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

June 2016

The Improbability Party

= Subscribers only.
Sign in here.
Subscribe here.

Trump’s People

= Subscribers only.
Sign in here.
Subscribe here.

The Old Man

= Subscribers only.
Sign in here.
Subscribe here.

The Long Rescue

= Subscribers only.
Sign in here.
Subscribe here.

New Television

= Subscribers only.
Sign in here.
Subscribe here.

view Table Content

FEATURED ON HARPERS.ORG

Post
Helen Ouyang on the cost of crowd-sourcing drugs, Paul Wood on Trump's supporters, Walter Kirn on political predictions, Sonia Faleiro on a man's search for his kidnapped children, and Rivka Galchen on The People v. O. J. Simpson.

The new docudrama The People v. O. J. Simpson: American Crime Story (FX) isn’t really about Orenthal James Simpson. It’s about the trials that ran alongside his — those informal, unboundaried, court-of-public-opinion trials in which evidence was heard for and against the murder victims, the defense and the prosecution, the judge, the jury, and the Los Angeles Police Department, to say nothing of white and black America. History has freed us from suspense about Simpson’s verdict, so that the man himself (played here by Cuba Gooding Jr.) is less the tragic hero he seemed in the mid-Nineties than a curiously minor character. He comes to the center of our attention only once, in Episode 2, at the end of the lengthy Ford Bronco chase scene — which in real life was followed by a surreal cavalcade of police cars and media helicopters, as well as an estimated 95 million live viewers — when Simpson repeatedly, and with apparent sincerity, apologizes for taking up so much of so many people’s time. It is an uncannily ordinary moment of social decorum, a sort of could-you-please-pass-the-salt gesture on a sinking Titanic, in which Simpson briefly becomes more than just an archetype.

Photograph (detail) © Eve Arnold/Magnum Photos
Article
Trump’s People·

= Subscribers only.
Sign in here.
Subscribe here.

"All our friends are saying, load up with plenty of ammunition, because after the stores don’t have no food they’re gonna be hitting houses. They’re going to take over America, put their flag on the Capitol.” “Who?” I asked. “ISIS. Oh yeah.”
Photograph by Mark Abramson for Harper's Magazine (detail)
Article
The Long Rescue·

= Subscribers only.
Sign in here.
Subscribe here.

He made them groom and feed the half-dozen horses used to transport the raw bricks to the furnace. Like the horses, the children were beaten with whips.
Photograph (detail) © Narendra Shrestha/EPA/Newscom
Article
The Old Man·

= Subscribers only.
Sign in here.
Subscribe here.

The new docudrama The People v. O. J. Simpson: American Crime Story (FX) isn’t really about Orenthal James Simpson. It’s about the trials that ran alongside his — those informal, unboundaried, court-of-public-opinion trials in which evidence was heard for and against the murder victims, the defense and the prosecution, the judge, the jury, and the Los Angeles Police Department, to say nothing of white and black America. History has freed us from suspense about Simpson’s verdict, so that the man himself (played here by Cuba Gooding Jr.) is less the tragic hero he seemed in the mid-Nineties than a curiously minor character. He comes to the center of our attention only once, in Episode 2, at the end of the lengthy Ford Bronco chase scene — which in real life was followed by a surreal cavalcade of police cars and media helicopters, as well as an estimated 95 million live viewers — when Simpson repeatedly, and with apparent sincerity, apologizes for taking up so much of so many people’s time. It is an uncannily ordinary moment of social decorum, a sort of could-you-please-pass-the-salt gesture on a sinking Titanic, in which Simpson briefly becomes more than just an archetype.

Illustration (detail) by Jen Renninger
Article
New Television·

= Subscribers only.
Sign in here.
Subscribe here.

With its lens shifting from the courtroom to the newsroom to people’s back yards, the series evokes the way in which, for a brief, delusory moment, the O. J. verdict seemed to deliver justice for all black men.
Still from The People vs. OJ Simpson: American Crime Story © FX Networks

Amount an auditor estimated last year that Oregon could save each year by feeding prisoners less food:

$62,000

Kentucky is the saddest state.

An Italian economist was questioned on suspicion of terrorism after a fellow passenger on an American Airlines flight witnessed him writing differential equations on a pad of paper.

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