A more portable occupy wall street?

Occupy Wall Street seems to have adapted the tactic of the 30s Hoovervilles, and to have evoked a response from the governing class in the U.S. that is identical, almost to the letter, to that of Hoover to the veterans in D.C. But there is another tactic that the protestors in Hoover’s time did not possess: that “real time” link that comes with the web. Watching the police beat up Berkeley students and professors in the videos (such as here) means that the lies of the media can almost immediately be found out by the interested cybernaut.
The question is, how much does the interested cybernaut count?

I have been reflecting, from this apartment in Paris, about the difficult winter that lies ahead for these American troops, these soldiers of the 99 percent. My suggestion is that the Occupy movement become temporarily portable. That is, it will switch between on-site occupations and media occupations. I don’t really believe that the movement will die because the establishment press, having failed at mockery, is now trying to tabloid the movement to death, with fake concerns about violence and drug use. The tabloiding will, however, cause the support for OWS to fall in the polls. It is at this point that ever new tactics have to be used to fight back. To my mind, the teach in and ‘hearings’ may be the best method. The OWS can and should issue ‘subpoenas’ to, say, those who received golden parachutes from Bank of America and those who were just laid off with the usual kurtness to investigate unemployment in America, and how it works. Would the golden parachuters come?Of course not. But it would be easy to represent them – any grad economics student could fill in their place. By such devises, the ows people can really take the debate out of the hands of the establishment media.

The occupation movement, so far, has been brilliant at bringing imagination back to the political process. Un autre effort, messieurs et madams, si vous voulez etre libre!

Marie Antoinette's neoliberalism

The story of the economic crisis in Europe, as in the Anglosphere, is actually simple at the root. Two pages into Maurizio Franzini’s article, Why Europe Needs a Policy on Inequality, the reader trips over this paragraph:

“The proportion of the European workforce with a labour compensation per hour (wages plus social contributions) declining in real terms was 16.5% in the years 1996-1999 and 33% in 2003-2006. Moreover, 48% of the workforce during 1996-1999 and 61% during 2003-2006 saw their labour compensation per hour growing, on average, less than their labour productivity per hour. In the latter period, 23% of the workforce faced declining compensation with increasing labour productivity in their industry.”

There is a specter haunting the developed countries – the specter of the increase of exploitation. Wages are continuing to fall below the increase in productivity, and this means (sound the trumpets, please): you get one of those garden variety shortfalls of demand, and oversupply of goods, that so puzzles your elite capitalist type. He scratches his head, and then he dreams up his solution to the problem: why not reward the rich even more money, and take away the package of compensation (in the form of public goods) from the rest of the population? Somehow, a solution in which the elites engross even more of the collective wealth goes over well with the elites. They start writing grave articles about it. And sometimes they just throw together a mishmash of contradictions and claim that it is a program for the ages – thus, the current fad for expansionary contraction, which, like virgin births and perpetual motion machines, is proof that the verbal is triumphantly infinite, while the material is sadly limited to what can actually happen.

The poetic origin of the expansionary contraction comes from that mythical phrase of Marie Antoinette’s, let them eat cake. The EU bureaucrats have iced that phrase nicely with econo-speak, but strip off the icing and it’s the same old cake.

Here’s another passage from Franzini that should poke a hole in the American myth of Europe as a land of socialist equality:

“According to one study inequality in the EU is quite high but lower than in the USA: the Gini index is (with reference to data around 2000) 0.33 in the EU25, while it
was 0.37 in USA.

A more recent estimate based on a different methodology and on more recent data (2005) concludes that inequality in Europe is significantly higher, and not uch different from that of the USA: the EU-wide Gini coefficient is 0.369, not very far from the US level of
0.372.”

When people refer to Gini coefficients, it loses the great mass of people. But it actually does give us a way of thinking back through our recent cycle of exploitation. And interesting experiment in this vein was made by Stephen Adair, a professor in Connecticut. He took the Census’s Gini coefficient, that is, the measure of inequality, and he adjusted it back to its former levels in Connecticut and played the tape of inequality, so to speak, forward.

First, some back data: “Between 1970 and 2010, every state in the U.S. experienced an increase in inequality, but non greater than Connecticut, which went from the 36th most unequal state to the 2nd most unequal.”

Adair keeps the size of the income pool the same in one scenario, but adjusts the Gini coefficient down to the 1970 level. In Scenario b, he projects a neo-liberal distribution pattern by growing the size of the income pool, and retaining current levels of inequality. This is what he gets in Scenario A:

“…. a Connecticut in which the overall size of the income pool is the same, while hundreds of thousands of people experience significant upward mobility. This upward mobility is “achieved” by lowering the average value of those making over $200,000 from $387,650 to $235,000. It is not mathematically possible to keep the average household income the same and reduce the Gini to .337 without lowering this value. Scenario A illustrates a zero-sum game in which a decline in the incomes of the richest 8 percent “pay” for upward mobility for others.”

Here’s the neo-liberal scenario:

”Scenario B … maintains the Gini coefficient of 2010, but imagines a 10 percent increase in income levels by raising the household mean income to just over $102,290. Given the current distribution nearly half of the new income went to the top 10 percent, such the average income of households making over $200,000 went from $387,650 to $440,400.

Scenario B yields small increases in the number of households in each category above $45,000 and some small decreases in the lower income categories. There are, however, significantly greater reductions in the low income categories in Scenario A than in B, and greater increases in most of the upper income categories. .

Well over ninety percent of households in Connecticut would be more likely to experience an improved economic condition by returning to the rates of inequality in 1970 with no economic growth than they would with a 10 percent overall increase in the income pool with no change in the degree of inequality.”

We are drifting towards the wreck of the plutocracy. Scenario B is not going to happen – rather, we are going to have an overall shrinkage of the income pool, and an overall increase in inequality, given current tendencies. It is over, in the EU and the U.S., in the UK and Canada, with the fiction that we can join together a gilded age economy and a New Deal social welfare system. The plutocrats are fighting for the former, and nobody is fighting for the latter.

Humean anthropology and indolence: 3

Hume’s Natural History of Religion is, as its very title shows, something different than a mere history. History and natural history differ in their object: in the former, the object is the chronicle of human action, and in the later, of the development of living forms in nature. By shifting religion to the realm of nature, Hume was following through on the logic of a division that he articulates in the very first paragraph between reason and human nature. Already this division speaks to a certain incoherence in the pretence that man is, ontologically, on an equal level with ‘nature’. In other words, an incoherence of ontological scope. This incoherence haunts social science like a Cartesian demon, casting doubt on all attempts to ground a social science on the opposition between culture and nature, while at the same time making it impossible to simply combine the two without destroying the very meaning and savor of both categories. In the twentieth century, Levy-Strauss made of that opposition one of the founding social structures, the study of which is the object of anthropology, at least insofar as the society studied lacks a system of writing. I mention Levy-Strauss to signal a certain textual destiny that can assigned to Hume’s natural history. Although the essay is not shaped by the protocols of what we would call anthropology – it evidences no fieldwork whatsoever – it is, on the other hand, an argument about a certain product of human nature, religion, that is almost – Hume is very clear about the ‘almost’ – universal. And in as much as it appears in most societies, Hume feels that we can understand it as a system of beliefs by asking what qualities of human nature are expressed in it.

However, in posing the question in this way, we already suppose that it is not a product of human reason. Reason, here, will be regarded not as an expression of human nature, but as a mechanism that transcends human nature. Reason is a machinery that allows for a two-fold operation, beginning firstly with citation – breaking a certain phenomenon out of its context or situation – and secondly with analysis, breaking it down according to the rules of either deduction or induction. Hume thinks that the operation of reason, abstraction, contemplation, etc. is so little a product of human nature that most humans do it badly, if they do it at all. In a sense, Hume’s whole essay is at the polar opposite of one of Wittgenstein’s comments about Frazer’s Golden Bough (which is itself very much a descendent of Hume’s Natural History of Religion):

“Already the idea of wanting to explain the practice – for instance, the killing of the priest king – seems to me to miss the mark. All that Frazer does is make it plausible to men who think as he does. It is very remarkable that all these practices are finally so to speak portrayed as stupidities.


But it will never be plausible that people did all this out of stupidity.

When he explains to us that the King must be killed in his blood, because after the ideas of the savages, otherwise his soul will not be fresh, one can only say: where this practice and this idea go together, the practice does not spring from the idea, but they are both simply there. “

Hume, on the other hand, thinks it will never be plausible that religion – in his survey of it – comes from anything but stupidity. The “ignorant”, the “vulgar”, and the “ignorant vulgar” play a very strong role in Hume’s account, and help us understand another of the determinations of his initial separation of human nature and reason: it is from the standpoint of reason, which deduces the truth about God, that the historian can understand the history of religion, which unfolds as a series of misperceptions of God. Importantly, for Hume, as for Frazer, God is a phenomenon of belief, molded in the form of the God that is worshipped in the Christian church. When Hume finds, not unnaturally, that this concept of God cannot really be imposed on many of the religious phenomena he finds in the past, he attributes this to a primitive intellectual equipment.

It is in explaining that primitive intellectual equipment that we come upon a certain unarticulated primal supposition in Hume, concerning primitive man. Hume, while never fully spelling this out in his essay, evidently assumes Hobbes. He assumes, that is, that the primitive state was one of man against man, or perpetual and complete war. It is characteristic of that state that people are harried – they have no time for contemplation. The temporal/material condition for reasoning – indolence – is lacking. And this original lack impedes the habit of inquiry; for inquiry, like all human phenomena in Hume, is eventually founded in habit and habit’s social cousin, custom.

