Letters to my fellow Homo sapiens featuring the wit and wisdom of a garrulous geezer " We are here and it is now. Further than that, all human knowledge is moonshine." -H.L. Mencken " Always remember that, "The journey to enlightenment is better w/french fries."-Bilquis
Friday, March 22, 2024
News That You Can Use
Saturday, March 16, 2024
If You Can't Beat 'Em, Join 'Em
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| Image by Evgeni Tcherkasski from Pixabay |
Friday, March 8, 2024
The History of the World, Epilogue
But then, between 1870 and 1920 roughly 11,000,000 people said goodbye to Ma and Pa and moved to cities to take advantage of industrialization and 25,000,000 (legal) immigrants joined them. Obviously, this was a really big feckin’ deal that changed everything.
Yes, Virginia, we are a nation of immigrants.
The rust belt started rusting and we’ve been arguing over who and/or what the cause was and what should’ve been/should be done about it ever since.
Jimmy Carter made us feel like it was game over but Ronald Reagan made us feel like it was a new season and we were bound to come out on top.
The roaring nineties, the result of the rapid spread of the internet and the seemingly endless possibilities for new ways to make money, made us think Regan may have been right. It was only a matter of time before all those economic refugees from the factories and the mills would be reabsorbed into the economy, just like the unemployed buggy whip makers eventually were after the last time something like this happened.
The whole world was going to prosper by adopting the aforementioned pursuit of self-interest, division of labor, and freedom of trade. The American way (a phrase that I suspect most of my younger gentlereaders may not truly appreciate the meaning and significance of) had triumphed. It was The End of History and the good guys (us) had won.
Big BUT...
China’s been doing its level best to prove that economic freedom (well, more or less) is perfectly compatible with draconian restrictions on political and personal freedom powered by cutting-edge technology — much of which they purchased or stole (and continue to steal) from the Western Barbarians.
The Pooteen is doing his level best to prove that history's not over and that bloody wars of attrition haven’t gone out of style, particularly for the dick-tater class.
Meanwhile, here in the land of the free and the home of the brave, it turns out that you can’t print money and accumulate massive debt without unleashing the inflation dragon after all.
Oopsie.
Ya’d think this would call attention to the possible long-term effects of a cumulative 2% inflation rate, that’s now regarded as the minimum price we should/must pay for fiat money that’s backed by nothing much, would be getting more attention.
{I’ll bite, why should we care about that?}
It’s the reason we have to play/are at the mercy of the stock market. Living within your means and saving up your dough is nowadays a suckers bet. You have to bet on the stock market and pray the value of your house (of cards) doesn’t collapse before you do.
I’m not going to explore the fighting of endless wars… or the fact the Democratic Party has been taken over by relatively tiny groups of Wokies, Greenies, and folx on the sexual fringe… or that the Republican Party gave us the Donald, a gift that just keeps on giving… or that both parties are incapable of compromise on issues normal, everyday Americans would like to compromise on and then move on… or mention that Hollywood, academia, certain corporations and much of the mainstream media, have chosen sides and pursue their agenda like the devoted members of a cult. Or…
{Could we move on, please?}
Point taken, Dana. I’m primarily concerned about the Woke folx, many of them the postmodern versions of Lenin's useful idiots, who think they are changing the world but are actually controlled by duplicitous tech oligarchs with the help of a corrupt clerisy. Folx that take their salaries and bennies for granted, and sneer at the beliefs and lifestyles of people with blue collars who built (and maintain) America.
Having gleefully “disrupted” millions of people out of a job they’re now working their bums off building robots and developing artificial intelligenci to disrupt millions more.
I’m concerned that no shortage of techies are telling us that it’s only a matter of time before our machines and technology will be smarter than we are and might decide to delete our dim, inefficient, species -- yet keep working to make it happen.
I’m concerned that irregardless, millions of us will be out of work and that this will finish off the middle class.
Friday, March 1, 2024
The History of the World (Condensed), Ch. 8
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| Image by JJ Jordan from Pixabay |
Friday, February 23, 2024
The History of the World (Condensed), Ch. 7
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| Image by JJ Jordan from Pixabay |
This is why a minimally regulated market works better than a highly regulated market. This is why when you go to the supermarket most of the thousands of competitively priced products they carry are usually in stock — literally millions of specialists pursuing their own self-interest and freely trading with each other.
You’ll win some, you’ll lose some, and some will have mixed results. Take comfort in the fact that when you win one the other side may hate and resent you, or at least be thoroughly depressed, often without even having ever actually met you. The entrepreneur that went bankrupt because you didn’t think their world-changing product or concept was worth your money comes to mind.
There are no unemployment checks for failed entrepreneurs.
Of course, if you fail on a large enough scale The Fedrl Gummit may step in and save your bum. And that’s not fair — unless of course, your job or business is on the line. But that’s not how it’s supposed to work, and you can’t count on it.
Adam Smith said, “Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.”
