@socialeurope & Colin Crouch confect a retrograde defense of Neo-Liberalism, presented as an ‘evaluation’. Almost Marx wonders!

 

Polemic is a discourse of conflict, whose effect depends on a delicate balance between the requirements of truth and the enticements of anger, the duty to argue and the zest to inflame. Its rhetoric allows, even enforces, a certain figurative licence. Like epitaphs in Johnson’s adage, it is not under oath.

Perry Anderson

https://www.lrb.co.uk/v15/n20/perry-anderson/diary


Never fear the Social Europe Think Tank ,and its minion Colin Crouch, defends the tattered remains of  Neo-Liberalism, presented as a set of arguments for and against, yet there is this glaring apologetic :

 

…Colin Crouch recognises some of its positive contributions but also notes conflicts within the neoliberal camp – particularly those between ‘market’ and ‘corporate’ forms of the strategy. Finally, he considers to what extent those behind the great experiment are now capable of accepting its reform.

https://www.socialeurope.eu/book/can-neoliberalism-saved

CanNeoLiberalismBeSavedfromItselfCCrouchSocialEuropeOct102017

The Great Experiment ? that was, and is, an economic/political catastrophe. Here is a chart from ‘The Paper of Record’, the New York Times, titled ‘Our Broken Economy’ by

InequalityinAmericaDLionheartNYTOct102017

Neo-Liberalism was/is, in equal measure, a frontal assault on the republican tradition of over two thousand years of the history of the evolution of  Western Political Institutions:

The MachivellianMomentOct102017

https://press.princeton.edu/titles/10861.html

There is also Wendy Brown’s essential critique of the utterly pernicious Market Mythology, titled Undoing the Demos: Neoliberalism’s Stealth Revolution:

UndoingThe DemosWendyBrownOct102017MITPress

https://mitpress.mit.edu/books/undoing-demos

Here is a collection of essays, that is an unsparing inquiry into the thought/propaganda of one of the intellectual culprits that led the way to that catastrophe:

HayekGoodBadUglyOct102017

http://www.criticalreview.com/crf/current_issue25_34.html

The engaged and curious reader should also consult R.A. ‘s surprisingly balanced review of Piketty’s ‘Capital in the Twenty-First Century’ at The Economist web site . The first part of this very valuable contribution to the debate on inequality begins here:

ReadingCapitalEconomistRAReviewPiketty

https://www.economist.com/blogs/freeexchange/2014/02/book-clubs

Almost Marx

 

 

 

 

 

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Harvey Weinstein fired! Myra B. states the obvious

Polemic is a discourse of conflict, whose effect depends on a delicate balance between the requirements of truth and the enticements of anger, the duty to argue and the zest to inflame. Its rhetoric allows, even enforces, a certain figurative licence. Like epitaphs in Johnson’s adage, it is not under oath.

Perry Anderson

https://www.lrb.co.uk/v15/n20/perry-anderson/diary

 

In a metaphor used by Crisis Managers,  negative optics kills more public careers than actual wrong doing. But Harvey Weinstein was serial sexual predator, whose power just vanished after how many years! Even his long time business associates recognized the power of those ‘negative optics’ to  reek havoc on their Hollywood Boys Club, under threat from the voices of an oppressed class of women.

Betty Friedan’s book ‘The Feminine Mystique’ was published on February 19, 1963, Sexual Politics by Kate Millett was published in 1970, yet the plight of women in the work place, where the asymmetry of power is an ever present threat to personal/bodily integrity of women, remains the last bastion of male privilege. Look to popular culture, where ‘Mad Men’ had its vogue, as a kind of retrograde nostalgia for, not just a lost time and place, but for an unchecked white male heterosexual privilege.

Yours,

Myra B.

https://www.ft.com/content/be883438-ac84-11e7-aab9-abaa44b1e130

 


 

 

 

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At The Financial Times: Richard Thaler wins Nobel Prize, Old Socialist comments

Polemic is a discourse of conflict, whose effect depends on a delicate balance between the requirements of truth and the enticements of anger, the duty to argue and the zest to inflame. Its rhetoric allows, even enforces, a certain figurative licence. Like epitaphs in Johnson’s adage, it is not under oath.

