So like when will they get here?

There was an interesting item in Politico a day or so ago by Nick Hanauer, an "unapologetic capitialist." It was basically a warning to "my fellow zillionaires" that there is a limit to the amount of inequality and exploitation the American people are willing to put up with.

Here's a sample:

..the problem isn’t that we have inequality. Some inequality is intrinsic to any high-functioning capitalist economy. The problem is that inequality is at historically high levels and getting worse every day. Our country is rapidly becoming less a capitalist society and more a feudal society. Unless our policies change dramatically, the middle class will disappear, and we will be back to late 18th-century France. Before the revolution.

And so I have a message for my fellow filthy rich, for all of us who live in our gated bubble worlds: Wake up, people. It won’t last.\

If we don’t do something to fix the glaring inequities in this economy, the pitchforks are going to come for us. No society can sustain this kind of rising inequality. In fact, there is no example in human history where wealth accumulated like this and the pitchforks didn’t eventually come out. You show me a highly unequal society, and I will show you a police state. Or an uprising. There are no counterexamples. None. It’s not if, it’s when.

Hanauer predicts something on the order of 21st century peasants with pitchforks, metaphorically speaking. So far, I haven't seen a whole lot of signs of that.

WHILE WE'RE AT IT, here's Nobel economics laureate Joseph Stiglitz arguing that the level of inequality we have today aren't inevitable but are the result of political decisions.

50 years back

One thing West Virginia does well is public ritual. On Wednesday afternoon, the state officially observed the 50th anniversary of the March on Washington at which Dr. Martin Luther King gave his famous "I have a dream" speech. There was music, speeches, an appearance by Gov. Tomblin and other officials, a bell ringing, and a reception.

The event was organized by the Herbert Henderson Office of Minority Affairs, which was established by legislation in 2012 (legislation which some of us worked for a few years to enact).

I took several pictures, including some of my friend Rev. Ron English, who worked with Dr. King, attended the  march, and spoke at the event. The picture, alas, did not turn out. But this article in which he tells his story turned out very well.

JUST ONE MORE. Here's Nobel economics laureate Joseph Stiglitz on how Dr.King influenced his work in the field.

Target practice

I admit it. There are few things in the world that I love whacking more than the bull****... I mean ideology of Ayn Rand. By chance last week, I stumbled upon this article from the Parthenon, campus paper at my alma mater Marshall University, about the controversy still surrounding its acceptance a few years ago of a million or so dollars from the big bank BB&T to teach an economics class in Randian garbage.

I couldn't help but respond in the following letter to the editor:

 I read with interest the Parthenon article discussing the controversy of Marshall’s acceptance of BB&T money to indoctrinate students in Ayn Rand’s “philosophy.”

There are any number of ironies here. First, Rand didn’t believe that places like Marshall should exist at all. In a 1964 Playboy interview, she stated that “My position is fully consistent. Not only the post office, but streets, roads, and above all, schools, should all be privately owned and privately run.” She also would have opposed the several kinds of publicly provided financial aid that Marshall students receive.

It also establishes a disturbing precedent. Suppose some other billionaire or corporation wants to plop down another million or two to establish a chair to advocate for, say, white supremacy or female circumcision or any other loopy ideology. Is money the only thing that matters? Should Marshall cave every time somebody waves some cash? If so, there’s a word for that and it isn’t education.

I wish I could have been a little nastier in the letter, but 20+ years of working for a Quaker organization kind of ruined me.

AUSTERITY is overrated.

UNEMPLOYMENT, its costs and possible remedies are discussed here.

SITTING  is bad for your health.

WAY TO GO, BOB. Dylan is a winner of the presidential medal of freedom.

GOAT ROPE ADVISORY LEVEL: ELEVATED

Would that it were so

Kudos to AFLCIO president and former UMWA leader Rich Trumka for calling for serious discussions about climate change and the future of coal. Of course, I don't expect political leaders in the Mountain State of Denial to pay a lot of attention, but every little bit helps.

ON THE POSITIVE SIDE, climate change may  make reptiles smarter.

