[Majorityrights News] Trump will ‘arm Ukraine to the teeth’ if Putin won’t negotiate ceasefire Posted by Guessedworker on Tuesday, 12 November 2024 16:20.
[Majorityrights News] Alex Navalny, born 4th June, 1976; died at Yamalo-Nenets penitentiary 16th February, 2024 Posted by Guessedworker on Friday, 16 February 2024 23:43.
[Majorityrights Central] A couple of exchanges on the nature and meaning of Christianity’s origin Posted by Guessedworker on Tuesday, 25 July 2023 22:19.
[Majorityrights News] Is the Ukrainian counter-offensive for Bakhmut the counter-offensive for Ukraine? Posted by Guessedworker on Thursday, 18 May 2023 18:55.
If you insert the word “international” for them, before the term “left”, you do them the favor of undoing their unwitting complicity with Jewish interests; though in Greg’s case, he perhaps cannot help it, as doubling down saves him from the criticism and bad news that he claims his elitism should hear.
Otherwise, some good thoughts in that conversation.
Meanwhile, “I am not an ethnonationalist” - Richard Spencer
.....
Criticisms of Johson’s elitism, for example:
In his conversation with Morgoth just prior to this one with Laura, he calls the Scottish Nationalist Party the “perfect example of left nationalism.”
Is it really so hard for you to do something like put the word international before the term left?, Greg, or do you insist upon an oxymoron like internationalizing nationalism, which is what you are talking about with The SNP?
Also in this discussion, he wants to contrast aesthetics to counter the avarice of sheer mercantile utilitarianism.
I endorse the essence of the project he’s after, that is, countering radical liberalizing effects of mercantile hegemony…
But the concept of usefulness is not the opposite of the importance of aesthetics. Aesthetics play important, useful functions for people.
And paying attention to what is useful is an under utilized, liberating suggestion in service of orienting the popular understanding and deployment of philosophy. Hence, Greg’s superficial suggestion of aesthetics over utilitarianism just to play opposite day with me is a bum steer.
I guess that snooty right wing elitism is a comfy perch for Greg.
Note: This blog is based on my notes for a speech at the Harvard Class of 1957 55th reunion in Cambridge, Mass. on May 22nd.
Armageddon was threatening the financial system on Wednesday, September 17, 2008. The largest bankruptcy in American history, that of investment bank Lehman Brothers on Monday, September 15, had roiled global markets, accelerating the stupendous decline in values of every possible investment vehicle—common stocks, corporate bonds, real estate, commodities like oil, copper and gold, private equity and hedge funds alike. In the midst of the chaos Merrill Lynch, the firm that had brought Wall Street to Main Street, was absorbed in a shotgun marriage by Bank of America BAC +0%.
Only days earlier came the recognition at the New York Federal Reserve Bank and the US Treasury that AIG, the largest insurance company in the world was running out of money. This required an immediate injection of $85 billion in bail-out funds. And later another $100 billion, still not paid back to Uncle Sam.
That day, Sept 17, an even greater crisis was pending. All day long the chairman of General Electric, a company recognized across the globe as a leading industrial giant, was calling the Secretary of the Treasury, Hank Paulson to warn that the next day, Sept. 18, that GE would no longer be able to roll over its short term debt. The American business system was on the cusp of faltering mightily. The US economy was on the brink of a precipice into the unknown.
Messrs Paulson and Bernanke, at the Fed, knew the nation could not suffer the risk of a total breakdown in industry and finance. So, they decided to instantly guarantee the $600 billion commercial paper market, which is widely used to finance day-to-day operations of all major firms. This guarantee became part of the total cost of bailing out Wall Street, which totaled over $7 trillion—when you added guarantees to loans, investments and outright grants. The bailouts were key to raising the Fed’s balance sheet from $1 trillion to $3 trillion—and to upping the nation’s total amount of debt some $5 trillion to a record $15 trillion.
Conversely, the household wealth of the nation, measured by losses in financial markets and the historic drop in residential real estate—was reduced by a sickenly humungus $12-$14 trillion at the very bottom of the whole process in March, 2009. You take that money—$12-14 trillion away from the asset side of the ledger and add another $5 trillion in debt—- and you are bound to experience a decline in the nation’s GDP and a very much slower rate of recovery from such a trauma. A recovery that could take 10 years or more according to Harvard economist Kenneth Rogoff. That brings us to 2018. Need I say more?
