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Posts Tagged ‘dystopia

“Not every business cycle has a financial crisis. Frequently they do.”*…

 

Your correspondent is headed away on his annual pilgrimage to the land of banked dunes and deep-fried delights.  Regular service will resume on or around August 27.  Vacations can be a time for retrospection.  In that spirit, an invitation to think about the last ten years…

 

2008

 

2008 was a big year: Senator Barack Obama was elected president of the United States,  “Satoshi Nakamoto” published “Bitcoin: A Peer-to-Peer Electronic Cash System,” SpaceX became the first private, commercial company to put an object into earth orbit, China wowed the world with its host ceremonies for the Summer Olympic Games…  But of course, 2008 was also the start of the Great Recession…  which was bad.  Really bad:

Total U.S. household net worth dropped by $11.1 trillion in 2008.

The median income for 25-to-34-year-olds in America, $34,000, hasn’t budged since 1977, adjusted for inflation.

Median household wealth collapsed.
2007: $126k
2016: $97k

The number of Americans worried about the economy multiplied nearly sixfold.
2007: 16 percent
2008: 86 percent

In 2016, the median wealth of a family headed by someone born in the 1980s was 34 percent below the level of earlier generations at the same 2007: age.

Mutual funds lost a third of their value: -38 percent.

The market value of all publicly traded companies was cut in half.
October 2007: $63 trillion
March 2009: $28.6 trillion

From 2005 to 2009, the median value of stocks and mutual funds owned by whites dropped by 9 percent.

The median value of holdings for African-Americans dropped by 71 percent (probably because of pressure to sell when prices were low).

Between 2007 and 2013, wages declined for the bottom 70 percent of all workers.

The retirement savings of black families fell by 35 percent from 2007 to 2010.

In a 2016 survey by the Fed, 28 percentof working-age adults said they had no retirement savings whatsoever.

The racial wealth gap, already large, ballooned.
Whites: $171k
Hispanics:  $20.7k
African-Americans: $17.6k

In terms of household wealth, every group suffered — but some more than others.
Hispanics: -66 percent
Asian-Americans: -54 percent
African-Americans: -53 percent
Whites: -16 percent

Consumer credit-card debt at the end of 2017 was over $1 trillion (about 30% higher than in 2008).

Millennials have taken on at least 300 percent more student-loan debt than their parents’ generation.

The unemployed took many more weeks to find work.
May 2008: 7.9
June 2010: 25.2

In a December 2017 poll by YouGov, 38 percent of those surveyed said they didn’t know when they’d be debt-free. 30 percent of respondents thought they’d never be out of debt.

63 percent of Americans say they don’t have enough money in savings to cover a $500 health-care expense.

In 2017, women had nearly 500,000 fewer babies than in 2007, although there were 7 percent more women of prime childbearing age.

The suicide rate rose 4 percent from 1999 to 2010: 4,750 additional deaths.

24 million adult millennials, or 32 percent, still live at home.

79 million Americans live in a “shared household” with at least one extra, nonfamily resident.

More college grads moved in with their parents.
2005: 19 percent
2016: 28 percent

As of 2017, only 34.2 percent of homes have recovered their value from before the recession. (Still below 2008 value.)

From 2000 to 2015, homeownership declined in 90% of all U.S. metropolitan areas.

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Frank Rich explores the lasting impact of that crash:

…the collapse of Lehman Brothers kicked off the Great Recession that proved to be a more lasting existential threat to America than the terrorist attack of seven Septembers earlier. The shadow it would cast is so dark that a decade later, even our current run of ostensible prosperity and peace does not mitigate the one conviction that still unites all Americans: Everything in the country is broken. Not just Washington, which failed to prevent the financial catastrophe and has done little to protect us from the next, but also race relations, health care, education, institutional religion, law enforcement, the physical infrastructure, the news media, the bedrock virtues of civility and community. Nearly everything has turned to crap, it seems, except Peak TV (for those who can afford it)…

Read the full essay: “In 2008, America Stopped Believing in the American Dream.”

Then consider Steve Bannon’s take on the same event:

The legacy of the financial crisis: Donald Trump. The legacy of the financial crisis is Donald J. Trump. And I can give you the specific moment: When they put Lehman in bankruptcy, and the geniuses didn’t understand that it was inextricably linked to the commercial paper market. Hank Paulson, Treasury secretary, and Ben Bernanke, the head of the Federal Reserve, they went to see Bush three days later. They told him, ‘We need a trillion dollars in cash, and we need it by five o’clock.’”

And in a profile of courage, President Bush says, “Not my problem. You gotta go to Capitol Hill.” They go up to Capitol Hill, they put everybody in a room. They make them all put their BlackBerrys outside, and they walk in, and Bernanke, who’s not an alarmist, says, “If we don’t have a trillion dollars by today, the American financial system will melt down in 72 hours. The world financial system will melt down in two weeks, and there will be global anarchy.”

And by the way, this was completely brought on by the elites of the country and Wall Street. When I got to Harvard Business School in 1983, a bunch of professors were coming up with a radical idea that’s had a horrible negative consequence on this country and to the fabric of our society: the maximization of shareholder value; this was preached as High Church theology. The whole thing of the financialization of Wall Street, of looking at people as pure commodities and of outsourcing and globalization, came from the business schools and the financial community that had these radical ideas, and nobody kept them in check…

I think you’re starting to see the deindustrialization of the country. We stopped investing in the country. Domestic investment’s all going over to China. We deindustrialized Western Europe. Brexit and 2016 are inextricably linked, okay?

