January 15th, 2011


welcome to the Really Ugly Nightmare

The piece starts out:
My role here is the role of the person who starts the Alcoholics Anonymous meetings.

My name is Brad DeLong.

I am a Rubinite, a Greenspanist, a neoliberal, a neoclassical economist.

I stand here repentant.

( cf What Have We Unlearned from Our Great Recession? )
So while I await ronebofh to get his book report out about why his FreakShowWriterFromWallStreet is tehBOM, and I keep working my way through Griftopia by Matt Taibbi, and try not to worry that much about the collapse of it all. Why not peek into the abyss?

I twitted that Brad DeLong's piece was up, and it is probably one of those terrorFrying moments that many of us really should grab, look deeply into, and resolve which pious posture we are planning to pretend is our current crapTastical Cult Fave.

The nightmare for me is not the recent round of guiltMongering as americans try to cope with their hope that this time around they bet on the right anti-anti-war groupies, so that they can feel safe about the nightmare fear that niggers will get guns, or that liberal arts majors may finally tragically learn the tragic lessons from the defense of Sarajevo. Learning that it is not some romantic to "vote from the roof", but that being able to provide good counter sniper fire does mean getting potable water. And as we all know, those who have been around water born diseases, without drinkable water things are really underPositive.

Sorry peace time america. I was raised in the failed refuse you folks hoped was gonna stay 'out there'.

{ small helpful hint to the clueless, when you are pimping a theory of 'voting from the roof top' - it would be wise NOT to use a british military sniper. Does NOT fit in well with that whole 'do not tread on me' mystique. Unless you are trying to be honest about being the Tory Stay Behind Force... }

No, the scare the Shit Out Of Me Moment is finding out that Milton Friedman is also another one of the Radical Left Wing, clearly red socialist communist economists, like that Adam Smith Guy. I mean now that main stream classical Reaganites are the radical left wing, what is left?

I came home from the Cold War convinced that what we all really needed to do was kick it old skool! We would get a peace dividend since all of us from the classified world would be out in the open like a National Gay Pride Parade on Steroids as we all came out of the Closet to do what we did best! Find 'em, Fix 'em, Fuck 'em!

Unlike the Greatest Generation Ever, there was no ticker tape parade for having done what had to be done to destabilize the tyranny of the cult of personality that was stalinism as it ran through the degeneracy of Xeroxing the Image of the GreatLeader one time too many. { for our younger friends, there was a time when there was a Xerox, it provided technology one of which was a scan and print system. Which lead to freaks creating art by living with the minor defects as an image was copied and copied and copied. }

To be honest! Hand to GOD! I enjoyed the fun of XeroxArt, I never expected that any of the freaking stoners were going to use it as a methodology in Economics! But that seems to be the place we are in now. We get our news from the comedy channel. We find out that all of the classical free market theories about classical economics, and the scary neo-liberalism, has been pushed over the side like so many diseased horses from the troop transports taking the Light Brigade to Crimea. For our younger friends, that is a reference to the charge of the light brigade from back in the day when folks did things for reasons other than the commoditization and financialization of their action.

{ As an aside, I do have to keep my hope up that the younger generation will HAVE to get through some how. Since one friend was polite enough to reply with
zweieux they only had frosted bernanke bites. Is that ok?
I mean what can I say, but that maybe the kids will be all right! }

If there is any real tragedy that americans face from the horrors of the deregulation games, it is the complete preVersion of the notion of a fair and open market! We have taken even the classical commodities market and turned it into one more tragic piece of the Casino Capitalism! Things were bad enough when the victims of mere marianist cults of personality were willing to replace actual analysis with painfully simplistic sloganeering! But to find that the americans have so rejected any form of reason that they want a bland of capitalism that is no longer based in actual reality, but is little more than the 'hand in the air with the other cunts' sloganeering!

The tragedy here is not that we kicked at the fences and sought to offer a level of freedom never before seen. But that we get the HORROR STORY of learning that there were no more Prudent Men willing to BE the Prudent Men who were willing to do with the civilian economy what we had been willing to do FOR AMERICA.

I feel for Brad DeLong.

If one believed that in spite of the legal letters, being cut for the commodities traders by various regimes in power, there were clearly going to be old school tie types who understood that one MUST be the Prudent Man living out the whole content of the Prudent Man Theory then we would be left with even less than the mere Common Law! Gone will be all of that contract law, Equity, Tort, all of that technical stuff that allowed us to create large economic combines!

If there is any TRUE horror that our friends in teaTardia are not willing to address, or even think about, it is that we have stepped off the ledge and into the void of the post rational in the worst of all possible way! A world where there is no solid basis for any form of economics and real exchange system that will allow any of us to retreat into the pleasant land of Business As Usual! Since we have none of the legal values!

So the really scary part of the collapse is not that we will have to explain to history that we did not think that the world was flat! But that we will have to await another time when they are willing to live in a world where there is not only the Ptolemaic World View about how the planets revolve, but a similar system for how one conducts commerce.

And without a sound theory of Commerce, folks really had better come up with a real system for how they were planning to secure their drinkable water.

No Trust Me On This ONE! One of the first things you will need to find is drinkable water! Without it all of that going Galt Skank is not going to work!