“Adam rising at once in Paradise, and in the full perfection of his his faculties, would naturally, as represented by Milton, be astonished at the glorious appearances of nature, the heavens, the air, the earth, his own organs and members ; and would be led to ask, whence this wonderful scene arose: but a barbarous, necessitous animal (such as a man is on the first origin of society), pressed by such numerous wants and passions, has no leisure to admire the regular face of nature, or make inquiries concerning the cause of those objects to which, from his infancy, he has been gradually accustomed. On the contrary, the more regular and uniform, that is, the more perfect nature appears, the more is he familiarized to it, and the less inclined to scrutinize and examine it. A monstrous birth excites his curiosity, and is deemed a prodigy. It alarms him from its novelty,and immediately sets him a-trembling, and sacrificing, and praying. But an animal, complete in all its limbs and organs, is to him an ordinary spectacle, and produces no religions opinion or affection. Ask him
whence that animal arose? hewill tell you, from the copulation of its parents. And these, whence? From the copulation of theirs. A few removes satisfy his curiosity, and set the objects at such a distance, that he entirely loses sight of them. Imagine not that he will so much as start the question, whence the first animal,much less whence the whole system or united fabric of the universe arose.”

This is interestingly wrong. It was even known to be wrong in Hume’s time: there was, by 1750, two centuries of material gathered and published by Europeans that showed, contrary to Hume, a deep fascination with how the whole system of the fabric of the universe arose, and even how animals arose. Hume was probably aware of Lafitau, if not the numerous Spanish works on the belief systems of the Indios. And of course since Hume’s time we are more and more aware that, whatever else interested Paleolithic humans, they were absolutely fascinated and even obsessed by an animal complete in its limbs and organs. But Hume’s Hobbesianism disallows at least one reading of the evidence. And, interestingly, sets the stage for one of Hume’s most ingenious suppositions, which will prove to have a long life in the 19th and 20th centuries.

comment on the NYT Stephen Roach piece at Room for Debate

Stephen Roach, the well named financial analyst, was asked about the crisis in savings in Japan and the United States in the NYT’s Room for Debate the other day. His response was essentially to knock the American middle class for living beyond its means (which used to be the bright side – remember the Ownership society? Remember ‘its your money’? Ah, the Bushisms of yesteryear). Anyway, I wrote a comment which, for some reason, the NYT chose not to publish, although I can’t see that it violated any policy of theirs. So, in the interest of keeping this comment around so that I can use it later, rather than flushing it into the cybervoid, here’s a link to Roach’s article and here’s my comment.

"Nice to see Roach talk his book - let's shove more money into Wall Street via IRAs and 401Ks. - Or, lets strip them of their tax deductibility and set up government retirement and education accounts which would be tax free and offer a modest but guaranteed return of 3 percent annually, as suggested by Teresa Ghilarducci. As Jim Mosquera in ‘Escaping Oz’ puts it: “At the last major stock market bottom in 1982, American households were not that interested in owning stocks. The growth of the stock industry was aided by the creation of IRA accounts (1974) and 401(k) plans (1980). IRA accounts came during the stock market bottom of 1974 and 401k plans arrived just before the major stock market bottom of 1982. Stock ownership comprised barely 12 percent of all household financial assets in 1982, where not 2/3 of investors have half their financial assets in mutual funds. Stocks litter IRA and 401k accounts, the most precious of saving vehicles. Fifty-four percent (54%) of households own stock mutual funds and 37% own individual stocks in their IRA accounts.” In 1982, retirement was much more secure than it is now. Our experiment with stock ownership has failed. It is time to admit it, and to shrink the funds Wall Street has to play with. This will re-set Wall Street so that it becomes of use, rather than what it is now - a wasteful casino that allocates capital with maximum inefficiency - and would actually help finance the operation of the government without tax increases for the 99 percent - although of course we need to hike the 1 percent tax rate to Eisenhower levels."

Hume and Rousseau on indolence: 2

Han Joachim Voth, in his essay, Time Use in Eighteenth century London: some evidence from Old Bailey (1997) cleverly figured out a way to quantify over time use in 18th century Britain by using the accounts of witnesses at trials. The question of whether and how much time discipline intensified among urban laborers (and agricultural workers) has been much disputed, as the Marxist claim that was backed up in the E.P. Thompson’s The Making of the English Working Class has been tugged at here and statistically stiffed there. Voth concluded that the evidence points not to longer working days, but instead, to longer working weeks. The sixteenth and seventeenth century holidays were being cut down. St. Monday was assassinated. Another study of the decline of Saint Monday (the day that workers would sometimes take off to have a day of drinking and music) in 18th and 19th century Birmingham found that the Saint was not martyred all at once, but bit by bit.

The evidence, then, points to an increase in the working time of the laboring class in Britain in the 18th century. And yet, at the same time, one discovers a new sense of leisure among the ‘middling men’ – the bourgeoisie – both in the later start in life by bourgeois children, who were educated for much longer than laborer’s children, and in soft work and hard leisure – a certain non-differentiation of the two spheres. Gambling could be leisure, but for many it really did pay the bills. And the question of intellectual labor was still not wholly defined at this time. Research could be a hobby from, say, preaching.

What is important is that leisure and labor carry strong class colorations. As Joan-Lluís Marfany puts it in “The invention of labour in Early Modern Europe”:

…take the question of boredom, the history of which [Peter Burke] invites us to write. This is not, as it may seem, strictly an upper- class problem, but here too there is one important distinction to be made. The leisured classes get bored because they are idle; their problem, as Burke, quoting Henry Fielding, points out, is how to kill time. For the workers, the source of boredom is work. They too devise ways of passing the time, only in their case it is working time that needs to be passed. In conservative, idealizing literature, peasants are portrayed as people who like to keep always busy, to the extent that even in the long winter evenings when they get together to while away the time by telling stories, singing songs and playing games, they still manage to combine these activities with some useful task, such as, for instance in northern Catalonia, peeling or shelling corn cobs, or sifting Yet we might just as well look at it from the opposite angle. The cobs had to be peeled and shelled; the seeds had to be sifted; the stamens to be carefully plucked for saffron; the wool or the flax had to be spun: all tedious, repetitive tasks. Doing the work together to the accompaniment of stories, songs or games was a way of alleviating the mind-numbing boredom of the chores.”

These are quick glimpses of a deep and complex historical event, but they pose a question: how could Hume have gotten it so wrong? That is, how could he, and other European intellectuals of the time, have thought that they were living in the golden age of leisure?

Hume and Rousseau on indolence: a backwards glance 1

Indolence and leisure have long been outlier themes in philosophy and the social sciences. And yet, as I hope to show, they are connected by every family tie to the grander themes of reason, progress and culture, as these were articulated among the Enlightenment intellectuals of the eighteenth century.

Let’s start this inquiry with a conference held in 1966 when Marshall Sahlins surveyed the ethnographic evidence concerning the use of time by hunter gatherers, such as the !Kung and Australian aborigines, and used it as evidence for what he called the “original affluence”. Sahlins wrote: “A fair case can be made that hunters often work much less than we do, and rather than a grind the food quest is intermittent, leisure is abundant, and there is more sleep in the daytime per capita than in any other condition of society (1968 – quoted by Winterhalder (1993). Windterhalder’s essay, which advocates a neo-classical framework to explain the “original affluence” thesis instead of Sahlins’ own Zen economics, introduces the problematic with a clever comparison to the myth of the busy bee:

“More than ninety years ago entomologist Professor C.F. Hodge marked individ- ual honey bees to study their activities. He observed that between sunrise and sunset no bee worked more than three and one-half hours (see Hubbell 1988: 78). Compare this observation with the commonly held belief captured in the phrase, 'busy as a bee'. In popular wisdom the honeybee stands for bustling productive effort, its labours those of nearly ceaseless toil. Only the beaver equals its reputation as an icon of industriousness.1 But Hodge is right. Bees spend a lot of time doing nothing or wandering through the hive appearing to do nothing in particular. Only intermittently do they work hard (Seeley 1989). Beavers too are active foragers only a small percentage of the time (Belovsky 1984).”

The bee, the leisurely hunter, and sleep will all figure in one way or another in a backward glance at Hume and Rousseau’s conjectural histories of original man. Neither Hume or Rousseau are ‘typical’ Enlightenment figures, but their different philosophical anthropologies did influence two different lines of thought in the Occident.
…

Hume’s essays on economics and social theory were written, according to James Buchan, under Hume’s strategic impulse to introduce himself a second time into the world of the learned, or at least the Edinburgh part of that world, after his first foray, A Treatise of Human Nature, fell stillborn from the press – at least in Hume’s own, retrospective account. Hume wrote the essays while living in his mother’s house, Ninewells, outside of the village of Chirnside. Although Hume’s afterlife has been more lively in metaphysics, his essays certainly gave him a fair place in the prehistory of economics and political theory.

One essay in the second volume, On refinement in the arts, takes up the defense of luxury. The Enlightenment inversion of the values of Christendom made a special case of luxury. Denounced by the Church as a vice, and subject to various taxes, luxury was not only praised by Mandeville and the French libertine school, but praised, specifically, for its social utility. Mandeville’s argument (made in The Fable of the Bees, for that insect's folkloric properties can be made to serve enlightened ends) that private vices can be public virtues, gave a radical foundation to the separation of the secular and the sacred: if we grant, as the New Philosophers held, that government exists to promote the happiness of the people, than giving the sacred secular tools to pursue private vice snuffs out the public benefit – the commerce – deriving from them.

