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Rules for Revolutionaries: How Big Organizing Can Change Everything by Becky Bond, Zack Exley
battle of ideas, Bernie Sanders, call centre, centre right, cognitive dissonance, crowdsourcing, declining real wages, Donald Trump, family office, fixed income, full employment, hiring and firing, hydraulic fracturing, immigration reform, income inequality, Kickstarter, mass incarceration, Naomi Klein, Occupy movement, oil shale / tar sands, plutocrats, Plutocrats, randomized controlled trial, Skype, telemarketer, union organizing
OCTOBER 1: Fundraising numbers come out and, astonishingly, Bernie is outpacing Barack Obama’s 2008 campaign fundraising. OCTOBER 2: Becky gets a job on the campaign as a senior advisor. OCTOBER 13: The first Democratic primary debate is held, with over 4,000 Bernie Sanders debate watch parties launched by the distributed organizing team. OCTOBER 20: Zack and Corbin pilot an early version of barnstorm meetings in Tennessee. OCTOBER 28: The national student town hall livestream is held with Bernie Sanders and members of College Students for Bernie Sanders. NOVEMBER: Zack and Becky barnstorm across Colorado and meet volunteers who are already canvassing for the March 1, 2016, caucus without access to the VAN. NOVEMBER 14: The second Democratic primary debate is held; attendees at thousands of debate watch parties are asked to launch phone banks.
About the Authors Photo by Bloomberg / Getty Images Becky Bond served as a senior advisor on the Bernie Sanders presidential campaign and was an architect of the campaign’s national, volunteer-driven grassroots campaign. Prior to joining the Bernie Sanders campaign, Becky served as political director at CREDO where she was an innovator working at the intersection of organizing, politics, and technology for over a decade. Becky is a cofounder of CREDO SuperPAC, which was named by Mother Jones as one “2012’s Least Horrible Super-PACs” for helping to defeat five sitting Tea Party Republican Congressmen. She lives in San Francisco, California, with writer, designer, and book artist Emily McVarish. Zack Exley served as a senior advisor on the Bernie Sanders presidential campaign and was an architect of the campaign’s national, volunteer-driven grassroots campaign.
—Tim DeChristopher, Bidder 70; cofounder, Climate Disobedience Center “If you want to change the world and the status quo, read this book. An alternate title would appropriately be: How to Make the Impossible, Possible. Prepare to be inspired.” —Assemblywoman Lucy Flores “For populists who want to continue Bernie Sanders’s political revolution and win radical change, this is a book for you. In their Rules for Revolutionaries, Becky Bond and Zack Exley lay down a new marker for what mass volunteer organizing makes possible by combining emerging consumer technology and radical trust with some tried and true ‘old organizing’ tactics.” —Jim Hightower, author of Swim Against the Current “Bernie Sanders’s presidential run was a spectacular wake-up call, revealing the huge number of Americans willing to fight for radical change. That includes a great many who didn’t sign up for the political revolution this time around, which is good news: Our movements can learn how to go even bigger and broader.
The Ones We've Been Waiting For: How a New Generation of Leaders Will Transform America by Charlotte Alter
"side hustle", 4chan, affirmative action, Affordable Care Act / Obamacare, basic income, Berlin Wall, Bernie Sanders, carbon footprint, clean water, collective bargaining, Columbine, corporate personhood, correlation does not imply causation, Credit Default Swap, crowdsourcing, David Brooks, Donald Trump, double helix, East Village, ending welfare as we know it, Fall of the Berlin Wall, feminist movement, Ferguson, Missouri, financial deregulation, Francis Fukuyama: the end of history, gig economy, glass ceiling, Google Hangouts, housing crisis, illegal immigration, immigration reform, income inequality, Intergovernmental Panel on Climate Change (IPCC), job-hopping, Kevin Kelly, knowledge economy, Lyft, mandatory minimum, Marc Andreessen, Mark Zuckerberg, mass incarceration, McMansion, medical bankruptcy, move fast and break things, move fast and break things, Nate Silver, obamacare, Occupy movement, passive income, pre–internet, race to the bottom, RAND corporation, Ronald Reagan, sexual politics, Silicon Valley, single-payer health, Snapchat, TaskRabbit, too big to fail, Uber and Lyft, uber lyft, universal basic income, unpaid internship, We are the 99%, white picket fence, working poor, Works Progress Administration
CHAPTER 12: HOUSE OF GLASS, 2016 never for an election: Charlotte Alter, “Inside Alexandria Ocasio-Cortez’s Unlikely Rise,” TIME, March 21, 2019, time.com/longform/alexandria-ocasio-cortez-profile/. among young voters in Iowa: Chris Cillizza, “Bernie Sanders Crushed Hillary Clinton by 70 Points Among Young Voters in Iowa,” The Washington Post, February 2, 2016, washingtonpost.com/news/the-fix/wp/2016/02/02/bernie-sanders-crushed-hillary-clinton-by-70-points-among-young-people-in-iowa-but/. 78 percent of first-time voters: Eric Bradner and Dan Merica, “Young Voters Abandon Hillary Clinton for Bernie Sanders,” CNN, February 10, 2016, cnn.com/2016/02/10/politics/hillary-clinton-new-hampshire-primary/index.html. underwater by more than twenty points: Frank Newport, “Sanders, the Oldest Candidate, Looks Best to Young Americans,” Gallup, April 8, 2016, news.gallup.com/poll/190571/sanders-oldest-candidate-looks-best-young-americans.aspx.
Almost two decades before millions of other young people would become enamored with his subject, Pete chose to write about a lawmaker who was at that point fairly obscure: Senator Bernie Sanders of Vermont. The essay started off as predictable high school drivel (“There are a daunting number of important issues which are to be confronted if we are to progress as a nation”) and ended up a premonition. He lamented the moral timidity of politics (“Candidates have discovered that it is easier to be elected by not offending anyone rather than by impressing voters”) and politicians who “outgrow their convictions in order to win power.” Sanders, he thought, represented an important distinction in American politics: compromise was not the same as centrism, and collaboration was not the same as capitulation. He ended with a hint at his own ambitions: “I commend Bernie Sanders for giving me an answer to those who say American young people see politics as a cesspool of corruption, beyond redemption,” he wrote.
By April 2016, Bernie had a net favorability of nearly forty points with voters between eighteen and twenty-four, while Hillary Clinton was underwater by more than twenty points. Even at Hillary Clinton’s alma mater, the all-women Wellesley College, the college kids were feeling the Bern. He was the most popular politician in America among the under-thirty set. By March, Bernie Sanders had won more young voters than Trump and Clinton combined. In April, shortly before the New York primary, Alexandria and Maria waited in lines snaking around the block to get into a Bernie Sanders rally in Washington Square Park. People were packed into the park, overflowing onto the streets, and a whiff of marijuana hung in the air. The mood was electrifying. Maria remembers it as one of the first moments when she thought something like a progressive revolution could really happen, and she and Alexandria worked even harder for Bernie than they had before.
Rendezvous With Oblivion: Reports From a Sinking Society by Thomas Frank
Affordable Care Act / Obamacare, Bernie Sanders, big-box store, business climate, business cycle, call centre, crowdsourcing, David Brooks, deindustrialization, deskilling, Donald Trump, edge city, Frank Gehry, high net worth, income inequality, Jane Jacobs, Jeff Bezos, McMansion, new economy, New Urbanism, obamacare, offshore financial centre, plutocrats, Plutocrats, Ponzi scheme, profit maximization, Ralph Nader, Richard Florida, Ronald Reagan, Silicon Valley, single-payer health, The Death and Life of Great American Cities, too big to fail, urban planning, Washington Consensus, Works Progress Administration
“Reviewing this history,” he harrumphed, “you could almost get the impression billionaires have done more to advance progressive causes than Bernie Sanders has.” On January 27, with the Iowa caucuses just days away, the Post columnist Dana Milbank nailed it with a headline: “Nominating Sanders Would Be Insane.” After promising that he adored the Vermont senator, he cautioned his readers that “socialists don’t win national elections in the United States.” The next day, the paper’s editorial board chimed in with “A Campaign Full of Fiction,” in which it branded Sanders as a flimflam artist: “Mr. Sanders is not a brave truth-teller. He is a politician selling his own brand of fiction to a slice of the country that eagerly wants to buy it.” Stung by the Post’s trolling, Bernie Sanders fired back angrily from the campaign trail in Iowa—which in turn allowed no fewer than three of the paper’s writers to report on the conflict between the candidate and their employer as a bona fide news item.
And then, as the larger economy spiraled earthward … as millions around the world lost jobs and homes … the trusted professionals of the federal government stepped in to ensure that their brother professionals on Wall Street would suffer no ill effects. For the present generation, the bailout of the crooks would stand as the ultimate demonstration of the worthlessness of institutions, the nightmare knowledge that lurked behind every scam that was to come. What I describe in this volume is a vast panorama of such scams—a republic of rip-offs. Bernie Sanders, the archetypal reform figure of our time, likes to say that “the business model of Wall Street is fraud,” but in truth we could say that about many of the designated protectors of our health and well-being. Pharmaceutical companies, we learned, jack up prices for no reason other than because they can, because it is their federally guaranteed right to do so. The brain power of Silicon Valley, meanwhile, concentrates on the search for ingenious ways to harvest private information and build monopolies so that it, too, can gouge the world with impunity.
Back in the nineties, she watched her husband’s presidency come under siege in an endless series of scandals and fake scandals, many of them featuring her as a kind of diabolical villainess, and in 2016 she took pains to stay well clear of press conferences. After losing to Donald Trump, she blamed the news media in part for her loss. She did this even though the editorial boards of the country’s largest newspapers endorsed her over Trump by an unprecedented ratio of fifty-seven to two. But it was the news media’s attitude toward yet a third politician, Senator Bernie Sanders of Vermont, that best revealed the peculiar politics of the media in this time of difficulty and transition (or, depending on your panic threshold, industry-wide apocalypse) for newspapers. To refresh your memory, the Vermont senator is an independent who likes to call himself a democratic socialist. He ran for the nomination on a platform of New Deal–style economic interventions such as single-payer health insurance, a regulatory war on big banks, and free tuition at public universities.
The Populist Explosion: How the Great Recession Transformed American and European Politics by John B. Judis
affirmative action, Affordable Care Act / Obamacare, Albert Einstein, anti-communist, back-to-the-land, Bernie Sanders, Boris Johnson, Bretton Woods, capital controls, centre right, collapse of Lehman Brothers, deindustrialization, desegregation, Donald Trump, eurozone crisis, financial deregulation, first-past-the-post, fixed income, full employment, ghettoisation, glass ceiling, hiring and firing, illegal immigration, immigration reform, income inequality, invisible hand, laissez-faire capitalism, mass immigration, means of production, neoliberal agenda, obamacare, Occupy movement, open borders, plutocrats, Plutocrats, post-materialism, rolodex, Ronald Reagan, Silicon Valley, War on Poverty, We are the 99%, white flight, Winter of Discontent
Chapter One The Logic of American Populism: From the People’s Party to George Wallace Chapter Two Neoliberalism and Its Enemies: Perot, Buchanan, the Tea Party, and Occupy Wall Street Chapter Three The Silent Majority and the Political Revolution: Donald Trump and Bernie Sanders Chapter Four The Rise of European Populism Chapter Five The Limits of Leftwing Populism: Syriza and Podemos Chapter Six Rightwing Populism on the March in Northern Europe Conclusion The Past and Future of Populism Acknowledgments Further Reading Notes What Is Populism, and Why Is It Important? Populist parties and candidates are on the move in the United States and Europe. Donald Trump has won the Republican nomination; Bernie Sanders came in a very strong second to Hillary Clinton for the Democratic nomination. And these candidacies came on the heels of the Tea Party and Occupy Wall Street movements.
Micah White, the American senior editor of Adbusters who helped inspire the movement, called it a “constructive failure.” In the 2012 election, Obama borrowed from Occupy Wall Street’s rhetoric to pillory Republican Mitt Romney. And Occupy’s radicalism would recur in more organized form—when a Vermont senator would decide to run for president in 2016. The Silent Majority and the Political Revolution: Donald Trump and Bernie Sanders In an interview with the Washington Post in July 2015, former Maryland Governor Martin O’Malley dismissed Bernie Sanders as a “protest candidate.” “I’m not running for protest candidate, I’m running for President of the United States,” O’Malley declared. But after receiving 0.57 percent of the vote in the Iowa Caucus on February 2, O’Malley dropped out, while Sanders, who tied Clinton in Iowa, moved on to New Hampshire, where he won the primary easily and established himself as a viable contender for the nomination.
