In late 1929, “ … the Depression began on that manic morning of October 29, to be known forever as Black Tuesday, …”
“… when the easy, buoyant era of In late 1929, “ … the Depression began on that manic morning of October 29, to be known forever as Black Tuesday, …”
“… when the easy, buoyant era of the twenties – the roaring, turbulent, high-flying twenties – came to a dead stop. Yet those fevered October days were more than symptoms of a deeper malady, undiagnosed and untreated.”
And I had absolutely NO idea of the magnitude and depth of those issues – hard-core right wing fascism that threatened to blossom into actual support of Hitler’s Nazism; a paranoid fear of socialism or public programs which knee-jerk reactionaries labeled as Communism; xenophobia and anti-immigrant racism; the enormity of the already well-developed divide between what Hugh MacLennan would characterize as THE TWO SOLITUDES, Quebec, French Canada and the Roman Catholic Church versus English Canada and all comers; the nasty, near criminal nature of Old Boy politics at municipal, provincial, and federal levels; the decade long (and more) domination of federal politics by RB Bennett and Mackenzie King; illegal right-wing police tactics from both municipal forces and the RCMP; work farms for unemployed men more properly described as prisons and military concentration camps; hunger marches, soup kitchens, protests and riots quelled with police batons and truncheons, endemic unemployment, grasshoppers, dust bowls and multi-year crop failures; … I repeat, I had NO idea!
And, suddenly, on September 8, 1939, “ … Parliament declared that a state of war existed between Canada and Nazi Germany. On that day, the Great Depression can be said to have ended. For war, which would bring mutilation and death, would also bring jobs … Suddenly a country that had been unable to provide work for a fifth of its people found work for all. The chronicle of the Great Depression is a catalogue of ironies, but that is the bitterest irony of all.”
The greatest irony of all is that Canada’s conversion to a left-leaning country with universal government paid health care, unemployment insurance, social welfare programs of all stripes, Old Age Security, Family Allowance, minimum wage laws, accident and sickness insurance, amended income tax laws to correct serious inequalities in wealth distribution, laws limiting hours of work, and a host of other ideas which in the twenties and during the Depression would have been reviled as much dreaded Communism is attributable to Canada’s decision to participate in World War II, to combat the Nazism which so many in Canada at the time seemed to genuinely support and believe in. The bullet that we dodged in our development of the policies of that new nation was not a mere infantryman’s bullet fired from the trenches. It was a full-fledged bomb that any tank in the coming war would have been happy to launch at a Canadian population well on its way to right-wing hatred and governmental autocracy.
THE GREAT DEPRESSION should be considered as mandatory reading in any Canadian history course. It’s not light reading and it’s not a short, easy read by any stretch but it’s informative, it’s compelling, it’s gripping, and it’s genuinely eye-opening. Thank you, Pierre Berton.
Paul Weiss
An interesting personal observation:
One of the developments of that decade was the formation of the CCF, the Co-operative Commonwealth Federation – the precursor of today’s NDP - a left-leaning political party whose objective was to formulate and effect change through parliament in the manner of Britain’s still youthful Labour Party. With a rather rueful shake of my head, I can recall ever so clearly my deceased father’s (he was born in 1930) pejorative scornful reference to that party “CCFers? Common Cow F—kers!” I guess that will tell you clearly enough what he thought of any new-fangled socialist ideas at the time!...more
The shocking criminal history of American capitalist greed and the sub-prime mortgage crisis that rocked the world's markets!
Make no mistake. THE BIG The shocking criminal history of American capitalist greed and the sub-prime mortgage crisis that rocked the world's markets!
Make no mistake. THE BIG SHORT is a non-fiction piece of American history, it’s a story of American culture, it’s a complex reality tale of the structure of the US economy and its financial markets, it’s a shocking revelation of the negligence of US regulatory agencies and their lack of oversight of the markets for which they were responsible, but, more than anything else, THE BIG SHORT should be characterized as a true-crime dramatization of what was arguably the grandest of grand thefts in the history of the world!
The self-entitled attitudes of the moneyed class in the riotous aftermath of the collapse of the sub-prime mortgage derivative market was simply appalling:
“The ability of Wall street traders to see themselves in their success and their management in their failure would later be echoed, when their firms, which disdained the need for government regulation in good times, insisted on being rescued by government in bad times. Success was individual achievement; failure was a social problem.”
The powers that be could have stepped “in at any time to prevent individual American subprime mortgage borrowers from failing. The powers that be never did that, of course. Instead they stepped in to prevent the failure of the big Wall Street firms that had contrived to bankrupt themselves by making a lot of dumb bets on subprime borrowers.”