By the time that Hume came to write the essays in 1741, Mandeville’s wicked creed had diffused itself into the circles of the advanced thinkers. Myself, I want to look at Hume’s essay not so much for the defense of luxury as for his characterization of the human happiness that is the essence of public virtue, because it is subtended by what one might call a speculative anthropology – a conjectural history – that is more abundantly expressed in the Natural History of Religion. Against one of the powerful but under-recognized themes of that anthropology – the theme of indolence – I’d like to pit Rousseau’s anthropological conjecture in the Discourse on Inequality.

Here, then, is Hume’s analysis of human happiness:

“Human happiness, according to the most received notions, seems to consist in three ingredients; action,
pleasure, and indolence : And though these ingredients ought to be mixed in different proportions, according
to the particular disposition of the person ; yet no one ingredient can be entirely wanting, without destroying,
in some measure, the relish of the whole composition. Indolence or repose, indeed, seems not of itself to contribute much to our enjoyment; but, like sleep, is requisite as an indulgence, to the weakness of human nature, which cannot support an uninterrupted course of business or pleasure. That quick march of the spirits, which takes a man from himself, and chiefly gives satisfaction, does in the end exhaust the mind, and requires some intervals of repose, which, though agreeable for a moment, yet, if prolonged, beget a languor and lethargy, that destroy all enjoyment.”

One should note that, though the structural place of this remark in his essay is directed towards building a case for further sociological observation, in fact, the natural history of the ‘quick march of the spirit’, and the exhaustion attendent upon it that requires leisure and play, has already, in Hume’s Treatise, been given a certain metaphysical, or perhaps I should say, anti-metaphysical, value in a passage highlighted by Buchan:

“But what have I here said, that reflections very refined and metaphysical have little or no influence upon us? This opinion I can scarce forbear retracting, and condemning from my present feeling and experience. The intense view of these manifold contradictions and imperfections in human reason has so wrought upon me, and heated my brain, that I am ready to reject all belief and reasoning, and can look upon no opinion even as more probable or likely than another. Where am I, or what? From what causes do I derive my existence, and to what condition shall I return? Whose favour shall I court, and whose anger must I dread? What beings surround me? and on whom have, I any influence, or who have any influence on me? I am confounded with all these questions, and begin to fancy myself in the most deplorable condition imaginable, environed with the deepest darkness, and utterly deprived of the use of every member and faculty.
Most fortunately it happens that, since reason is incapable of dispelling these clouds, nature herself suffices to that purpose, and cures me of this philosophical melancholy and delirium, either by relaxing this bent of mind, or by some avocation, and lively impression of my senses, which obliterate all these chimeras. I dine, I play a game of backgammon, I converse, and am merry with my friends; and when after three or four hours’ amusement, I would return to these speculations, they appear so cold, and strained, and ridiculous, that I cannot find in my heart to enter into them any farther.”
Play and amusement are ‘cures’ to the tangle of reasoning that has made Hume a monster to himself and – projectively – to others. Hume’s fall into monstrosity is imagined as a sort of foundering on an island –that is, it is a fall away from sociability,into what one might call primitive state of being, a Robinson Crusoe-like solitude. I will come back to that image later.
However, if in the Treatise the relaxation of the mind is a sort of film director’s cut that ends the curious metaphysical narrative, in the Natural History of Religion, relaxation – what I will call indolence – assumes a very different historical shape.

Another lizard-like Smeeding: making poverty disappear in our plutocratic era

When you are dealing with a fire, the experts involved are firefighters. When you are dealing with scuba diving, the experts are scuba divers.

But a funny thing happened to expertise on the way to D.C. The experts on poverty are – upper class. Thus, it is no big shock that under the plutocracy beloved by Obamacrats and Republicans, we are getting a new survey of poverty that, well, tweaks it. And, abracadabra, makes it disappear! Via the New York Times report on poverty spindled and mutilated through the hands of experts, we get things like this:

“One explanation can be found in programs the official count ignores: food stamps and tax credits. Combined the two programs delivered $221 billion across the country last year, according to the Center on Budget and Policy Priorities, more than doubling since 2006.
In Charlotte, Angelique Melton was among the beneficiaries. A divorced mother of two, Ms. Melton, 42, had worked her way up to a $39,000 a year position at a construction management firm. But as building halted in 2009, Ms. Melton lost her job.
Struggling to pay the rent and keep the family adequately fed, she took the only job she could find: a part-time position at Wal-Mart that paid less than half her former salary. With an annual income of about $7,500 — well below the poverty line of $17,400 for a family of three — Ms. Melton was officially poor.
Unofficially she was not.
After trying to stretch her shrunken income, Ms. Melton signed up for $3,600 a year in food stamps and received $1,800 in nutritional supplements from the Women, Infants and Children program. And her small salary qualified her for large tax credits, which arrive in the form of an annual check — in her case for about $4,000.
Along with housing aid, those subsidies gave her an annual income of nearly $18,800 — no one’s idea of rich, but by the new count not poor.”

Ah, the new count! The new count in inflation in the 90s – by the magic of hedonics! – broke the back of inflation by counting it otherwise. The new count of the unemployed – by ignoring the long term unemployed and not counting pesky populations like the millions in prison and such – gives us a great employment rate we can wave at the social democratic countries and say, ha! And now the ‘new count” in poverty means that three people living on $18,000 per year are not poor!
The heartening stories, here, should stop the socialist stampede dead in its tracks. On the one hand, we ask people –productive, caring people – like Goldman Sachs CEOs and hedgefund traders to pay millions – millions of dollars! In taxes on their billions of dollars. They can barely come up with the incentive to work, many of them. And on the other hand, we have the so called poor rolling in the dough. Look at another of the newly minted middle class in the NYT article:

“Such is the case for John William Springs, 69, a retired city worker in Charlotte who gets nearly $12,000 a year in Social Security and disability checks. That leaves him about $1,300 above the poverty threshold for a single adult his age — officially not poor. Then again, Mr. Springs had a heart attack last summer and struggles with lung disease. Factor in the $2,500 a year that he estimates he spends on medicine, and Mr. Springs crosses the statistical line into poverty.
An upbeat survivor of a lifetime of need, Mr. Springs fills his prescriptions in partial amounts and argues the poverty counters got him right the first time.
“I ain’t poor,” he said. “I eat. I got a roof over my head.”

Now, let’s turn to the experts! I won't waste time over the Heritage empty suit who is quoted in order to even out NYT's quota of "rightwing pointyheads" and please the publisher. Lets' turn to the supposedly non-partisan experts. Let's turn to the man bearing the brilliantly Dickensian name of Timothy Smeeding - his parents missed a real opportunity by not naming him Uriah Heep Smeeding - who is an economist in Wisconsin . This Smeeding did a ‘study’ of poverty that is cited with an appropriate hush in the NYT article:
“Virtually every effort to take a fuller view — counting more income and more expenses — shows poverty rising more slowly in the recession than the official data suggests. That is true of localized studies in New York City and Wisconsin and at least four different national data sets that the Census Bureau publishes. While the official national measure shows a rise of 9.8 million people, the fuller census measures show a range from 4.5 million to 4.8 million.
“That’s a big difference,” said Timothy Smeeding, an economist at the University of Wisconsin who oversaw the study in that state. “It’s about time we started counting the programs we use to fight poverty.”

So who is this Smeeding? More importantly, on the basis that the deep diving scuba diver is our expert, how far has Smeeding dived into poverty?

Well, Timothy Smeeding is not doing badly. He collects two salaries at the University of Wisconsin, according to the salary database, one for being a prof, one for being the head of an institute studying poverty. And he thus receives a grand total of $244,444 dollars a year from Wisconsin. But lets also include his other compensations, shall we? Since apparently in the whole new world of counting compensation, if you get a deduction on your mortgage, that becomes part of your real compensation, and if you get a tax credit, that, too, goes into your income. How fun! If you get medical insurance from the Wisconsin employee system, that, too, becomes part of your compensation. If we are upping the ante on who is poor in America, it is funny that we aren’t pushing the 244,444 dollar type into another tax bracket – say, the marginal rate above 250,000 dollars. I’m sure Timothy Smeeding, then, would concede he was rich. Too bad he hasn’t been asked how a rich man like him has become an expert on poverty.
Hegel compared Kant’s critique of philosophy to trying to learn to swim on dry ground. Smeeding seems to have succeeded amply in this field, since he seemingly knows just how a woman with two children is going to survive with 18,000 dollars per year – in her total compensation package, including inkind support – without being poor. I have to congratulate him on a job well done.
In other words, we have, here, another lizard-like predator, another intellectual gangsta, who is going to make Mr. Springs' life, and Ms. Melton’s, that much harder.
One hopes that Smeeding will someday have an opportunity to fully experience Mr. Spring's life. To become an expert in deed as well as an expert on a plus +250,000 on poverty. One really really does.

Uncle Sam's 600 billion dollar gift to the wealthy

Liberals (and here I will be generous and even include the center right krewe at the New Republic) have a weakness for the idea that income distributes wealth downwards. In this takedown of the conservative claim that income inequality hasn’t increased in the past thirty years, Matt O’brien writes:

“Pethokoukis [the AEI economist} thinks that a more thorough accounting for taxes and benefits like healthcare or pensions yield a different picture of inequality. And that is somewhat true. After-tax inequality is certainly smaller than pre-tax inequality. But it is not as true as it used to be. The CBO recently confirmed that federal taxes and transfers are less redistributive now than they were in 1979. The same is true for benefits.”