But his support is also proportional to age, and annual income rises with age, so the fact that Trump’s supporters have a slightly above average income probably reflects their age rather than their social class. 77“that are angry”: http://www.bloomberg.com/features/2016-reince-priebus/. On Sanders’s life story, see John B. Judis, “The Bern Supremacy,” National Journal, November 19, 2015; Harry Jaffe, Why Bernie Sanders Matters, Regan Arts, 2015; Tim Murphy, “How Bernie Sanders Learned to Be a Real Politician,” Mother Jones, May 26, 2015; and Simon van Zuylen-Wood, “I’m Right and Everybody Else Is Wrong,” National Journal, June 2014. 79“nobody in the audience fainted”: Sanders, “Fragments of a Campaign Diary,” Seven Days, December 1, 1972. 79“Why Socialism”: Albert Einstein, “Why Socialism,” Monthly Review, May 1949. 79“I don’t have the power to nationalize the banks”: Baltimore Sun, December 23, 1981. 79“I’m a democratic socialist”: Sanders with Huck Gutman, Outsider in the House, Verso, 1997, p. 29. 80higher standard of living: Michael Powell, “Exceedingly Social, but Doesn’t Like Parties,” Washington Post, November 5, 2006. 80“two percent of the people”: Saint Albans Daily Messenger, December 23, 1971. 81“buy the United States Congress”: “The Rachel Maddow Show,” MSNBC, April 15, 2015. 81“What Bernie Sanders Doesn’t Understand About American Politics:” Jonathan Chait, “What Bernie Sanders Doesn’t Understand About American Politics,” New York, January 27, 2016. 81“facile calls for revolution:” “It Was Better to Bern Out,” The New York Times, June 10, 2016. 82“eat out the heart of the republic”: George E.
The Socialist Manifesto: The Case for Radical Politics in an Era of Extreme Inequality by Bhaskar Sunkara
Affordable Care Act / Obamacare, agricultural Revolution, Bernie Sanders, British Empire, business climate, business cycle, capital controls, centre right, Charles Lindbergh, collective bargaining, Deng Xiaoping, deskilling, Donald Trump, equal pay for equal work, feminist movement, Ferguson, Missouri, Francis Fukuyama: the end of history, full employment, gig economy, Gunnar Myrdal, happiness index / gross national happiness, Honoré de Balzac, income inequality, inventory management, labor-force participation, land reform, land value tax, Mark Zuckerberg, means of production, Mikhail Gorbachev, Neil Kinnock, new economy, Occupy movement, postindustrial economy, precariat, race to the bottom, Ralph Waldo Emerson, self-driving car, Silicon Valley, single-payer health, telemarketer, The Wealth of Nations by Adam Smith, too big to fail, union organizing, Upton Sinclair, urban renewal, We are the 99%
Keeanga-Yamahtta Taylor, From #BlackLivesMatter to Black Liberation (Chicago: Haymarket, 2016). 14. Bernie Sanders, Our Revolution: A Future to Believe In (New York: Thomas Dunne Books, 2016), 23. 15. Michael Kruse, “Bernie Sanders Has a Secret,” Politico, July 9, 2015, politico.com/magazine/story/2015/07/bernie-sanders-vermont-119927. 16. Sanders, Our Revolution, 50. 17. Hillary Rodham Clinton, What Happened (New York: Simon & Schuster, 2017), 227. 18. Symone D. Sanders, “It’s Time to End the Myth That Black Voters Don’t Like Bernie Sanders,” Washington Post, September 12, 2017, washingtonpost.com/news/posteverything/wp/2017/09/12/its-time-to-end-the-myth-that-black-voters-dont-like-bernie-sanders. 19. “Hillary Clinton’s 10 Biggest Corporate Donors in the S&P 500,” Forbes, 2016, forbes.com/pictures/emdk45ehhgg/hillary-clintons-10-big/#110cb0c13629. 20.
Sanchez Manning, “Take Me Out? No, Jeremy Liked a Night in Eating Cold Beans with His Cat Called Harold Wilson, Corbyn’s First Wife Reveals,” Daily Mail, August 15, 2015. Chapter Nine: How We Win 1. Sam Gindin, “Building a Mass Socialist Party,” Jacobin, December 20, 2016, jacobinmag.com/2016/12/socialist-party-bernie-sanders-labor-capitalism. 2. Albert Hunt, “Warren Isn’t Sanders, and Vice Versa,” Bloomberg, April 29, 2018, bloomberg.com/view/articles/2018-04-29/elizabeth-warren-and-bernie-sanders-aren-t-the-same. 3. “Americans’ Views of Immigration Marked by Widening Partisan, Generational Divides,” Pew Research, April 15, 2016. 4. “A Slim Majority of Americans Support a National Government-Run Health Care Program,” Washington Post, April 12, 2018, washingtonpost.com/page/2010-2019/WashingtonPost/2018/04/12/National-Politics/Polling/release_517.xml?
But while not rejecting all forms of technocratic expertise, the democratic socialist knows that it will take mass struggle from below and messy disruptions to bring about a more durable and radical sort of change. In the second part of this book, I discuss the world today and why there are new opportunities for this better sort of socialism to take root. As we’ll see, Britain’s Jeremy Corbyn and the United States’ Bernie Sanders have pursued a “class struggle” social democracy, unleashing popular energy that has revitalized the Left as a whole. I offer a tentative strategy for taking advantage of this unexpected second chance and explain why the working class can still be an agent of social transformation. Even in the bleakest chapters in this book, an urgent commitment should be clear: if there is a future for humanity—free of exploitation, climate holocaust, demagoguery, and the war of all against all—then we must place our faith in the ability of people to save themselves and each other.
No Is Not Enough: Resisting Trump’s Shock Politics and Winning the World We Need by Naomi Klein
Airbnb, basic income, battle of ideas, Berlin Wall, Bernie Sanders, Brewster Kahle, Celebration, Florida, clean water, collective bargaining, Corrections Corporation of America, desegregation, Donald Trump, drone strike, Edward Snowden, Elon Musk, energy transition, financial deregulation, greed is good, high net worth, Howard Zinn, illegal immigration, income inequality, Internet Archive, Kickstarter, late capitalism, Mark Zuckerberg, market bubble, market fundamentalism, mass incarceration, Mikhail Gorbachev, moral panic, Naomi Klein, Nate Silver, new economy, Occupy movement, offshore financial centre, oil shale / tar sands, open borders, Peter Thiel, plutocrats, Plutocrats, private military company, profit motive, race to the bottom, Ralph Nader, Ronald Reagan, Saturday Night Live, sexual politics, sharing economy, Silicon Valley, too big to fail, trade liberalization, transatlantic slave trade, Triangle Shirtwaist Factory, trickle-down economics, Upton Sinclair, urban decay, women in the workforce, working poor
Mexico’s poverty rate has risen since implementation of NAFTA Center for Economic and Policy Research, “Mexico Lagged the Rest of Latin America in the NAFTA Era, Report Finds,” press release, March 29, 2017, http://cepr.net/press-center/press-releases/mexico-lagged-the-rest-of-latin-america-in-the-nafta-era-report-finds. Marine Le Pen: “manufacturing by slaves for selling to the unemployed” “France Election: Far-Right’s Le Pen Rails against Globalisation,” BBC.com, February 5, 2017, http://www.bbc.com/news/world-europe-38872335. Bernie Sanders: TPP “part of a global race to the bottom…” “Bernie Sanders on Trade,” Feel the Bern (website), accessed April 12, 2017, from http://feelthebern.org/bernie-sanders-on-trade/. The Perils of Ceding the Populist Ground Approximately 90 million eligible voting-age Americans stayed home United States Elections Project, “2016 November General Election Turnout Rates,” ElectProject.org, http://www.electproject.org/2016g. Nonprofit VOTE and the U.S. Elections Project, “America Goes to The Polls 2016: A Report on Voter Turnout in the 2016 Election,” NonprofitVote.org, accessed April 12 2017, http://www.nonprofitvote.org/documents/2017/03/america-goes-polls-2016.pdf.
National polls showed Sanders had a better chance of beating Trump than Clinton did Real Clear Politics, “Polls: 2016 Presidential Race,” RealClearPolitics.com, undated, http://www.realclearpolitics.com/epolls/2016/president/2016_presidential_race.html. Whose Revolution? Ta-Nehisi Coates: “The spectacle of a socialist candidate…” Ta-Nehisi Coates, “Why Precisely Is Bernie Sanders against Reparations?” Atlantic, January 19, 2016, https://www.theatlantic.com/politics/archive/2016/01/bernie-sanders-reparations/424602/. Michelle Alexander: “If progressives think they can win…” Michelle Alexander, interview with author. A Toxic Cocktail around the World Clinton campaign: “Love trumps Hate” MJ Lee and Dan Merica, “Clinton’s last campaign speech: ‘Love trumps hate,’ ” CNN.com, November 7, 2016, http://www.cnn.com/2016/11/07/politics/hillary-clinton-campaign-final-day/.
And there are also military and surveillance contractors and paid lobbyists who make up a staggering number of Trump’s defense and Homeland Security appointments. We Were on a Roll It can be easy to forget, but before Trump’s election upset, regular people were standing up to battle injustices represented by many of these very industries and political forces, and they were starting to win. Bernie Sanders’s surprisingly powerful presidential campaign, though ultimately unsuccessful, had Wall Street fearing for its bonuses and had won significant changes to the official platform of the Democratic Party. Black Lives Matter and Say Her Name were forcing a national debate about systemic anti-Black racism and militarized policing, and had helped win a phase-out of private prisons and reductions in the number of incarcerated Americans.
The Digital Party: Political Organisation and Online Democracy by Paolo Gerbaudo
Airbnb, barriers to entry, basic income, Bernie Sanders, bitcoin, call centre, centre right, creative destruction, crowdsourcing, disintermediation, disruptive innovation, Donald Trump, Edward Snowden, feminist movement, gig economy, industrial robot, Jaron Lanier, Jeff Bezos, jimmy wales, Joseph Schumpeter, Mark Zuckerberg, Network effects, Occupy movement, offshore financial centre, oil shock, post-industrial society, precariat, Ralph Waldo Emerson, Richard Florida, Richard Stallman, Ruby on Rails, self-driving car, Silicon Valley, Skype, Slavoj Žižek, smart cities, Snapchat, social web, software studies, Stewart Brand, technoutopianism, Thomas L Friedman, universal basic income, Vilfredo Pareto, WikiLeaks
Name Responsibility Organisation Date of Interview 1 Julia Reda Activist and MEP Pirate Party 8 January 2018 2 Christian Engstrom Activist and MEP Pirate Party 3 June 2009 3 Birgitta Jónsdóttir Activist and former MP Pirate Party 13 May 2016 4 Davide Bono Activist and local councillor Five Star Movement 3 September 2018 5 Gioele Brandi Social media manager Five Star Movement 22 June 2017 6 Roberto Fico Five Star Movement activist, current speaker of the Chamber of deputies Activist, MP and president of the Italian Chamber of Deputies (since 24 March 2018) 22 June 2017 7 Roberta Lombardi Activist and MP Five Star Movement 22 June 2017 8 Marco Canestrari Former employee Casaleggio Associati 22 November 2017 9 David Davros Puente Former employee Casaleggio Associati 27 November 2017 10 Eric Labuske Informatics coordinator Podemos 26 June 2015 11 German Cano Academic and activist Podemos 23 June 2015 12 Sarah Bienzobas Activist Podemos 22 February 2016 13 Alejandro Cerezo Activist and graphic designer Podemos 20 February 2016 14 Jorge Moruno Sociologist and activist Podemos 21 February 2016 15 Segundo Gonzalez Activist and MP Podemos 18 February 2015 16 Miguel Ardanuy Participation coordinator and Comunidad de Madrid councillor Podemos 7 November 2017 17 Winnie Wong Activist and communication strategist People for Bernie Sanders 16 June 2017 18 Claire Sandberg Digital organising director Bernie Sanders presidential campaign 10 December 2017 19 Emma Rees National organiser Momentum 6 October 2017 20 Adam Klug National organiser Momentum 9 October 2017 21 Aaron Bastani Media activist Novara Media 6 March 2018 22 James Moulding Activist Digital Democracy – Labour 4 October 2017 23 Antoine Léaument Social media coordinator France Insoumise 15 January 2018 24 Guillaume Royer Platform coordinator France Insoumise 15 November 2017 25 Adria Rodriguez Activist Barcelona en Comù 22 February 2016 26 Alejandra Calvo Martínez Activist Ahora Madrid 20 March 2015 27 Eugenia Quilodran-Briones Activist Rede Sustenabilidade Brazil 21 October 2014 28 Richard Bartlett Founder and developer Loomio 25 October 2017 29 Andreas Nitsche Developer and director Association for interactive democracy 6 October 2017 30 Yago Bermejo Abati Developer and activist Medialab Prado 12 July 2017 Notes 1.
It self-describes as an organisation that wants to ‘build on the energy and enthusiasm from the Jeremy Corbyn for Labour Leader campaign, to increase participatory democracy, solidarity, and grassroots power and help Labour become the transformative governing party of the 21st century’.7 Momentum has been widely applauded for its effective use of social media, and has recently established My Momentum, an online platform that allows members to participate in discussions and make decisions. Some trends of the digital party can also be seen in related phenomena, such as Bernie Sanders’ presidential campaign in 2016, which, while not adopting digital democracy tools, has been innovative in its use of digital organising tactics, empowering the rank and file to organise the campaign locally. It is fairly obvious that, at the stage at which the internet is on the point of becoming, if it has not already become, more influential than TV, all parties are compelled to ‘go digital’.
