system
*the refugee crisis in Europe
*the higher education system
*the refugee crisis in Europe
Monday, September 07, 2015
On Migrants and Refugees
For a different take on migration from Kunstler's: Resilience.org: "Migrants and Refugees."
In other words, it is possible to read the current social and political dynamic about migrants as a short term response to the peak of population growth and the economic squeeze on the majority of people in richer economies caused by neoliberalism. It’s ugly while it lasts, but it’s possible that it’s close to its height right now. On this version. the narrative about economic gains will start to reassert itself as the demographic issues start to be felt. A decline in levels of inequality would also help.
Kunstler: There Goes Europe.
Kunstler: There Goes Europe.
The desperate wish in what is loosely called the West to at least appear morally correct is unfortunately over-matched by the desperation of people fleeing unstable, overpopulated places outside the West, and it is a fiasco beyond even the events of the moment.
The refugee / immigrant crisis around the Mediterranean is a preview of a horror show to which there is no end in sight, and is certain to escalate. So anyone who indulges in fantasies about organizing an orderly, rational distribution of displaced persons for the current wave, is badly missing the point. Wave beyond wave awaits after the this one. And then what will the well-intentioned sentimentalists say? We wanted to do the right thing… we meant well… we cried when we saw the little boy dead on the beach….
Yes, the tragic intrusions of the US military in Iraq, Libya, Somalia, Syria, and elsewhere have been reckless and stupid. But that is not the whole story. The desert nations of the Middle East and North Africa (MENA) have populations abnormally swollen by a century of oil-and-gas-based agriculture, really by the benefits of Modernity in general. Now that the oil age is chugging to an unruly crack-up, and Modernity with it, and the earth’s climate is doing wonky things, and the rich nations to the north have faked their finances to the point of bankruptcy, well, circumstances have changed.
In the years ahead, populations will be fleeing and shifting from many more unfavorable corners of the world. The pressures are mounting all over. Alas, the richer nations in which the fleeing poor aspire to gain a foothold, will also be contending with the disabling effects of a universal economic contraction — the winding down of the techno-industrial system and the global economy with it. That process has the potential to shatter political unions, overthrow established social orders, and provoke wars between the demoralized countries who still possess dangerous military hardware. At the least, it will produce economic conditions in Europe and North America probably worse than the Great Depression of the 1930s.
So, the idea that the nations currently bethinking themselves “rich” can take in, shelter, and employ the masses fleeing MENA (and elsewhere) is absurd. Somehow the people in charge, plus the intellectual classes who shape opinion and consensus, are going to have to arrive at some clear notion of limits and boundaries. It is actually happening in parts of Europe right now, extempore, where the immediate crisis is worst, for the moment in Italy, Greece, and Hungary — which first interned the refugees and then let them loose on the road to Vienna, probably only a way-station to Germany. Soon all nations across Europe will be agonizing, shucking, jiving, or improvising some sort of desperate response.
Among other confusions of policy and intention, the public “debate” so far does not make any distinction between true political refugees fleeing for their lives or economic migrants seeking to improve their prospects elsewhere. It is surely easy to empathize with both categories of persons, but that doesn’t mean you give up the control of your borders just to make yourself feel better. That is pretty much what has happened in the USA, where the Left, for political expediency, has deemed it indecent to call “illegal” immigrants what they are, and the Right has just been pusillanimous and hypocritical about it. Hence the unfiltered persona of Trump who, for all his titanic shortcomings, has at least managed to make his rivals look like the craven midgets they are.
Likewise, the rise of Marine LePen in France, Geert Wilders in Holland, and other parties seeking limits to immigration, perhaps even deportations. Personally, I reject the idea that it’s “racist” to want to preserve one’s national culture and character (especially in language), or to favor bona fide citizens for gainful employment. Europe has the additional obvious problem of an immigrant Islamic population overtly hostile to European culture and tradition. Why is it morally imperative for Europeans to countenance what amounts to low-grade warfare?
The situation that smoldered for decades is now exploding. Don’t expect to see any end to desperation and instability in MENA, but do expect new demographic crises out of other regions: Indonesia, Ukraine, Pakistan, West Africa, and Brazil, with its cratering economy. It’s not inconceivable that China might bust apart politically, with centrifugal consequences. The global economy is contracting. We have indeed attained the limits to growth. Cheap oil is bygone and the capital infrastructure we have won’t run on expensive oil — including the oil industry itself. New technology or further central bank legerdemain is not going to fix that. We’re in population overshoot and a scramble is underway to bail on the places that just can’t support the people who live there. National boundaries will be defended. Sentimentalists will have to step aside. History is not a bedtime story about bunnies and kittens.