Into this picture, ladies and gentlemen, let me present two very simple concepts. One is the monopoly premium granted to corporations by that wonderful invention called intellectual property rights. The other is that equally wonderful invention called government guarantees for the financial and big business sector. It has slipped our minds, perhaps, that the Fed spread out loans totaling 16 trillion dollars at one percent and below to our high flying investors, lending a helping hand to hundreds of hedge funds, banks, and businesses. Now, to get that kind of loan normally, the charge, in the 2008-2010 period, would have been probably 4 points higher on those loans, and in many cases the price would have soared to the interest charged on Greek bonds. So, let’s see, handy calculator please: if we are talking four percentage points, 16 trillion, that’s, scribble scribble, about 600 billion dollars. Wow, nice, eh? I’d jack that up a bit, considering the collateral that was offered. So 600 billion to 800 billion was pocketed by the wealthiest in 2 years – hey, really sweet!


I suspect that there is not a fortune among the upper 1 percent that has not gained an extra million or ten from the government’s wonderful largesse in these troubled times.

So please, spare me the tales of the downward distribution of money by Uncle Sam. That is the myth.

Michael Lewis's sci fi fantasy

I’m a big fan of Michael Lewis. Coming home on the train from Amboise, I finally got to his article on Californin in Vanity Fair. And that's when I had my fan crash moment. Say it ain't so, Michael!

Business Insider dubbed the article a ‘love letter’ to Arnold Schwarzenegger – and unfortunately, this is true. Lewis’s Schwarzenegger bears an odd relation to the real Schwarzenegger, who, spectators of the first decade of the Bush era will recall, was the man who rode to power against Gray Davis by promising tax cuts for business and a tres Bushian solution to California’s debt problem, which I’ve commented on before:

“And now, of course, the bills for the fun filled political vacation come due. When Schwarzenegger was elected governor of California, the first thing he did was Charge IT! – to a round of cheers from those scrimpin and savin’ burgermen, working all day, thinking of Jesus Christ all night. After all, why pay for the structures you need every day when – as Mr. Magician said in that beautiful Christmas Classic, It’s a Wonderful Reagan-y Kinda Life, – the magic of the marketplace makes lower taxes bring in more revenue! We owe it to ourselves! We can’t surrender to terrorists! We can’t return to the days of tax and spend! Class warfare! As the man says:


Quelli che son dentro la merda fin qui, oh yeah
Quelli che con una bella dormita passa tutto anche il cancro, oh yeah
Quelli che, quelli che non possono crederci anche adesso che la terra e’ rotonda, oh yeah, oh yeah
Quelli che hanno paura del aeroplano, oh yeah
Quelli che non hanno mai avuto un incidente mortale, oh yeah
Quelli che non ci sentiamo
Quelli che a un certo punto della vita ci vorrebbe una arma segreta, ostia, oh yeah”

Or, in plain English, Gray Davis was dumped by voters who couldn’t stand that oatmeal-soul suit, and in his place Schwarzenegger played the part of a muscle toned Father Christmas, as outlined in a NYT article from 2005:

“The governor's budget relies on continued borrowing, using some of the proceeds of a $15 billion bond issue that Mr. Schwarzenegger won voter approval for last year. Although the bond proceeds helped to get the state through a severe fiscal crisis, the borrowing will have long-term consequences, said Fred Silva, a budget expert at the Public Policy Institute of California and a former fiscal aide in the state Legislature.
"The amount of borrowed money is going to be a budget overhang for many years," Mr. Silva said.
In years past, he said, state policy makers tried to keep the cost of debt service below 4 percent of state revenues. "Now it's going to be twice that," Mr. Silva said. "That's real money."

Hmm, a 15 billion dollar bond issue? And to think... the topic never came up in Michael Lewis’ article about our Good Gubernorator fighting the special interests to bring financial sanity to California. the topic of taxes, the taxes to, well, pay for things like increases in the cost of running the state, the taxes that Schwarzenegger ran against – these, too, never came up. The fact that Schwarzenegger was running against the Governor who wanted to actually pay for the goodies with taxes never came up.

Instead, Lewis’s idea is that the people, the grubby vulgarians whose income, over the 2000-2010 period, went down, somehow became addicted to all the good things of life and became… well, irresponsible.Not the good serfs of yore! Because the brain has a reptilian core, apparently, and can’t handle opulence. He's actually serious:

"The road out of Vallejo passes directly through the office of Dr. Peter Whybrow, a British neuroscientist at U.C.L.A. with a theory about American life. He thinks the dysfunction in America’s society is a by-product of America’s success. In academic papers and a popular book, American Mania, Whybrow argues, in effect, that human beings are neurologically ill-designed to be modern Americans. The human brain evolved over hundreds of thousands of years in an environment defined by scarcity. It was not designed, at least originally, for an environment of extreme abundance. “Human beings are wandering around with brains that are fabulously limited,” he says cheerfully. “We’ve got the core of the average lizard.” Wrapped around this reptilian core, he explains, is a mammalian layer (associated with maternal concern and social interaction), and around that is wrapped a third layer, which enables feats of memory and the capacity for abstract thought. “The only problem,” he says, “is our passions are still driven by the lizard core. We are set up to acquire as much as we can of things we perceive as scarce, particularly sex, safety, and food.”

Even a person on a diet who sensibly avoids coming face-to-face with a piece of chocolate cake will find it hard to control himself if the chocolate cake somehow finds him. Every pastry chef in America understands this, and now neuroscience does, too. “When faced with abundance, the brain’s ancient reward pathways are difficult to suppress,” says Whybrow. “In that moment the value of eating the chocolate cake exceeds the value of the diet. We cannot think down the road when we are faced with the chocolate cake.”

The richest society the world has ever seen has grown rich by devising better and better ways to give people what they want. The effect on the brain of lots of instant gratification is something like the effect on the right hand of cutting off the left: the more the lizard core is used the more dominant it becomes. “What we’re doing is minimizing the use of the part of the brain that lizards don’t have,” says Whybrow. “We’ve created physiological dysfunction. We have lost the ability to self-regulate, at all levels of the society. The $5 million you get paid at Goldman Sachs if you do whatever they ask you to do—that is the chocolate cake upgraded.”

So it goes. It used to be, in the roaring 2000s, that it is your money - and now it turns out that it is your debt, you little rat fuck with the reptilian brain? Oh, and that debt is so tasty!

The idea that the American people went on a terrible shopping spree that ruined the economy has now been so inscribed in the reptilian core of the elite brain that it has erased, well, 2001-2008. Remember remember - but it is so hard to remember! Still, as I dimly recall, we took care of the 2001 recession because householders could be just like big companies and unlock the liquidity in their houses through a variety of new and puppy friendly loans! Of course, remembering the giant sucking sound of a tax cut happy elite going for seconds by getting that little extra helping of interest and then happily slicing, dicing and giving themselves bonuses for securitized debt – why that requires such a big memory capacity that the poor reptilian core of the brain starts to pant and gives up. Instead, it wants to see the giant ex-Governor of California in his latest action epic, Mr. Fiscal Responsibility – you know, the one in which new memory is implanted into the old brain so that a certain history didn’t happen, and a certain governor didn’t solve a certain crisis by going for the 15 billion dollar bond issue.

So alas: although Lewis’s concentration on our pension problem is half right, it is a one-eyed correctness: the pension problem was in the end a tax problem. If you don’t want to tax businesses, which is where the money traditionally is, and the wealthy for your social services, and you hire people to staff things like schools and hospitals with low salaries but high future benefits, eventually, you are so fucked. By nice people in business suits, and by Hollywood stars. …
Incidentally, for those of us old enough to remember the California election, Schwarzenneger’s anti-tax and pro-charge it policy was endorsed by ... Warren Buffett.

ps - what the hell! Might as well stretch this post out. The public pension plans that Lewis is writing about are victims of the same investment strategies by which the upper 1 percent has been looting the bottom 99 for years. This is from that now forgetten decade, the 00s - in fact, I wrote this a tremendous six years ago. Wow, that is way too long to remember anything!

I have seen the future, and it is United
Anyone interested in what Bush’s reformed Social Security would look like should look at the NYT article about United Airline’s pension fund today. It is a fun article. Here's how the movie goes: Wall Street persuades a viable pension fund to redo its safe strategy of investing for a much more groovy strategy of growth growth growth in equities. Big money is made by everybody on the Street as the pension fund shrinks, disappears, goes into a black hole. Everybody is very sorry that the beneficiaries of the fund have nothing left, but everybody also points out – the beneficiaries are scum. Mere workers. Pilots, for god’s sakes. Imagine, some stewardess somewhere is bawling cause her measely 200 thou went to some really nice Manhattan bistros. As if she deserved it. The best and the brightest, in the new Hobbesian Randian world, feast upon such little lambs.

Bush’s plan has those advantages too. By targeting middle America’s vast wealth and accelerating the burgling of it, in a record amount of time the top 10 percent income percentile can capture even more of America’s wealth. This money will be used much more efficiently. For instance, many retiring congressmen will be able to find lobbying jobs that will launch them into the higher regions of financial security when the theft is completed. Meanwhile, in a blow against the French, Americans will work harder. They will have to, as their retirement will be approximately equal, in value, to the price you can get for confetti that’s been cleaned off of streets and sidewalks after the parade is over.

The first three grafs of the article map a strategy that is almost a perfect parallel of the Bush reforms:

“HAD anyone listened to Doug Wilsman, tens of thousands of United Airlines employees would not be facing big cuts in their pensions. And the federal agency that guarantees pensions might not be struggling with its biggest losses ever.