In the 2017 French presidential elections, Jean Luc Mélenchon was by far the most popular candidate among young people, with 30 per cent of those between ages 18 and 24 turning to him. Jeremy Corbyn’s impressive performance in the 2017 UK general elections was propelled by an avalanche of youth vote. In a post-election survey conducted by YouGov,113 it was found that Labour share of votes was inversely proportional to voters’ age. Labour scored 66 per cent among those ages 18–19; it only had 19 per cent of support among those aged over 70. Finally, the typical voter of Bernie Sanders was said to be below 45 years of age. The sympathy of young people, especially those living in urban areas, towards digital parties is unsurprising for a number of reasons. First, young people enjoy higher than average levels of internet access, which means they are more likely to buy into the techno-utopian idea of the digital revolution as a positive change. Second, they have been disproportionately affected by the effects of the economic crisis, stagnating wages, unemployment and labour casualisation.
A Generation of Sociopaths: How the Baby Boomers Betrayed America by Bruce Cannon Gibney
1960s counterculture, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, American Society of Civil Engineers: Report Card, Bernie Madoff, Bernie Sanders, Bretton Woods, business cycle, buy and hold, carbon footprint, Charles Lindbergh, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, corporate personhood, Corrections Corporation of America, currency manipulation / currency intervention, Daniel Kahneman / Amos Tversky, dark matter, Deng Xiaoping, Donald Trump, Downton Abbey, Edward Snowden, Elon Musk, ending welfare as we know it, equal pay for equal work, failed state, financial deregulation, Francis Fukuyama: the end of history, future of work, gender pay gap, gig economy, Haight Ashbury, Home mortgage interest deduction, Hyperloop, illegal immigration, impulse control, income inequality, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jane Jacobs, Kitchen Debate, labor-force participation, Long Term Capital Management, Lyft, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, McMansion, medical bankruptcy, Menlo Park, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, neoliberal agenda, Network effects, obamacare, offshore financial centre, oil shock, operation paperclip, plutocrats, Plutocrats, Ponzi scheme, price stability, quantitative easing, Ralph Waldo Emerson, RAND corporation, rent control, ride hailing / ride sharing, risk tolerance, Robert Shiller, Robert Shiller, Ronald Reagan, Rubik’s Cube, school choice, secular stagnation, self-driving car, shareholder value, short selling, side project, Silicon Valley, smart grid, Snapchat, source of truth, stem cell, Steve Jobs, Stewart Brand, survivorship bias, TaskRabbit, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, War on Poverty, white picket fence, Whole Earth Catalog, women in the workforce, Y2K, Yom Kippur War, zero-sum game
Bloomberg, 3 Aug. 2015, www.bloomberg.com/politics/articles/2015-08-03/even-40-000-scott-walkers-aren-t-as-wealthy-as-donald-trump; Jacobs, Harrison. “Scott Walker has tens of thousands of dollars’ worth of credit-card debt.” Business Insider, 3 Aug. 2015, www.businessinsider.com/scott-walker-has-tens-of-thousands-of-dollars-worth-of-credit-card-debt-2015-8. 48. Topaz, Jonathan, and Kristen East. “Bernie Sanders’ Wife Accounts for All His Reported Assets.” Politico, 16 July 2015, www.politico.com/story/2015/07/bernie-sanders-wife-accounts-for-reported-assets-120261; Gaudiano, Nicole. “Credit Card Debt a Regular Feature on Sanders’ Finance Reports.” USA Today, 12 June 2015. 49. McIntire, Mike. “Ted Cruz Didn’t Report Goldman Sachs Loan in a Senate Race.” New York Times, 13 Jan. 2016, www.nytimes.com/2016/01/14/us/politics/ted-cruz-wall-street-loan-senate-bid-2012.html. 50.
The Federal Reserve Act (1977 amendments); Federal Reserve Bank of Chicago. “The Federal Reserve’s Dual Mandate.” www.chicagofed.org/publications/speeches/our-dual-mandate. 26. US Federal Reserve System, Board of Governors. “Credit and Liquidity Programs and the Balance Sheet.” www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm, Aug. 2007–Dec. 2015. 27. Sanders, Bernie. “Transcript: Bernie Sanders Meets with the Daily News Editorial Board.” New York Daily News, 4 Apr. 2016, www.nydailynews.com/opinion/transcript-bernie-sanders-meets-news-editorial-board-article-1.2588306. 28. US Federal Reserve System, Board of Governors. Statistical table 8. “Table 8. Initial margin requirements Under Regulations T, U, and X” (as percentage of market value). 29. New York Stock Exchange, “FRB Initial margin requirements—percent of total value required to purchase stock,” http://www.nyxdata.com/nysedata/asp/factbook/viewer_edition.asp?
Grocery Sales.” Forbes. www.forbes.com/sites/greatspeculations/2013/05/20/wal-mart-cleans-up-on-poor-america-with-25-of-u-s-grocery-sales/#31fa4f262bea (alternative metrics have 90 percent of Americans living within 10 miles of a Wal-Mart; the effect is the same). 25. Sanders, Bernie, and Daily News Editorial Board. “Transcript: Bernie Sanders meets with News Editorial Board.” New York Daily News, Opinion, 4 Apr. 2016, www.nydailynews.com/opinion/transcript-bernie-sanders-meets-news-editorial-board-article-1.2588306. 26. Fuglie, Keith, et al. “Rising Concentration in Agricultural Input Industries Influences New Farm Technologies.” US Department of Agriculture, 3 Dec. 2012, www.ers.usda.gov/amber-waves/2012-december/rising-concentration-in-agricultural-input-industries-influences-new-technologies.aspx#.Vxf2yzArKM8.
Cultural Backlash: Trump, Brexit, and Authoritarian Populism by Pippa Norris, Ronald Inglehart
affirmative action, Affordable Care Act / Obamacare, bank run, banking crisis, Berlin Wall, Bernie Sanders, Boris Johnson, Cass Sunstein, centre right, cognitive dissonance, conceptual framework, declining real wages, desegregation, Donald Trump, eurozone crisis, Fall of the Berlin Wall, feminist movement, first-past-the-post, illegal immigration, immigration reform, income inequality, job automation, knowledge economy, labor-force participation, land reform, liberal world order, longitudinal study, low skilled workers, mass immigration, meta analysis, meta-analysis, obamacare, open borders, open economy, post-industrial society, post-materialism, precariat, purchasing power parity, rising living standards, Ronald Reagan, sexual politics, Silicon Valley, statistical model, stem cell, War on Poverty, white flight, winner-take-all economy, women in the workforce, working-age population, World Values Survey, zero-sum game
The most dramatic case is the election of Donald Trump to the White House. How could such a polarizing and politically inexperienced figure win a major party’s nomination – and then be elected President? Many observers find it difficult to understand his victory. He has been sharply attacked by conservatives such as George Will, establishment Republicans such as John McCain, Democrats such as Elizabeth Warren, and socialists such as Bernie Sanders. He has been described by some commentators as a strongman menacing democracy, by others as a xenophobic and racist demagogue skilled at whipping up crowds, and by yet others as an opportunistic salesman lacking any core principles.1 Each of these approaches contains some truth. We view Trump as a leader who uses populist rhetoric to legitimize his style of governance, while promoting authoritarian values that threaten the liberal norms underpinning American democracy.
These typically use populist discourse railing against corruption, mainstream parties, and multinational corporations but this is blended with the endorsement of socially liberal attitudes, progressive social policies, and participatory styles of political engagement. This category includes Spain’s Podemos Party and the Indignados Movement, Greece’s Syriza, the Left Party in Germany, the Socialist Party in the Netherlands, and Italy’s Five Star Movement (M5S). In the Americas, Libertarian-Populist leaders are exemplified by Bernie Sanders, as well as the Peronist tradition followed by Cristina Fernández de Kirchner in Argentina, Evo Morales in Bolivia, and Rafael Correa in Ecuador.32 Arguably, there are also centrist-populist leaders, such as President Emmanuel Macron in France who campaigned as an outsider, criticizing the established parties although governing more like a moderate. 12 Understanding Populism Even in nations where Authoritarian-Populist parties hold few parliamentary seats, they can still exert ‘blackmail’ pressure on governments and shape the policy agenda.33 In Britain, for example, the UK Independence Party won only one seat in the May 2015 general election, but its rhetoric fueled rabid anti-European and anti-immigration sentiment, pressuring the Conservatives to call the Brexit referendum, with massive consequences.34 Similarly, in the September 2017 elections to the Bundestag, the nationalistic, anti-Islamic, and pro-family values Alternative for Germany (AfD) won only 12.6 percent of the vote, but they gained 94 seats in the aftermath of the refugee crisis, entering parliament for the first time and thereby hindering Angela Merkel’s negotiations to form a Grand Coalition government, leaving the government in limbo for four months.35 Mainstream parties can seek to co-opt minor parties in formal or informal governing alliances, and they can adopt their language and policies in the attempt to steal their votes.
These value changes motivate the rise of libertarian populists, when the rising tide of social liberalism among the younger, college-educated population is combined with deep disillusionment with the performance of mainstream political parties and leaders. Libertarian populists combine support for socially liberal policies with a sweeping critique of the failure of mainstream parties to address corporate greed, economic inequalities, global capitalism, and social injustice. Campaigning as outsiders, this appeal is likely to mobilize Labour Party members favoring Jeremy Corbyn, Bernie Sanders supporters in Democratic primaries, voters for Jean-Luc Mélenchon’s La France Insoumise, the Five Star Movement in Rome, and community activists engaged in Pablo Iglesias’ Podemos in Spain.28 Political parties usually attract older voters, but by adopting digital tools, some like the Five Star Movement (M5S) in Italy, have succeeded in attracting a relatively young membership.29 At the same time, levels of youthful enthusiasm are rarely translated into equivalent levels of voting turnout at the ballot box.30 The Millennial generation in the US and Europe are more likely than their elders to participate in direct protest politics, community volunteering, new social 44 The Cultural Backlash Theory movements, and online activism, but they are usually far less engaged through conventional electoral channels such as voting.31 Libertarian- Populist parties seeking the support of younger, college-educated voters therefore face stiff competition from social movements championing the progressive agenda on issues such as environmental protection and climate change, LGBTQ rights, gender equality, Black Lives Matter, the ‘Me-too’ movement against sexual harassment, gun control, immigration rights, human rights and democracy, international development, and social justice.
They Don't Represent Us: Reclaiming Our Democracy by Lawrence Lessig
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, Berlin Wall, Bernie Sanders, blockchain, Cass Sunstein, Columbine, crony capitalism, crowdsourcing, David Brooks, do-ocracy, Donald Trump, Fall of the Berlin Wall, Filter Bubble, Francis Fukuyama: the end of history, illegal immigration, income inequality, Jaron Lanier, Jeff Bezos, Joi Ito, Mark Zuckerberg, obamacare, Parag Khanna, plutocrats, Plutocrats, race to the bottom, Ralph Nader, rent-seeking, Richard Thaler, Ronald Reagan, Shoshana Zuboff, Silicon Valley, Skype, speech recognition, Steven Levy, Upton Sinclair
Conclusion KATIE FAHEY WAS A TWENTYSOMETHING MICHIGANDER WHO WAS puzzled by Michigan’s response to the 2016 election. Initially a Clinton supporter, she was surprised when the state voted for Bernie Sanders. And then, she was surprised again when a state that had gone for Obama in 2012 (54 percent versus 45 percent) voted for Donald Trump. “What’s going on?” she asked herself. And then, as she described to me afterward, she tried to answer her own question. “Okay, what do Bernie Sanders and Donald Trump have in common that maybe Hillary Clinton didn’t have.” I really do think it was kind of like this: Bernie Sanders was all about the political revolution, and Donald Trump was about “drain the swamp.” I saw it on so many bumper stickers across Michigan. Those messages to me were actually pretty similar: . . .
That’s not to say there have not been arguments on the margin. There is a constant fight against “closed primaries” by citizens who believe that it violates equality to deny any citizen the right to participate in critical primaries. There is a regular and serious fight within the parties about the power of party leaders within mixed systems of nomination: In 2016, early in the primary season, Bernie Sanders supporters were upset that “superdelegates” would have the power to vote independently of party primaries. Later in the season, his supporters were upset that “superdelegates” did not exercise their independent power to vote for Sanders, contrary to the votes in the party primaries. And finally, there is the unavoidable and undeniable effect of primaries that I have already described when discussing gerrymandering—that given the low participation by citizens less interested in politics, primaries bend unmistakably to the extremes within either party.
For many years, there was public funding for presidential candidates. Obama put the kibosh on that, when he became the first candidate for president since Nixon to turn down public funding. But most people didn’t seem to notice, and most politicians didn’t seem to care. Since 2008, every major candidate for federal public office has relied on private funds to fund his or her campaigns. At the presidential level, this might not matter much. Candidates like Bernie Sanders have found it possible to raise ungodly amounts of money in small contributions. Yet no one thinks Sanders is beholden to anyone—except maybe to the millions who contributed to him, which, in a democracy, isn’t a terrible thing. And while Donald Trump certainly exaggerated his reliance on his own money obscenely, it is also true that the SuperPACs—political action committees that can accept unlimited donations—didn’t get him to where he got.