Perry Anderson

https://www.lrb.co.uk/v15/n20/perry-anderson/diary

The celebratory coverage here at The Financial Times of Richard Thaler, and by definition his co-conspirator Cass Sunstein, in their Authoritarianism disguised as ‘Nudge’, is unsurprising! Read Richard Waldron’s review of Why Nudge? The Politics of Libertarian Paternalism and  Conspiracy Theories and Other Dangerous Ideas at The New York Review of Books web site, it is available without charge, link below

Mr. Waldron’s guards his bourgeoisie political respectability with this bland evaluation, not to speak of his accommodationism, of the policies that both Sunstein and Thaler advocate in their ‘Nudge’ book, Waldron’s concluding concluding paragraphs are telling.  In this exercise of critique Mr. Thaler is utterly absent, curious for a co-author to be ignored, the ‘as if’ being that his contributions, to this carefully framed rationalization for ‘benign manipulation’ were superfluous. The awarding of a Nobel Prize is the great clarifying moment!

It may seem a bit much to saddle Cass Sunstein with all this. The objections about dignity and manipulation that I’ve been considering can sound hysterical. It is perfectly reasonable for him to ask: “Is there anything insulting or demeaning about automatic enrollment in savings and health care plans, accompanied by unconstrained opt-out rights?” The strategies he advocates, when used wisely and well, seem like a sensible advance in public regulation, particularly when we consider them nudge by nudge.

Still, it is another matter whether we should be so happy with what I have called “nudge-world.” In that world almost every decision is manipulated in this way. Choice architects nudge almost everything I choose and do, and this is complemented by the independent activity of marketers and salesmen, who nudge away furiously for their own benefit. I’m not sure I want to live in nudge-world, though—as a notoriously poor chooser—I appreciate the good-hearted and intelligent efforts of choice architects such as Sunstein to make my autonomous life a little bit better. I wish, though, that I could be made a better chooser rather than having someone on high take advantage (even for my own benefit) of my current thoughtlessness and my shabby intuitions.

http://www.nybooks.com/articles/2014/10/09/cass-sunstein-its-all-your-own-good/

And Mr. Sunstein’s reply:

Nudges: Good and Bad

Old Socialist

https://www.ft.com/content/aa08d810-acd8-11e7-aab9-abaa44b1e130

 



 

@User_7955 @StephenKMackSD

Thank you for your comment. Another more pertinent question might be this: what is the difference between ‘increasing awareness’ and ‘advocacy‘? The idea/notion of ‘nudge‘ is an offhand colloquialism, where a ‘push’ describes, more accurately, the asymmetry of power, that defines the relationship between government and the citizen. I would argue that as a citizen, I don’t want any more ‘nudges’ nor ‘pushes‘ from government.

Richard Thaler and Cass Sunstein are of a Technocratic Elite, Policy Experts, or just plain political hacks, who serve both an utterly corrupt and collapsed  ‘Market Mythology’, and a demonstrably corrupt political class: New Democrats and Republicans, whose misrule and mendacity has produced The Know-Nothing Trump.

How about a restatement of republican principals, allied to a Politics/Economics of a New-New Deal, rather than ‘Behavioral Economics’ , as a new frame that ‘pundits’ will refer to, as some kind of ‘New Paradigm’  al la Kuhn, just to tart up their inane yammering apologetics for the dismal political present!

Regards,

StephenKMackSD

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My Sunday reading, Philosophical Apprentice

 

RadicalOriginCoverOct082017

https://books.google.com/books?id=zWNQKbi9uiQC&q=page+129#v=onepage&q=page%20129&f=false

Chapter 5

OriginPage129Oct082017

HeideggerAndModernPhilosophyCoverOct082017

Heidegger and Modern Philosophy: Critical Essays edited by Michael Murray

Chapter 9 : The Task of Hermeneutics by Paul Ricoeur,  page 141

https://books.google.com/books/about/Heidegger_and_Modern_Philosophy.html?id=KpAVAAAACAAJ

Philosophical Apprentice

 

 

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Anne Applebaum on ‘A New European Narrative?’ American Writer comments on her ‘reviews’

The reader doesn’t have to read to far into Ann Applebaum’s latest essay, in the New York Review of Books, titled  A New European Narrative? of October 12, 2017, a review of six books about Europe, to find this diagnosis of the European Problem:

And yet in very different ways, and for very different reasons, all six of these books ultimately argue that yes, a new narrative, or a new European political project, or an institutional revolution, is exactly what Europe needs. It’s not hard to understand why. The continent is plagued by crises that cannot be solved by any one European nation acting on its own: the arrival of millions of migrants, the rise of terrorism, the spread of international corruption, the imbalances created by the single currency, the high youth unemployment in some regions, the challenge from a revanchist Russia.

http://www.nybooks.com/articles/2017/10/12/new-european-narrative/

Her diagnosis of the problems that face Europe are carefully laundered, by which I mean, that she avoids the most telling problem: The Depression of 2008, the collapse of The Free Market dogmas,  and it effects upon an EU, that in not a democracy,  it is a Federation of Technocrats. The shameful treatment of the Greeks, by Merkel and her ECB are a glaring example of  convenient German Historical Amnesia! The Brexit Vote doesn’t yet qualify for attention, nor the War on Terror being pursued on eight fronts by America. Those Migrants are fleeing from America’s Wars of Choice. Parts of this collection of the woes of Europe, carefully enumerated by Applebaum, are the product of America’s fracturing hegemony, and the a fore mentioned EU as Cartel. What is given pride of place is revanchist Russia. Ms. Applebaum is a Neo-Conservative and hews to the Party Line on Russia, without fail. But Applebaum provides an historical analogy to explain Europe’s conundrum:

At the same time, Europe, like the American states before they adopted the Constitution in 1789, still has no political mechanisms that can create joint solutions to any of these problems. A common European foreign and defense policy is still a pipe dream; a common border is difficult to enforce; a common economic policy is still far away. Instead, decisions made unilaterally by the larger states wind up determining policy for the continent, often creating anger in smaller states. Alternatively, decisions are not made at all, in which case the anger comes from the general public.

A telling aside: that ‘anger of the general public’ became, in the pages of the august Financial Time,  ‘The Rebellion Against The Elites’. This historical/political precis provides the introduction to her first book under review:

The Great Regression

edited by Heinrich Geiselberger
Polity, 197 pp., $59.95; $16.95 (paper)

Most of the contributors to The Great Regression at least start from the same vantage point. Geiselberger explains that his book is designed to address not just a crisis but a “neoliberal” crisis, one that he believes has been caused by the ruling economic philosophy of the past three decades, by which he means the philosophy not just of Ronald Reagan and Margaret Thatcher but of Tony Blair, Bill Clinton, and the International Monetary Fund. Some of the arguments here are familiar and can be heard not only on the left but on the right and in the center. Financial markets are too powerful; trade unions are too weak. Globalization has been good for the wealthy in the West, bad for the poor. Deregulation has brought some ugly surprises.

