Thursday, April 04, 2024

Trashing the system


















‘Big crash coming’ says Jimmy Dore, introducing his guest Paul Stone. They agree that the economy is being mismanaged, because interest rates are too high and the debt is ballooning.

The problem is that everything depends on facts and interpretation, and about the only fact that is unchallengeable is that the public debt is soaring. Stone tells Dore that it is accelerating and he expects it to increase by a trillion dollars every fifty days by the end of this year. Who is going to buy it, and how will the government be able to continue servicing the interest?

The Federal Reserve’s interest rate is at a 23-year high. There is no immediate prospect of easement: one of the Fed’s governors, Christopher Waller cites wage inflation especially in the service sector as the justification. This may be putting the cart before the horse: workers in the service sector tend to earn less than those in manufacturing industry or the FIRE economy so they will have suffered disproportionately from the high recent inflation and will seek more money to make ends meet.

Nor, arguably, is employment generally so low as to require this tightening of credit to dampen inflation. Officially it is running at 3.9% (Feb 2024) as against the long term average of 5.7%; but Stone says that if measured in the old way the rate would be 25% - as it was during the Depression era, observes Dore. Stone’s claim is echoed (‘24.9%’) by the Ludwig Institute, whose ‘True Rate of Unemployment’ tracks ‘the percentage of the U.S. labor force that does not have a full-time job (35+ hours a week) but wants one, has no job, or does not earn a living wage, conservatively pegged at $25,000 annually before taxes.’

If that higher unemployment figure is a fairer picture then it is another reason to question the government’s decision to permit a vast influx of ‘undocumented’ migrants into the US. These are not needed to open up new Western territories and in general may not be qualified to remedy shortfalls in high-skill sectors. Instead they are likely to compete for jobs that pay relatively little; this will put a brake on wage increases in those sectors and tend to cement the poorer sort into un- and under-employment. Further, the trend towards automation (robotised supermarket checkouts etc) will reduce even such opportunities and help to swell a class at least partly dependent on State benefits; and, perhaps, garner more support for a political party that presents itself as the friend of the poor.

Little wonder that the government is papering over the cracks with truckloads of freshly printed money; but unless the intention is to replicate the German hyperinflationary spiral of 1923 there will have to be a major revision of monetary and fiscal policy. In the interim there are those who will try to square the circle by hitting welfare (my brother tells me that some are saying the poor ‘don’t deserve pensions’, or have irresponsibly failed to put aside funds for their old age - out of what spare income, exactly?)

From one point of view investment is the problem. In a thriving economy ordinary people are paid well enough to buy each other’s goods and services, turning over the money again and again. Instead, the velocity of money has crashed to about one-seventh of its febrile peak in 2008 and is less than half of what it was in 1960.

At the same time the Gini measure of economic inequality in the US has soared to record levels and the excess cash of the upper echelons tends to be invested rather than spent. For decades, corporations and wealthy individuals have absorbed most of the increase in the country’s real wealth and their surplus ‘walketh about as a roaring lion, seeking whom he may devour’: hedge funds are buying up medical practices, care homes, veterinary outfits… and residential property.

Increasingly, ordinary people will be earning a pittance (if they have work at all) and be soaked for the dubious services of medicine and college education and the rent of the ground under their feet. The great American empire is turning Ottoman, a land of pashas and peasants, something Elia Kazan’s uncle fought to escape (watch ‘America, America’ if you can.) Why else would the people consider a maverick like Trump?

Ah, the 1960s! To most of us Brits the cartoon caveman Fred Flintstone was an aspirational fantasy - imagine, a detached home in the suburbs and a private car! - but for millions of Americans it was an amusing take on their reality. Now we are in the world of ‘Nomadland’, people caravanning about for sessional work until their health gives out.

In the video at top Jimmy Dore advocates gold and silver as hedges against the predicted crash of the system (Paul Stone is the CEO of Colonial Metals Group.) This is okay for a moderate level of disaster, though if the paper dollar evaporates gold on its own does not operate efficiently as a monetary basis - it is too valuable (an old rule of thumb is that ‘an ounce of gold buys you a handmade suit.’) Hence the retired business magnate Hugo Salinas Price has long argued for coinage based on silver (by weight rather than nominal value) as well as gold - effectively the bimetallic system required under Article 1, Section 10 of the US Constitution.

In the worst case, even gold doesn’t protect you. In Britain from time to time we unearth hoards of gold artefacts and coins apparently abandoned by surviving Anglo-Saxon nobility fleeing the Norman Conquest of 1066. Some of the fugitives sailed to Constantinople, fought for the Byzantine Emperor and were granted lands in Crimea (aka ‘New England’)… but they never came back for their gold.

The true wealth of a country, apart from its natural resources, is its people. In old age Thomas Jefferson suggested that every time half the population had passed away there should be a revision of the Constitution, the living citizenry being the sole source of power and authority. They would then agree on the new form of the institutions by which they would govern themselves. So much for ‘originalism’!