The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy by Stephanie Kelton
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, American Society of Civil Engineers: Report Card, Asian financial crisis, bank run, Bernie Madoff, Bernie Sanders, blockchain, Bretton Woods, business cycle, capital controls, central bank independence, collective bargaining, COVID-19, Covid-19, currency manipulation / currency intervention, currency peg, David Graeber, David Ricardo: comparative advantage, decarbonisation, deindustrialization, discrete time, Donald Trump, eurozone crisis, fiat currency, floating exchange rates, Food sovereignty, full employment, Gini coefficient, global reserve currency, global supply chain, Hyman Minsky, income inequality, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, Isaac Newton, Jeff Bezos, liquidity trap, Mahatma Gandhi, manufacturing employment, market bubble, Mason jar, mortgage debt, Naomi Klein, new economy, New Urbanism, Nixon shock, obamacare, open economy, Paul Samuelson, Ponzi scheme, price anchoring, price stability, pushing on a string, quantitative easing, race to the bottom, reserve currency, Richard Florida, Ronald Reagan, shareholder value, Silicon Valley, trade liberalization, urban planning, working-age population, Works Progress Administration, yield curve, zero-sum game
CBPP, “Chart Book: The Legacy of the Great Recession,” Center on Budget and Policy Priorities, June 6, 2019, www.cbpp.org/research/economy/chart-book-the-legacy-of-the-great-recession. 7. Dean Baker, The Housing Bubble and the Great Recession: Ten Years Later (Washington, DC: Center for Economic and Policy Research, September 2018), cepr.net/images/stories/reports/housing-bubble-2018-09.pdf. 8. Eric Levitt, “Bernie Sanders Is the Howard Schultz of the Left,” Intelligencer (Doylestown, PA), April 16, 2019, nymag.com/intelligencer/2019/04/bernie-sanders-fox-news-town-hall-medicare-for-all-video-centrism.html. Chapter 1: Don’t Think of a Household 1. US Constitution, Article 1, Section 8, Clause 5, www.usconstitution.net/xconst_A1Sec8.html. 2. Other entities may create other financial instruments—for example, bank lending creates bank deposits, which can function like government currency in some instances—but only the US Treasury and the Federal Reserve can manufacture the currency itself.
But evidence of overspending is inflation, and most of the time deficits are too small, not too big. The third myth is that deficits will burden the next generation. Politicians love to trot out this myth, proclaiming that by running deficits we are ruining the lives of our children and grandchildren, saddling them with crippling debt that they will eventually have to repay. One of the most influential perpetrators of this myth was Ronald Reagan. But even Senator Bernie Sanders has echoed Reagan, saying, “I am concerned about the debt. It’s not something we should be leaving to our kids and our grandchildren.”8 While this rhetoric is powerful, its economic logic is not. History bears this out. As a share of gross domestic product (GDP), the national debt was at its highest—120 percent—in the period immediately following the Second World War. Yet, this was the same period during which the middle class was built, real median family income soared, and the next generation enjoyed a higher standard of living without the added burden of higher tax rates.
We’ve been conditioned to expect our elected officials to offer a blueprint that maps out the source of every new dollar they wish to spend. Even the most progressive candidates fear that they’ll be eaten alive if their proposals add to the deficit, so borrowing is almost never an option. To show that their policies won’t add to the deficit, they hunt for ways to squeeze more tax revenue out of the economy, usually targeting those who can most easily afford to pay more. For example, Senator Bernie Sanders insists that a financial transactions tax will cover the cost of making public colleges and universities tuition-free, and Senator Elizabeth Warren claims that a 2 percent tax on fortunes above $50 million would raise enough revenue to wipe out student debt for 95 percent of students and also pay for universal childcare and free college. In both cases, the goal is to demonstrate that everything can be paid for by taxing the richest people in America.
The Theft of a Decade: How the Baby Boomers Stole the Millennials' Economic Future by Joseph C. Sternberg
Affordable Care Act / Obamacare, Airbnb, American Legislative Exchange Council, Asian financial crisis, banking crisis, Basel III, Bernie Sanders, blue-collar work, centre right, corporate raider, Detroit bankruptcy, Donald Trump, Edward Glaeser, employer provided health coverage, Erik Brynjolfsson, eurozone crisis, future of work, gig economy, Gordon Gekko, hiring and firing, Home mortgage interest deduction, housing crisis, job satisfaction, job-hopping, labor-force participation, low skilled workers, Lyft, Marc Andreessen, Mark Zuckerberg, minimum wage unemployment, mortgage debt, mortgage tax deduction, Nate Silver, new economy, obamacare, oil shock, payday loans, pension reform, quantitative easing, Richard Florida, Ronald Reagan, Saturday Night Live, Second Machine Age, sharing economy, Silicon Valley, sovereign wealth fund, TaskRabbit, total factor productivity, Tyler Cowen: Great Stagnation, uber lyft, unpaid internship, women in the workforce
This baffles conservatives like almost nothing else when it comes to younger voters. Millennials are supposed to be all about the new—new technologies, new career paths, new sexual mores, new culture. Yet some of us have adopted as political heroes old fogeys (not even young enough to be Baby Boomers in some cases, such as Bernie Sanders, who was born in 1941) espousing very old ideas about politics and economics. It seems downright bizarre. Millennials who are perpetually glued to our smartphones also are in thrall to a nineteenth-century economic philosophy. But before there was Bernie Sanders in 2016, there was Ron Paul in 2012—and Paul, an aging and eccentric (to put it mildly) libertarian, also attracted Millennial support during his own quixotic primary run for the Republican presidential nomination.28 Maybe Millennials are not exactly embracing socialism so much as desperately looking for explanations for what has gone wrong in our economic lives over the past decade.
For instance, a common argument about Social Security reform is that all we need are relatively modest tax increases—perhaps another 2 or 3 percentage points added onto the payroll-tax rate,¶ and an increase in the level of income subject to the tax, perhaps to include all wage income rather than just the first $128,000—and the system would return to balance.41 The Congressional Budget Office figures an immediate payroll-tax increase of around 4.5 percent could make Social Security solvent for seventy-five years, if you believe it’s possible to make accurate forecasts over such a long span.42 More plausible plans tend to focus on balancing the books for shorter terms of only a few decades. Alternately, maybe to solve all our fiscal problems we only need to increase general income taxes on the rich or on corporations. In the 2016 Democratic presidential primary, Bernie Sanders proposed a top personal income-tax rate of 54.2 percent.43 Those plans don’t come close to the answer Millennials need. None of these tax increases would generate enough revenue to begin to cover the sort of gap generational-accounting estimates have revealed. In practical terms, most Boomers would be exempt from most of the consequences of a payroll-tax hike. And because most of these proposals make Social Security solvent only for another thirty to fifty years, Millennials still would confront an empty Social Security trust fund by the time we are retiring.
Anyone who thought US zoning and construction woes are only a small part of our housing difficulties should look at what has happened in Britain as those problems have been allowed to fester. German Zeroes If only we could raise taxes a bit more, Americans are often told, we’d be able to balance our budget and continue providing social benefits to the poor and the elderly. Many of the Millennials who flock to politicians like Bernie Sanders and Alexandria Ocasio-Cortez believe it’s true. Not so fast. It turns out a European country is helpfully offering an experiment in how to manage taxing, spending, and borrowing for maximum fairness and responsibility. That country is Germany, and how is that experiment working? Not well. Germans will bristle at that characterization, because their budget balance has become legendary in recent years.
Everything for Everyone: The Radical Tradition That Is Shaping the Next Economy by Nathan Schneider
1960s counterculture, Affordable Care Act / Obamacare, Airbnb, altcoin, Amazon Mechanical Turk, back-to-the-land, basic income, Berlin Wall, Bernie Sanders, bitcoin, blockchain, Brewster Kahle, Burning Man, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, Clayton Christensen, collaborative economy, collective bargaining, Community Supported Agriculture, corporate governance, creative destruction, crowdsourcing, cryptocurrency, Debian, disruptive innovation, do-ocracy, Donald Knuth, Donald Trump, Edward Snowden, Elon Musk, Ethereum, ethereum blockchain, Food sovereignty, four colour theorem, future of work, gig economy, Google bus, hydraulic fracturing, Internet Archive, Jeff Bezos, jimmy wales, joint-stock company, Joseph Schumpeter, Julian Assange, Kickstarter, Lyft, M-Pesa, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, mass immigration, means of production, multi-sided market, new economy, offshore financial centre, old-boy network, Peter H. Diamandis: Planetary Resources, post-work, precariat, premature optimization, pre–internet, profit motive, race to the bottom, Richard Florida, Richard Stallman, ride hailing / ride sharing, Sam Altman, Satoshi Nakamoto, self-driving car, shareholder value, sharing economy, Silicon Valley, Slavoj Žižek, smart contracts, Steve Jobs, Steve Wozniak, Stewart Brand, transaction costs, Turing test, Uber and Lyft, uber lyft, underbanked, undersea cable, universal basic income, Upton Sinclair, Vanguard fund, white flight, Whole Earth Catalog, WikiLeaks, women in the workforce, working poor, Y Combinator, Y2K, Zipcar
Defenders of the environment, from indigenous tribes to Pope Francis, have turned to cooperation in pursuit of what has come to be called climate justice. So it appears also in struggles for racial justice; the Movement for Black Lives, for instance, uses cognates of cooperative forty-two times in the Economic Justice portion of its official platform, which insists on “collective ownership” of the economy, “not merely access.” Upstart politicians, such as Jeremy Corbyn of the United Kingdom’s Labour Party and Bernie Sanders in the United States, have put co-ops in their platforms as well.19 This isn’t new. The Scandinavian social democracies grew from the root of widespread co-ops and folk schools. The US civil rights struggle of the 1960s mobilized the self-sufficiency black farmers had already built through their co-ops. Although best known for his obstructive resistance against British rule of India, Mohandas K.
In Cleveland, a group of local “anchor institutions” like hospitals and universities helped create worker-owned laundry and green-energy co-ops; the allied Democracy Collaborative used this and other examples as the basis for national-scale transition plans. Madison, Wisconsin, voted to fund worker co-ops in late 2014; Oakland, Austin, Minneapolis, Newark, and other cities got on board in various ways. By 2017, Bernie Sanders was leading a group of Democratic senators and representatives to propose federal legislation on behalf of worker-owned businesses. Some embattled labor unions seemed ready to turn back to their roots with a newfound interest in co-ops, too. Alongside the NCBA and other older co-op organizations, these efforts tended to coalesce around the youthful, intersectional, diverse umbrella of the New Economy Coalition—founded around the time of the 2008 crash.
But a decade living in the Democratic Republic of the Congo taught the Illinois native and grandmother something about neighbors in need. She remembered her whole village waking up to the wailing of families who had lost a child to malaria. Kazadi figured that she could claim at least seven hundred signatures of the 158,831 collected by more than five hundred fellow volunteers, along with paid help, between April and October that year. Bernie Sanders rallies at the beginning and end of the process provided especially sympathetic crowds, as did Pride and Juneteenth. The campaign needed 98,492 signatures to get the issue on the ballot; the secretary of state’s office deemed 109,134 valid in the end. Thanks to people like Kazadi, medical coverage for all was a choice before Colorado voters in November 2016. And it would take the form of a cooperative—one with an ambiguous relationship to government.
The Rise of the Outsiders: How Mainstream Politics Lost Its Way by Steve Richards
Affordable Care Act / Obamacare, Airbnb, banking crisis, battle of ideas, Bernie Sanders, Boris Johnson, call centre, centre right, collapse of Lehman Brothers, David Brooks, Dominic Cummings, Donald Trump, Etonian, eurozone crisis, falling living standards, full employment, housing crisis, low skilled workers, manufacturing employment, Martin Wolf, mass immigration, Neil Kinnock, obamacare, Occupy movement, Ronald Reagan, Silicon Valley
Given that the build-up to the election in the US was so similar to the Brexit campaign, the result was always going to be the same, too: victory for those on the outside. Yet each time the pattern is confirmed, we are amazed once again. Trump’s victory was much the biggest contribution to the contours taking shape across large parts of the democratic world, but his triumph is the latest in a line of unorthodox developments. In the US, Bernie Sanders gave Hillary Clinton an unexpected fright from the left, in the battle for the Democrats’ nomination, a shock that stirred her into being a little less cautious. He partially forced her to break free of self-imposed chains, but not in a way that liberated her from a perception that she was part of an elite which had failed to deliver. Clinton’s policy agenda was more radical than many left-of-centre proposed programmes, but few people chose to notice.
They spend all their time telling us what they would do with the levers. Some propose economic policies that are rooted in an analysis framed by the 2008 financial crisis. Respected economists are often part of their entourages. Quite often, in their radical distinctiveness, they bring the cautious mainstream left to a semblance of political life. Hillary Clinton might have lost the US presidential campaign more decisively, if Bernie Sanders had not forced her to become a little more daring. And the UK’s Labour Party risked dying of boredom, before Jeremy Corbyn’s candidacy in 2015 brought a soporific leadership contest to life. In Greece and Spain mainstream left parties were languishing, before movements to the left of them forced a rethink of sorts. While they spark distinctively, the left-wing outsiders have one significant connection with the right-wing alternative: not only do they speak of the levers they will pull to transform the lives of voters, but they imply a power to act unilaterally that does not exist any more.
Although they are not free to be wholly authentic, their calculations are different, as they seek to climb the mountainous hurdles towards the White House. How do I win the party’s nomination? How do I win the presidential election? They are towering questions, but are less bound by the disciplines of holding together a party in non-presidential democracies. In 2016 the US staged its first presidential election campaign that was shaped by outsiders. One of the candidates for the Democrats’ nomination, Bernie Sanders, opened the year with a series of TV interviews in which he outlined a programme that was well to the left of any Democrat candidate since John McGovern in 1972 and, in terms of economic policy, more radical than even McGovern’s progressive proposals. Echoing Corbyn, Tsipras and the Podemos leadership, Sanders’ overwhelming theme was that since the financial crash there had been a huge bailout for Wall Street.