How did we reach this very near call on a total systemic breakdown?
Firstly, there were no cops on the beat. Laissez-faire free market economics was the prevailing public policy. Federal Reserve chairman Alan Greenspan spoke of irrational exuberance but took no steps to cool off markets in the late 1990s. In fact, he was asked by Loews chairman Larry Tisch and former Goldman Sachs co-chairman John Whitehead to raise the margins on trading, and refused, claiming falsely that such a move was up to the SEC—and not the Fed. Not true.
In 1999 the Glass-Steagall Act—which had separated commercial banking from investment banking for 66 years, was overturned—a move that opened the door to more speculative trading on the part of Wall Street firms.
Then, in 2000 Messrs. Greenspan, former Treasury Secretary Rubin and his successor Lawrence Summers pressed to pass a bill that would prohibit the regulation of derivatives—the fastest growing and most complicated and murky new financial product. This was an incredible mistake, as derivative contracts like mortgage backed bonds and credit default swaps mushroomed in across the globe without any oversight, strict capital requirements and on an organized exchange where buying and selling were handled daily.
The result of this vacuum; no one anywhere knew who owed what to whom across the world. Despite the danger lurking in the rapid depreciation of these contracts, Bernanke publicly stated the absurd amount of sub-prime mortgages being sold to unsuspecting buyers would not spread to a much wider, deeper crisis. He didn’t know what he was talking about, sadly..
Lastly, in 2004 the major firms convinced the SEC to let them value certain assets on their balance sheet at values they chose—rather than marking them t o market—which would reveal what losses they were carrying. This added another dangerous laxity to financial regulation. The system was falsifying its accounts believing the investments would bounce back.
The entire catastrophe’s underlying theme was summed up later by this admission from former Fed chairman Greenspan . ” I made a mistake,” he admitted in a hearing, “in presuming that the self-interests of organizations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.” And we made this man into the wise parental guardian of American capitalism for 18 years. We journalists, that is.
Pressed again later on, Greenspan admitted to “shocked disbelief, (because his whole) intellectual edifice had collapsed.” Naive at minimum. At worst, locked into a narrow limited ideological viewpoint that set the stage for the meltdown. Let Goldman Sachs and Citigroup master their own appetite for profits. So much for reining in animals spirits.
Secondly, the banks and investment banks were using reckless amounts of leverage. They borrowed, in many cases, $30 to $40 of debt for every dollar of capital they had. In truth, this was a recipe for disaster, since a decline of only 4% in their capital put them on the road to insolvency. It was as if you bought a million dollar house, put down a payment of $30,000 and borrowed $970,000. What sense of irrational optimism allowed this mad way of doing business.
By the fall of 2008 the decline in the value just of subprime mortgage backed bonds—which lost up to 80% of their value in the market—meant that Fannie Mae, Freddie Mac, Lehman, Merrill Lynch, Citigroup, Bank of America, Washington Mutual and Wachovia were in a state of peril. The only way to make money in bank stocks was to short them. My favorite day trader told me after it was all over that I should be worth $50 million. With the run on Lehman Bros. both Morgan Stanley and Goldman Sachs were in danger of experiencing a run on their accounts.
Perhaps AIG is the most extreme example of leverage as financial hari-kari. It had sold protection to banks and insurance companies across the globe by issuing $540 billion of credit default swaps, which meant AIG promised to make good on any losses in value of their mortgage holdings.
LONDON, ENGLAND: Anti-Brexit campaigner Steve Bray protesting outside of the Houses of Parliament on January 30, 2020 in London, United Kingdom. At 11.00pm on Friday 31st January the UK and Northern Ireland will exit the European Union 188 weeks after the referendum on June 23rd 2016.
In 2016, Britain voted for Brexit. On Friday—four years, three prime ministers and two general elections later—the country will leave the European Union. Officially stepping out into the world is a major moment for a country that has driven itself mad on the tortuous path to the exit door. And yet, even the buildup to this historic event typified the silliest aspects of the years between the “leave” vote and the actual leaving.
Two quarrels about how Britain would mark the occasion broke out in recent weeks, one about a bell, the other about a coin. First came the fuss about whether Big Ben would ring out to mark the moment of independence. This Brexiteer wish was complicated by the fact that the bell, and the tower that houses it, are undergoing renovations, meaning a single bong would come with a $700,000 price tag. After Parliament refused to fund the move, and an online fundraising campaign failed to fill the gap, there will be no Big Ben bongs. “If Big Ben doesn’t bong, the world will see us as a joke,” lamented Brexit campaigner Nigel Farage.
