Washington Babylon — July 28, 2010, 8:55 am

Cheery Economic News to Get Your Week Started

I missed this when it was published a few days ago. Worth a read.

From James Kuntsler:

I visited the Slate Political Gabfest podcast yesterday. These otherwise excellent, entertaining, highly educated folk (David Plotz, Emily Bazelon, and Daniel Gross, in for vacationing John Dickerson) were discussing the ramifications of the economic situation on the upcoming elections. They were quite clear about not being able to articulate the nature of this economic situation, “…this recession, or whatever you want to call it…” in Ms. Bazelon’s words. What’s the point of sending these people to Ivy League colleges if they can’t make sense of their world.

Let’s call this whatever-you-want-to-call-it a compressive deflationary contraction, because that’s exactly what it is, an accelerating systemic collapse of activity due to over-investments in hyper-complexity (thank you John Tainter). A number of things are going on in our society that can be described with precision. We’ve generated too many future claims on wealth that does not exist and has poor prospects of ever being generated. That’s what unpayable debt is. We have such a mighty mountain of it that the Federal Reserve can “create” new digital dollars until the cows come home (and learn how to play chamber music), but they will never create enough new money to outpace the disappearance of existing notional money in the form of welshed-on loans. Hence, money will continue to disappear out of the economic system indefinitely, citizens will grow poorer steadily, companies will go out of business, and governments at all levels will not have money to do what they have been organized to do.

Share
Single Page

More from Ken Silverstein:

Commentary November 17, 2015, 6:41 pm

Shaky Foundations

The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.

From the November 2013 issue

Dirty South

The foul legacy of Louisiana oil

Perspective October 23, 2013, 8:00 am

On Brining and Dining

How pro-oil Louisiana politicians have shaped American environmental policy

Get access to 165 years of
Harper’s for only $45.99

United States Canada

CATEGORIES

THE CURRENT ISSUE

October 2016

Psychedelic Trap

= Subscribers only.
Sign in here.
Subscribe here.

The Hamilton Cult

= Subscribers only.
Sign in here.
Subscribe here.

Held Back

= Subscribers only.
Sign in here.
Subscribe here.

Division Street

= Subscribers only.
Sign in here.
Subscribe here.

Innocents

= Subscribers only.
Sign in here.
Subscribe here.

The Quiet Car

= Subscribers only.
Sign in here.
Subscribe here.

view Table Content

FEATURED ON HARPERS.ORG

Article
The Hamilton Cult·

= Subscribers only.
Sign in here.
Subscribe here.

"The past is complicated, and explaining it is not just a trick, but a gamble."
Illustration by Jimmy Turrell
Article
Division Street·

= Subscribers only.
Sign in here.
Subscribe here.

"Perfectly sane people lose access to housing every day, though the resultant ordeal may undermine some of that sanity, as it might yours and mine."
Photograph © Robert Gumpert
Article
Held Back·

= Subscribers only.
Sign in here.
Subscribe here.

"'We don’t know where the money went!' a woman cried out. 'They looted it! They stole our money!'"
Artwork by Mischelle Moy
Article
The Quiet Car·

= Subscribers only.
Sign in here.
Subscribe here.

Flor Arely Sánchez had been in bed with a fever and pains throughout her body for three days when a July thunderstorm broke over the mountainside. She got nervous when bolts of light flashed in the sky. Lightning strikes the San Julián region of western El Salvador several times a year, and her neighbors fear storms more than they fear the march of diseases — first dengue, then chikungunya, now Zika. Flor worried about a lot of things, since she was pregnant.

Late in the afternoon, when the pains had somewhat eased, Flor thought she might go to a dammed-up bit of the river near her house to bathe. She is thirty-five and has lived in the same place all her life, where wrinkled hills are planted with corn, beans, and fruit trees. She took a towel and soap and walked out into the rain. Halfway to the river, the pains returned and overcame her. The next thing Flor remembers, she was in a room she didn’t recognize, unable to move. As she soon discovered, she was in a hospital, her ankle cuffed to the bed, and she was being investigated for abortion.

Photograph by Joshua Lutz
Article
Innocents·

= Subscribers only.
Sign in here.
Subscribe here.

"The next thing Flor remembers, she was in a room she didn’t recognize, unable to move. As she soon discovered, she was in a hospital, her ankle cuffed to the bed, and she was being investigated for abortion."
Photograph © Nadia Shira Cohen

Average amount of time a child spends in Santa Claus’s lap at Macy’s (in seconds):

37

Beer does not cause beer bellies.

Following the arrest of at least 10 clowns in Kentucky and Alabama, Tennesseans were warned that clowns could be “predators” and Pennsylvanians were advised not to interact with what one police chief described as “knuckleheads with clown-like clothes on.”

Subscribe to the Weekly Review newsletter. Don’t worry, we won’t sell your email address!

HARPER’S FINEST

Mississippi Drift

By

Matt was happy enough to sustain himself on the detritus of a world he saw as careening toward self-destruction, and equally happy to scam a government he despised. 'I’m glad everyone’s so wasteful,' he told me. 'It supports my lifestyle.'

Subscribe Today