The real problem with the economy

I'm not an economist, yet I know that the most vocal economists these days are not shooting straight with us. You can see it in their faces and you can hear it in their voices. Niall Ferguson is a professor of history and a professor at the business school at Harvard. His analysis of our economic problems rings true to me. He starts with the premise that we are in hock up to our eyeballs and we are in massive denial that this is the real problem:

The harsh reality that is being repressed is this: the Western world is suffering a crisis of excessive indebtedness. Many governments are too highly leveraged, as are many corporations. More importantly, households are groaning under unprecedented debt burdens. Average household sector debt has reached 141 per cent of disposable income in the United States and 177 per cent in the United Kingdom. Worst of all are the banks. Some of the best-known names in American and European finance have balance sheets forty, sixty or even a hundred times the size of their capital. Average U.S. investment bank leverage was above 25 to 1 at the end of 2008. Eurozone bank leverage was more than 30 to 1. British bank balance sheets are equal to a staggering 440 per cent of gross domestic product

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The age of agnotology: culturally constructed ignorance

Robert Proctor is a historian of science at Stanford who has pointed out a bizarre modern phenomenon: the coexistence of easily available factual information and ignorance. That is the subject of Clive Thompson's article in Wired:

He has developed a word inspired by this trend: agnotology. Derived from the Greek root agnosis, it is "the study of culturally constructed ignorance."

As Proctor argues, when society doesn't know something, it's often because special interests work hard to create confusion. Anti-Obama groups likely spent millions insisting he's a Muslim; church groups have shelled out even more pushing creationism. The oil and auto industries carefully seed doubt about the causes of global warming. And when the dust settles, society knows less than it did before.

"People always assume that if someone doesn't know something, it's because they haven't paid attention or haven't yet figured it out," Proctor says. "But ignorance also comes from people literally suppressing truth—or drowning it out—or trying to make it so confusing that people stop caring about what's true and what's not."

After years of celebrating the information revolution, we need to focus on the countervailing force: The disinformation revolution.

Thompson suggests that we need to develop more tools like Wikipedia to allow society as a whole to "build real knowledge through consensus," thereby allowing us to expose systematic lies for what they are.

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A Rant in Rhyme Saves Time

Here is a beat poem that first appeared on YouTube as a concert bootleg with subtitles about a month ago. The artist quickly had the bootleg taken down. And then received a Storm of protests, requests to post it again. Finally, he put it up himself. Sans subtitles, or even video. So listen well to a rational rant that many of us would love to be capable of delivering. Storm, by Tim Minchin I've seen those warning eyes from both my wives, and held my piece for a while. But the temptation is great to emulate this artists storm of bile.

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Daniel Dennett puts Rick Warren’s brand of religion under the microscope

In this 2006 lecture at TED, philosopher Daniel Dennett (Breaking the Spell) takes on the "brilliant" contemporary redesign of religion by Rick Warren, author of The Purpose Driven Life.   After acknowledging that Warren's book is, indeed, "brilliant" (it has sold 30 million copies and motivated comparable numbers of people), Dennett…

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