How utterly inconvenient that Geiselberger’s introduction should place the blame on Neo-Liberalism! But Applebaum has the answer:
Particularly given the EU’s reputation among conservatives in Britain and the US as a left-leaning institution, some will be surprised to discover that several contributors to The Great Regression believe that despite its redistributive functions and its support for the social welfare state, the EU is part of this same neoliberal problem. Robert Misik argues, for example, that with its uniform regulations and competition laws, the EU makes “practical implementation of left-wing ideas” impossible. Because this is the view held by Jeremy Corbyn, the British Labour Party leader, it’s an important one to reckon with: after all, if Labour had a pro-European instead of a Euroskeptic leader, Britain might well not be leaving European institutions at all.
The Common Market was a cartel, to sell coal and steel, that became the EU, with the trappings of both ‘democracy’ and ‘federalism’ , in sum, Neo-Liberalism avant le lettre. The EU’s mastermind was Jean Monnet, the Technocrat Supreme and full time advocate/practitioner of and for Capitalism. See François Duchêne’s biography Jean Monnet: The First Statesman of Interdependence for confirmation my assertion:
Ms. Applebaum asserts that the EU is a ‘left leaning institution’ in the minds of Conservatives in American and Britain because of its ‘redistributive functions and its support for the social welfare state’  Yet Robert Misik points to the fact that the EU’s ‘its uniform regulations and competition laws, the EU makes “practical implementation of left-wing ideas” impossible. ‘ Ms. Applebaum places the blame on ‘Euroskeptic’ Jeremy Corbyn: the reader is now in the territory of the Neo-Liberal Apologetics of The Economist and The Financial Times.  In sum Mr. Corbyn and his allies represent a backward looking political nostalgia, no matter how gussied up. Yet the vote on remain proved to be the undoing of the arrogant Mr. Cameron, only confirmed by the vote that the clueless Mrs. May’s called, that only confirmed Mr. Corbyn’s ascent to the leadership of a Labour Party. Call these two maladroit gambles just that. Ms. Applebaum points to the enemy, a Left-Wing Social Democrat, that only demonstrates the extremity of her Neo-Conservatism, that is consonant with nihilism.
Ms. Applebaum, then conjures a more threatening, not to speak of a radical presence, in the person of Slavoj Žižek. The deeply interconnected European single market is under threat from even more radical Political Nostalgics! Note that ‘The Market’ is the central concern of focus of Applebaum’s hysterics.
The trouble is that it isn’t clear what an alternative, more left-wing EU would look like. Should the members of the deeply interconnected European single market be allowed to nationalize industry again? Nationalize banks? Since these are all ideas that failed in the past, why would they work in the present? With surprising pragmatism, Slavoj Žižek suggests that a “left alternative” to the current international trade regime might be a “programme of new and different international agreements—agreements which would establish control of the banks, enforce ecological standards, secure workers’ rights, healthcare services, the protection of sexual and ethnic minorities, etc.” Since this is some of what global trade agreements do already, this is not particularly revolutionary, but at least it is a concrete idea that could be implemented jointly, if there were the will to do so.

After Europe

by Ivan Krastev
University of Pennsylvania Press, 120 pp., $19.95
Mr. Krastev’s contribution to The Great Recession then becomes the point of departure to ‘review’  his book ‘After Europe’ . Ms. Applebaum summarizes Mr. Krastev’s book as expressing  the fear of the ‘Other’, that is about to engulf the once ethic monotone, that expresses itself as the primacy of ‘True Poles’ , ‘True Hungarians’ etc. This allied to a fear of the Cosmopolitan Faction in European life.
Ms. Applebaum offers these three paragraphs, as the opening, of her review of political fellow traveler James Kirchick’s book:

In The End of Europe, James Kirchick also offers dark comfort: “Although there are many arguments in favor of European integration, perhaps the strongest is that the alternative is so much worse.” Kirchick, like Krastev, believes that Europe’s deepest problems are not so much economic as psychological and cultural. But he phrases the problem differently. What Kirchick fears is a “loss of faith in the universal, humanistic values of what might be called the European idea.”

He sees, on the populist right, the same scorn for rule of law and democratic norms that Krastev has observed. In a chapter on Hungary he quotes at length Hungarian Prime Minister Viktor Orbán’s famous oration in praise of “illiberal democracy,” during which he disparaged the “divisive” nature of democracy and advocated, instead, the emergence of a “great governing party…a central field of force, which will be able to articulate the national issues…without the constantly ongoing wrangling.”

But Kirchick also sees dangers coming from an ideologically rigid left that has sought to ignore the problems caused by the immigration wave, including the dangerous plague of Islamic terrorism and, in some places, a rise in crime. He excoriates the “constricted political discourse in which decent, ordinary people are told not only that plainly visible social phenomena don’t exist but also that voicing concerns about these allegedly nonexistent phenomena is racist.” Along those same lines, he worries that the entire debate about immigration will become a partisan, bifurcated battle between the genuinely racist far right and a “multicultural” left that can’t bring itself to address the public’s legitimate (or even illegitimate) desire for more security.