NOT ONLY ARE CORPORATIONS NOT PEOPLE, but America isn't one either.

LOOKING AHEAD, Nobel economics laureate Joseph Stiglitz sees a rough year in 2012.

HAS ANYONE NOTICED that I've gone a week without mentioning zombies?

GOAT ROPE ADVISORY LEVEL: ELEVATED

So my daughter got her nose pierced

This is not my daughter, but it has a great nose.

Yes, that would be the one with the doctorate. I got one of those "Guess what?" calls over the holidays, the kind that every parent receives with some amount of trepidation. "I got something pierced today."

I knew the ears had long been done, but the other possibilities made me downright queasy. "It wasn't your tongue, was it?" I asked. She was speaking too clearly for that, but one never knows. I started running down the list and it turned out to be the nose.

I generally try to be supportive but the best thing I could come up with was the observation that I would feel fully justified using force to prevent someone from doing the same to me.

"You remember that you do karate, right?" I asked. "You get hit there."

She was undeterred by this possibility, possibly because she usually dishes out more punishment than she receives when sparring.

I talked to my son in law about this. "She just likes to express herself," he said. I guess this is what happens when one grows up listening to Madonna.

VOX POPULI. Most Americans support raising taxes on the wealthy to deal with deficits.

SOMETHING IS WORKING to fight poverty in different parts of the world.

HOPES FOR 2011 from Nobel economics laureate Joseph Stiglitz here.

ARE INVESTORS MOVING AWAY FROM COAL? Maybe a little.

ON THIS DAY IN HISTORY, folklore pioneer Jacob Grimm was born in 1785, poet T.S. Eliot died in 1965 and President Lyndon Johnson outlined his vision of the Great Society the same year (he also said a thing or two, alas, about a certain dustup in southeast Asia). For more, click here.

GOAT ROPE ADVISORY LEVEL: ELEVATED

Not a god

The theme here lately is the failure of "conservative" economic policies, which is one of those topics where figuring out where to start is harder than figuring out what to say. The reader will also find links and comments about current events below.

One main feature of the failed economics of the past is a cult like worship of "markets," which are endowed with some kind of supernatural intelligence by true believers. In the real world, there are all kinds of ways markets can fail, as even the most mainstream economics textbook will say. Here are a few:

*Imperfect competition. Adam Smith famously said in The Wealth of Nations that

It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.

But one big difference between Smith's day and our own is the eclipse of small independent butchers, brewers and bakers and the rise of giant corporations which often dominate markets and distort prices. Some forms of imperfect competition are monopolies or oligopolies (domination of an economic sector by a few businesses).

*Externalities. In an ideal market situation, which generally only exists inside the heads of true believers, prices "tell the truth," so to speak, about the costs of the products. Often however, there are social costs passed on to the public or to individuals which don't show up on any corporation's bottom line. Climate change is a classic example, but so are the numerous cases of people and communities damaged by sickness, pollution, etc. as the result of economic activity. The tendency is to socialize the costs while keeping the profits private.

*Information asymmetries. Market transactions can also go awry when one party has more or better information than another and is thus able to take advantage of the situation. Imagine, hypothetically, that some people made big bucks (for a while) selling mortgage based derivatives and other such "financial instruments" to people who got burned in the process. Golly, good thing that never happens...

Another problem with markets is that they don't do a good job of providing for public goods like roads, bridges, schools, fire and police protection, etc.

I won't even go into crony capitalism, i.e. the use of political influence to win profits and advantages for big businesses. Imagine, for example drug company lobbyists writing a prescription drug benefit bill or credit card companies writing bankruptcy legislation. Good thing that never happens, either...

All of this isn't to say that markets are evil and should be banned. It's just to point out that there are lots of ways they can mess up and melt down, which is why there is also a need for a degree of regulation. The market=God idea is one that is long overdue for a decent burial.

HOW'S THE WEATHER? El Cabrero and the gang at Goat Rope Farm were without phone, water, electricity and email since Tuesday. Here's hoping the Gentle Reader made it through the storm. I'm scheduling this post early in case the power is gone tomorrow. If anything really bad happens between now and then, please accept our condolences. If anything really good happens, please accept our congratulations.