So who is Doug Wilsman? He is a retired pilot and a former fiduciary of United's pension plan for pilots, and in 1987 he discovered that the company had abandoned its older, tried-and-true approach of investing retirees' money in bonds timed to pay when the pensions came due. Instead, it had bought into the promises of Wall Street that it could put less money into the plan - and take out more later - if it just put most of the assets into the stock market.

Mr. Wilsman was skeptical of such promises, and soon after learning of the change in strategy, he filed a grievance with his union, the Air Line Pilots Association. "Hey, you guys are really building yourselves a trap," he recalled warning them at the time. "Someday, at the worst possible moment, when the bottom falls out of the stock market, the plan is going to have to come up with new money, and it's going to be enough to kill the company."

Wilsman has got to be a traitor, and one hopes he will be roundly denounced on the rightwing media circuit. More voices like his would blow the perfect caper. He obviously wasn’t clued in that DJ 36,000 was just around the corner.

As even the article admits, the result of the Bush-like investment strategy proved highly satisfactory:

“While the money managers and other pension professionals who ran United's pension plan walked away from the wreck unscathed - indeed, they collected about $125 million in fees over the last five years alone, records show - the ones who will have to pick up the bill for the advisers' collective failure will be the airline's 130,000 employees and pensioners, the federal pension guarantor and probably, someday, the taxpayers.”

Million dollar payouts for high level failure have become America’s secret weapon for achieving true greatness. As for the employees – they merely work for a living. Piss on em, as the old Wall Street saying goes. Also, the federal government has proven that almost any problem can be solved if you have a gigantic enough credit card. Put those pensions on the card and have the Chinese buy more of our dollars, as they say in the corridors of the Treasury department.
Here’s a nice window into what Social Security is gonna look like once we get it all licked into shape:
“United is far from unique. Lifting the lid on how most pension funds are invested might raise an outcry if the 44 million Americans covered by company plans knew these things:
Pension investing is largely unregulated, even though the federal government effectively covers the investment losses when a defined-benefit plan fails. At United, this freewheeling approach gave rise to investments in junk bonds, dot-coms and even what appears to be an energy venture in Albania.
The Securities and Exchange Commission recently said that more than half of the consultants who help pension funds invest their money have outside business relationships that could taint their advice.”
I, for one, am totally psyched.
Three more irresistible grafs. Your congress at work!

"While the federal agency tries to pinpoint its obligations, apparently no one in an official capacity is pausing to ask who the plans' outside investment professionals were, much less how they made their decisions and how they responded as the airline's fortunes faded.

"It's just a nonstarter," said Richard A. Ippolito, the pension agency's former chief economist, who is now retired. A few years ago, he recalled, a director of the federal pension agency appeared before Congress and suggested that if companies wanted to invest their pension funds in stocks, they should pay more for their pension insurance coverage.
"I could politely say that he was vilified," he said. "They basically accused him of being un-American because he was asking companies to pay for the privilege of investing in stocks. He just dropped that idea."

Hume and the political philosopher 1

There is a famous dispute, among the intellectual historians of the early American Republic, about the extent to which Madison borrowed from Hume. The dispute may, on the surface, be about ‘borrowing’ ideas, but underneath it is about the mechanisms by which nations are formed, and the place of ‘ideas’ in history, one of the great arguments in the White Mythology.

It was Douglass Adair who gave the dispute its modern form by emphasizing, against the economicist views of Charles Beard, the effect of intellectual history on the shaping of the Constitution. Adair pointed to the borrowings from Hume in the Federalist 10. Adair pictured Madison with a book of Hume’s essays, opened to “Idea of a Perfect Commonwealth”, in which Hume wrote:

“Though it is more difficult to form a republican government in an extensive country than in a city; there is more facility, when once it is formed, of preserving it steady and uniform, without tumult and faction.”

Hume goes on to suggest a two fold process, in which the people, including the lowest, vote, followed by the work of the highest magistrates, presumably the representatives of the people, who then do something like forming a government – which is exactly how the American Senate was first instituted.

Edward Morgan, coming after Adair, admitted the intertext, but debated the inference: to him, Hume’s passage was about a community without faction, whereas Madison, reaching back to his Montesquieu, advocated a community in which party would block party. This, Morgan claimed, was a trope of a different color. [I take this general history from Mark Spencer’s “Madison and Hume on Faction (2002)]

I’m going to leave behind the argument about Hume’s influence on Madison and focus on Hume’s very negative image of the political intellectual. This type seems to function in two incompatible ways in Hume’s thinking – on the one hand, we cannot credit the political theorist with forming the commonwealth – all Platonic Republics are born and die in the heads of their creators – because the commonwealth is the result of the struggles of the interest and passions of different parts of the population. But if the philospher cannot positively shape the commonwealth according to his ideas, he can, on the other hand, introduce factional strife into the commonwealth.

This sums up a sense of the intellectual that is very much part of the Anglo culture.

James Buchan, in Crowded with Genius, summed up Hume’s dissent from Whig historiography as follows:

“In essays such as ‘Of the Liberty of the Press’, he portrayed Britain as a precarious equilibrium of often disreputable forces – Court patronage, parliamentary corruption, a free press,commercial competition – that were the residue of the violent political conflicts of the seventeenth century. For all his Scottish origins and friendships, he had no time for Whig or indeed any ideology: there was rarely, he later wrote, any ‘philosophical origin to government’.3 The British constitution was for Hume the
product of violence, and its form was both unintended and precarious.It was also, as might have been expected, civilian: a creation, as he also later wrote, of ‘that middling rank of men, who are the best and firmest basis of public liberty’.(86)

Hume anticipates Burke’s acidic view of the ‘theory men’ who, in his view, were dissolving the organic order of France in order to institute a structure unfounded in custom or piety – one that could only legitimate itself by the appeal to raw economic self-interest. But Hume moves in a different direction than Burke later did, and his eyes were on a story that Burke would have preferred be shrouded in reverent obscurity: that of the rise of Christianity and the fall of Rome.

The Lockian subject in Lilliput

I'm recycling this post from 2005. It is certainly pertinent to my character under capitalism theme.
...

There’s a tradition in the literature about Gulliver’s Travel that extracts the Lockean Gull in Gulliver. The argument goes back to a very fine essay by W. B. Carnochan entitled, Gulliver’s Travels: An Essay on the Human Understanding?

Carnochan’s argument is straightforward: “Lemuel Gulliver, like the mad projector of the Modest Proposal, appears to be a version of the Lockean man.” Carnochan is probably on solid ground in thinking that the perceptual changes on which Swift plays like a jazz xylophonist are suggested by Locke’s theory that the human mind is shaped by sensation – ideas themselves being the end product of an experience that begins
externally (mysterious as that beginning may be) with the encounter of a sense instrument and an object. As is well known, this theory leads elsewhere in the empirical tradition – that moment of non-experience hardening into a thing that can’t be, logically, experienced, meaning that the perceived object must be usurped by the philosopher and put in the mind – some mind. Berkeley suggested God’s. This is a theory that a writer like Swift is bound to squeeze all the absurdities out of. Which is why Denis Donoghue takes the Lockean suggestion one step further,
and claims that what we are seeing, in Gulliver’s Travels, is how easily the Lockean subject falls prey to the Stockholm syndrome. He is continually captured, and continually acclimated so to the point of view of his captors that he begins to adopt it. Historically, there's also warrant for this -
Swift lived in a time when English men and women were always getting captured, by Moors, Indians and other heathen, and were continually shocking their countrymen by converting to pagan or Islamic ways.
In other words, Gulliver’s typical peripeteia is that of a man who goes from one ‘brainwashing” to another – and he gets to it by going through funk, animal fear, and his own tradesman’s capacity for fawning, with the power of the mind, here, being wholly in the power of the powers that be.

Donoghue’s thesis seems to explain a larger pattern in Gulliver’s Travels, until one notices that Gulliver seems much too aware of his brainwashing to be merely one of the brainwashed. At least in the Lilliput section, where Gulliver is critical enough of thread dancing and the like. He is not, however, critical of titles – and no matter how small the Liliputians are, the emperor carries a title as big as Louis XIV’s.

To my mind, the way to get a-hold of Gulliver is to see him as the double of M.B. Drapier.

In the first Drapier letter, the narrator (who is, after all, a fiction) says this:

“I will therefore first tell you the plain story of the fact; and then I will lay before you how you ought to act in common prudence, and according to the laws of your country.”

This is in the clear as water style of Gulliver himself. And yet, Drapier’s
letters are all warnings, and the satire runs to that point. Whereas what is
Gulliver writing for? In the letter from Captain Gulliver that prefaces the
book, he does claim that the book is intended as a warning:

“I do in the next Place complain of my own great Want of Judgment, in being prevailed upon by the Intreaties and false Reasonings of you and some others, very much against mine own Opinion, to suffer my Travels to be published.

Pray bring to your Mind how often I desired you to consider, when you
insisted on the Motive of publick good; that the Yahoos were a species
of Animals utterly incapable of Amendment by Precepts or Examples: And so it hath proved; for instead of seeing a full Stop put to all Abuses and
Corruptions, at least in this little Island, as I had Reason to expect:
Behold, after above six Months Warning, I cannot learn that my Book hath
produced one single Effect according to mine Intentions: I desired you
would let me know by a Letter, when Party and Faction were extinguished;
Judges learned and upright; Pleaders honest and modest, with some Tincture of common Sense; and Smithfield blazing with Pyramids of Law-Books; the young Nobility's Education entirely changed; the Physicians banished; the female Yahoos abounding in Virtue, Honour, Truth and good Sense; Courts and Levees of great Ministers thoroughly weeded and swept; Wit, Merit and Learning rewarded; all Disgracers of the Press in Prose and Verse condemned to eat nothing but their own Cotten, and quench their Thirst with their own Ink. These, and a Thousand other Reformations, I firmly counted upon by your Encouragement; as indeed they were plainly deducible from the Precepts delivered in my Book.”

