Insider Trading Writ Large

Imagine, if you will, a country in which banking regulations were stripped down so far that worthless paper again becomes a hot commodity. Now consider that this had (as it inevitably must) blown up and caused a crash in the lending market and equities market and thus the economy in general. Further note that a necessary result would be a rapid rise in the price of precious metals, notably gold. After a couple of years, that gold bubble would be ripe. People who had assets remaining when the junk bonds or sub-prime mortgages or whatever collapsed could have conservatively moved their money into gold, further depressing the equities market and inflating the price of gold. But, wait. Because of government investing, the market was recovering too fast! So fast that the wealthy were unable to swap their inflated gold for depressed stocks at the optimum time. What to do? Congress to the rescue! The wholly owned carriers of the banners of freedom and independence could be employed to create a palpably unnecessary crisis with a distinct deadline. Yes! This would quickly depress the markets and allow those holding too much bubble-gold to buy depressed stocks. Meanwhile, those elected to carry the load of screwing the middle class could also jump on the wagon and buy up stocks just before the deadline hits. Then the price of stocks returns to normal levels, and the gold bubble can be allowed to pop. I, for one, would like to see the trading histories of all those involved in the current crisis, and their friends and kin.

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Greece as dress rehearsal for the U.S.?

Michael Hudson, author of a book titled Super Imperialism,  looks to the privatization of Greece as what we should expect in the United States.   In the meantime, the media keep examining the issue from the perspective of speculators rather than ordinary citizens, who are about to be crushed with debt that they did not cause.

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Sacred things are tearing us apart

We human animals are an irrepressibly symbolic species. So much so that any thing can represent almost anything else. A cloth flag, a firecracker or a slogan can represent a social order. A piece of bread or an animal can represent a god. The bottom of a shoe can represent a harsh put-down. We endow some of our things with a special significance, such that we deem them “sacred.” I struggle to define what is sacred, but Jonathan Haidt gives us a big clue: sacred things seem to be the opposite of things that disgust us. But there usually seems to be something more to those thing that are the most sacred; there usually seems to be a public declaration or at least an implicit group acquiescence that the thing is sacred. By recognizing things to be sacred, we seem to endow them with other-worldly significance; with heavenly significant. Once a thing is declared “sacred,” it would be disgusting and, indeed, immoral to consider compromising with regard to that thing. [More . . . ]

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