The American Dream Is Not Dead: (But Populism Could Kill It) by Michael R. Strain
Bernie Sanders, business cycle, centre right, creative destruction, deindustrialization, Donald Trump, feminist movement, full employment, gig economy, Gini coefficient, income inequality, job automation, labor-force participation, market clearing, market fundamentalism, new economy, Robert Gordon, Ronald Reagan, social intelligence, Steven Pinker, The Rise and Fall of American Growth, upwardly mobile, working poor
There is no room for nuance in the message our political leaders are sending. This message is fueled in large part by an effort to understand and react to the emergence of populism in both political parties. Let’s look at a few quick examples, of many. President Trump has been arrestingly clear on this point, stating directly, in June 2015: “Sadly, the American Dream is dead.”3 In May 2016, Senator Bernie Sanders said, “American workers are some of the most overworked yet our standard of living has fallen. For many, the American Dream has become a nightmare.”4 In a December 2018 essay in The Atlantic, Senator Marco Rubio wrote, “There was once a path to a stable and prosperous life in America that has since closed off. It was a well-traveled path for many Americans: Graduate from high school and get a job, typically with a local manufacturer or one of the service industries associated with it and earn enough to support a family.
The core argument that progressives are making is precisely that work is deeply honorable and valuable, and that increasing social mobility—meaning the capacity to get ahead through effort and creativity—should be a central goal of public policy. In presidential politics, those making the case for what Senator Sherrod Brown has called “the dignity of work” include everyone from both the left (among them, figures Strain might call “populist”) and the center-left: from Elizabeth Warren, Bernie Sanders, and Julian Castro to Joe Biden, Pete Buttigieg, Amy Klobuchar, Corey Booker, and Michael Bennett. What they are arguing is that for Americans in large numbers, the rewards from work are not what they should be. Far from being “utopian,” they all stand in the practical tradition of American social reform going back to the New Deal. If progressives were claiming that the American economy has collapsed into a great heap and that absolutely nothing good has happened for 50 years, Strain’s argument might make sense.
“If progressives were claiming that the American economy has collapsed into a great heap and that absolutely nothing good has happened for 50 years,” he writes, “Strain’s argument might make sense. But no one on the left is saying this.” No one on the left may be saying that “absolutely nothing good has happened” since 1970. But it would be difficult to listen to the leading voices on the left in the last three or four years and not to walk away with the conclusion that economic outcomes for the majority of Americans have been declining rapidly over the past several decades. (Bernie Sanders: “For many, the American dream has become a nightmare.”) Dionne himself refers to “the long story of the decline of the American Dream” in his essay. My purpose in this book is to argue that there is not a long story of decline. Dionne criticizes my argument that some on the progressive left deny the importance of personal responsibility, the value of work, and the benefits of technological innovations.
Messing With the Enemy: Surviving in a Social Media World of Hackers, Terrorists, Russians, and Fake News by Clint Watts
4chan, active measures, Affordable Care Act / Obamacare, barriers to entry, Berlin Wall, Bernie Sanders, Chelsea Manning, Climatic Research Unit, crowdsourcing, Daniel Kahneman / Amos Tversky, Donald Trump, drone strike, Edward Snowden, en.wikipedia.org, Erik Brynjolfsson, failed state, Fall of the Berlin Wall, Filter Bubble, global pandemic, Google Earth, illegal immigration, Internet of things, Julian Assange, loss aversion, Mark Zuckerberg, Mikhail Gorbachev, mobile money, mutually assured destruction, obamacare, Occupy movement, offshore financial centre, pre–internet, side project, Silicon Valley, Snapchat, The Wisdom of Crowds, Turing test, University of East Anglia, Valery Gerasimov, WikiLeaks, zero day
The twenty thousand emails and more than eight thousand attachments stolen from the DNC surfaced on WikiLeaks. The compromising information covered internal communications from January 2015 to May 2016 and was made available to the public just three days prior to the Democratic National Convention. Media coverage of the convention became distracted by conflict and conspiracies. The emails pointed to DNC suppression of the Bernie Sanders campaign, creating a third theme that Russian troll networks reinforced: that the Democratic Party was corrupt and Bernie Sanders got a raw deal, never having a chance to defeat Hillary Clinton. Revelation of DNC chairwoman Debbie Wasserman Schultz’s private remarks showing her favoring Clinton over Sanders led to her resignation, and the mainstream media ran wild with the leaked information. The Russian leaks tarnishing Clinton worked, and they were just beginning.
Of the key swing states in the 2016 presidential election, Wisconsin and Michigan have slightly higher internet penetration and mobile usage than the others, so there’s a greater chance that voters there were exposed to Kremlin influence.5 Next, Michigan and Wisconsin proved to be the closest races in the election, decided by less than 1 percent of the votes. Only 10,700 votes in Michigan and 22,700 votes in Wisconsin separated the two candidates.6 Prior to the general election, Hillary Clinton struggled in these two states, losing both primaries to Bernie Sanders. These losses made Michigan and Wisconsin voters ripe for all three of the principal themes Russia pushed leading up to the election: Clinton’s emails, her corruption and potentially poor health, and narratives of Bernie Sanders getting a raw deal from the Democratic National Committee. A minor theme pushed by Russia’s social media operations sought to encourage Jill Stein supporters to make it to the polls, even though she had no chance of winning. On Election Day, Democratic turnout for Hillary Clinton in both states was lower than in previous elections.
Aggressive anti-Clinton rhetoric from state-sponsored outlets, amplified by their social media trolls, framed Clinton as a globalist, pushing democratic agendas against Russia—an aggressor who could possibly bring about war between the two countries. The trolls’ anti-Clinton drumbeat increased each month toward the end of 2015 and going into 2016. The Kremlin spotted a new, more likable alternative among the Democrats, Bernie Sanders, whose challenge to Clinton was growing each day and whose message rang with socialist themes. Meanwhile, Trump’s brash barbs against his opponents were working unexpectedly well. Kicking off 2016, the troll army began promoting candidate Donald Trump with increasing intensity, so much so their computational propaganda began to distort organic support for Trump, making his social media appeal appear larger than it truly was.
The Coming of Neo-Feudalism: A Warning to the Global Middle Class by Joel Kotkin
Admiral Zheng, Andy Kessler, autonomous vehicles, basic income, Bernie Sanders, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, Cass Sunstein, clean water, creative destruction, deindustrialization, demographic transition, don't be evil, Donald Trump, edge city, Elon Musk, European colonialism, financial independence, Francis Fukuyama: the end of history, gig economy, Gini coefficient, Google bus, guest worker program, Hans Rosling, housing crisis, income inequality, informal economy, Jane Jacobs, Jaron Lanier, Jeff Bezos, job automation, job satisfaction, Joseph Schumpeter, land reform, liberal capitalism, life extension, low skilled workers, Lyft, Mark Zuckerberg, market fundamentalism, Martin Wolf, mass immigration, megacity, Nate Silver, new economy, New Urbanism, Occupy movement, Parag Khanna, Peter Thiel, plutocrats, Plutocrats, post-industrial society, post-work, postindustrial economy, postnationalism / post nation state, precariat, profit motive, RAND corporation, Ray Kurzweil, rent control, Richard Florida, road to serfdom, Robert Gordon, Sam Altman, Satyajit Das, sharing economy, Silicon Valley, smart cities, Steve Jobs, Stewart Brand, superstar cities, The Death and Life of Great American Cities, The Future of Employment, The Rise and Fall of American Growth, Thomas L Friedman, too big to fail, trade route, Travis Kalanick, Uber and Lyft, uber lyft, universal basic income, unpaid internship, upwardly mobile, We are the 99%, Wolfgang Streeck, women in the workforce, working-age population, Y Combinator
srnd=premium. 44 “Socialism ‘More Popular Than Capitalism’ With Brits, Germans, US Youth,” Sputnik News, February 24, 2016, https://sputniknews.com/europe/201602241035283984-socialism-popularity-britain-germany/. 45 Marco Damiani, “The transformation of Jean-Luc Mélenchon: From radical outsider to populist leader,” London School of Economics and Political Science, April 22, 2017, http://blogs.lse.ac.uk/europpblog/2017/04/22/the-transformation-of-jean-luc-melenchon/. 46 Lucy Pasha-Robinson, “Election 2017: 61.5 per cent of under-40s voted for Labour, new poll finds,” Independent, June 14, 2017, https://www.independent. co.uk/news/uk/politics/election-2017-labour-youth-vote-under-40s-jeremy-corbyn-yougov-poll-a7789151.html; Jim Edwards, “Bernie Sanders and the youth vote: Stats and history suggest he may doom the Democrats,” Business Insider, March 4, 2020, https://www.businessinsider.com/how-bernie-sanders-reliance-on-youth-vote-could-doom-democrats-2020-3. 47 Ben Knight, “Why the German urban middle class is going Green,” New Statesman, July 17, 2019, https://www.newstatesman.com/culture/observations/2019/07/why-german-urban-middle-class-going-green. 48 Sohrab Ahmari, “Making the World Safe for Communism—Again,” Commentary, October 18, 2017, https://www.commentarymagazine.com/politics-ideas/making-the-world-safe-for-communism-again/. 49 “More young people voted for Bernie Sanders than Trump and Clinton combined,” Washington Post, June 20, 2016, https://www.washingtonpost.com/news/the-fix/wp/2016/06/20/more-young-people-voted-for-bernie-sanders-than-trump-and-clinton-combined-by-a-lot/?
.: Evidence from survey-linked administrative data,” Equitable Growth, September 7, 2016, https://equitablegrowth.org/working-papers/the-decline-in-lifetime-earnings-mobility-in-the-u-s-evidence-from-survey-linked-administrative-data/. 24 Mona Chalabi, “The world’s wealthy: where on earth are the richest Guardian, October 9, 2013, https://www.theguardian.com/news/datablog/2013/oct/09/worlds-wealthy-where-russia-rich-list; Andrea Willige, “5 charts that show what is happening to the middle class around the world,” World Economic Forum, January 12, 2017, https://www.weforum.org/agenda/2017/01/5-charts-which-show-what-is-happening-to-the-middle-class-around-the-world/. 25 Anna Ludwinek et al., Social Mobility in the EU, Eurofound, 2017, http://www.praxis.ee/wp-content/uploads/2014/11/Social-mobility-in-the-EU-2017.pdf; Adam O’Neal, “Why Bernie Sanders Is Wrong About Sweden,” Wall Street Journal, August 23, 2019, https://www.wsj.com/articles/why-bernie-sanders-is-wrong-about-sweden-11566596536; Liz Alderman, “Europe’s Middle Class Is Shrinking. Spain Bears Much of the Pain,” New York Times, February 14, 2019, https://www.nytimes.com/2019/02/14/business/spain-europe-middle-class.html. 26 “Germany: the hidden divide in Europe’s richest country,” Financial Times, August 17, 2017, https://www.ft.com/content/db8e0b28-7ec3-11e7-9108-edda0bcbc928. 27 David Goodhart, The Road to Somewhere: The New Tribes Shaping British Politics (London: Penguin, 2017), 149–51, 183. 28 Yvonne Roberts, “Millennials are struggling.
Alienation from the political mainstream today is resulting in strong support for far-left parties and candidates among youth in various high-income countries.44 In France’s presidential election of 2017, the former Trotskyite Jean-Luc Mélenchon won the under-24 vote, beating the more youthful Emmanuel Macron by almost two to one among that age group.45 In the United Kingdom, the Labour Party under the neo-Marxist Jeremy Corbyn in 2018 won more than 60 percent of the under-40 vote, while the Conservatives got just 23 percent.46 He won the youth vote similarly in 2020, even amidst a crushing electoral defeat. In Germany, the Green Party enjoys wide support among the young.47 A movement toward hard-left politics, particularly among the young, is also apparent in the United States, which historically has not been fertile ground for Marxism.48 In the 2016 primaries, the openly socialist Bernie Sanders easily outpolled Hillary Clinton and Donald Trump combined among under-30 voters.49 He also did very well among young people and Latinos in the early 2020 primaries, even as other elements of the Democratic Party rejected him decisively.50 Support for socialism, long anathema in America, has gained currency in the new generation. A poll conducted by the Communism Memorial Foundation in 2016 found that 44 percent of American millennials favored socialism while 14 percent chose fascism or communism.51 By 2024, millennials will be the country’s biggest voting bloc by far.52 The core doctrines of Marxism are providing inspiration for labor unrest in China today, particularly among the younger generation of migrants to the cities.