“The Wall Street firm became a black box. The shareholders who financed the risk taking had no real understand of what the risk takers were doing, and, as the risk taking grew ever more complex, their understanding diminished.”
But as to laying of criminal charges and the prosecution of traders and corporations and their boards of directors?? Don’t be ridiculous. It didn’t happen then and, to this day, if hard right-wing Republican politicians continue to have their way in government thanks to millions of starry-eyed, gullible, misinformed voters who imagine themselves as the next possible billionaire on the block, it never will happen. Strict regulation of financial markets remains a pipe dream!
“… the unwillingness of the US government to allow the bankers to fail was less a solution than a symptom of a still deeply dysfunctional financial system.”
My mind is still reeling as I try to absorb the reality of a US political, legislative, judicial and regulatory system that betrayed its citizenry by the refusal to recognize the criminality behind the virtually complete collapse of markets in 2008 and the necessity for steps to ensure it doesn't happen again!
“A bold course for winning the fair and caring world we want and need.”
Naomi Klein characterized Donald Trump’s 2016 dubious electoral college ena“A bold course for winning the fair and caring world we want and need.”
Naomi Klein characterized Donald Trump’s 2016 dubious electoral college enabled takeover of the presidency as a “dangerous escalation in a world of cascading crises.” In 2017, in the immediate afternmath of the election, she suggested that “his reckless agenda – including a corporate takeover of government, aggressive scapegoating and warmongering, and sweeping aside climate science to set off a fossil fuel frenzy – will generate waves of disasters and shocks to the economy, national security, and the environment.” In short, not to put too fine a point on it, she saw his election as an existential threat to the USA and to mankind’s very existence on the planet.
Her title choice, NO IS NOT ENOUGH, exemplified her conviction that ensuring Trump’s loss in the 2020 election was a necessary condition to the continued existence of the USA as a democratic country ruled by the rule of law. BUT it also clearly pointed out that Trump was not the problem per se. He was nothing more than a symptom of an underlying disease in American culture.
As the USA, in its never ending state of electioneering and campaigning, approaches the 2022 mid-term elections, the NO in Naomi Klein’s title can now arguably be expanded to a more comprehensive list of mandatory rock-bottom achievements necessary for Americans to give themselves a fighting chance to step back from the brink of self-destruction:
1) retention of the Democrat majority in the House 2) increase the Democrat majority in the Senate to AT LEAST 52-48 to eliminate the perennial obstruction of Joe Manchin and Kirsten Sinema 3) eliminate the filibuster PERMANENTLY 4) impeach and convict Brett Kavanaugh, Amy Coney Barrett, and Neil Gorsuch for perjury and remove them from the Supreme Court 5) increase SCOTUS to 13 judges to recognize the overwhelming workload and to accommodate the increase in the number of federal circuits 6) appoint Democrat judges to SCOTUS to fill the new seats in spite of the anticipated negativity and obstruction from Republican senators 7) indict, charge, try, convict and imprison Trump for the remainder of his life
And, make no mistake! These events if they come to pass only allow the USA to BEGIN the process of recognizing and defining their underlying diseases and to attempt to repair them. They are necessary conditions, not sufficient conditions. The failure to complete even a single one of these conditions will be the death knell of the USA, its probable dissolution, and the devolution of whatever remains into a neo-Nazi oligarchic theocratic authoritarian dictatorship that threatens the entire world.
NO IS NOT ENOUGH is an informative, gripping, shocking, compulsively readable, scholarly book-length essay explaining how the basic elements of society around the world “– race, gender, class, economics, history, culture – have intersected with one another to produce the current crisis.” It is cautiously optimistic (and why wouldn’t it be? The alternative is ultimately the failure of mankind as a species on the planet … that is to say, common sense, rationality and optimism are the only choices in which we allow ourselves the opportunity to see the results of our own work). “Politics hates a vacuum; if it isn’t filled with hope, someone will fill it with fear.”
To those who suggest that Naomi Klein’s optimistic prognostications are impossible, she responds, “If what is considered politically possible today consigns us to a future of [] chaos the day after tomorrow, then we have to change what’s politically possible.” I agree. The USA needs to face the reality that nothing less than an awesome paradigm shift and a complete rewrite of its society and cultural values will save it from itself.
NO IS NOT ENOUGH is a book that everyone needs to read.
The back cover marketing blurb describes it very simply.
“THE TIPPING POINT is that magic moment when an idea, trenThe biography of a very simple idea
The back cover marketing blurb describes it very simply.
“THE TIPPING POINT is that magic moment when an idea, trend, or social behavior crosses a threshold, tips, and spreads like wildfire.”
