Showing posts with label oligarchy. Show all posts
Showing posts with label oligarchy. Show all posts

Sunday, May 24, 2020

Life in the COVID-19 Age

The snare in which humanity has been caught is an economics—great industry and commerce in service to great markets, with ethical restraint and respect for the distinctiveness of cultures, including our own, having fallen away in eager deference to profitability....The prestige of what was until very lately the world economic order lingers on despite the fact that the system itself is now revealed as a tenuous set of arrangements that have been highly profitable for some people but gravely damaging to the world. 

Marilynne Robinson, What Kind of Country Do We Want? (NYRB)

Tuesday, January 28, 2020

“Debt, the private money that has fueled capitalism since its inception, is coded in law and ultimately relies on the state to back it up,” by way of the courts under normal circumstances and through bailouts if a debtor is too big to fail:  The history of debt finance can therefore be retold as a story about how claims to future pay have been coded in law to ensure their convertibility into state money on demand, without suffering serious loss…. By dressing private debt in the modules of the legal code of capital, it is possible to mask the liquidity risk for a while, but not forever. Whenever investors realize that, contrary to their expectations, they may not be able to convert their debt assets into cash, they head for the exit; and if many do so simultaneously, this will precipitate a financial crisis.

Adam Tooze (quoting Katharina Pistor), "How ‘Big Law’ Makes Big Money," NYRB Feb. 13, 2020

Friday, March 22, 2019

I'm a fugitive from injustice
But I'm goin' to be free...

What About Me? Quicksilver Messenger Service

Friday, August 24, 2018

Let us boldly appeal to those who are in public affairs; let them lay their hands upon their hearts, and then say whether, on the contrary, they do not rather aspire to titles and offices and that tumult of the world to make their private advantage at the public expense. The corrupt ways by which in this our time they arrive at the height to which their ambitions aspire, manifestly enough declares that their ends cannot be very good. 

Michel de Montaigne

Friday, January 22, 2016

It will be said, perhaps, that democracy is neither wise nor equitable, but that the holders of property are also the best fitted to rule.  I say, on the contrary, first, that the word demos, or people, includes the whole state, oligarchy only a part; next, that if the best guardians of property are the rich, and the best counselors the wise, none can hear and decide so well as the many; and that all these talents, severally and collectively, have their just place in a democracy. But an oligarchy gives the many their share of the danger, and not content with the largest part takes and keeps the whole of the profit.

 Thucydides, The History of the Peloponnesian War