In the political present, the strategy of the respectable bourgeois opinion writer, like Mr. Kirchick, is to place themselves into an imagined ‘Center’, while contrasting that with the extremes of both ‘Left’ and ‘Right’. Ms. Applebaum engages in the same strategy. Mr. Kirchick was once a part of a Neo-Con Troika at the Daily Beast: it was Eli Lake, Josh Rogan and Mr. Kirchick, this collection of Neo-Cons flourished under the leadership of  Michael Weiss, the once editor of the Interpreter Magazine:  a publication of The Atlantic Council, the propaganda arm of NATO. Yet Mr. Kirchick, in the above paraphrase by Applebaum, recites one of the shibboleths of ‘Right‘ , the fear of the ‘Other’, while putting its expression into question, as cover. Applebaum fortifies her political respectability by placing Kirchick’s claim into the conjectural notion of ‘more security‘. As an American Neo-Conservative Mr. Kirchick has as irrational fear of that ‘Other’. The reader just needs to consult notorious Neo-Conservative Samuel P. Huntington’s  Who Are We? The Challenges to America’s National Identity (2004), in which he posits that the Mestizo Hoards about to engulf the Anglo-Protestant virtue of America.

https://en.wikipedia.org/wiki/Who_Are_We%3F_The_Challenges_to_America%27s_National_Identity

After this we are confronted by the crimes of the ‘outside force‘ of the malign political actor Vladimir Putin, in the next paragraph. Mr. Putin is the all purpose villain, in this continuing and always self-serving melodrama. Putin strategy is to back both ‘Left’ and ‘Right’ as the means to undermine the Noble European Project from within. This is the stuff of TV Soap Opera! Think of Ms. Applebaum as a political Agnes Nixon:

https://en.wikipedia.org/wiki/Agnes_Nixon

According to the fable constructed by Ms. Applebaum, using the insights and or propaganda  offered by Mr. Shekhovtsov,  Putin acts ‘as if’ he were an American president, on just a more modest scale. Her tale focuses on the money that Putin has spent on influencing political outcomes in Europe. The point of this line of argument, is that this rhetorical strategy avoids the inconvenient  facts of American Hegemony: the amount of money spent on a far vaster scale than Putin, and his minions, can only imagine!

Slippery Slope: Brexit and Europe’s Troubled Future

by Giles Merritt

Oxford University Press, 320 pp., $29.95; $16.95 (paper)

In Defence of Europe: Can the European Project Be Saved?

by Loukas Tsoukalis

Oxford University Press, 238 pp., $30.00

Ms. Applebaum gives a perfunctory synopsis of the  Merritt and Tsoukalis books, characterizing them as ‘both of which are far more Brussels-centric, policy wonkish, pragmatic, and thus somewhat harder to read than the others.’

For a wider range of possible solutions and policy proposals, the reader must turn back to the books by Giles Merritt and Loukas Tsoukalis, both of which are far more Brussels-centric, policy wonkish, pragmatic, and thus somewhat harder to read than the others. These focus on the EU as an institution, and they offer laundry lists of policy recommendations. Merritt calls for, among other things, an EU-wide program to modernize infrastructure, a larger community budget, a more activist central bank. Tsoukalis wants policies that encourage social cohesion, such as a European unemployment scheme. Both men want, as many others do, reform to the EU’s democratic institutions. Suggested changes to the EU’s parliament have been under discussion for years, including changing its composition to include members of national parliaments, or electing candidates from multinational constituencies. So far, all such projects have been halted by inertia.

Both men also want, again like many others, a more robust EU foreign policy, one that would give Europe a voice in the world commensurate with its size and economic strength. Indeed, it is possible to argue that Europe’s failure to have a foreign policy is the source of many of its problems. A Europe that could stand up to Russia would not be so easily manipulated by Russian disinformation. A Europe capable of ending the civil wars in Libya and Syria, instead of pretending they weren’t happening, wouldn’t have a refugee crisis on the current scale at all.

The trouble with all of these ideas is that they come back to the problem that I began with: to push through parliamentary reform, to construct, finally, a real European army, to build support for a larger budget or central bank, Europe needs a set of institutions to which people feel loyal and attached. To provide small European nations with the confidence they need to thrive in a globalized world; to inspire enough growth to keep people thriving in rural Bulgaria or Spain; to create a real border agency that makes people feel secure; to persuade southern Europeans to take the Russian threat seriously and Eastern Europeans to take the refugee crisis seriously—all of this requires a level of political energy that always seems to be missing at the European level, and even, in many European countries, at the national level too.