The introduction covers that summary in slightly greater detail,
“It is the best way to understand the emergence of fashion trends, the ebb and flow of crime waves, or, for that matter, the transformation of unknown books into bestsellers, or the rise of teenage smoking, or the phenomena of word of mouth, … Ideas and products and messages and behaviors spread just like viruses do.”
Teachers, advertising executives, business owners, politicians, social workers, authors and the like would do very well to read Malcolm Gladwell’s brilliant musings concerning the characteristics of “epidemic” style societal change – contagiousness; little causes can have enormous effects; and change happens, not gradually, but a single dramatic moments. I’m not sure that I learned anything that would affect my personal life or cause me to change my behaviour in any way but there is no question that I did learn stuff and I also enjoyed the ride.
Indeed, there is every likelihood that if I had read THE TIPPING POINT as a young man, I would almost certainly have added Psychology as an elective to my university course list. It’s compelling, convincing and astonishingly interesting. BLINK, another of Malcolm Gladwell’s work, was just as amazing and I’ll look forward eagerly to trying more. OUTLIERS and TALKING TO STRANGERS come to mind as top of the list candidates.
(On a related note, I'm wondering, given the world's current overwhelming concern with Coronavirus pandemic, if any public health officials have given thought to applying Gladwell's ideas to the intractable problem of persuading blockheaded American anti-vaxxers to change their minds??)
Current “social reality is not a two-dimensional continuum between two contrasting hells” …
... one created by Karl Marx, the other envisioned by Ayn RCurrent “social reality is not a two-dimensional continuum between two contrasting hells” …
... one created by Karl Marx, the other envisioned by Ayn Rand. At least, author Federico Tabellini is convinced that it doesn’t have to be. As an impassioned diatribe against current right-wing thinking and the legitimacy of today’s manifestation of capitalism as a basis for global economies, A FUTURE HISTORY OF THE 21st CENTURY optimistically outlines and explore the possibilities of a third way.
In the first section of the book, Tabellini provides his readers with a brief primer on macro-economics in order to establish the groundwork for his thesis that the current practice of capitalism and government policies aimed at fostering continued perpetual growth are a toxic, certain recipe for ecological disaster, the dysfunction of the educational system and the demise of societal well-being in general. Given the current conditions in the USA under the Covid-19 pandemic and the hapless ministrations (and depradations) of a right-wing president (arguably the worst in all of American history), it is difficult for any rational person to disagree with the magnitude of the problem.
Tabellini then makes the case for a solution which is based on the implementation of an unconditional, universal basic income; a shift in the focus of taxation away from income and onto capital and wealth; a complete paradigm shift in the nature of the education system; a restructuring in the fundamental rules of politics and governance; and, finally, a crystal clear recognition of the ecological issues as a matter of existential necessity . Hard core right wing readers are almost certain to label Tabellini’s prognostications as impossible and naïve. For myself, my take is that they are optimistic but credible and achievable given strength, wisdom, maturity and a societal will to move away from what we are currently experiencing.
At only 134 pages, A FUTURE HISTORY OF THE 21st CENTURY is little more than an extended easy reading essay. But it’s wonderfully informative, enjoyable, and thought provoking. On top of that, if your thinking, like mine, leans to the left side of the political spectrum, you’ll find its optimism a wonderful breath of fresh air in a period of history that provides little mental relaxation, enjoyment and hope for the future. Definitely recommended.
Economics may not be considered one of the sexier sciences. But, first with FREAKONOMICS and now with SUPER FREAYou just gotta think outside the box!
Economics may not be considered one of the sexier sciences. But, first with FREAKONOMICS and now with SUPER FREAKONOMICS, rogue economists and best-selling authors, Steven D Levitt and Stephen J Dubner, have proven that economics can be fascinating, funny and out-of-the-blue surprising as well!
No cow is so sacred as to escape the scrutiny of Levitt and Dubner's micro- and macro-scopic analysis. For example, would any of us have thought to question the value of infant car seats in preventing child injury or deaths in car accidents? I certainly wouldn't have but Levitt and Dubner show that children's car seats are no more effective than regular seat belts at preventing injury. How many millions (or billions) of dollars are swirling into a voracious black hole in pursuit of this particular sacred cow?
I expect their tongues were planted firmly in their cheeks when they examined the economics of pimping and street prostitution, but I, for one, found the analysis of the precipitous decline in the cost of oral sex to be absolutely fascinating. Not only is Levitt and Dubner's analysis interesting economics but their conclusions say a great deal about the evolution of world culture.