This is a mixture of the satirist’s targets since Aristophanes and Swift’s
fictitious creatures, the Yahoos and the Houyhnhnms, who are very close to making any system of virtue and vice absurd by embodying it in impossible extremities of the disgusting and ... well, it is hard to find one term to describe the Houyhnhnms, although the idea of these equine stoics is both alarming and funny. It is like the most impossibly inbred English aristocracy. And Swift adds a sentence that seems pointed at his own self: “And, it must be owned that seven Months were a sufficient Time to correct every Vice and Folly to which Yahoos are subject, if their Natures had been capable of the least Disposition to Virtue or Wisdom.”

Is this Gulliver sticking out his tongue at Mr. Drapier?
And is Mr. Drapier Jonathan Swift as tradesman?

The satirist needs a preliminary sketch, acquaintance with the primogenitive caricature. And that caricature happens to be the self.

But Mr. Drapier, too, exists – in fact, his fictiveness is oddly blurred by his entrance into the all too real exploitation of Ireland, which is forever locked in Swift’s unwavering field of vision, a thing to see, a raree show of instituted vice. He feels about it … well, as LI feels about Bush’s America. Bush’s America degrades my mockery by casting itself into forms of such pitiful tastelessness, hypocrisies that have been exposed for so long that the exposures are growing moss, bluster that wouldn’t frighten a sheep, that mockery has to seek restraint – has to seek other tangents to make indignation feel-able. If not to reform the Yahoos, at least to relieve the writer's own spleen.


Mr. Drapier’s way is simply to tell the plain story of fact.
The meta-story is that the British Prime Minister, out of every venal motive, conspires to allow William Wood the right to coin money for use
in Ireland. The contract costs Wood money, and he proposes to make up
that money and make a profit by chiseling on the composition of the coin
– in other words, creating half pence on the cheap, which could be exchanged for good coin. This was at a time when the matter of the coin
was important – a penny should contain a penny’s worth of metal. A gold coin should contain an amount of gold equal to the worth of the coin.
Of course, the coins were routinely shaved, by everybody. But to coin them
pre-shaved, so to speak, was to go one step beyond. The intro to the edition of the Drapier’s Letters on the Gutenberg site says this:

“The patent was really granted to the King's mistress, the Duchess of Kendal, who sold it to William Wood for the sum of £10,000, and (as it was reported with, probably, much truth) for a share in the profits of the coining. The job was alluded to by Swift when he wrote:

"When late a feminine magician,
Join'd with a brazen politician,
Expos'd, to blind a nation's eyes,
A parchment of prodigious size."

Coxe [a Swift commentator] endeavors to exonerate Walpole from the disgrace attached to this business, by expatiating on Carteret's opposition to Walpole, an opposition which went so far as to attempt to injure the financial minister's reputation by fomenting jealousies and using the Wood patent agitation to arouse against him the popular indignation; but this does not explain away the fact itself. He lays some blame for the agitation on Wood's indiscretion in flaunting his rights and publicly boasting of what the great minister would do for him. At the same time he takes care to censure the government for its misconduct in not consulting with the Lord Lieutenant and his Privy Council before granting the patent. His censure, however, is founded on the consideration that this want of attention was injudicious and was the cause of the spread of exaggerated rumours of the patent's evil tendency. He has nothing to say of the rights and liberties of a people which had thereby been infringed and ignored.”

If you have not read the Drapier’s letter, go to the intro to get some sense of the controversy, and then go to the fourth letter. That’s the hair-raising letter – a blow against the colonial system, a cry against the infamy, a rush at the system that’s truly in rare company. I suppose Martin Luther King’s Letter from the Birmingham Jail is the American counterpart, except that King is never bitter. Swift’s letter begins like this:

“Having already written three letters upon so disagreeable a subject as
Mr. Wood and his halfpence; I conceived my task was at an end: But I
find, that cordials must be frequently applied to weak constitutions,
political as well as natural. A people long used to hardships, lose by
degrees the very notions of liberty, they look upon themselves as
creatures at mercy, and that all impositions laid on them by a stronger
hand, are, in the phrase of the Report, legal and obligatory. Hence
proceeds that poverty and lowness of spirit, to which a kingdom may
be subject as well as a particular person. And when Esau came fainting from the field at the point to die, it is no wonder that he sold his
birthright for a mess of pottage.”

Every blow in this letter lands. Gulliver’s Travels – with its Gull for a mockery – plays a double game with its moral points, making them and denying them in the same gesture. One remembers that the point is the wholesale reformation of Yahoo nature in seven months time. This is Jonah waiting for the fire to consume Ninevah, and being bitterly disappointed that it never comes. Or rather, this is taking that spirit of Jonah and both inhabiting the prophet’s disgust and taking up a position outside it to observe with clinical precision the prophet’s vanity. But Drapier is a character who has been transported beyond vanity. In a passage that was considered treasonable, Swift considers that Ireland is no ‘depending kingdom’ with England, but equal in its freedoms. This casts doubt on the charnel foundation of colonialism, which is currently being implemented in Iraq on just the ground that the Iraqis are incorrigible children and the Americans are paragons to be mimicked. Ireland, after all, was the template for all English colonial ventures to follow. This is the Drapier at his most intense. One wants to say that this is the crescendo of the letter, but the rhythm, here, disallows crescendos:

“For in reason, all government without the consent of the governed is the
very definition of slavery: But in fact, eleven men well armed will certainly
subdue one single man in his shirt. But I have done. For those who have used power to cramp liberty have gone so far as to resent even the liberty
of complaining, although a man upon the rack was never known to be refused the liberty of roaring as loud as he thought fit.”

Ladies and gentlemen, a round of applause for the Holocene!

In his nobel prize speech, Faulkner, at his most Polonian, said that man will ‘not only endure. He will prevail…” This may have made some sense at the dawn of the nuclear bomb age, and perhaps these words have to be set as a sort of defiant humanism against a global war that killed 50 million people.

However, the hope of man prevailing has steadily lost altitude over the last couple of decades, and will, I think, continue to seem more and more the long shot. Man prevailing has meant man creating a treadmill of production and a treadmill of consumption that now seems both unstoppable and disastrous. Parents, today, calmly expect the fish to disappear from the oceans by the time their children have achieved middle age. The elephant, the tiger, and the rain forest are all marked down to be remembered as theme park accessories.

As man prevails, he destroys the Holocene in which he was born, nourished and flourished, and he does this with the calm lack of attention with which a person, say, cleans the lint and old tickets out of his coat pocket. After all, the Holocene might go, but at least BP is back and ready for business – and has purchased its first new lease in the Gulf, thanks to the anti-Holocene Obama administration. Which, as we know, will be succeeded by the anti-Holocene Romney administration, which will basically pursue the same policies.

Thoughts of the Holocene have been with me since last night, when A. and I traveled up to the Cinema St. Michel by bus, forked over an amazing 10.5 Euros each, picked up two clunky dark glasses, and plunged, 3-d-ily, into the depths of the Chauvet cave. I’ve been looking forward to seeing the Herzog film since I first read about it, since I am a big fan of caves. One of my favorite interviews, when I still interviewed – ever since interviewing Gregory Curtis, the ex editor of Texas Monthly who wrote a fascinating book on the subject after having immersed himself in the literature (which is, by all accounts, oddly polemical – every generation seems to have a dominant theories about the Paleolithic people that are then overturned, with maximum contempt, by the next generation) and gone and visited the caves, or those he could. Oh, to go from cave to cave! What a blissful idea.

Here’s what I wrote after reading Curtis, back in 2006:

Reading it, we were struck like by 100 000 volts that during the Upper Paleolithic – that wonderful time when there were, max, 150 000 people in Europe, and life was good for around twenty thousand years - the cave artists generally didn’t draw or paint or engrave people. There were your stray vulvas, the masked bird man, many hand prints, but generally – no people. Instead, there were mammoths. There were lions. There were rhinos and horses. Oddly, much fewer reindeer, even though reindeer meat was the spam of the Paleolithic – it was always poached reindeer for breakfast, fricasseed reindeer for lunch, and reindeer pudding for dinner. We are often told how to evolution stories about this or that human habit, but in reality, the way those how to stories are formed is that evo psychologists extrapolate back from ‘primitive people’ of today to those wandering around 200,000 years ago. However, this habit is in serious disconnect from archeologists, who have long held that ethnography of people today, in no matter what state of society they live in, is essentially unhelpful when trying to reconstruct the way the inhabits of the Eurasia 30,000 years ago lived. It is impossible not to imagine back using our PBS/National Geographic images, but what tribe do we know of that doesn’t draw people? Deleuze and Guattari talk of the special faciality of the West – this seems right, on all accounts – but to show so little interest in people when one has mastered perspective, and the expressive character of animals? That seems quite significant. But of what? Well, this is where speculation is dumb, but irresistible.”