It isn’t hard to discern that Ms. Applebaum gives more comment, quotation and paraphrase space to Kirchick’s book, rather than the ‘wonkish policy’ ,‘pragmatic’ and ‘harder to read‘ books of Merritt and Tsoukalis. These two books are of less interest, than a fellow travelers speculations, not to speak of the lack of ideological propinquity between Applebaum, Merritt and Tsoukalis! Ms. Applebaum’s maladroit New Cold War propaganda, masquerading as a collection of book reviews, looses its argumentative cogency, by trying to produce critical evaluations of too many books. That purportedly share the common purpose of producing a New European Narrative? posed in the interrogative by Ms. Applebaum. Call this set of ‘book reviews’ what it is blatant  propaganda.
American  Writer

 

 

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At The Financial Times: Martin Wolf attacks Jeremy Corbyn. Committed Observer comments

Consider three key paragraphs in Mr. Wolf’s Anti-Corbyn polemic:

The leader of the UK Labour party has already had a disastrous economic impact, by making the Brexit referendum result far more likely. He cannot just say, as he did in his speech to the party conference last week, that, “As democratic socialists, we accept and respect the referendum result”, as if he had nothing to do with it.

Mr. Wolf is one of The Elite that the British populous is ‘rebelling against’, this a tag line manufactured by his newspaper. The Referendum, and the second vote called by May, have only increased Mr. Corbyn’s support with the voters! Its called a called a Democracy for a reason : will of the people – they have made a clear choice. Mr. Wolf and his EU allies can only hector and propagandize from the sidelines.

Why has European social democracy been such a success? The answer is that it understands the fundamental constraints that have to shape any successful programme, particularly for a party that believes in active government. First, it must avoid the lure of magical thinking on budget constraints, at all levels of government. Resources are always limited. Second, it must recognise the crucial role of incentives in shaping human behaviour. Third, it must fully internalise the importance of a stable institutional framework in guiding these incentives. Last, it must understand that the private sector, foreign as well as domestic, must play a leading role in the economy.

Mr. Corbyn is a ‘Left Wing Social Democrat’ in a British tradition dating from February 1900. Mr. Tony Blair Neo-Liberalized the Party as a kind of ersatz ‘Third Way’ politics. Think of Blair’s political re-invention of the Labour Party as a tarted up Thatcherism.  Note that the ‘constraints’ that Mr. Wolf makes one of the central claims of his essay were, and have been, attacked and dismantled by both the Tories and New Labour. The proof of this is the Depression of 2008! Where was that stable institutional framework ?

The question is what they would do with it in dealing with the challenges confronting a country irretrievably embedded in the global market economy. The proposals for rent controls and the abolition of university tuition fees do not bode well: these are classic populist gestures. Nor does the confusion over Brexit. It is time to ask whether Mr Corbyn’s Labour will turn dreams into reality or nightmares.

The Populists in their various iterations, become the rhetorical prefix of choice, as a manifestation of political irrationalism. Note too, that rent control and free university tuition, would be perfectly legitimate aspirations, in a politics not so corrupted by the utterly bankrupt Market Exceptionalism of Hayek, interpreted by Thatcher, Blair and now Wolf.

I have to add one more thought. Mr. Wolf almost comes to the realization of the why of the rise of the Populists. These two sentences present a lost opportunity for Mr. Wolf,  to think outside the Free Market paradigm: the toxic mix of bourgeois political respectability and ideology prevent such a realization.

Public dismay has long been growing over the post-crisis stagnation in living standards, prolonged fiscal austerity, high house prices, relatively high inequality and generational and regional divides. Nor can one possibly forget the shock of the financial crisis or the stagnation in productivity that followed it.

Committed Observer

https://www.ft.com/content/0e956c1e-a8e5-11e7-93c5-648314d2c72c

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At The Financial Times: John Plender warns against Quantitative Easing, Almost Marx scoffs!

Mr. Plender’s blend of ersatz economic technobabble and kitsch will find its advocates/enthusiasts here at The Financial Times. Yet his chatter can lead to only one conclusion for the Free Marketeer.