What I perceive as an outsider - but I have a dog in the fight, as the next two generations of my family are US citizens - is the progressive trashing not just of the US economy but of its institutions also. Whatever the outcome of the multiple trials and official investigations concerning the egregious Mr Trump, it looks to many as though the courts and agencies of America have been politicised and weaponised to prevent his standing again for the Presidency and to preserve some kind of ‘business as usual’ for the ‘uniparty’ establishment. The result is a dangerous diminution of the public trust in institutional impartiality and justice that holds a vast and disparate nation together - ‘Out of many, one,’ a motto that needs urgent attention.

Friday, March 29, 2024

Good Friday procession and music, by JD

 San Juaninos 2018. Viernes Santo Avilés 2018

Holy Week processions have been documented in the town of Avilés since the 17th century, although it acquired its current form throughout the 20th century in squares, churches, palaces, with the Town Hall Square as its epicenter.

The city has nine brotherhoods, the oldest being that of San Juan Evangelista. Some of the brotherhoods go out in procession simultaneously, holding meetings. The most popular is the Santo Entierro, where the brothers, all under 33 years old and known as San Juaninos, carry the Christ performing a dance with canes.

Holy Week concludes with a secular celebration, the Fiesta del Bollu on Easter Monday with a great feast in the streets, which has been declared a Fiesta of Tourist Interest.

https://es.wikipedia.org/wiki/Semana_Santa_en_Asturias

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Stabat Mater - Quando corpus morietur-Amen - G. B. Pergolesi

Sunday, March 24, 2024

WEEKENDER: Word Salad, by Wiggia

      

One of the more noticeable and annoying traits of modern life is the mangling of words to suit the current theme/trend.

This started some time ago but has accelerated over the last couple of years. The most obvious in the last year has been the use of ‘optics’ rather than 'seen', it is almost as though 'seen' is old hat and no longer describes what is portrayed before one. It is used by all who wish to to appear relevant (?) in the woke world we live in; in fact optics is word from the scientific world meaning the study of light in various forms and has nothing to do with how badly Boris Johnson dresses!

The acceleration of verbiage has largely come about through the use of modern communications. A whole new language has developed as the use of abbreviations has usurped correct language, u instead of you as an example. It is a lazy short cut but is used by virtually all younger users of mobile phones, the hows and whys though obvious has a purpose, but that is not what I am illustrating here.

Two areas are the prime examples. One is thrown into relief by the madness to accommodate the trans lobby and advocates: an endless stream of meaningless phrases and invented words are bandied about as if anyone cares, pronouns are a prefix to be used when addressing people who are not sure who or what they are. Why this should be a concern for everyone else is a mystery but on and on they hammer away with their faux offence and slight expressions and replies when not addressed with the 'correct' prefix.

How many of the general public know what all these tags mean or are moved enough to actually use them, or care? I certainly don’t. Those who are showing signs of offence, though there is doubt as to how genuine it all is, inhabit the strange world of Tik Tok. All have virtually identical mannerisms, the same robotic voices and appearances that suggest they should get out more though I doubt few would ever appear in areas outside their own small world dressed and adorned as they are.

In many ways I doubt if their appearance and use of language has anything much to do with their actual perceived state, it is just another manifestation of the ‘look at me’ society that grows by the day.

The other group is the commentators, the interviewers and the interviewees. Here using a word such as 'optics' is not optional but a necessity to remain on cue. Luckily it is last year's word and dying a death, but other examples are the use of age definition phrases starting with Boomers, Generation X, Millenials, Generation Z, and Gen Alpha to come; not only do I never use the phrases but I have never heard in private conversation anyone using them either. It could of course be an age thing but more likely who can be bothered to remember different terms for words or phrases that are easy to define and still in use as well as being self explanatory.

An example of an older version of this word salad is cockney rhyming slang, if you believe the middle educated! Classes who seem to revert to forms of this slang every few years to show how conversant with the peasants they are but nothing could be further from the truth.

I was raised and lived in the east end of London until I married and moved away. Whilst not exactly within the sound of Bow Bells I did spend a lot of time in my ill begotten youth in the area. During all those years I only met two people who would occasionally resort to using the rhyming slang, despite those who believe that all cockneys went round saying ‘where’s the struggle and strife’ (though I do admit to using the phrase ‘I am going for a tonsorial’ on occasions) but much that is written today is just made up slang to give the impression it is still in use; it isn’t, and like so much of today's word salad it will be confined to that historic lexicon in the sky.

It would be disingenuous of me to suggest all new words should be confined to the dustbin of history, some will survive and will be added to the English language as they always have been; but how many in reality other than these few will still be in use in future times. Others stem from abbreviations; one in particular is used almost exclusively in a sporting context: 'GOAT' (greatest of all time.) I believe it first came to prominence when used to describe Valentino Rossi the nine times world champion grand prix motorcyclist; I could be wrong but it has since been overused as all these phrases are.