It's Better Than It Looks: Reasons for Optimism in an Age of Fear by Gregg Easterbrook
affirmative action, Affordable Care Act / Obamacare, air freight, autonomous vehicles, basic income, Bernie Madoff, Bernie Sanders, Branko Milanovic, business cycle, Capital in the Twenty-First Century by Thomas Piketty, clean water, coronavirus, David Brooks, David Ricardo: comparative advantage, deindustrialization, Dissolution of the Soviet Union, Donald Trump, Elon Musk, Exxon Valdez, factory automation, failed state, full employment, Gini coefficient, Google Earth, Home mortgage interest deduction, hydraulic fracturing, Hyperloop, illegal immigration, impulse control, income inequality, Indoor air pollution, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), invisible hand, James Watt: steam engine, labor-force participation, liberal capitalism, longitudinal study, Lyft, mandatory minimum, manufacturing employment, Mikhail Gorbachev, minimum wage unemployment, obamacare, oil shale / tar sands, Paul Samuelson, peak oil, plutocrats, Plutocrats, Ponzi scheme, post scarcity, purchasing power parity, quantitative easing, reserve currency, rising living standards, Robert Gordon, Ronald Reagan, self-driving car, short selling, Silicon Valley, Simon Kuznets, Slavoj Žižek, South China Sea, Steve Wozniak, Steven Pinker, supervolcano, The Chicago School, The Rise and Fall of American Growth, the scientific method, There's no reason for any individual to have a computer in his home - Ken Olsen, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, transaction costs, uber lyft, universal basic income, War on Poverty, Washington Consensus, WikiLeaks, working poor, Works Progress Administration
Addressing a rally in Colorado a few days before the election, Trump told voters they were living through “the lowest point in the history of our country.” In the aftermath of the 2016 presidential election, there was a scramble to attach culpability to the pollsters, the pundits, the Russians, the FBI, WikiLeaks, sexism, and Hillary Clinton’s egregious campaign. What mattered is that when Trump told voters things were awful, they believed him. Trump hardly was alone in being all negative all the time. In the same year, Bernie Sanders came out of left field and nearly upset heavily favored insider Hillary Clinton for the nomination of the Democratic Party via a campaign that relentlessly described contemporary America as foundering on the rocks. The United States, Sanders contended, has been “destroyed” except for the wealthiest few. Sanders’s backers shouted approval at his flamboyantly downbeat assertions, some every bit as kooky as any by Trump.
The New York University professors Pankaj Ghemawat and Steven Altman have shown that in 2016, the year Trump declared “total devastation” caused by imports, 84 percent of goods and services consumed by American citizens were produced inside the United States. Trump went on to declare that Japanese cars “just come pouring into the country.” This statement was true in the 1980s, a period that both Trump and Bernie Sanders have extolled as a golden age—even though in the 1980s education levels and living standards were lower while disease rates, crime, and pollution were higher. By 2016, two-thirds of Japanese-marque cars sold in America were built in US factories staffed by US workers earning about $50 an hour in pay and benefits, about the same as UAW members for Detroit marques. THE OLD “WHO LOST CHINA?” question is now joined by “who lost jobs to China?”
The young have an easier time reaching the polls than seniors, but the latter group is the one that makes the effort. By not voting, the young allow the old to demand extra subsidies, with the invoices handed to their juniors; years along, saddled with other people’s debts, those now young will rue their mistake. The top three of the 2016 presidential race—Donald Trump, Hillary Clinton, and Bernie Sanders—were Social Security recipients. In that year those serving in the House of Representatives, in the Senate, and on the Supreme Court had their highest average and median ages ever. One reason American politics is gridlocked is that elderly leaders restage disputes that are decades out of date, like high school reunion couples arguing about who should have gone to the prom with whom. Fresh thinking is needed, which means young people running for office and the young voting.
Grave New World: The End of Globalization, the Return of History by Stephen D. King
9 dash line, Admiral Zheng, air freight, Albert Einstein, Asian financial crisis, bank run, banking crisis, barriers to entry, Berlin Wall, Bernie Sanders, bilateral investment treaty, bitcoin, blockchain, Bonfire of the Vanities, borderless world, Bretton Woods, British Empire, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, collateralized debt obligation, colonial rule, corporate governance, credit crunch, currency manipulation / currency intervention, currency peg, David Ricardo: comparative advantage, debt deflation, deindustrialization, Deng Xiaoping, Doha Development Round, Donald Trump, Edward Snowden, eurozone crisis, facts on the ground, failed state, Fall of the Berlin Wall, falling living standards, floating exchange rates, Francis Fukuyama: the end of history, full employment, George Akerlof, global supply chain, global value chain, hydraulic fracturing, Hyman Minsky, imperial preference, income inequality, income per capita, incomplete markets, inflation targeting, information asymmetry, Internet of things, invisible hand, joint-stock company, Kickstarter, Long Term Capital Management, Martin Wolf, mass immigration, Mexican peso crisis / tequila crisis, moral hazard, Nixon shock, offshore financial centre, oil shock, old age dependency ratio, paradox of thrift, Peace of Westphalia, plutocrats, Plutocrats, price stability, profit maximization, quantitative easing, race to the bottom, rent-seeking, reserve currency, reshoring, rising living standards, Ronald Reagan, Scramble for Africa, Second Machine Age, Skype, South China Sea, special drawing rights, technology bubble, The Great Moderation, The Market for Lemons, the market place, The Rise and Fall of American Growth, trade liberalization, trade route, Washington Consensus, WikiLeaks, Yom Kippur War, zero-sum game
Elsewhere, parties have either emerged from nowhere or chased electability from the political fringes – Podemos, Ciudadanos and the Junts pel Sí Catalonian separatists in Spain, Syriza and Golden Dawn in Greece, the Five Star Movement in Italy, the Finns Party, the Hungarian Jobbik party, the Dutch Party for Freedom and the French Front National. Meanwhile, in 2016, having won the Republican presidential nomination on an anti-Muslim and anti-Mexican platform, Donald Trump was eventually propelled, seemingly against the odds, all the way to the White House. And, for the Democrats, Bernie Sanders gave Hillary Clinton a run for her money by appealing to younger voters with an offer of free college places to be funded by heavy taxes on the rich, alongside considerable opposition to free trade. In effect, the financial crisis uncovered an inherent paradox in the structure of late twentieth-century Western societies. Nation states, led by the US (and, in Europe, Germany), were the bedrock on which were built the institutions that governed globalization – the IMF, the World Trade Organization and the European Union.
For an intelligent man, it was a particularly stupid thing to say – unless, of course, he fully intended to whip up levels of mistrust to an even higher level. In the 2016 US presidential contest, the choice ultimately came down to an increasingly grudging supporter of globalization – Hillary Clinton – and those who had always favoured an isolationist approach. Donald Trump, channelling one version of isolationism, adopted a protectionist manifesto, whilst Bernie Sanders, Clinton’s rival Democrat, was openly against globalization and its linkages with the ‘elite’. Throughout the campaign – and doubtless a reason behind her eventual defeat – Clinton struggled to convince people that she understood their concerns. An email scandal didn’t help, and nor did her many speeches to Wall Street bankers. And at her April 2016 victory speech at the New York primary – which covered topics ranging from job creation and inequality through to retirement prospects for America’s boomers – she wore a $12,495 Giorgio Armani jacket.
POPULISTS AND RENEGADES Some argue that the problem represents no more than a growing divide between the traditional right and left. Yet a simple ‘right/left’ narrative does not work terribly well. Those on the left argue that the right thrives by exploiting divisions in society, yet the left itself is divided between those who support globalization (Hillary Clinton, Tony Blair) and those who do not (Bernie Sanders, Jeremy Corbyn).2 Meanwhile, those on the right too often misinterpret economic arguments in order to push their ‘free-market’ agendas. Ricardian comparative advantage, for example, works a lot less well in the modern era: contemporary globalization is driven more by the heightened cross-border movement of capital and labour than by trade flows. By failing to recognize this distinction, the right too often ends up inadvertently supporting the interests of oligopolistic multinationals – what might loosely be described as ‘big business’ – at the expense of the population at large.
A Fine Mess by T. R. Reid
Affordable Care Act / Obamacare, Bernie Sanders, Capital in the Twenty-First Century by Thomas Piketty, carried interest, centre right, clean water, Donald Trump, Double Irish / Dutch Sandwich, game design, Gini coefficient, High speed trading, Home mortgage interest deduction, Honoré de Balzac, income inequality, industrial robot, land value tax, loss aversion, mortgage tax deduction, obamacare, Occupy movement, offshore financial centre, oil shock, plutocrats, Plutocrats, race to the bottom, Ronald Reagan, seigniorage, Silicon Valley, Skype, Snapchat, sovereign wealth fund, Tesla Model S, The Wealth of Nations by Adam Smith, Tim Cook: Apple, Tobin tax, We are the 99%, WikiLeaks
He designed a campaign around the idea that government shouldn’t penalize you for dying. (Of course, the tax burden falls on the living heir, not the decedent, but those who campaign against the “death tax” ignore this nuance.) Supporters of the tax have come up with politically charged labels of their own; they call the estate tax the “lucky rich kids’ tax” or the “Paris Hilton tax”; in his stump speeches during the 2016 presidential campaign, the Democratic contender Bernie Sanders used to remind his audiences that “Paris Hilton never built a hotel.” Under George W. Bush, opponents of the “death tax” won a temporary victory. Bush’s 2001 tax-reform plan phased out the estate tax over the following decade so that the rate fell to zero in the year 2010. For budget reasons, though, the death of the “death tax” was short-lived; the zero rate lasted only one year. This led to anecdotes (none proven, so far) about financial advisers’ telling their rich clients, “If you’re going to die anyway, it would make fiscal sense to do it in 2010.”
For decades, economists and politicians from left and right have attacked the carried-interest rule as a distortion of the basic capital gains proposition. “Why should someone who does not put any of their own money at risk pay the lower tax rate that Congress intended to reward those who do win such risky bets?” argues the business professor Peter Cohan, himself a former hedge fund manager. In the 2016 presidential campaign, politicians from Bernie Sanders and Hillary Clinton on the left to Donald Trump and Jeb Bush on the right called for termination of this loophole. “The hedge fund guys didn’t build this country,” Trump said. “These are guys that shift paper around and they get lucky.”13 One smart line of investment that the hedge fund guys make every year is their contribution to members of Congress. The politicians, in turn, serve their funders by protecting the carried-interest preference from all challengers.
Yes, your corner drugstore would like to take your co-pay, bill your Medicare policy, and then pay its taxes in Switzerland,” Lewis wrote. Under withering attacks from politicians, the press, and its customers, Walgreens had second thoughts and announced that it would retain its corporate presence in the United States. — ALL OF THE FIRMS cited here, and countless others, have been attacked by critics ranging from Bernie Sanders to Barack Obama to Donald Trump. They have been called “corporate traitors” and “Benedict Arnold companies” for shifting their tax burden out of the United States. They’ve been called outlaws and criminals for setting up such intricate structures to get around the tax code. In response to this calumny, the corporations reply that they are engaged in perfectly legal activity. They “minimize” their tax bills; they “avoid” paying taxes; but they do not “evade” taxes, because that would be against the law.
Straight Talk on Trade: Ideas for a Sane World Economy by Dani Rodrik
3D printing, airline deregulation, Asian financial crisis, bank run, barriers to entry, Berlin Wall, Bernie Sanders, blue-collar work, Bretton Woods, BRICs, business cycle, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, carried interest, central bank independence, centre right, collective bargaining, conceptual framework, continuous integration, corporate governance, corporate social responsibility, currency manipulation / currency intervention, David Ricardo: comparative advantage, deindustrialization, Donald Trump, endogenous growth, Eugene Fama: efficient market hypothesis, eurozone crisis, failed state, financial deregulation, financial innovation, financial intermediation, financial repression, floating exchange rates, full employment, future of work, George Akerlof, global value chain, income inequality, inflation targeting, information asymmetry, investor state dispute settlement, invisible hand, Jean Tirole, Kenneth Rogoff, low skilled workers, manufacturing employment, market clearing, market fundamentalism, meta analysis, meta-analysis, moral hazard, Nelson Mandela, new economy, offshore financial centre, open borders, open economy, Pareto efficiency, postindustrial economy, price stability, pushing on a string, race to the bottom, randomized controlled trial, regulatory arbitrage, rent control, rent-seeking, Richard Thaler, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, Sam Peltzman, Silicon Valley, special economic zone, spectrum auction, Steven Pinker, The Rise and Fall of American Growth, the scientific method, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, total factor productivity, trade liberalization, transaction costs, unorthodox policies, Washington Consensus, World Values Survey, zero-sum game, éminence grise
It is not inequality per se that people tend to mind. What’s problematic is unfair inequality, when we are forced to compete under different ground rules.3 During the 2016 US presidential campaign, Bernie Sanders forcefully advocated the renegotiation of trade agreements to reflect better the interests of working people. But such arguments immediately run up against the objection that any standstill or reversal on trade agreements would harm the world’s poorest, by diminishing their prospect of escaping poverty through export-led growth. “If you’re poor in another country, this is the scariest thing Bernie Sanders has said,” ran a headline in the popular and normally sober Vox.com news site.4 But trade rules that are more sensitive to social and equity concerns in the advanced countries are not inherently in conflict with economic growth in poor countries.