Workers know this. It’s the labor vote in the midland counties that drove Brexit. This is what’s so obvious the Democratic Party misses. Donald Trump’s president because of working-class Democrats. The Trump movement is made up of people like my father, the Marty Bannons. My whole household was working-class Democrats. These are adamant Trump supporters because they understand Trump supports working-class people…

While the prescribed remedies may be wildly different as between the progressive writer and the Nativist provocateur, the diagnosis is eerily similar.  Read Bannon’s interview in full at “Steve Bannon on How 2008 Planted the Seed for the Trump Presidency.”

More perspectives on 2008 at “Ten Years After the Crash, We Are Still Living in the World It Brutally Remade.”

And lest we think too parochially, consider this argument that the Georgian War (Russia’s engagement in Georgia) in 2008 was (another) product of the same currents that yielded the financial crisis: “The Turning Point of 2008“… which, in turn, helped spur the growth of Russia’s use of criminal hackers: “It’s our time to serve the Motherland.”

Kenneth Arrow

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As we make our way down memory lane, we might recall that it was on this date in 1945 that George Orwell’s allegory, Animal Farm– A Fairy Story, was published.  (The U.S. edition, published in 1946, dropped the sub-title.)   While it has never disappeared from conversation about politics and governance, Animal Farm is enjoying a renaissance in these increasingly Nativist times.  But while Orwell rings only too relevant these days, we might do well to keep in mind his friendly competitor (and one-time school master), Aldous Huxley, and Huxley’s Brave New World:

In his classic 1985 book Amusing Ourselves to Death, Neil Postman wrote of the difference between George Orwell’s and Aldous Huxley’s visions of fascism.

“Orwell feared those who would deprive us of information,” wrote Postman. “Huxley feared those who would give us so much that we would be reduced to passivity and egoism. Orwell feared that the truth would be concealed from us. Huxley feared the truth would be drowned in a sea of irrelevance.”

More at “Amusing Ourselves to Trump.”

For a nifty cartoon version of the Orwell-Huxley distinction, see here.

And for a further exploration of this modern day Scylla and Charybdis, see “Orwell feared that what we fear will ruin us. Huxley feared that what we desire will ruin us.”

220px-Animal_Farm_-_1st_edition

First edition cover

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“Orwell feared that what we fear will ruin us. Huxley feared that what we desire will ruin us”*…

 

On the occasion of Cyber Monday…

Science fiction writer William Gibson coined the phrase, “The future is already here — it’s just not very evenly distributed.” It’s a well-known and oft-repeated line.

I’m proposing a slight variation, or perhaps a corollary principle: The dystopia is already here — it’s just not very evenly distributed…

From Michael Sacasas, a run-down of (some of) the signs of trouble in our times: “The Dystopia Is Already Here.”

Lest we descend into despair, we should remember that there are things we can do to stem the dark tide…  we just have to do them.  For example, we can use the resources of groups like Common Sense Media; we can support the work of EFF and other privacy and rights groups; we can switch to the tools of open makers like Mozilla; we can contribute to open knowledge resources like the Internet Archive and Wikimedia

Oh, and just in case our resolve begins to slip, we can revisit Sacasas’ page, as he’s keeping it open add to the list of grim symptoms as more emerge…

* Neil Postman, Amusing Ourselves to Death

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As we hang onto the baby as we ditch the bath water, we might spare a thought for Fernand Braudel; he died on this date in 1985.  An accomplished historian, he is probably best remembered as the leader of the Annales School of historiography.  His scholarship focused on three main projects: The Mediterranean (1923–49, then 1949–66), the remarkable Civilization and Capitalism (1955–79), and the unfinished Identity of France (1970–85)– in all of which he set the bar for Annales practitioners by using deep and comprehensive research into the minute particulars of everyday life to illustrate broad, sweeping socio-economic trends.

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Written by LW

November 27, 2017 at 1:01 am

“The lust for power can be just as completely satisfied by suggesting people into loving their servitude as by flogging and kicking them into obedience”*…

 

In 1949, George Orwell received a curious letter from his former high school French teacher.

Orwell had just published his groundbreaking book Nineteen Eighty-Four, which received glowing reviews from just about every corner of the English-speaking world. His French teacher, as it happens, was none other than Aldous Huxley who taught at Eton for a spell before writing Brave New World (1931), the other great 20th century dystopian novel.

Huxley starts off the letter praising the book, describing it as “profoundly important.” He continues, “The philosophy of the ruling minority in Nineteen Eighty-Four is a sadism which has been carried to its logical conclusion by going beyond sex and denying it.”

Then Huxley switches gears and criticizes the book, writing, “Whether in actual fact the policy of the boot-on-the-face can go on indefinitely seems doubtful. My own belief is that the ruling oligarchy will find less arduous and wasteful ways of governing and of satisfying its lust for power, and these ways will resemble those which I described in Brave New World.”…

Read the letter in full at “Huxley to Orwell: My Hellish Vision of the Future is Better Than Yours.”

See also Neil Postman’s and Alan Moore’s agreement.

* Aldous Huxley, in his letter to George Orwell

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As we question authority, we might recall that it was on this date in 1966, the date that LSD was declared illegal, that The Love Pageant Rally was held in the Panhandle of Golden Gate Park in San Francisco.  The first big free concert of it’s sort in the park, it was organized by Allen Cohen and artist Michael Bowen, the creators of the San Francisco Oracle, which first hit the streets in September 1966, to mark the banning of the drug– which effectively created a neighborhood of outlaws in the Haight, where acid was a staple of community culture.  Music was provided by the Grateful Dead and by Big Brother and the Holding Company; Ken Kesey and the Merry Pranksters were on hand.

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Written by LW

October 6, 2017 at 1:01 am

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