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October 04, 2011
DOOM: A candy colored clown they call the sandman
You say you want a revolution? I would remind the Democrats of something: if you keep asking for a fight, sooner or later someone is going to give you one.
A funny little man was standing on the streetcorner this morning, hectoring the passers-by. He was wearing a sandwich board upon which was scrawled: SPEND, SPEND, SPEND!!! I was told that once upon a time, this crazy dude was actually a respected economist. It's sad, really.
The emergence of money: compensation for pain and suffering inflicted on others? I’m skeptical, but then again I’m a proponent of the Austrian school that Graeber apparently hasn’t much regard for. (Whenever I hear an academic, especially a “social sciences” academic, blathering about economics, I want to reach for a heavy club.)
The “judicial recession”. (Also: California is boned.) This is what happens when the government runs out of other people’s money. The socialist state starts eating itself.
This isn’t financial DOOM; this is sure enough, grade A, End of Days DOOM. Part of the problem is that the low-hanging technological fruit has been plucked. Our technology growth going forward isn’t going to be a huge steep incline, but more of a slow expansion marked by long plateaus. This is the norm for most of human history, actually -- the last two centuries are highly atypical in terms of technological progress. And take note of this:
Like technology, credit also makes claims on the future. “I will gladly pay you a dollar on Tuesday for a hamburger today” works only if a dollar gets earned by Tuesday. A credit crisis happens when earnings disappoint and the present does not live up to past expectations of the future.
Neal Stephenson on “innovation starvation”. My view? The missing ingredients in the modern age are optimism and confidence. You have to believe in yourself, and in the future, to invent new things and start big projects. No one really believes that we can do the “big stuff” any more. We’re too risk-averse -- which is a signal of an aging society. We want to hoard what we’ve already got rather than build more. Our time-horizons stop with our own deaths; we no longer care much for posterity or legacy.
Why the crisis in Europe might cause a recession here. It's become a cliche to point out that the world's financial systems are deeply intertwined, but it's a cliche because it's true.
The Most Boned Cities. New Jersey holds the distinction of hosting three of the most boned cities in America. Michigan gets two: Detroit and Pontiac. Interesting note: all of the most boned municipalities are east of the Mississippi -- I fully expected to see several California cities on this list. Of course, this article concerns itself only with bond ratings and not other metrics.
The Neverending Recession has apparently turned us all into a bunch of penny-pinching cheapskates. We only thought the motto was “Hope and Change”; it was actually “I hope I get some change.”
The modern version of the Smoot-Hawley Tariff bill picks up steam in the Senate. It probably (probably) won’t get past the GOP-controlled house, but this is just more evidence that our politicians don’t even bother to study our own history any more. This would be a colossally stupid move if the effort succeeds, but I have learned never to underestimate the stupidity, venality, or cowardice of our political class. (China swears to retaliate if the bill passes, by the way. And thus does the bloodletting begin.)
Greece’s “death spiral” was in large part caused by the stubborn refusal of the EU and ECB to allow Greece to default back when it might have nipped this crisis in the bud. Now Greece’s sickness has already spread to the peripheral countries of the Eurozone and threaten the core.
In related news, Greece’s October 13 finance meeting with the Eurozone finance ministers has been delayed until November. This may be a prelude to some kind of formal Greek default -- though I suspect the EU will tie itself in rhetorical and legal knots thinking of ways to call it something other than a “default”. But it will end with the holders of Greek sovereign debt taking steep haircuts on their holdings. And these cuts won’t be voluntary.
Gold is way off its highs, but is trending back up again. I ought to buy some more before it gets out of reach again. Silver likewise is off its highs at $30/oz or so.
Investor's Business Daily finally finds a reason to praise President Obama. If I were Bammer, I'd clip that article and put it in the scrapbook; he's not likely to get much praise on his economic policies again any time soon.
Is economic uncertainty the primary reason our economy is not recovering? The GOP has been insisting that uncertainty is a primary factor in the stagnant economy, but the Democrats have been airily dismissing that argument. James Pethokoukis shows why the Democrat dismissal of the "uncertainty" argument is chock full of FAIL.