These are not efficiency gains but income transfers from other countries (here principally Mexico and Canada). These gains came at the expense of other countries. 3. Christina Starmans, Mark Sheskin, and Paul Bloom, “Why People Prefer Unequal Societies,” Nature: Human Behaviour, vol. 1, April 2017: 82. 4. Zack Beauchamp, “If You’re Poor in Another Country, This Is the Scariest Thing Bernie Sanders Has Said,” Vox, April 5, 2016, http://www.vox.com/2016/3/1/11139718/bernie-sanders-trade-global-poverty. 5. Dani Rodrik, “Growth Strategies,” in Handbook of Economic Growth, P. Aghion and S. Durlauf, eds., vol. 1A, North-Holland, 2005: 967–1014. 6. Dani Rodrik, “Mexico’s Growth Problem,” Project Syndicate, November 13, 2014, https://www.project-syndicate.org/commentary/mexico-growth-problem-by-dani-rodrik-2014-11?barrier=accessreg. 7.
The world’s major economies were in a perpetual state of trade negotiations, signing two major global multilateral deals: the General Agreement on Tariffs and Trade (GATT) and the treaty establishing the World Trade Organization. In addition, more than five hundred bilateral and regional trade agreements were signed—the vast majority of them since the WTO replaced the GATT in 1995. The difference today is that international trade has moved to the center of the political debate. During the most recent US election, presidential candidates Bernie Sanders and Donald Trump both made opposition to trade agreements a key plank of their campaigns. And, judging from the tone of the other candidates, standing up for globalization amounted to electoral suicide in the political climate of the time. Trump’s eventual win can be chalked up at least in part to his hard line on trade and his promise to renegotiate deals that he argued had benefited other nations at the expense of the United States.
The New Class War: Saving Democracy From the Metropolitan Elite by Michael Lind
affirmative action, anti-communist, basic income, Bernie Sanders, Boris Johnson, Bretton Woods, business cycle, capital controls, Cass Sunstein, central bank independence, centre right, collective bargaining, commoditize, corporate governance, crony capitalism, deindustrialization, Doha Development Round, Donald Trump, Edward Snowden, future of work, global supply chain, guest worker program, Haight Ashbury, illegal immigration, immigration reform, invisible hand, knowledge economy, liberal world order, low skilled workers, low-wage service sector, manufacturing employment, Mark Zuckerberg, mass immigration, means of production, moral panic, Nate Silver, new economy, offshore financial centre, oil shock, open borders, plutocrats, Plutocrats, Ponzi scheme, purchasing power parity, Ralph Nader, regulatory arbitrage, rent-seeking, Richard Florida, Ronald Reagan, Silicon Valley, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade liberalization, union organizing, universal basic income, upwardly mobile, WikiLeaks, Wolfgang Streeck, working poor
Facebook ads linked to Russia cost $46,000, or 0.05 percent of the $81 million that the Clinton and Trump campaigns themselves spent on Facebook ads.6 Is it possible that the Russian memes, although mere drops in the ocean of advertising by the Clinton and Trump campaigns, were disproportionately effective in influencing American voters because of their unique sophistication? One anti-Clinton ad on Facebook attributed to Russian trolls showed a photo of Bernie Sanders with the words: “Bernie Sanders: The Clinton Foundation is a ‘Problem.’” A pro-Trump meme, presumably targeting religious conservatives, showed Satan wrestling with Jesus. Satan: “If I win Clinton wins!” Jesus: “Not if I can help it!”7 To believe the Russia Scare theory of the 2016 US presidential election, we must believe that the staff of Russia’s government-linked Internet Research Agency and other Russian saboteurs understood how to influence the psychology of black American voters and white working-class voters in the Midwest far better than did the Clinton and Trump presidential campaigns.
As manufacturing jobs disappear overseas, disproportionately affecting the livelihoods of the working class in the heartland, more and more disaffected Americans look to leaders who promise to change the trade balance, economic orthodoxy be damned. In 2016, according to the economists David Autor, David Dorn, Gordon Hanson, and Kaveh Majlesi, voters in US regions exposed to Chinese import competition were more likely than others to support the outsider candidacies of Donald Trump and Bernie Sanders: “Trade-exposed [congressional] districts with an initial majority white population or initially in Republican hands became substantially more likely to elect a conservative Republican, while trade-exposed districts with an initial majority-minority population or initially in Democratic hands also became more likely to elect a liberal Democrat. In presidential elections, counties with greater trade exposure shifted towards the Republican candidate.”11 * * * — THE MOST IMPORTANT of the many divisions between the overclass in the hubs and the native working-class voters in the heartland is the clash over immigration policy.
These populist big-city mayors or candidates in the second half of the twentieth century combined appeals to working-class grievances and resentments with folksy language and feuds with the metropolitan press, a pattern practiced, in different ways, by later New York City mayors Ed Koch, a Democrat, and Rudy Giuliani, a Republican. In its “Against Trump” issue of January 22, 2016, the editors of National Review mocked the “funky outer-borough accents” shared by Donald Trump and Bernie Sanders.14 Indeed, Trump, a “white ethnic” from Queens with German and Scots ancestors, with his support in the US industrial states where working-class non-British European-Americans are concentrated, is ethnically different from most of his predecessors in the White House, whose ancestors were proportionately far more British American. Traits which seem outlandish in a US president would not have seemed so if Trump had been elected mayor of New York.
Trumpocalypse: Restoring American Democracy by David Frum
Affordable Care Act / Obamacare, anti-globalists, Bernie Sanders, centre right, coronavirus, currency manipulation / currency intervention, decarbonisation, Donald Trump, Edward Snowden, employer provided health coverage, illegal immigration, immigration reform, labor-force participation, manufacturing employment, mass immigration, Mikhail Gorbachev, Nate Silver, obamacare, offshore financial centre, Peter Thiel, plutocrats, Plutocrats, QAnon, rent-seeking, Ronald Reagan, Saturday Night Live, Silicon Valley
As recently as 2006, then-governor Mitt Romney believed he could win the Republican nomination and the US presidency by championing universal health insurance in his then-state of Massachusetts. As recently as 2007, future Democratic presidential candidate Senator Bernie Sanders opposed the Kennedy-McCain immigration reform as too likely to undercut American workers’ wages. The parties hardened their positions on these core issues only after 2008, a sign of the post-recession era’s ultra-polarization. The consequence has been the frustration of both parties’ highest hopes. The Democrats did enact the Affordable Care Act in 2010, but they have not been able to protect it from Republican sabotage at the federal and state level. Nor have they themselves clutched the program to their hearts. Through 2019, insurgent Democrats like Bernie Sanders and Elizabeth Warren criticized the Affordable Care Act almost as savagely as any Republican. They promised to replace the ACA with a wholly new approach to health care, a universal federally managed “Medicare for All.”
At the second of the two Democratic debates in Miami in June 2019, co-moderator Savannah Guthrie challenged the candidates on stage: “This is a show of hands question and hold them up so people can see. Raise your hand if your government plan would provide [health-care] coverage for undocumented immigrants.” Michael Bennet, Joe Biden, Pete Buttigieg, Kirsten Gillibrand, Kamala Harris, John Hickenlooper, Bernie Sanders, Eric Swalwell, Marianne Williamson, and Andrew Yang all signaled “yes.”3 In twelve years, the Democrats—including supposedly the most moderate of them, Vice President Joe Biden—had shifted from “no to driver’s licenses” for illegal aliens to “yes to government health coverage” for illegal aliens. Could they not anticipate the obvious Trump counterattack? It arrived within minutes via Twitter: All Democrats just raised their hands for giving millions of illegal aliens unlimited healthcare.
Americans are ready for reform, but they are left alienated and frightened by the Great Awokening that has seized activist progressives. Donald Trump cannot win reelection in 2020 by his own efforts. But the election can be thrown away by people who will not meet voters where they are. Trump and his supporters appreciate the potentially destructive power of the ultra-progressive Left better than anyone. When Steve Bannon praises Bernie Sanders and when Fox & Friends promotes Tulsi Gabbard, they are not expressing sincere admiration. They are grasping the life vest that can save them from the shipwreck. One credible poll has found that 12 percent of those who supported Sanders against Clinton in 2016 switched to Trump in the general election.23 If the ultra-progressives are thwarted from foisting an unelectable candidate upon the Democratic Party from the inside, perhaps they can be coaxed and manipulated to boost a Trump-rescuing third-party candidacy from the outside.
Why We're Polarized by Ezra Klein
affirmative action, Affordable Care Act / Obamacare, barriers to entry, Bernie Sanders, Cass Sunstein, centre right, Climategate, collapse of Lehman Brothers, currency manipulation / currency intervention, David Brooks, demographic transition, desegregation, Donald Trump, ending welfare as we know it, Ferguson, Missouri, illegal immigration, immigration reform, Nate Silver, obamacare, Ralph Nader, Ronald Reagan, Silicon Valley, single-payer health, source of truth
Then the Columnist Contacted the Provost,” Chronicle of Higher Education, August 27, 2019, chronicle.com/article/this-professor-compared-a/247013. 37 Stephens, “Dear Millennials.” 38 mediaite.com/news/bret-stephens-backs-out-of-public-debate-with-bedbug-professor-because-public-event-wouldn’t-be-closed-to-the-public/. 39 Klein, “White Threat.” 40 Matthew Yglesias, “The Great Awokening,” Vox, April 1, 2019, vox.com/2019/3/22/18259865/great-awokening-white-liberals-race-polling-trump-2020. 41 Klein, “White Threat.” 42 Ibid. 43 Ibid. 44 Aaron Zitner, Dante Chinni, and Brian McGill, “How Clinton Won,” Wall Street Journal, June 8, 2016, graphics.wsj.com/elections/2016/how-clinton-won. 45 “Issues: Racial Justice,” Bernie 2020, berniesanders.com/issues/racial-justice. 46 Bernie Sanders. Interview by Ezra Klein, Vox, July 28, 2015, vox.com/2015/7/28/9014491/bernie-sanders-vox-conversation. Chapter 6—The Media Divide beyond Left-Right 1 Markus Prior, “News vs. Entertainment: How Increasing Media Choice Widens Gaps in Political Knowledge and Turnout,” American Journal of Political Science 49, no. 3 (July 2005): 577–92. 2 James Hamilton, All the News That’s Fit to Sell: How the Market Transforms Information into News (Princeton, NJ: Princeton University Press, 2004). 3 Ibid. 4 Douglas J.
” The other problem is that the conversation about, and the experience of, a browning America will not be driven by demographers and social psychologists; it will be driven by politicians looking for an edge, by political pundits looking for ratings, by outrageous stories going viral on social media, by cultural controversies like Gamergate and Roseanne Barr getting fired. It will absorb even figures who might prefer not to talk much about race. Bernie Sanders is a good example here. In 2016, he centered his campaign on class and was criticized for a tin ear on race. Ultimately, he won slightly more white votes than Clinton, but was swamped by her 50-point margin among African Americans.44 In 2020, Sanders has run a more race-conscious campaign, emphasizing his past as a civil rights activist. “I protested housing discrimination, was arrested for protesting school segregation, and one of the proudest days of my life was attending the March on Washington for Jobs and Freedom led by Dr.
As a result, most didn’t even try.7 Today, though, the path to a nomination runs through primaries and caucuses, both of which favor candidates with intense supporters, even if they’re not the candidates with the broadest support. After all, you can’t win a caucus on a rainy, cold night in January unless you have supporters willing to go out in the wet and spend hours caucusing for you. We’ve flipped from a system that selected candidates who were broadly appealing to party officials to a system that selects candidates who are adored by base voters. Put differently, neither Donald Trump nor Bernie Sanders would’ve had a prayer in the 1956 presidential primaries, but one of them won and the other nearly won the 2016 presidential primaries. Threaded through that change is a strange fact in American political life: we consider party officials exercising influence over party nominating processes as illegitimate. You can see a stark version of this in the battle over Democratic “superdelegates.” In 2016, about 85 percent of delegates to the party convention were normal delegates, bound by the results of primaries and caucuses; but about 15 percent were so-called superdelegates, who could vote however they wanted.
Bezonomics: How Amazon Is Changing Our Lives and What the World's Best Companies Are Learning From It by Brian Dumaine
activist fund / activist shareholder / activist investor, AI winter, Airbnb, Amazon Web Services, Atul Gawande, autonomous vehicles, basic income, Bernie Sanders, Black Swan, call centre, Chris Urmson, cloud computing, corporate raider, creative destruction, Danny Hillis, Donald Trump, Elon Musk, Erik Brynjolfsson, future of work, gig economy, Google Glasses, Google X / Alphabet X, income inequality, industrial robot, Internet of things, Jeff Bezos, job automation, Joseph Schumpeter, Kevin Kelly, Lyft, Marc Andreessen, Mark Zuckerberg, money market fund, natural language processing, pets.com, plutocrats, Plutocrats, race to the bottom, ride hailing / ride sharing, Sand Hill Road, self-driving car, shareholder value, Silicon Valley, Silicon Valley startup, Snapchat, speech recognition, Steve Jobs, Stewart Brand, supply-chain management, Tim Cook: Apple, too big to fail, Travis Kalanick, Uber and Lyft, uber lyft, universal basic income, wealth creators, web application, Whole Earth Catalog
The combined fortunes: Tami Luhby, “The Top 26 Billionaires Own $1.4 Trillion—as Much as 3.8 Billion Other People,” CNN Business, January 21, 2019. “No one working for the wealthiest person on Earth”: Tami Luhby, “Amazon Defends Itself from Bernie Sanders’ Attacks,” CNN Business, August 31, 2018. A single parent: Ryan Bourne, “In Bernie Sanders vs. Amazon’s Jeff Bezos, Only Workers Lose,” USA Today, September 16, 2018. If the family incurred medical costs: “Policy Basics: Introduction to Medicaid,” Center on Budget and Policy Priorities, https://www.cbpp.org/research/health/policy-basics-introduction-to-medicaid. One could imagine a scenario: Ryan Bourne, “In Bernie Sanders vs. Amazon’s Jeff Bezos, only workers lose,” Opinion contributor, USA Today, September 16, 2018. As part of the deal, the company: Thomas Barrabi, “Bernie Sanders Reacts to Amazon Slashing Stock, Incentive Bonuses for Hourly Workers,” Fox Business, October 4, 2018.