STIMULUS PASSES. The US House passed the stimulus package yesterday along party lines.

A BETTER BAILOUT is discussed here by Nobel Prize winner Joseph Stiglitz.

SPORTS AND SUCH are the subjects of the Rev. Jim Lewis' latest edition of Notes from under the Fig Tree.

ANTIWHAT? Here's a list of five world leaders accused of being the Antichrist. (Personal note: those who picked #5 might have been onto something. )

BIRD BRAINS outlasted the dinosaurs.

GOAT ROPE ADVISORY LEVEL: ELEVATED

NOBODY HURT ME!

Odysseus and his men blinding the cyclops Polyphemus, courtesy of wikipedia.

The Goat Rope series on the Odyssey of Homer continues. You'll also find links and comments about current events.

Things aren't looking good for Odysseus and his men at this stage of the game. By day, they are locked in the cave of the cyclops Polyphemus while he grazes his goats and sheep. By night, the one-eyed wonder chomps down on Odysseus' men. The good news is that Polyphemus is feeling generous and gave Odysseus a gift: he'll be the last one to get eaten.

I prefer gift certificates...

The classical scholar Peter Meineck has argued that the story of Odysseus in the cave can be seen as an initiation story. He is separated from the ordinary world and put in a situation where he has to undergo an ordeal and learn something to make it out. His eventual emergence from the cave can be seen as a kind of rebirth. That may be true, but Odysseus doesn't seem to gain a whole lot of insight.

At any rate, he's in a situation where mere force and violence won't help much. If he and his men kill the cyclops, they're doomed to die in the cave, which is sealed by a huge stone.

You probably remember this part of the story. Odysseus gets the Big Boy drunk one night with some super-powered wine he just happened to bring. They have a conversation in which he identifies himself as Nobody. After the cyclops passes out from the wine, he and his remaining crew blind the cyclops with a sharpened pole that has been heated in the fire.

I will spare the Gentle Reader the details. Suffice it to say that Odysseus and his men don't just put it part way in for a second. They plunge it in deep and grind it over and over. The physiological details are excruciating.

When Polyphemus screams, other cyclops gather around and ask what is the problem. Polyphemus screams "Nobody hurt me!"--so they go home.

The rest of the story is also well known. Odysseus and his men sneak out the next morning hanging beneath the Cyclops's sheep and hightail it for the ship to make their escape. Everything might have gone OK had not the hero of this story opened his big mouth. Instead of just getting out of Dodge, when he's at a safe distance, Odysseus announces his real name:

...'Cyclops--
if any man on the face of the earth should ask you
who blinded you, shamed you so--say Odysseus,
raider of cities, he gouged out your eye,
Laertes' son who makes his home in Ithaca!'

Bad move! You might as well give him your home address, phone number, Social Security number and credit cards.

The cyclops, son of the god Poseidon, prays thus:

...Hear me,
Poseidon, god of the sea-blue mane who rocks the earth!
If I really am your son and you claim to be my father--
come, grant that Odysseus, raider of cities,
Laertes' son who makes his home in Ithaca,
never reaches home. Or if he's fated to see
his people once again and reach his well-built house
and his own native country, let him come home late
and come a broken man--all shipmates lost,
alone in a stranger's ship--
and let him find a world of pain at home!'

That prayer is granted. By his own lack of self control, Odysseus condemns himself to years of further suffering and his men to certain death.

He has issues...

WHERE'S THE BEEF? The US economy doesn't manufacture much and is short of ideas, says Nobel Prize-winning economist Joseph Stiglitz.

EMPLOYEE FREE CHOICE ACT. The EFCA, which would make it easier--and safer--for workers to organize into unions, received support in the Wall Street Journal, of all places.

BIG WIND. A new study shows that hurricanes and typhoons are getting stronger, apparently as a result of climate change.

LIFE IS SHORT and getting shorter for residents in some WV counties, especially women.

GOAT ROPE ADVISORY LEVEL: ELEVATED