The desperate wish in what is loosely called the West to at least appear morally correct is unfortunately over-matched by the desperation of people fleeing unstable, overpopulated places outside the West, and it is a fiasco beyond even the events of the moment.
The refugee / immigrant crisis around the Mediterranean is a preview of a horror show to which there is no end in sight, and is certain to escalate. So anyone who indulges in fantasies about organizing an orderly, rational distribution of displaced persons for the current wave, is badly missing the point. Wave beyond wave awaits after the this one. And then what will the well-intentioned sentimentalists say? We wanted to do the right thing… we meant well… we cried when we saw the little boy dead on the beach….
Yes, the tragic intrusions of the US military in Iraq, Libya, Somalia, Syria, and elsewhere have been reckless and stupid. But that is not the whole story. The desert nations of the Middle East and North Africa (MENA) have populations abnormally swollen by a century of oil-and-gas-based agriculture, really by the benefits of Modernity in general. Now that the oil age is chugging to an unruly crack-up, and Modernity with it, and the earth’s climate is doing wonky things, and the rich nations to the north have faked their finances to the point of bankruptcy, well, circumstances have changed.
In the years ahead, populations will be fleeing and shifting from many more unfavorable corners of the world. The pressures are mounting all over. Alas, the richer nations in which the fleeing poor aspire to gain a foothold, will also be contending with the disabling effects of a universal economic contraction — the winding down of the techno-industrial system and the global economy with it. That process has the potential to shatter political unions, overthrow established social orders, and provoke wars between the demoralized countries who still possess dangerous military hardware. At the least, it will produce economic conditions in Europe and North America probably worse than the Great Depression of the 1930s.
So, the idea that the nations currently bethinking themselves “rich” can take in, shelter, and employ the masses fleeing MENA (and elsewhere) is absurd. Somehow the people in charge, plus the intellectual classes who shape opinion and consensus, are going to have to arrive at some clear notion of limits and boundaries. It is actually happening in parts of Europe right now, extempore, where the immediate crisis is worst, for the moment in Italy, Greece, and Hungary — which first interned the refugees and then let them loose on the road to Vienna, probably only a way-station to Germany. Soon all nations across Europe will be agonizing, shucking, jiving, or improvising some sort of desperate response.
Among other confusions of policy and intention, the public “debate” so far does not make any distinction between true political refugees fleeing for their lives or economic migrants seeking to improve their prospects elsewhere. It is surely easy to empathize with both categories of persons, but that doesn’t mean you give up the control of your borders just to make yourself feel better. That is pretty much what has happened in the USA, where the Left, for political expediency, has deemed it indecent to call “illegal” immigrants what they are, and the Right has just been pusillanimous and hypocritical about it. Hence the unfiltered persona of Trump who, for all his titanic shortcomings, has at least managed to make his rivals look like the craven midgets they are.
Likewise, the rise of Marine LePen in France, Geert Wilders in Holland, and other parties seeking limits to immigration, perhaps even deportations. Personally, I reject the idea that it’s “racist” to want to preserve one’s national culture and character (especially in language), or to favor bona fide citizens for gainful employment. Europe has the additional obvious problem of an immigrant Islamic population overtly hostile to European culture and tradition. Why is it morally imperative for Europeans to countenance what amounts to low-grade warfare?
The situation that smoldered for decades is now exploding. Don’t expect to see any end to desperation and instability in MENA, but do expect new demographic crises out of other regions: Indonesia, Ukraine, Pakistan, West Africa, and Brazil, with its cratering economy. It’s not inconceivable that China might bust apart politically, with centrifugal consequences. The global economy is contracting. We have indeed attained the limits to growth. Cheap oil is bygone and the capital infrastructure we have won’t run on expensive oil — including the oil industry itself. New technology or further central bank legerdemain is not going to fix that. We’re in population overshoot and a scramble is underway to bail on the places that just can’t support the people who live there. National boundaries will be defended. Sentimentalists will have to step aside. History is not a bedtime story about bunnies and kittens.
Saturday, September 05, 2015
PG-13: The Barney Miller
I've never heard of this group till now.
From Rollin' Wit Da PG (Pump, 1990).
From Rollin' Wit Da PG (Pump, 1990).
Friday, September 04, 2015
Thursday, September 03, 2015
Death Row Records Movie Underway
Following the success of 'Straight Outta Compton," a Death Row biopic is underway: http://t.co/I24yREH3Nr pic.twitter.com/tkatEVeVkh
— SAINT HERON (@SaintHeron) September 3, 2015Wednesday, September 02, 2015
I think I grew up hating Florida because everyone looked like Guy Fieri but acted like George Zimmerman.
— Eric Andre (@ericandre) August 6, 2015Tuesday, September 01, 2015
Marienkirche
I found this article through Longreads, an account from Art & Antiques about the restoration/forgery of the Marienkirche mural.
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