At the same time the build-up of debt means that borrowers are hostage to potential interest rate spikes as policy normalises. The risk is that central bankers will find themselves torn between the politically unpopular and financially destabilising rate rises that might be required to curb inflation and the more quiescent approach that would be needed if they are to preserve what independence they have. The second outcome would, in effect, usher in an unbrave new world of perpetual quantitative easing.

https://www.ft.com/content/66e92f8c-a78b-11e7-93c5-648314d2c72c

Consider that the Democracies of the West and their Central Banks have, and will, rescue Capital from its predations, as the-in-order-too of maintaining political/economic stability. Jeremy Green offers, in his 2013 post at Naked Capitalism, and other publications, a primer on Quantitative Easing, as the primary tool for rescuing Capital from its own greed.  Not to speak of  the fact that Neo-Liberalism relies on the interventions of Central Banks and governments: Free Market? Quantitative Easing equals TINA, in sum the economics and politics of The West are Corporatist!

The way the Fed led the policy response to the financial crisis is important in two ways. First, it reflects the extent to which the Anglo-American economies have become financialised: credit-debt relations are pervasive throughout all facets of contemporary economic activity and there has been a deepening, extension and deregulation of financial markets commensurate with this development. In that context, with the increased competitiveness, scale and global integration of financial markets intensifying the risk of financial instability, the crisis management capacities of central banks have become increasingly important.

Second, central bank leadership of the policy response also reflects a key feature of neoliberal political economy in practice. Despite all the rhetoric of free markets, competition and deregulation that has been the mainstay of neoliberalism, there is a central contradiction at its heart: neoliberalism has been extremely reliant upon the active interventions of central banks within supposedly “free” markets.

The crisis has been warehoused on the expanding balance sheets of central banks, demonstrating just how much scope for policy manoeuvre there is when governing elites want it. Government debt and private assets, including toxic mortgage-backed securities, have been indefinitely transferred onto central bank accounts. This strategy highlights the role of arbitrary accounting processes, shaped by state institutions, at the heart of supposedly “free market” economies.

Given this room for manoeuvre, there is no doubt that a much more expansionary fiscal policy and a progressive taxation system could have been implemented in response to the crisis, but that response is foreclosed by the ideological confines of the prevailing neoliberal orthodoxy. Instead, we have monetary expansion and fiscal austerity.

Incubated within the crisis conditions of the 1970s, the neoliberal revolution in the West was birthed during the 1980s with the landmark electoral victories of Margaret Thatcher and Ronald Reagan. The early years of their tenure were marked by proactive central bank policies, fighting inflation through high interest rate regimes that were justified with monetarist dogma. Those policies had mixed results, but, crucially, they signified the strong emphasis upon monetary policy within the new paradigm, which now prioritised price stability, rather than the traditional post-war commitment to full employment.

Article by Jeremy Green, Research Fellow, Sheffield Political Economy Research Institute (SPERI) at University of Sheffield

https://www.nakedcapitalism.com/2013/09/the-regressive-politics-of-quantitative-easing.html

Almost Marx

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At the London Review of Books: August Kleinzahler on Hugh Hefner, as perpetually obnoxious, leering 14 year old!

Mr Kleinzahler’s dismissal of Mr. Hefner reeks of disdain, yet he was, as semitone has indicated, not quite consistent in his application of that emotion.

Some of Mr Kleinzahler’s readers are old enough to recall an old television show done by Mike Wallace:

Between June 1961 and June 1962 he hosted a New York–based nightly interview program for Westinghouse Broadcasting[12] called PM East for one hour; it was paired with PM West, 30 minutes, hosted by San Francisco Chronicle television critic Terrence O’Flaherty. Westinghouse syndicated the series to television stations it owned and to a few other cities.

https://en.wikipedia.org/wiki/Mike_Wallace

I was one of the viewers of that show, as I was a rudderless high school dropout with a penchant for television. My brother and I would turn on that TV just to watch the test pattern. We were so enamored of this beautiful box! , yet compared to today’s juvenile fixations, quite mild.

To get to my point, I recall, sometime in the early 60’s watching a segment of PM East in which Gloria Steinem became a ‘Bunny’ , I think she even wore a costume and received training for doing the ‘Bunny Dip’, all recorded on black and white film. Ms.  Steinem and Mr. Wallace had a humor laced discussion about the ‘Bunnies’ after the film segment, Mike puffing on his signature cigarette.

Here is a link to her 1963 Show Magazine ‘undercover report’ on ‘Bunny Life‘:

http://dlib.nyu.edu/undercover/bunnys-tale-gloria-steinem-show-magazine

Steinem told Hefner during the interview that ‘there are times when a woman reading Playboy feels a little like a Jew reading a Nazi manual.’