Is global warming a reality? Who knows for sure but, whether it is or it isn't, Levitt and Dubner have presented a rather critical commentary on the economics of possible solutions to a problem that may well be considerably less daunting and costly to solve than the likes of Al Gore would have us believe. While SUPER FREAKONOMICS may smack of libertarianism, it's hard to argue with Levitt and Dubner's broader conclusions that government policy frequently falls victim to the law of unintended consequences and that governments rarely, if ever, choose a small-scale inexpensive solution to a problem when a flashier, bigger and more expensive solution is available.
With no punches pulled, SUPER FREAKONOMICS might be brash and cheeky and it certainly isn't textbook economics, but it is thoroughly entertaining and informative. If it causes any voter to raise an eyebrow and question government policy more critically or if it causes any consumer to be more wary of future purchases and less accepting of dogma, publicity or advertising on faith, then Levitt and Dubner will go to bed this evening pleased with the work they've done. And, along the way - what a bonus - it's a certainty that you'll experience a good laugh or two!
Using Ricardo's theory of rent seeking as a jumping off point, Tim Harford's THE UNDERCOVER ECONOMIST is an upbeat An upbeat version of Economics 101!
Using Ricardo's theory of rent seeking as a jumping off point, Tim Harford's THE UNDERCOVER ECONOMIST is an upbeat introduction to microeconomics couched in language that is accessible to the layman without being trite or boring for those that already have a solid grasp of the subject.
The first half of the books deals with a somewhat more modern version of standard theories of supply and demand, rent seeking, perfect and imperfect information, externalities and incentives. Modern examples such as the location of Starbucks and the cost of a double latte grande clarify the points completely.
In the second half of the book, Harford moves into the realm of macroeconomics dealing with issues such as taxation, government subsidies, incentives and disincentives related to externalities, the seemingly endless cycle of poverty in third world countries, the theory of comparative advantages, third world dictatorship and communist government policies as contrasted with democratic capitalist economies, education and so on.
Not quite a treatise on macroeconomics, Harford makes the subject infinitely more interesting by exploring the margins of the topic and explaining how such macroeconomic considerations drift into the world of microeconomics and affect such basics as pricing, supply, demand, production and incentives.
Perhaps the most interesting chapter in the entire book was Harford's brief explanation of the mathematics of game theory and how economic game theorists constructed a series of government auctions to attempt to sell frequencies for cellphone licences to the highest bidding communications companies. The devil was obviously in the details as one auction succeeded beyond the wildest expectations of the government policy wonks whereas another garnered less than 1% of the anticipated revenue for the sale. Another chapter that will raise more than a few eyebrows explained in some depth why the world should welcome the globalization of trade and the elimination of trade barriers entirely.
Informative and entertaining, somewhat more academic in approach than the likes of FREAKONOMICS, THE UNDERCOVER ECONOMIST is good reading for anyone who would like to have a deeper understanding of what makes the world's economies tick.
FREAKONOMICS is a refreshing, thoroughly enjoyable, easy reading, fast paced, witty and cynical breath ofLearning should be this enjoyable more often!
FREAKONOMICS is a refreshing, thoroughly enjoyable, easy reading, fast paced, witty and cynical breath of fresh air! Levitt and Dubner offer up a series of pointed, thought provoking essays composed in jargon-free layman's language that are loosely connected through a theme revealed in the book's sub-title - the hidden side of everything!
Incentives, or disincentives and deterrents, are examined as to their effectiveness in achieving the outcomes anticipated by those people, corporations or government organizations who designed them. We quickly learn that when incentives are applied in the context of our own philosophies and objectives, the outcomes may not be precisely as might have been originally intended.
The power of information, disinformation, information symmetry or asymmetry, perceived or real, and information hoarding in the form of secrecy is looked at from the point of view of determining its effect on our reliance on and opinions of "experts" and on our own strength in the process of negotiation or development of a contract. The authors' use of the KKK, real estate agents and the Internet as enormously disparate examples of information hoarders or disseminators is, in a word, inspired and informative.
The rather contentious issues of abortion vis-à-vis US crime rates and the relationship between race, economic status, parenting and scholastic achievement are used to demonstrate the enormous pitfalls in distinguishing between causality relationships as opposed to simple correlation.
I believe my personal background in mathematics and physics has allowed me to appreciate the deeper meaning of these essays from a scientific point of view. But, I'm concerned that in doing this, I may give rise to the profoundly mistaken impression that FREAKONOMICS is some turgid economics exposition that's as dry as a Death Valley dust storm. Nothing could be further from the truth!
Read it! Enjoy it! Laugh at it and think about what you've just read. If you never again look at a social phenomenon and accept it at simple face value without a raised eyebrow and a little more questioning attitude, then I believe that Levitt and Dubner will have achieved their goal.
Loading...