A second brouhaha broke out over a commemorative 50 pence coin issued to mark the occasion. The coins, which read, “Peace, prosperity and friendship with all nations,” soon drew the ire of disbelieving Remainers. Otherwise serious and self-respecting members of the British establishment said they would refuse to use the coins or would deface any that came into their possession. (The novelist Philip Pullman also complained that the coin “is missing an Oxford comma and should be boycotted by all literate people.”)
Britain’s talent for turning these trivial rows into front-page stories illustrates how much the Brexit debate has become a negative-sum culture war, with Leavers and Remainers each compelled to take a side. Yet these dust-ups also obscure some of the more interesting, and important, divides over what Britain does with its newfound freedom. So far, much of the conversation has been backward looking, focused on whether the country would give effect to the 2016 vote with a viable version of Brexit, or whether that vote should be ignored. As Britain leaves the EU, and finally casts an eye forward, there are as many disputes as ever, with global implications, and the fault lines are more complicated than just Leave vs. Remain.
When Prime Minister Boris Johnson triumphed in last month’s election with a promise to “get Brexit done,” his opponents argued that after the sun rises on February 1, Britain’s future relationship with the EU, and a host of related questions, would remain unresolved. In a narrow sense, that claim is irrefutable. But it also misses the bigger picture.
The case for Brexit was built on possibilities. Among other things, exiting the EU allows Britain to decide for itself what trade relationships it should pursue with the rest of the world, the criteria it should set for its immigration system and how to regulate a host of areas that have been the competence of the EU for decades. These are big, difficult decisions in and of themselves. They aren’t part of a Brexit process that will ever be finished. Britain will not one day declare mission accomplished and no longer give any thought to, for example, trade policy—something that, as Americans will know, is an ongoing consideration in the politics of sovereign countries.
Understand that fact, and the divide between Leave and Remain starts to look less significant. On trade, for example, there is a split among Leavers. An image of buccaneering “Global Britain” striking trade deals with fast-growing economies around the world was a big part of the case pro-Brexit politicians made. There is little enthusiasm for this vision among Leave voters. According to one poll, Leave voters were more likely to support protectionist trade policies than Remainers. In fact, whether someone voted Leave was the single best predictor of a person’s support for barriers to trade. Politicians eager to use Brexit as an opportunity for liberalizing UK trade will have to think carefully about which voters they can rely on.
Posted by DanielS on Monday, 27 January 2020 10:47.
Christopher Caldwell: America’s two constitutions — since the ‘60s, competing visions of a more perfect union
Christopher Caldwell, author of the book ‘The Age of Entitlement,’ says Democrats and Republicans have two different conceptions of what the country is about. Fox News, 27 Jan 2020:
Not long after he left the White House, Bill Clinton gave what is still the best description of the fault lines that run through American politics. “If you look back on the ’60s and on balance you think there was more good than harm, you’re probably a Democrat,” he said. “If you think there was more harm than good, you’re probably a Republican.”
What could he have meant by that?
Though Americans are reluctant to admit it, the legacy of the 1960s that most divides the country has its roots in the civil rights legislation passed in the immediate aftermath of John F. Kennedy’s assassination. It was enacted in a rush of grief, anger and overconfidence — the same overconfidence that had driven Kennedy to propose landing a man on the moon and would drive Lyndon Johnson to wage war on Vietnam. Shored up and extended by various court rulings and executive orders, the legislation became the core of the most effective campaign of social transformation in American history.
This campaign was effective both for its typically American idealism and for its typically American ruthlessness. It authorized Washington to shape state elections, withhold school funds, scrutinize the hiring practices of private businesses and sue them. It placed Offices of Civil Rights in the major cabinet agencies, and these offices were soon issuing legally binding guidelines, quotas and targets. Above all, it exposed every corner of American social, business and political life to direction from judges.
Americans assumed that solving the unique and extraordinary problem of segregation would require handing Washington powers never before granted in peacetime. In this they were correct.
But they were also confident that the use of these powers would be limited in time (to a few years at most), in place (to the South), and in purpose (to eliminating segregation). In this they misjudged, with fateful consequence for the country’s political system.
