Posts Tagged ‘late capitalism’
Monday Morning Links
* Local police deploying SWAT teams against friendly poker games and barbering without a license. Insanity.
* Over the past year and a half, in the wake of Thomas Philippon and Ariel Resheff’s estimate that 2% of U.S. GDP was wasted in the pointless hypertrophy of the financial sector, evidence that our modern financial system is less a device for efficiently sharing risk and more a device for separating rich people from their money–a Las Vegas without the glitz–has mounted.
* Inside the multimillion-dollar essay-scoring business.
* How the University Works, 1965: Football Game Continues as School Burns. More links below the picture.
* Russian Billionaire Dmitry Itskov Plans on Becoming Immortal by 2045.
* I’m nursing a pet theory. Which is that there are actually four main political parties in Westminster: the Conservatives, Labour, the Liberal Democrats, and the Ruling Party.
The Ruling Party doesn’t represent the general electorate, but a special electorate: the Alien Invaders and their symbiotes, the consultants and contractors and think-tank intellectuals who smooth the path to acquisition of government contracts or outsourcing arrangements — the government being the consumer of last resort in late phase consumer capitalism — arrangements which are supported and made profitable by government subsidies extracted from taxpayer revenue and long-term bonds. The Ruling Party is under no pressure to conform to the expectations of the general electorate because whoever the electors vote for, representatives of the Ruling Party will win; the only question is which representatives, which is why they are at such pains to triangulate on a common core of policies that don’t risk differentiating them in a manner which might render them repugnant to some of the electorate.
* To make matters even worse for restaurant workers and diners, a spate of “preemption bills”—which bar localities from makings laws requiring paid sick leave—has been surging through state legislatures with the help of the American Legislative Exchange Council and the National Restaurant Association, one of ALEC’s members. The first of these bills was passed in May 2011 in Wisconsin. Last week, Gov. Rick Scott signed Florida’s version into law, making it the eighth state to preemptively block paid sick leave for its workers (and the 13th to try) in just two years.
* A depiction of the logical (and historical) tendency of the capitalist system to collapse.
* Everything old is new again: Female inmates sterilized in California prisons without approval.
* A visual history of Bruce Springsteen.
* NSA Rejecting Every FOIA Request Made by U.S. Citizens. The innocent have nothing to fear…
* The Southwest’s Forests May Never Recover from Megafires.
* And another great Saturday Morning Breakfast Cereal. I could post one of these every day.
Links from the Week
* As you may have seen on Twitter, the National Council of the American Studies Association endorsed Occupy Wall Street this weekend. Political Dissent in a Time of (Economic) Crisis.
* 147 Companies Control 40 Percent Of Global Transnational Corporate Wealth.
* Lenin’s Tomb challenges Occupy Wall Street on the subjects of consensus and demands.
In order for that clique to create full consensus on a decision, minority dissenters were often subtly urged or psychologically coerced to decline to vote on a troubling issue, inasmuch as their dissent would essentially amount to a one-person veto. This practice, called “standing aside” in American consensus processes, all too often involved intimidation of the dissenters, to the point that they completely withdrew from the decision-making process, rather than make an honorable and continuing expression of their dissent by voting, even as a minority, in accordance with their views. Having withdrawn, they ceased to be political beings — so that a “decision” could be made. More than one “decision” in the Clamshell Alliance was made by pressuring dissenters into silence and, through a chain of such intimidations, “consensus” was ultimately achieved only after dissenting members nullified themselves as participants in the process.
On a more theoretical level, consensus silenced that most vital aspect of all dialogue, dissensus. The ongoing dissent, the passionate dialogue that still persists even after a minority accedes temporarily to a majority decision, was replaced in the Clamshell by dull monologues — and the uncontroverted and deadening tone of consensus. In majority decision-making, the defeated minority can resolve to overturn a decision on which they have been defeated — they are free to openly and persistently articulate reasoned and potentially persuasive disagreements. Consensus, for its part, honors no minorities, but mutes them in favor of the metaphysical “one” of the “consensus” group.
* Still more critique of Occupy Baltimore and Occupy LA.
* Peak Oil and the Great Recession.
* How the Austerity Class Rules Washington.
* Exotic animal nightmare in Zanesville, OH.
* Two from Rolling Stone: The Keystone Pipeline Revolt: Why Mass Arrests are Just the Beginning and Climate Change and the End of Australia.
* Another climate skeptic bites the dust after finally bothering to look at the evidence.
“In fact, according to Rosenbaum the Justice Department attorney said, ‘We don’t believe that the VA has any authority or any responsibility to provide housing.”
* David Foster Wallace, “Attempted Fax Cover Sheet.”
* “Junot Diaz To Create The Dominican Superman.”
* The “Do cell phones cause cancer?” pendulum has swung back around again. This week they don’t.
* The Guardian reviews Murakami’s 1Q84.