Anyway must go my neighbour has just come round with his ‘dustbin lids’.

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Saturday, March 23, 2024

GOOGLE 'DON'T DO EVIL' SHADOWBANNING NOTE

 10 March: Wiggia writes excellent piece about the current UK political situation. 86 views.

Since then, 17 March music piece: 7 views. 21 March: piece on Scotland's evil new bill on 'hate speech': 2 views.

I strongly suspect the interference - not formally notified to me - of a half-educated right-on ninny on Google's workforce.

How much longer can we continue to use Google/Alphabet Inc's weevil-infested products?

'Don't Do Weevil!'

Friday, March 22, 2024

FRIDAY NIGHT MUSIC: Potato Head Jazz Band, by JD

POTATO HEAD JAZZ BAND es una banda de Granada - España dedicada, con pasión y ritmo, a tocar Jazz Tradicional. La banda ofrece diversión, espectáculo y calidad músical. Jazz para todos.
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POTATO HEAD JAZZ BAND, located in Granada - Spain, plays traditional jazz with passion and swing. The band offers a joyful show played by qualified musicians. Jazz rhythms for all tastes...
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The band has been together since 2003, when a group of young musicians formed a band in Granada to play the music of New Orleans – not a regular occurrence in Spain at that time. By 2009 the band, attracting audiences throughout Andalusia, was based around a nucleus of three musicians: trumpet man Alberto Martin, Martin Torres, a clarinet player who had been playing in Dixieland bands in his native Argentina before moving to Spain and guitarist/banjoist Antonio Fernandez. The three of them decided to dedicate their professional career in music to re-create the authentic music of New Orleans and to set up the first band in Spain to specialise in that style.

Although over the following years they became the benchmark band in that style and regulars on national Spanish television and festivals throughout Spain, they still didn’t feel that they had the right combination of musicians and set about finding the very best musicians to improve and make a more authentic Potato Head Jazz Band. Soon, joining Alberto, Martin and Antonio were three more musicians who matched their level of achievement.

The Italian trombonist, Giorgio Gallina, already known throughout Europe, relocated to Granada, virtuoso bassist Alejandro Tamayo, with a background in orchestras and jazz combos came on board and the new line-up was completed by the in-demand drummer Zeke Olmo.

With the refreshed line-up – four Spanish, an Argentinian and an Italian – the band really started going places, featuring at festivals in Germany, Switzerland, France and Denmark, as well as becoming a household name in Spain. Their performance on French television, with Potato Head integrated with New Orleans band, Tuba Skinny, was seen on television throughout Europe and has since clocked up a million views on YouTube.

https://potatoheadjazzband.com/en/bio/

Potato Head Jazz Band, una boda diferente:

SHIRT TAIL STOMP - POTATO HEAD JAZZ BAND

POOR PAPA - POTATO HEAD JAZZ BAND

Tuba Skinny & Potato Head Jazz Band - At the jazzband ball

Royal Garden Blues by Potato Head Jazz Band

Thursday, March 21, 2024

Scotland goes electro-fascist... radge, doo-lally

Scotland's new (starts April 1st) hate law:

https://www.craigmurray.org.uk/archives/2024/03/scotlands-hate-speech-act-and-abuse-of-process/

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100 years ago...

Bretschneider lapsed into silence and looked disappointedly round the empty pub.

‘Hallo, there used to be a picture of His Imperial Majesty hanging here once,’ he started up again after a while. ‘Just where the mirror hangs now.’

‘Yes, you’re right,’ Palivec replied. ‘It did hang there, but the flies used to shit on it, so I put it away in the attic. You know, somebody might be so free as to pass a remark about it and then there could be unpleasantness. I don’t want that, do I?’

[…]

Bretschneider showed Palivec his eaglet, stared at him for a moment and then asked:

‘Are you married?’

‘I am.’

‘And can Madam carry on the business for you during your absence?’

‘She can.’

‘Then it’s all right, Mr Palivec,’ said Bretschneider gaily. ‘Call your wife here, give the business over to her, and in the evening we’ll come for you.’

‘Take it easy,’ Švejk consoled him. ‘I’m only going there for high treason.’

‘But what am I going for?’ moaned Palivec. ‘After all, I’ve been so careful.’

Bretschneider smiled and said triumphantly:

‘Because you said the flies shitted on His Imperial Majesty. They’ll certainly knock His Imperial Majesty out of your head there.’

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Jaroslav Hašek: The Good Soldier Švejk (1921)

Sunday, March 17, 2024

Music for St Patrick's Day, by JD

Galway Girl - Mundy with Sharon Shannon (H.Q.)

Finbar Furey - I'll Take A Glass (Official Video)

Bláth na hÓige with Síle Denvir and Colm Mac Con Iomaire | The Tommy Tiernan Show | RTÉ

Not A Theme Night - Glór Shligigh (Niamh Crowley)

The Fields Of Athenry - World's Biggest Street Performance by Athenry Town & KamilFilms 2019