StephenKMackSD

https://www.lrb.co.uk/blog/2017/09/28/august-kleinzahler/the-conventional-mr-hefner/#comments

P.S. I forgot to provide a link to my post, I went back to copy that link and found that my comment had been removed, and or didn’t pass ‘moderation’. Challenging the narrative that Kleinzahler constructed, of Gloria Steinem as ‘Feminist Heroine’ was too much. History is only inconvenient to those who wish to re-write it. (October 06, 2017: 6:16 AM PDT)

SKMSD

 

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At The Financial Times: Macri liberates the Argentine People from their Oedipal Strivings. Committed Observer comments

Mr. Benedict Mander’s first paragraph is-what to call it?

Mauricio Macri, Argentina’s president, has liberalised the country’s economy and opened it up to global trade and foreign investment. His government’s biggest task, though, is yet to come: it wants to get Argentina on the couch, to deal with its hang-ups and become a “normal country”.

Macri hasn’t ‘liberalised’ Argentina, he has Neo-Liberalized it, by paying a billion dollar ransom to Capitalist Vampire Paul Singer, for re-admittance to the faltering Free Market nations of ‘The West’. Should the reader call America led by Trump a ‘normal country’?

And then there is Mr. Mander’s rhetorical framing of the whole of his essay, with the master narrative of Psychoanalysis. The cult of Freud is not just passe, Psychoanalysis  was once a ‘Science’, that has devolved/decayed into another bankrupt ideology. How does one explain/describe the conundrum of the human world? Kant in his Critiques  attempted to describe the limits of human experience, to reduce it to three essential questions. Hegel produced his Philosophical Novel the Phenomenology of Spirit, that is a monument to the human imagination, that is called Philosophy.

Freud was a gifted charlatan whose ‘Science’ was a product of his megalomania and the will to play the Hero/Liberator on a cosmic scale. The scholarship is irrefutable,while it is contested by the Freudian Cult.

The title of this essay might more aptly be  : A Financial Times writer’s act of rhetorical desperation. Yet, the reader must give credit to Mr. Mander with confecting a Freudian Melodrama, in which Macri plays the part of the Liberator of the Argentine People, from their Oedipal Strivings directed toward Cristina Fernández.

Committed Observer

https://www.ft.com/content/0a10803c-997e-11e7-a652-cde3f882dd7b


 

One of my comments on this FT essay:

@Freedomofthought @StephenKMackSD

Your comment expressed a certain muddled coherence, until this exercise in nihilist  hyperbole :

‘all those sympathisers and cronies of the kirchners should be burnt alive to produce the energy the country can’t because they did not invest a coin in growing the economy and giving the ‘pueblo’ a better life!’

You ventriloquise the beliefs and even the practices of General Jorge Rafael Videla, Admiral Emilio Eduardo Massera and Brigadier-General Orlando Ramón Agosti.

https://en.wikipedia.org/wiki/1976_Argentine_coup_d%27%C3%A9tat

Call the point of your rambling comment, not just compromised, but it renders it into the territory of the feckless!

StephenKMackSD

 

 

 

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@PCollinsTimes

Thank you for your comments on my post, much appreciated! My numbers shot up on both twitter and my blog.  Are you an internet rookie?  Because you have transgressed one of the first rules that almost all bourgeois ‘pundits’ observe: NEVER reply to a twitter bottom feeder! No matter what the provocation.

Some advice: as a former speech writer for Mr. Blair you need to diversify your reading, to include other Neo-Liberal apologetic publications like  The Financial Times, The Economist – break out of your Times rut and explore, even publications like The New Left Review, and one of its best writers Perry Anderson, he also writes for The London Review of Books. Perhaps farther that you would like to go?. As an actual member of the Left, I find reading and commenting at the FT particularly rewarding.

I’m a bit disillusioned  since The Economist has started publishing its  ‘1843’, the editors  now finding sucking up to the rich, or readers pretending to be wealthy, of more importance than publishing attacks on The Labour Party under the leadership of Political Apostate Jeremy Corbyn.

Regards,

StephenKMackSD

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