* Steve Jobs reviews Barack Obama: Steve Jobs Told Obama He’d Be a One Term President.
* Jon Bon Jovi opens pay-what-you-can ‘soul kitchen.’
* And Boing Boing celebrates the expired patent for LEGO.
The Paid Detail Unit (Paging Margaret Atwood)
If you’re a Wall Street behemoth, there are endless opportunities to privatize profits and socialize losses beyond collecting trillions of dollars in bailouts from taxpayers. One of the ingenious methods that has remained below the public’s radar was started by the Rudy Giuliani administration in New York City in 1998. It’s called the Paid Detail Unit and it allows the New York Stock Exchange and Wall Street corporations, including those repeatedly charged with crimes, to order up a flank of New York’s finest with the ease of dialing the deli for a pastrami on rye.
The corporations pay an average of $37 an hour (no medical, no pension benefit, no overtime pay) for a member of the NYPD, with gun, handcuffs and the ability to arrest. The officer is indemnified by the taxpayer, not the corporation.
Progressives Need to Politicize Money
From a series of legal codes favoring creditors, a two-tier justice system that ignore abuses in foreclosures and property law, a system of surveillance dedicated to maximum observation on spending, behavior and ultimate collection of those with debt and beyond, there’s been a wide refocusing of the mechanisms of our society towards the crucial obsession of oligarchs: wealth and income defense. Control over money itself is the last component of oligarchical income defense, and it needs to be as contested as much as we contest all the other mechanisms.
Read Rortybomb. Via Krugman, who notes “the upshot is terrible: more and more, this really does look like the Lesser Depression, a prolonged era of disastrous economic performance. And it’s entirely gratuitous.”
‘Much of What Investment Bankers Do Is Socially Worthless’
Think of all the profits produced by businesses operating in the U.S. as a cake. Twenty-five years ago, the slice taken by financial firms was about a seventh of the whole. Last year, it was more than a quarter. (In 2006, at the peak of the boom, it was about a third.) In other words, during a period in which American companies have created iPhones, Home Depot, and Lipitor, the best place to work has been in an industry that doesn’t design, build, or sell a single tangible thing.
The New Yorker asks “What Good Is Wall Street?” Via MeFi.
My Week for Interviews: William Gibson
It’s my week for interviews: I have another this week in Independent Weekly with William Gibson. The online version is significantly longer than the print version, if you already read that one.
This brings us back in a way to the 1980s nuclear apocalypse we were talking about earlier. Do you think contemporary ecological fears give young people a sense of what it was like to live inside that nuclear shadow?
It’s a different thing. It’s somewhat in the same ballpark, but it has a different character—in some way, I don’t know, it seems wrong somehow to compare them. [With Mutually Assured Destruction] the horror was: Just stop doing this shit, put those things down, and forget about it … Just stop it.
With anthropogenic climate change, it’s more like: Shit, we didn’t stop it, did we? And that’s kind of all there is. We should be trying to stop this now, but it may have already gone too far… I don’t have too much expectation of seeing how far it’s going to go. I’m inclined to think that our great-great-great-grandchildren will regard us with a degree of contempt perhaps unknown towards one’s ancestors in human history. And I think it’s quite likely that we will deserve it. And that’s new.
‘What It Does Is Bad for America’
Over the past generation — ever since the banking deregulation of the Reagan years — the U.S. economy has been “financialized.” The business of moving money around, of slicing, dicing and repackaging financial claims, has soared in importance compared with the actual production of useful stuff. The sector officially labeled “securities, commodity contracts and investments” has grown especially fast, from only 0.3 percent of G.D.P. in the late 1970s to 1.7 percent of G.D.P. in 2007.
Such growth would be fine if financialization really delivered on its promises — if financial firms made money by directing capital to its most productive uses, by developing innovative ways to spread and reduce risk. But can anyone, at this point, make those claims with a straight face? Financial firms, we now know, directed vast quantities of capital into the construction of unsellable houses and empty shopping malls. They increased risk rather than reducing it, and concentrated risk rather than spreading it. In effect, the industry was selling dangerous patent medicine to gullible consumers.
Read Paul Krugman.
Marxism 2009
Verso has your video from the Marxism 2009 last week in Bloomsbury. Below: David Harvey.
More on Bubble Economies
That the Internet and housing hyperinflations transpired within a period of ten years, each creating trillions of dollars in fake wealth, is, I believe, only the beginning. There will and must be many more such booms, for without them the economy of the United States can no longer function. The bubble cycle has replaced the business cycle.
More on bubble economies, this time from Harper’s, via the same MeFi thread. Special attention is paid to the forthcoming alt-energy bubble Taibbi also describes at the end of his article:
There are a number of plausible candidates for the next bubble, but only a few meet all the criteria. Health care must expand to meet the needs of the aging baby boomers, but there is as yet no enabling government legislation to make way for a health-care bubble; the same holds true of the pharmaceutical industry, which could hyperinflate only if the Food and Drug Administration was gutted of its power. A second technology boom—under the rubric “Web 2.0”—is based on improvements to existing technology rather than any new discovery. The capital-intensive biotechnology industry will not inflate, as it requires too much specialized intelligence.