In other words, the cut-throat competition in the marketplace usually ensures that the customer wins. The hooge-honking downside is that any given producer — including owners, management, and labor — is subject to being destroyed by its competition.
“The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups,” -Henry Hazlitt. Notice the use of the word art, not science.
{Oh yeah,? Well, that’s all well and good but NAFTA screwed everything up and now they want...}
Whoa there cowboyperson, obviously anyone who lost a job because of NAFTA may understandably be reconsidering not only the wisdom of free trade agreements but capitalism in general. This was probably on their minds while they were driving to job interviews in their "American" made car that’s chock full of parts manufactured all over the globe (as practically everything is).
Yes, people lose jobs when a trade agreement is implemented and/or a tariff is eliminated. Other jobs are created or expanded, but unfortunately, this is virtually impossible to document with anything resembling precision, which is why both sides can plausibly argue their position.
Economists disagree on all sorts of things but most agree that free trade will, overall, generate at least as many jobs in a given country as it erases. Also, the consumer (that is, everyone) almost always wins. The producers (and by extension, their employees) may win or lose. We all want good, secure jobs. But we also all want lots of food, toys, and fun — for which we wish to pay as little as possible.
Finally, the Reality Checks, Caveats & Premises department has it on good authority that the global economy is a fact, not a possibility. Adapt or get run over like a cute little bunny that’s incapable of grasping the potential impact of an 18-wheeler passing through the neighborhood.
After WW2 ended America was the beneficiary of a boom that lasted for roughly 35 years during which you could drop out of school and still get a job that would provide a good living, and maybe even a pension. The rest of the world, having been more or less trashed by WW2, watched and learned.
This was a sort of temporary golden age that hadn't been the case before the war and hasn't been since.
More than a few of our fellow Earthlings thought they might also enjoy eating regularly and being able to seal the couch in plastic to keep it nice. Liberty might be nice too but that proved to be a lot harder and much more complicated. Life on Earth being what it is, instead of what we would like it to be (a phrase that bears repeating), there are always gonna be bullies that embrace their inner chimpanzee — and bullies need victims.
Nowadays, the US buys more stuff from the rest of the world than it sells to the rest of the world, but it exports more services than it imports. As of 2022, if you add total imports to total exports you discover that the total is almost $4,000,000,000,000. As of 2022, the GDP of the USA was $25,462,700,000,000.
We're talkin' trillions, with a t, dude.
Our 35-year-old bubble of prosperity hasn't so much popped as gotten comparatively smaller, so far at least, because the rest of the world is blowing its own bubbles. We export more than we ever have in terms of dollar value even allowing for inflation and because of productivity gains we can do this with far fewer people than would have been needed in the past.
Our GDP would be even higher, but we're simultaneously dealing with labor shortages in certain industries and people dropping out of the workforce. As to exactly why the economists (of course) disagree. My guess is as good as yours, in fact, yours may be better.
Ever wonder if all those um... "undocumented" refugees fleeing political and economic corruption in certain politically and economically challenged countries south of the Rio Grande are responsible for certain other people's wages being lower than they might otherwise be?
Ever wonder if all those women who have flooded into the workplace since the women's liberation movement hit its stride are responsible for depressing wages for everyone who hasn't disproportionately benefited from a truly global economy?
I do, but I have no idea. Believe it or not, the experts don't agree on that either. Shocking, I know. Consult the worldwide web of all knowledge to find the answer you prefer.
And if that ain’t bad/confusing enough, now we have to deal with a communication/high-tech revolution. It’s like the industrial revolution on steroids (and there still isn’t much work for buggy whip makers) in that the rules of the game keep changing and nobody on the rules committee has a clue what the final draft is going to be.
And if that ain’t bad enough it turns out there is no rules committee, there are just H. sapiens hoping it all works out somehow, and that civilization-ending-sized asteroids keep missing the mother ship.
Friday, February 16, 2024
The History of the World (condensed), Ch. 6
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| Image by JJ Jordan from Pixabay |
Pursuing your self-interest in a free market wherein everyone else is doing the same thing tends to result in a self-regulated market that allocates resources in a way that central planning simply can't match when everyone is competing with everyone else.
When regulation is kept to a necessary minimum and the playing field is level, consumers will rule and consumers will win.
I had to work a lot of hours to get by; I literally limped my way, with what turned out to be a busted hip, to a forced early retirement because I needed the diminished dough to get by before the rest of my deteriorating joints (osteoarthritis, the adventure continues) got any worse.
But the reason I lost my job had nothing to do with free trade. It might have happened because the company I worked for managing a crew of 15 souls that kept a hooge Kmart warehouse clean, wasn’t competitive enough — or Kmart wasn’t competitive enough (hold your calls, I think we have a winner) and Wally World ate their lunch... and breakfast... and dinner.
I and a lot of other people lost our jobs but there's no shortage of stores still around selling merchandise at all price points. Consumers rule, consumers win.
{Wait-wait-wait. What about inflation?}





