Posts Tagged ‘transparency’
“The most effective way to destroy people is to deny and obliterate their own understanding of their history”*…
… and of their present. Anne Applebaum explores the ways in which autocrats in China, Russia, and elsewhere are now making common cause with MAGA Republicans to discredit liberalism and freedom around the world…
… Even in a state where surveillance is almost total, the experience of tyranny and injustice can radicalize people. Anger at arbitrary power will always lead someone to start thinking about another system, a better way to run society. The strength of these demonstrations, and the broader anger they reflected, was enough to spook the Chinese Communist Party into lifting the quarantine and allowing the virus to spread. The deaths that resulted were preferable to public anger and protest.
Like the demonstrations against President Vladimir Putin in Russia that began in 2011, the 2014 street protests in Venezuela, and the 2019 Hong Kong protests, the 2022 protests in China help explain something else: why autocratic regimes have slowly turned their repressive mechanisms outward, into the democratic world. If people are naturally drawn to the image of human rights, to the language of democracy, to the dream of freedom, then those concepts have to be poisoned. That requires more than surveillance, more than close observation of the population, more than a political system that defends against liberal ideas. It also requires an offensive plan: a narrative that damages both the idea of democracy everywhere in the world and the tools to deliver it…
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… the story of how Africans—as well as Latin Americans, Asians, and indeed many Europeans and Americans—have come to spout Russian propaganda about Ukraine is not primarily a story of European colonial history, Western policy, or the Cold War. Rather, it involves China’s systematic efforts to buy or influence both popular and elite audiences around the world; carefully curated Russian propaganda campaigns, some open, some clandestine, some amplified by the American and European far right; and other autocracies using their own networks to promote the same language…
…the convergence of what had been disparate authoritarian influence projects is still new. Russian information-laundering and Chinese propaganda have long had different goals. Chinese propagandists mostly stayed out of the democratic world’s politics, except to promote Chinese achievements, Chinese economic success, and Chinese narratives about Tibet or Hong Kong. Their efforts in Africa and Latin America tended to feature dull, unwatchable announcements of investments and state visits. Russian efforts were more aggressive—sometimes in conjunction with the far right or the far left in the democratic world—and aimed to distort debates and elections in the United States, the United Kingdom, Germany, France, and elsewhere. Still, they often seemed unfocused, as if computer hackers were throwing spaghetti at the wall, just to see which crazy story might stick. Venezuela and Iran were fringe players, not real sources of influence.
Slowly, though, these autocracies have come together, not around particular stories, but around a set of ideas, or rather in opposition to a set of ideas. Transparency, for example. And rule of law. And democracy. They have heard language about those ideas—which originate in the democratic world—coming from their own dissidents, and have concluded that they are dangerous to their regimes…
The origins and the operations of today’s all-too-successful authoritarian disinformation efforts: “The New Propaganda War” (gift article) from @anneapplebaum in @TheAtlantic. Eminently worth reading in full.
Apposite: “‘Everyone is absolutely terrified’: Inside a US ally’s secret war on its American critics,” @zackbeauchamp on India’s campaign to threaten and discredit critics of the Modi regime, in @voxdotcom. Plus: “India’s YouTubers take on Narendra Modi” (gift link to @TheEconomist).
* George Orwell
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As we analyze agitprop, we might recall that it was on this date in 1998 that Michael Fortier was sentenced to 12 years in prison and fined $200,000 for failing to warn authorities about the plot to bomb the Alfred P. Murrah Federal Building in Oklahoma City.
Carried out by right-wing (white supremacist- and militia-sympathizing) anti-government extremists Timothy McVeigh and Terry Nichols, the bombing (on April 19, 1995, at 9:02 AM) killed 168 people, injured 680, and destroyed more than one-third of the building, which had to be demolished. The blast destroyed or damaged 324 other buildings and caused an estimated $652 million worth of damage. It was the deadliest act of terrorism in U.S. history before the September 11 attacks in 2001, and still the deadliest act of domestic terrorism in U.S. history.
McVeigh had shared his plans with Fortier (his Army roommate); Fortier had accompanied McVeigh on a scouting trip to the building in advance of the blast; and Fortier had failed to warn officials of the attack.
“Not all private equity people are evil. Only some.”*…
But as Rogé Karma explains, that could be enough to cause big trouble, as a large and growing portion of our economy is disappearing behind a veil…
The publicly-traded company is disappearing. In 1996, about 8,000 firms were listed in the U.S. stock market. Since then, the national economy has grown by nearly $20 trillion. The population has increased by 70 million people. And yet, today, the number of American public companies stands at fewer than 4,000. How can that be?
One answer is that the private-equity industry is devouring them. When a private-equity fund buys a publicly traded company, it takes the company private—hence the name. (If the company has not yet gone public, the acquisition keeps that from happening.) This gives the fund total control, which in theory allows it to find ways to boost profits so that it can sell the company for a big payday a few years later. In practice, going private can have more troubling consequences. The thing about public companies is that they’re, well, public. By law, they have to disclose information about their finances, operations, business risks, and legal liabilities. Taking a company private exempts it from those requirements.
That may not have been such a big deal when private equity was a niche industry. Today, however, it’s anything but. In 2000, private-equity firms managed about 4 percent of total U.S. corporate equity. By 2021, that number was closer to 20 percent. In other words, private equity has been growing nearly five times faster than the U.S. economy as a whole.
Elisabeth de Fontenay, a law professor at Duke University who studies corporate finance, told me that if current trends continue, “we could end up with a completely opaque economy.”
This should alarm you even if you’ve never bought a stock in your life. One-fifth of the market has been made effectively invisible to investors, the media, and regulators. Information as basic as who actually owns a company, how it makes its money, or whether it is profitable is “disappearing indefinitely into private equity darkness,” as the Harvard Law professor John Coates writes in his book The Problem of Twelve. This is not a recipe for corporate responsibility or economic stability. A private economy is one in which companies can more easily get away with wrongdoing and an economic crisis can take everyone by surprise. And to a startling degree, a private economy is what we already have.
America learned the hard way what happens when corporations operate in the dark. Before the Great Depression, the whole U.S. economy functioned sort of like the crypto market in 2021. Companies could raise however much money they wanted from whomever they wanted. They could claim almost anything about their finances or business model. Investors often had no good way of knowing whether they were being defrauded, let alone whether to expect a good return.
Then came the worst economic crisis in U.S. history…
Read on for a bracing account of: “The Secretive Industry Devouring the U.S. Economy,” (gift article) in @TheAtlantic.
* Paul Krugman
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As we clean our glasses, we might spare a thought for Ivy Lee; he died on this date in 1934. A publicity expert and a founder of modern public relations, he was among the first to persuade business clients– foremost among them, the Rockefeller family– to woo public opinion. Ultimately he advised rail, steel, automobile, tobacco, meat packing, and rubber interests, as well as public utilities, banks, and even foreign governments.
Lee pioneered the use of internal magazines to maintain employee morale, as well as management newsletters, stockholder reports, and news releases to the media. And he did a great deal of pro bono work, which he knew was important to his own public image; during World War I, he became the publicity director for the American Red Cross.
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