Civil rights law may have started off as a purpose-built tool to thwart the insidious legalism of Southern segregation and the violence of Southern sheriffs. It would end up a wide-ranging reinvention of government.
After the work of the civil rights movement in ending segregation was done, the civil rights model of executive orders, regulation-writing and court-ordered redress remained.
This was the so-called “rights revolution”: an entire new system of constantly churning political reform, bringing tremendous gains to certain Americans and — something that is mentioned less often — losses to many who had not necessarily been the beneficiaries of the injustices that civil rights was meant to correct.
The United States had not only acquired two codes of rules (two constitutions), as people rallied to one code or the other, they also sorted themselves into two sets of citizens (two countries). To each side, the other’s constitution might as well have been written in invisible ink.
Civil rights became an all-purpose constitutional shortcut for progressive judges and administrators. Over time it brought social changes in its wake that the leaders of the civil-rights movement had not envisioned and voters had not sanctioned: affirmative action, speech codes on college campuses, a set of bureaucratic procedures that made immigrants almost impossible to deport, gay marriage, transgender bathrooms.
In retrospect, the changes begun in the 1960s, with civil rights at their core, were not just a major new element in the Constitution. They were a rival constitution, with which the pre-1964 one would frequently prove incompatible — and the incompatibility would worsen as the civil-rights regime was built out.
Our present political impasse is the legacy of that clash of systems. Much of what we today call polarization” or “incivility” is something more grave. It is the disagreement over which of the two constitutions shall prevail: the pre-1964 constitution, with all the traditional forms of jurisprudential legitimacy and centuries of American culture behind it; or the de facto constitution of 1964, which lacks this traditional kind of legitimacy but commands the near-unanimous endorsement of judicial elites and civic educators, and the passionate allegiance of those who received it as a liberation.
As long as the baby boom generation was in its working years, permitting the country to run large debts, Washington could afford to pay for two social orders at the same time. Conservatives could console themselves that they, too, were on the winning side of the revolution. They just stood against its “excesses.” A good civil rights movement led by the martyred Rev. Dr. Martin Luther King Jr. had been hijacked, starting in the 1970s, by a radical version that brought affirmative action and eventually political correctness.
But affirmative action and political correctness were not temporary. Over time they hardened into pillars of the second constitution, shoring it up where it was impotent or illogical, the way the invention of judicial review in Marbury v Madison (1803) shored up the first constitution.
Both affirmative action and political correctness were derived from the basic enforcement powers of civil rights law. And this was the only civil rights on offer. If you didn’t like affirmative action and political correctness, you didn’t like civil rights. By 2013, when Americans began arguing over whether a cake maker could be forced to confect a pro–gay marriage cake, this was clear.
The United States had not only acquired two codes of rules (two constitutions) —as people rallied to one code or the other — they also sorted themselves into two sets of citizens (two countries). To each side, the other’s constitution might as well have been written in invisible ink. Democrats were the party of rights, Republicans of bills. Democrats say, by 84 to 12 percent, that racism is a bigger problem than political correctness. Republicans, by 80 to 17 percent, think political correctness is a bigger problem than racism. The Tea Party uprising of 2009 and 2010, and its political mirror image, the Black Lives Matter uprising of 2015 and 2016, were symbols of that division.
Much happened this century to bring matters to the present boil. Barack Obama, both for his fans and his detractors, was the first president to understand civil rights law in the way described here: as a de facto constitution by which the de jure constitution could be overridden or bypassed. His second inaugural address, an explicitly Constitution-focused argument, invoked “Seneca Falls and Selma and Stonewall” — i.e., women’s rights, civil rights and gay rights — as constitutional milestones.
In this view, the old republic built on battlefield victories had been overthrown by a new one built on rights marches and Supreme Court jurisprudence. When Justice Anthony Kennedy wrote his decision in Obergefell v. Hodges, the 2015 gay marriage case that was in many ways the culmination of this new rights-based constitution, he said as much.
The election of 2016 brought the change into focus. Today two nations look at each other in mutual incomprehension across an impeachment hearing room. It appears we are facing a constitutional problem of the profoundest kind.
Should take his own advice.
Laura, a solid English ethnonationalist
A Union Jack flag flutters in front of Big Ben as workers inspect one of its clocks, in London on Sept 11. (Reuters photo)