My speculative position is that the cave art of 30,000 years ago, with its absence of the human, marks the time when – just perhaps – humans did not assume they would prevail. They did not even assume they were superior, since of course they knew – the horse was superior for speed, the lion and tiger and bear was superior for strength, the bird for flight, and so on.
There wasn’t - I would speculate, in this scene still dotted with other hominid candidates for most likely to survive - the sense that homo sapiens was superior in any department at all.

Given this sense of an overwhelmingly un-human world, the Chauvet paintings are all the more incredible. But I watched not just for the painting, but for something Curtis’s book had mentioned, which is also mentioned in Judith Thurman’s account of Chauvet:
“Twenty-six thousand years ago (six millennia after the first paintings were created), a lone adolescent left his footprints and torch swipes in the furthest reaches of the western horn, the Gallery of the Crosshatching.”

I don’t know why this stray detail effects me so much, but it does. When Herzog finally showed the footprints, I got dreadfully tearful.

notes on the treason of the clerks

Let’s make a square:

Eternal ---------- Partial


Contemporary-------- Universal


These are the parameters of Benda’s conception of the clerk, or the intellectual, in the 20th century. They also fit, to a degree, Gramsci’s reflection on organic intellectuals – which runs counter to Benda’s notion of the clerk - and Mann’s 1919 idea of the Non-political intellectual.

Mann’s non-political intellectual is the most complex case, because Mann’s irony creates odd combinations, linking the partial (German values) to the eternal (transcendent cultural values), which is an inherently unstable pairing – irony, here, is not simply a rhetorical trope, but a shy conceptual synthesis, one that never quite gets made.

In fact, from the point of view of the contemporary (say, the engaged Intellectual against which Benda fought), it is rather easy to ‘unmask’ the eternal and the universal. After all, these two categories are identified, in the end, very much with a locale and a history. They are identified with the “West”, that semi-region that really designates the continual process of Westernization – a process that operates on the agricultural populations of France as well as on the Nahuatl speaking populations of Mexico.

And yet, when the contemporary critique has done its unmasking, one can, from the point of view of the eternal, unmask the unmasker – for what is this unmasking done in the name of? It is not made outside of universal history- it is, on the contrary, an event within universal history, within modernism, and is inseperable from the development of the world market. It, too, is a carrier of Westernization.

From the Marxist point of view, the contemporary develops its sense of the eternal in the concept of revolution, which is paired with a new universal – one that is made after the World market has created, indeed, a world. This would be the universal working class, which is the only class with a real interest in abolishing class – in, that is, the revolution. Again, these are uneasy pairings.

I don’t mean to imprison the topic of the ‘intellectual’ or clerk in a structural cage: but rather to show the broad semantic elements of the narrative of the intellectual as it was put together in the nineteenth and twentieth century, and its disappointments.

insurance for the wealthy, bandaids for the rest

Over at Crooked Timber, there is a short but clarifying post about the cause of the 2008 crash, put in the form of a reply to Brad Delong, who has maintained that what I will call the inequality view of the crash is not true - that is, it isn't true that “we are in a recession basically because of the disppearance of a huge amount of household sector wealth”.

The Crooked Timber post arms itself with an arresting statistic from, I suppose, the Census, recycled through Nate Silver's column in the NYT: "The median American’s non-household wealth declined by 14% between 2001 and 2007. So when household wealth evaporated, guess what happened?"

Although Brian doesn't go into it in depth, he does use this statistic to point out that the 'boom' in the 2000s covered a bust - the bust in income. Which should lead us to some reflection about the policies that were and are being pursued that contributed to that bust.

I have urged the view that it is wrong to view the housing bubble solely as an accident or a disaster - a point of view fatally colored by the bubble's bust. The housing bubble, far from being an accident, was a necessity – that is, if we were to pursue the remedies to the solution to the recession of 2000-2001 suggested by Bush, and that are being recycled, in a more pernicious form, by both Obama and the Republicans in this round. The tax cuts – the most important of which may well have been the cut to capital gains taxes – and the deficit financial policy that was enacted via war spending, an enormous increase in Medicare due to the new drug supplement package, are important factors here. The third leg of the political economy of the 2000s was Fed policy. Famously, the interest rate was used by the Fed not as an index reflecting the real state of the American economy, but increasingly as a tool to maintain financial security wealth - in fact, Bernanke became so obsessed with trying to maintain stock market values, as we saw in 2007, that he pursued an utterly bizarre policy, dictated solely by an attempt to keep the stock market from sliding. All three parts of this policy were responses to the long range crisis, which was squarely and simply one of wealth inequality. That is at the very basis of these crises, and that will continue to be at the basis of the crises as the Reps and the Dems do everything they can to ignore it. Unfortunately, this inequality crisis can only be solved politically – and no political player on the horizon even sees it.

Thus, to understand the recession of 2008, you have to understand the effects of the solution to the recession of 2001. I don’t think the name for the sum of those solutions is “Bush” – the Democrats made no attempt to make inequality an issue, because they had neutered themselves on that front in the 90s. Let’s call it, instead, neo-liberalism. The neo-liberal model is always going to lead, is structurally dedicated to, increasing wealth inequality – for which it uses the government as a backstop, as we saw in the Treasury-Fed program of feeding trillions of dollars to Wall Street in the form of 1 percent or below loans, and as a dispensor of band-aids, as we saw with the marginal increases in EITC.
French political scientists around Foucault liked to talk about l’etat providence – the welfare state, if you like. Neoliberalism does not, as its proponents like to say, break with l’etat providence – they simply change its focus. The state now operates as a Wallfare state – redistributing upwards.

Are the clerks on the barricades this time?

One day Tolstoy, who was at that time an officer in the army, confronted a fellow officer who he had seen whipping a peasant and asked him: Have you never read the New Testament? The officer replied with a question of his own: ‘have you never read the army’s rules and regulations? Julien Benda put this story as an emblem at the beginning of La Trahison des Clercs, a pamphlet that became famous in the late twenties, because to Benda, Tolstoy’s question was central to what it used to mean to be a clerk – that is, an educated person who defends humanistic values. And the nameless officer’s reply, Benda thought, was what it meant to be a clerk, as the intellectuals abandoned the side of the eternal for the side of pure doxa. The clerk now serves a political passion, and speaks for the interests of a temporal and limited group, whether economic, national, or party. The clerk now sides with the army’s rules and regulations.

I, too, am interested in the clerk as a figure, although I betray humanity, in Benda’s eyes, by thinking of the clerk as, primordially, in the Great Transformation to an industrial and market economy, an agent of circulation. On the other hand, the clerk is dialectically riven – both the promoter of those routines that, in the countryside, the factory, and the store, generated a capitalist mentality, and the first responders to the elevation of the level of alienation this entailed. The clerks are the poets of the routinized world.

It is in this sense that Benda’s fight for eternal and against the engaged ‘intellectual’ is not, as it would seem to be at first glance, simply a reactionary gesture, a Christian nostalgia.

Benda started writing for the dreyfusard part of the press – he was published in Peguy’s Cahiers – and his career lasted well into the era of the existentialists, against which he took aim with furious quotations in his long second preface to The Betrayal of the Clerks, when it was reissued after WWII.

So: I want to look at Benda, Thomas Mann’s Reflections of an Non-political Man, and Russell Jacoby’s book on the last intellectuals – all in the light of the Occupy Wall Street movement – in some upcoming posts.

Don't let the Fed enact another quiet bailout!

Suggestion for a Occupy Wall Street Sign: Stop Bank of America from Getting FREE US INSURANCE on ITS DERIVATIVES!

And here's today's story:

Ben Bernanke apparently used a rear entrance in Boston, yesterday, to avoid the Occupy Boston protestors.
That's par for the course, as Bernanke and his Fed are masters of the rear entrance.
For example, take the Bank of America announcement of its 6 + billion dollars in profits for this quarter. Doesn't that mean that bailing out the banks worked? Our 16 trillion in loans for the behemoths can be criticized on many levels, but surely we can't criticize the techno genius that resulted in a solvent bank system, eh?
Well, apparently not. This is what is happening before our eyes, from the Economic populist site:

"It appears Bank of America moved Merrill Lynch derivatives to a FDIC insured subsidiary. Bloomberg:

Bank of America Corp. (BAC), hit by a credit downgrade last month, has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits, according to people with direct knowledge of the situation.

The Federal Reserve and Federal Deposit Insurance Corp. disagree over the transfers, which are being requested by counterparties, said the people, who asked to remain anonymous because they weren’t authorized to speak publicly. The Fed has signaled that it favors moving the derivatives to give relief to the bank holding company, while the FDIC, which would have to pay off depositors in the event of a bank failure, is objecting, said the people. The bank doesn’t believe regulatory approval is needed, said people with knowledge of its position.

By moving toxic assets, i.e. derivatives, into a FDIC insured subsidiary, gives BoA's Merrill derivative holdings indirect access to the Federal Reserve discount window and also if the bank fails where the derivatives are now located, the FDIC is required to pay depositors through their insurance guarantee. It appears from Bloomberg's report that $53 trillion of BoA's derivatives are being tied into depositors*, which implies the Federal Reserve and the U.S. taxpayer have the potential to be on the hook.

Bank of America’s holding company -- the parent of both the retail bank and the Merrill Lynch securities unit -- held almost $75 trillion of derivatives at the end of June, according to data compiled by the OCC. About $53 trillion, or 71 percent, were within Bank of America NA, according to the data, which represent the notional values of the trades.

Nice huh? Bank of America just transferred risk to the taxpayer with no approval by regulators, Congress and of course the public."