UPDATE 1: The markets are breaking bad today. Most of the unease stems from worries about the Eurozone, but there is also a lot of generalized alarm in the investing public right now -- that alarm is in part why things are so volatile. Investors are in full herd behavior, stampeding to and fro on news, rumors, and gossip. It's the endless war between yield and safety.
UPDATE 2: Interesting discussion on gender and personality differences in an economic context. (NOTE: I am neither type "A" or type "B". I am type "C" -- pay me the money you owe me or I'll send a large fellow around to redecorate your face.)
votermom [/i]: "DeBlasio changed his name because a) daddy issues, ..."
tsrblke, PhD(c) And father to be bascially any day now! [/i] [/b] [/s]: "I'm glad to see that the families seem to be taken ..."
shredded chi: "I especially like the quote The Post got from a Fe ..."
Pat: "Next for Jet Blue. Pig skin seats. Genuine leather ..."
Alberta Oil Peon: "deBlasio was her maiden name, to which Warren Wihe ..."
eman: "All Social Justice Warrior passengers flying on Je ..."
GnuBreed: "[i]Cops find *ARSENAL* (2 guns!!!) at his home.htt ..."
Misanthropic Humanitarian : "deBlasio was her maiden name, to which Warren Wihe ..."
seamrog : "Do you really think these anti-American jagoffs wo ..."
eman: "Jet Blue boards passengers from the back of the pl ..."
Misanthropic Humanitarian : "125 Wait, so Jet Blue was figuring out how to get ..."
Jay Guevara[/i][/b][/s]: "[i]You mean dear old Mom Wilhelm? deBlasio is an a ..."
Overnight Open Thread (26 Dec 2014)
Lest We Forget [Y-not]
For Rutgers, For Ace OPEN THREAD
All I Want For Christmas [OregonMuse]
A Time to be Thankful [Y-not]
Monkey Saves Dying Friend Morning Thread
Overnight Open Thread (12025-2014) - Christmas Day Edition
Polls! Polls! Polls!
Real Clear Politics
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Primary Document: The Audio
Paul Anka Haiku Contest Announcement
Integrity SAT's: Entrance Exam for Paul Anka's Band
AllahPundit's Paul Anka 45's Collection
AnkaPundit: Paul Anka Takes Over the Site for a Weekend (Continues through to Monday's postings)
George Bush Slices Don Rumsfeld Like an F*ckin' Hammer
Top Top Tens
Democratic Forays into Erotica
New Shows On Gore's DNC/MTV Network
Nicknames for Potatoes, By People Who Really Hate Potatoes
Star Wars Euphemisms for Self-Abuse
Signs You're at an Iraqi "Wedding Party"
Signs Your Clown Has Gone Bad
Signs That You, Geroge Michael, Should Probably Just Give It Up
Signs of Hip-Hop Influence on John Kerry
NYT Headlines Spinning Bush's Jobs Boom
Things People Are More Likely to Say Than "Did You Hear What Al Franken Said Yesterday?"
Signs that Paul Krugman Has Lost His Frickin' Mind
All-Time Best NBA Players, According to Senator Robert Byrd
Other Bad Things About the Jews, According to the Koran
Signs That David Letterman Just Doesn't Care Anymore
Examples of Bob Kerrey's Insufferable Racial Jackassery
Signs Andy Rooney Is Going Senile
Other Judgments Dick Clarke Made About Condi Rice Based on Her Appearance
Collective Names for Groups of People
John Kerry's Other Vietnam Super-Pets
Cool Things About the XM8 Assault Rifle
Media-Approved Facts About the Democrat Spy
Changes to Make Christianity More "Inclusive"
Secret John Kerry Senatorial Accomplishments
John Edwards Campaign Excuses
John Kerry Pick-Up Lines
Changes Liberal Senator George Michell Will Make at Disney
Torments in Dog-Hell
The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Movable Type 2.64