There is one industry that fits the bill: alternative energy, the development of more energy-efficient products, along with viable alternatives to oil, including wind, solar, and geothermal power, along with the use of nuclear energy to produce sustainable oil substitutes, such as liquefied hydrogen from water. Indeed, the next bubble is already being branded. Wired magazine, returning to its roots in boosterism, put ethanol on the cover of its October 2007 issue, advising its readers to forget oil; NBC had a “Green Week” in November 2007, with themed shows beating away at an ecological message and Al Gore making a guest appearance on the sitcom 30 Rock. Improbably, Gore threatens to become the poster boy for the new new new economy: he has joined the legendary venture-capital firm Kleiner Perkins Caufield & Byers, which assisted at the births of Amazon.com and Google, to oversee the “climate change solutions group,” thus providing a massive dose of Nobel Prize–winning credibility that will be most useful when its first alternative-energy investments are taken public before a credulous mob. Other ventures—Lazard Capital Markets, Generation Investment Management, Nth Power, EnerTech Capital, and Battery Ventures—are funding an array of startups working on improvements to solar cells, to biofuels production, to batteries, to “energy management” software, and so on.
Total market value: Alternative energy and infrastructure. Estimated fictitious value of next bubble compared with previous bubbles
Dollhouse, Rape Culture, and Women in Refrigerators
Dollhouse, on the other hand, really was pretty decent. Definitely the best episode of the series so far. If I have complaints—which I do—it’s with:
1) The Echo reprogramming / mole bit, which drew a little too bright a line around the silliness of the show’s premise. How did the mole accomplish the insertion of such a detailed, uh, parameter, in the fifteen seconds Topher happened to be away from his desk? It reminded me of a classic bit from Family Guy:
Brian: Hola! Um…me, me llamo es Brian. Ahh, uh, um lets see, uh, nosotros queremos ir con ustedes.
Mexican: Hey that was pretty good. But actually when you said, “Me llamo es Brian,” you don’t need the “es.” Just, “Me llamo Brian.”
Brian: Oh, you speak English.
Mexican: No, just that first speech and this one explaining it.
Brian: You…you’re kidding right?
Mexican: Que?2) The attempted rape and murder of Mellie is an illustrative example of how hard it can be to separate commentary on misogyny from misogyny itself. (See Joss’s interview at NPR for more on Joss’s self-awareness about this problem.) The violence in the scene is exceptionally brutal, and the way it is shot is a deliberate quotation of the Jenny Calendar scene from Buffy Season 2. The audience is primed first to think of the usualness of this sort of filmic violence, in other words, so that the subversion of the woman-in-refrigerator trope has more salience.
On the other hand, the scene can only be described as pornographic in its composition, from the way the characters are dressed and blocked to the camera’s fixation on Mellie’s body. It’s the same sort of problem that arises when Dollhouse (which is at its essence as show about misogyny and rape culture) uses Eliza Dushku in short skirts speaking in a breathy voice to promote itself. Joss has a lot of feminist cred and you certainly want to give him the benefit of the doubt, and I’m sure we’re all cognizant of the realities of the television marketplace and corporate interference—but this remains a needle that Joss will have to be very careful in trying to thread.
On the more global level of mythology, Dollhouse 1.6 works very hard to expand the show past the tight hermeticism of the first few episodes. Through the Wolfram-and-Hartization of the Dollhouse and the urban legend trope this world has suddenly grown a lot larger and a lot more interesting. Now this is a show that’s as much about global capitalism as it is about sexual violence, and really about the intersection of the two—which seems very promising. I’m excited to see where Joss takes these ideas now that he has a freer hand.
Case Study in What Late Capitalism Does to Language
Case study in what late capitalism does to language: The Sci-Fi Channel is changing its name to SyFy.
NBC Universal’s Sci-Fi Channel is changing its name to the “SyFy channel,” a name that is apparently easier for children to text to one another and will therefore increase the company’s earnings dramatically.
“SyFy” sounds exactly like “Sci Fi” when you say it, but, as Richard noted in the Trade Roundup, NBC Universal will own it now. For years, NBC executives had longed to trademark the channel’s own name, but legal kept telling them you can’t trademark a genre of entertainment for lonely obsessives. So they spent years, and paid a branding company gobs of money, to come up with SyFy.
“SyFy” is actually a fairly appropriate neologism; it nicely captures the relationship between the Sci-Fi Channel’s generally crummy output and actual SF.
The end of the Gawker piece twists the knife just right:
Accompanying the name will be the channel’s new slogan, “Imagine Greater,” which means nothing and is grammatically incoherent.
Gerry Canavan 