I'm reminded of the scene in Chinatown in which Jack Nicholson discovers that the city has been dumping water during a drought - in the service of a land development scheme, as it turns out. He goes to the water department and talks with the head of it, a man beaufitully named Yelburton, yed there, who tells him:

"Wait -- please sit down, Mr. Gittes.
We're... well, we're not anxious
for this to get around, but we have
been diverting a little water
to irrigate avocado and walnut
groves in the northwest
valley. As you know, the farmers
there have no legal right to our
water, and since the drought we've
had to cut them off -- the city
comes first, naturally. But,
well, we've been trying to help
some of them out, keep them from
going under. Naturally when you
divert water -- you get a little
runoff."

A little runoff. That is what the 99 percent is living through! But the Fed has a beautiful system all in place to help the people who really count.



http://www.economicpopulist.org/content/bank-americas-socialize-risk-and-reap-reward-business-model

destruction is the ultimate luxury

I'm dredging this up from a post I wrote in 2002, because I think it is relevant to the psychology of the Occupy Wall Street movement. And to the psychology of the academic and policy elite who criticize the movement.

In 2002, two British professors, Andrew Oswald and Daniel Zizzo, reported on an experiment in which various subjects were gathered together and given cash, distributed – by arbitrary gift and betting – in such a way that some got more and some got less. Then, subjects were allowed to anonymously burn other people’s money – only, however, if they were willing to reduce their own.

62% of those tested chose to destroy part of other test subjects' cash, and half of all the cash was destroyed by other subjects.

A story about this experiment on the site Mindpixel contains this summing up of the burners:

"The researchers found that those who gained the most additional money at the betting stage burned poor and rich alike, while disadvantaged laboratory subjects mainly targeted those subjects they saw getting what they perceived as undeserved financial windfalls."

The libertarian magazine Reason reported on Oswald and Zizzo's experiment, too, under the headline, Burn the Rich. This is, in fact, not so far from the way Oswald and Zizzo presented their results themselves. Curiously, what the experiment clearly shows is that the rich also burned the poor and the rich. The difference is that the poor showed solidarity – they burned only those with higher amounts of cash – while the rich did not.
That the rich burned the poor and the rich seems not to have impressed itself on Reason, even though, as they correctly reported:
"Zizzo and Oswald found that nearly two-thirds of players happily paid for the privilege of impoverishing their fellow participants. Even as the price of burning went up, the percentage of people who chose to burn other players did not fall substantially."

Z. and O. had labels for two classes of burnings, depending on the rank of the burner. One they call rank egalitarianism. Most of the burners who were poorer sacrificed to burn the rich. The other they call reciprocity. Their thesis is that the rich burners were simply responding to being burned.

"In the case of our money burning experiment, advantaged and disadvantaged subjects may,
because of the existence of the advantage, perceive the game differently. This different game
perception implies that subjects prime differently two social categories, one based on deservingness and one on reciprocity. For disadvantaged subjects, what matters is the fact that advantaged subjects got the advantage undeservedly, and they did not. Advantaged subjects may think not only in terms of deservingness, but also in a different light, namely, in the light of the fact that disadvantaged subjects will burn them. They may then want to reciprocate the favour.'"

But how does this explain their earlier result, that the rich burn the rich? Moreover, hidden in the paper is an interesting paragraph about the behavior of the "undeserving" rich -- those who accrued money arbitrarily (in the experiment, money could be made by betting, but money was also randomly allocated at intervals, thus randomly favoring certain individuals).

"In the twin experiment run in Oxford, Zizzo (1999) crossed advantage and deservingness in a factorial design, and found that deservingness mattered. More specifically, he found significantly more negative interdependent preferences in sessions where the advantage was induced unfairly than when it was induced according to a relatively fair procedure. Moreover, in one condition of that experiment, stealing was possible. Zizzo then found that there was substantially more stealing by advantaged subjects if they had got the advantage undeservedly. One possible interpretation of this interaction effect was that undeservedly advantaged subjects expected themselves to be stolen or burnt significantly more, and behaved using a reciprocity logic, in defending their own gains significantly more."

It is interesting how neoclassical models and ‘rational’ choice has bent the minds of academics, which is the only reason I can think of for calling the rich burning the poor or each other a reciprocity hypothesis. After all, O. and Z. assumes that the rich are the very epitome of rationality. They are profit maximizers. Thus, they couldn’t be burning because, well, they could get away with it. Oswald and Zizzo accord the egalitarian strategy a sequential primacy that exists psychologically, even if it doesn't exist empirically. That is, the rich could be striking in the expectation that they will be struck.
However, one should notice -- or an old deconstructive veteran like myself notices -- the binary which is operating here. While the rich are operating on "intention" -- that is cognitively -- the poor are operating on "passion" -- the envy aroused by riches. Why, actually, don't we think that the poor are striking pre-emptively, like the rich? Especially as Zizzo's earlier experiment shows that the perception of the "unfair" accrual of wealth, which is prevalant among its benificiaries as well as among its victims, prompts further "unfair" action among its benificiaries. I.e., the undeserving rich steal. The unconscious bias of the experimenter consists in this: poverty denies one a full sense of self-interest. Thus, we interpret the actions of the poor, sacrificing to burn the rich, as envy, while we accord a sense of intellectual strategy to the wealthy who do the same thing. Oswald and Zizzo show themselves to be the worthy heirs of those nineteenth century economists who saw the laboring classes as so much betail, so much dangerous animality. An entity to be organized by the police, always liable to filch from the fortunate.

To put this another way -- we think the reciprocal thesis explains too much, is bounded by a circular definition, and is ultimately inseparable from passion itself. This passion expresses itself in the wealthy burning the wealthy -- surely, here, we aren't seeing a response to rank egalitarianism, but the play of pure power. Let's suggest to Z. and O. a most non-Anglo explanation for their findings, one explored by Mauss in his classic essai sur la don: one of the attributes of being rich is the ability to destroy. Destruction is the ultimate luxury. This is as true among Manhattanites as among the Kwaikutl. Zizzo and Oswald might want to reference such classics, in this vein, as various Beverly Hillbilly episodes, the tv show Dallas, and the dot com parties of 1999.
It is such power that the Occupy Wall Street people are protesting. Nobody gets wealthy just to continue getting wealthy – the miser is an obsolete figure. More and more wealth is needed to reinforce another passion, the cruel and relentless passion for power. At the heart of power is the power to destroy. Far from simply being envious, the poor are wise enough not to be deluded by the veil of rationality. The same can’t be said for many social scientists.

my own humble attempt at tax simplification

Simplifying the tax system on the 9-9-9 system (which, fans of the Book will notice, is 6-6-6 upside down) is all the rage right now.

I have an even simpler plan. It is based on a phrase used over and over by the anti-tax (the rich) crowd. The phrase is simple – taxes take dollars from your pocketbook. Or your wallet.

My plan takes this phrase very seriously, because it gives us a nice way to visualize money. The anthropologist, George Marcus, has theorized, from his ethnographic research among the rich, that one of the salient characteristics of fortune is its invisibility. That invisibility has many semiotic effects: one of them is obviously to reverse the marginal disutility thesis, which would make it seem like the millionaire of the billionaire would discount the added dollar. Invisibility melds together all money as one thing – which means that the 4.9 billion dollars made by hedgefund manager John Paulson (the man who, in conjunction with Goldman Sachs, shorted mortgage backed securities while Goldman sold its suckers, er, clients, mortgage backed security ) is to him one unified thing. Not perhaps in all instances. Paulson could well chip off a bit of that 4.9 billion for a coupla yachts, or a home. For instance, a nice 25 million dollar ranch in Aspen. The 3 million dollar Olympic tower “pad”. But when it comes to taxes, every invisible bit needs defending.

This is where my tax plan comes in. It is called the envision the wealth tax plan, and it is pretty simple. It uses a standard – the Tommy Hilfinger Men’s Tilton Front Pocket Wallet. According to the specs, it is made of Soft Polished Lamb, and features 4 credit card pockets, an ID window, and a metal hinged moneyclip – just the kind of wallet that the rightwing pundit wants to conjure up with the government taking dollars out of it!

So, here’s the scheme. It is pretty easy to assess how many Tommy Hilfinger Tilton Front Pocket Wallets would be needed to contain 4.9 billion dollars. A bill has a width of around .005 inches. You need to stuff 49 million of them in the wallets. The capacity of those wallets is, at best, able to accommodate, say, 50 one hundred dollar bills, or 5,000 dollars. That gives us nine hundred eighty thousand Tommy Hilfinger Tilton Front Pocket Wallets. Now, lets compare this to, say, the janitor who works in thePaulson and company building. The average salary for a janitor in NYC comes to a whopping 21,000 per year, which is the equivalent of four THFP wallets, and a little change. So we have four of these wallets, and we line them up against nine hundred eighty thousand THTFP wallets, and we ask – is it fair that the four wallet guy didn’t pay the same percentage tax as the guy with nine hundred eighty thousand THTFP wallets?

And then we hit ourselves on the head and go, dude, are you on acid?
And then we do our tax reform! Which is simple – no tax for the janitor. No tax for even people who have 20 THTFP wallets. No, make it 40. After that, the government starts seriously collecting your THTFP wallets. After you reach 100 hundred, it really gets down to business, going with the 90 percent marginal rate that was common in good king Dwight D. Eisenhower’s day.
See how simple this is? It is called the visualize their fuckin’ fortunes tax. It is beautiful, and will save the country a load of grief from self pitying people who have done nothing world historical, or even necessary, to earn nine hundred eighty thousand THTFP wallets stuffed to the gills with 100 dollar bills.