Perhaps most disturbing to him was that the most vicious jabs came from the political Left—something the owner of the liberal Washington Post could hardly have expected. In the days and weeks that followed, Bezos responded swiftly, drawing on his competitive spirit and displaying a series of aikido-like public relations moves that not only mitigated the damage but also, in one way, at least, turned a fraught situation to his advantage—as he’s done so many times in his career. The first shot came from Senator Bernie Sanders, the Democratic socialist from Vermont, who targeted Amazon’s CEO as a bad corporate actor. On September 5, 2018, Sanders introduced a bill called the Stop BEZOS Act, which stands for Stop Bad Employers by Zeroing Out Subsidies. The law would require big companies like Amazon that employ people who are on federal welfare such as Medicaid and food stamps to pay back the government for the massive costs of those programs.
Rusli, “Amazon.com to Acquire Manufacturer of Robotics,” New York Times, March 19, 2012. Amazon’s warehouses that use these robots: Ananya Bhattacharya, “Amazon Is Just Beginning to Use Robots in Its Warehouses and They’re Already Making a Huge Difference,” Quartz, June 17, 2016. Even after installing all these robots: Author interview with Amazon’s Ashley Robinson, April 29, 2019. James Bloodworth is a British: James Bloodworth, “I Worked in an Amazon Warehouse. Bernie Sanders Is Right to Target Them,” The Guardian, September 17, 2018. He describes a workplace: Ibid. It opened its Andover: “A 360° Tour of Ocado’s Andover CFC3 Automated Warehouse,” Orcado Technology video, posted on YouTube May 10, 2018, https://www.youtube.com/watch?v=JMUNI4UrNpM. Under each square: James Vincent, “Welcome to the Automated Warehouse of the Future,” The Verge, May 8, 2018. In February 2019, a fire: “Ocado Warehouse Fire in Andover Started by Electrical Fault,” BBC News, April 29, 2019.
A World of Three Zeros: The New Economics of Zero Poverty, Zero Unemployment, and Zero Carbon Emissions by Muhammad Yunus
active measures, Bernie Sanders, Capital in the Twenty-First Century by Thomas Piketty, clean water, conceptual framework, crony capitalism, distributed generation, Donald Trump, financial independence, fixed income, full employment, high net worth, income inequality, Indoor air pollution, Internet of things, invisible hand, Jeff Bezos, job automation, Lean Startup, Mark Zuckerberg, megacity, microcredit, new economy, Occupy movement, profit maximization, Silicon Valley, the market place, The Wealth of Nations by Adam Smith, too big to fail, unbanked and underbanked, underbanked, urban sprawl, young professional
“Just 8 Men Own Same Wealth as Half the World,” Oxfam International, January 16, 2017, https://www.oxfam.org/en/pressroom/pressreleases/2017–01–16/just-8-men-own-same-wealth-half-world. 3. Lauren Carroll and Tom Kertscher, “At DNC, Bernie Sanders Repeats Claim That Top One-Tenth of 1% Owns as Much Wealth as Bottom 90%,” Politico, July 26, 2016, http://www.politifact.com/truth-o-meter/statements/2016/jul/26/bernie-s/dnc-bernie-sanders-repeats-claim-top-one-tenth-1-o/. 4. Sean Gorman, “Bernie Sanders Says Walmart Heirs Are Wealthier Than Bottom 40 Percent of Americans,” Politico, March 14, 2016, http://www.politifact.com/virginia/statements/2016/mar/14/bernie-s/bernie-sanders-says-walmart-heirs-are-wealthier-bo/. 5. A number of experiments in developing new, better ways to measure economic growth are already under way. See, for example, Stewart Wallis, “Five Measures of Growth That Are Better Than GDP,” World Economic Forum, April 19, 2017, https://www.weforum.org/agenda/2016/04/five-measures-of-growth-that-are-better-than-gdp/.
When we get to the point where one person controls a huge portion of a country’s wealth, what is to prevent that person from imposing his will on the nation? Implicitly or explicitly, his wishes will become the law of the land. It could easily happen in a low-income country like Bangladesh. But we now realize it can also happen in a wealthy country like the United States. In his 2016 presidential campaign, Senator Bernie Sanders frequently pointed out that the richest 0.1 percent of Americans own as much wealth as the bottom 90 percent—a claim supported by solid research data from sources like the nonpartisan National Bureau of Economic Research.3 He also pointed out that the Walton family of Walmart has more wealth than the bottom 40 percent of the US population—another claim that research by unbiased fact-checkers has supported.4 It is dangerous for a country to allow so much wealth and power to be concentrated in a few hands.
Future Perfect: The Case for Progress in a Networked Age by Steven Johnson
Airbus A320, airport security, algorithmic trading, banking crisis, barriers to entry, Bernie Sanders, call centre, Captain Sullenberger Hudson, Cass Sunstein, Charles Lindbergh, cognitive dissonance, credit crunch, crowdsourcing, dark matter, Dava Sobel, David Brooks, Donald Davies, future of journalism, hive mind, Howard Rheingold, HyperCard, Jane Jacobs, John Gruber, John Harrison: Longitude, Joi Ito, Kevin Kelly, Kickstarter, lone genius, Mark Zuckerberg, mega-rich, meta analysis, meta-analysis, Naomi Klein, Nate Silver, Occupy movement, packet switching, peer-to-peer, Peter Thiel, planetary scale, pre–internet, RAND corporation, risk tolerance, shareholder value, Silicon Valley, Silicon Valley startup, social graph, Steve Jobs, Steven Pinker, Stewart Brand, The Death and Life of Great American Cities, Tim Cook: Apple, urban planning, US Airways Flight 1549, WikiLeaks, William Langewiesche, working poor, X Prize, your tax dollars at work
But the vast majority of the important decisions and incentives were not dependent on hierarchical state control or market forces. The prize-backed challenges of the eighteenth century were tremendous engines of progress, but those engines were not powered by kings or captains of industry. They were fueled, instead, by peer networks. — The premiums of the RSA are experiencing a remarkable revival in the digital age. In May 2011, Senator Bernie Sanders of Vermont introduced two bills in the Senate: for the Medical Innovation Prize Fund Act and for the Prize Fund for HIV/AIDS Act. Like the Longitude Prize, the bills proposed by Sanders target a specific problem with vast economic and personal implications, namely, the cost of creating breakthrough pharmaceutical drugs. The problem is an old and vexing one: because new drugs are staggeringly expensive to develop, we have decided as a society to grant Big Pharma patents on those drugs that allow them to sell their innovations without “generic” competition for a period of roughly ten years.
The bills also carve out additional prize money for intermediary tools and practices that widen the diversity and density of the research network. Each year, billions of dollars would be available to institutions that release their findings into the public domain, or at least grant royalty-free open access to their patented material. The Sanders bills set incentives that reward not just finished products but also the processes that lead to breakthrough ideas. They make open collaboration pay. — Bernie Sanders’s colleagues in the Senate may not be ready to grasp the creative value of prize-backed challenges, but RSA-style premiums are proliferating throughout the government, on both the federal and the local level. Software-based competitions—such as Apps for America or New York City’s BigApps competition—reward programmers and information architects who create useful applications that share or explain the vast trove of government data.
In effect, the prize-backed challenge approach greatly increased the productivity of the taxpayer dollars spent: by promoting change in school districts that ultimately didn’t receive a dime of new funding, and through the free publicity generated by the competition itself. The $5 billion was slightly more than 1 percent of the overall education budget, yet Race to the Top has generated far more attention than any other Obama education initiative to date. Like Bernie Sanders’s medical-innovation bills, Race to the Top was an attempt to create market-style rewards and competition in an environment that was far removed from the traditional selection pressures of capitalism. While the federal government served as the ultimate judge of the competition (effectively playing the role of the consumer in a traditional marketplace), both the problems and the proposed solutions emerged from the wider network of state and local school systems.
Big Business: A Love Letter to an American Anti-Hero by Tyler Cowen
23andMe, Affordable Care Act / Obamacare, augmented reality, barriers to entry, Bernie Sanders, bitcoin, blockchain, Bretton Woods, cloud computing, cognitive dissonance, corporate governance, corporate social responsibility, correlation coefficient, creative destruction, crony capitalism, cryptocurrency, dark matter, David Brooks, David Graeber, don't be evil, Donald Trump, Elon Musk, employer provided health coverage, experimental economics, Filter Bubble, financial innovation, financial intermediation, global reserve currency, global supply chain, Google Glasses, income inequality, Internet of things, invisible hand, Jeff Bezos, late fees, Mark Zuckerberg, mobile money, money market fund, mortgage debt, Network effects, new economy, Nicholas Carr, obamacare, offshore financial centre, passive investing, payday loans, peer-to-peer lending, Peter Thiel, pre–internet, price discrimination, profit maximization, profit motive, RAND corporation, rent-seeking, reserve currency, ride hailing / ride sharing, risk tolerance, Ronald Coase, shareholder value, Silicon Valley, Silicon Valley startup, Skype, Snapchat, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, The Nature of the Firm, Tim Cook: Apple, too big to fail, transaction costs, Tyler Cowen: Great Stagnation, ultimatum game, WikiLeaks, women in the workforce, World Values Survey, Y Combinator
Today there is probably more anti-business sentiment, most of all among young people, than at any other time since the radicalism of the 1960s.7 Bernie Sanders Supporters Although he did not win the Democratic Party’s nomination in 2016, Bernie Sanders arguably was the candidate who generated the second-highest amount of enthusiasm in that election cycle. As I write, he is one of the leading candidates to win the party’s nomination in 2020, though he will be seventy-eight years of age. And as the Democratic Party responds to the excesses of the Trump administration, Sanders’s progressive ideals are proving highly influential. Bernie Sanders epitomizes the anti-business left. A self-described socialist, he has called for breaking up the big banks and for the establishment of more worker-owned cooperatives.
A self-described socialist, he has called for breaking up the big banks and for the establishment of more worker-owned cooperatives. He blames the stagnation in living standards on the rapacious nature of American business. I think you can plausibly argue that an actual Sanders presidency might not be nearly as radical as some of his rhetoric; consider, for example, that he uses the word “socialist” in varying and often pretty generic ways. Still, ask yourself a basic question: Has Bernie Sanders said much of anything good about business in general or big business in particular? If not, why is he so unwilling to appreciate one of the most beneficial and fundamental institutions in American life? The Media (and Social Media) The media are perhaps the biggest villain when it comes to criticizing business, but it’s not mainly about newspapers or TV stations being too left-wing. Virtually all media outlets have a significant bias toward negative news of all kinds, including news about business.
Had banking and financial innovation not been allowed to proceed, the Western world would be a far less developed, creative, and indeed happy place. A few hundred years from now, our descendants probably will look back and say the same. But since the financial crisis of 2007–2008, attitudes have swung in the other direction and critics have hit the financial sector with virulent attacks. The 2016 campaign of Bernie Sanders, which got much further than almost anyone expected, focused like a laser on banking and finance, as has Senator Elizabeth Warren. It’s remarkable how many intellectuals, internet forum contributors, and even working-class Americans profess a strong dislike for the banks, or at least for what they think the banks stand for. And it’s not just the left wing anymore. Even the Republican 2016 presidential platform endorsed a new version of the Glass-Steagall Act as a way of breaking up the big banks.
How Democracies Die by Steven Levitsky, Daniel Ziblatt
Affordable Care Act / Obamacare, Ayatollah Khomeini, basic income, Berlin Wall, Bernie Sanders, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, centre right, Charles Lindbergh, clean water, David Brooks, Donald Trump, Fall of the Berlin Wall, Gunnar Myrdal, illegal immigration, immigration reform, income inequality, Jeff Bezos, Nate Silver, Norman Mailer, old-boy network, Robert Gordon, Ronald Reagan, single-payer health, The Rise and Fall of American Growth, universal basic income
“An old world has sunk”: Noel Cary, The Path to Christian Democracy: German Catholics and the Party System from Windthorst to Adenauer (Cambridge, MA: Harvard University Press, 1996), p. 147. The CDU offered a clear vision: Geoffrey Pridham, Christian Democracy in Western Germany (London: Croom Helm, 1977), pp. 21–66. a “Christian” society: Ibid., p. 32. “The close collaboration”: Quoted in ibid., pp. 26–28. Both Bernie Sanders and some moderates: Mark Penn and Andrew Stein, “Back to the Center, Democrats,” New York Times, July 6, 2017; Bernie Sanders, “How Democrats Can Stop Losing Elections,” New York Times, June 13, 2017; also see Mark Lilla, “The End of Identity Liberalism,” New York Times, November 18, 2016. Mark Penn and Andrew Stein: Penn and Stein, “Back to the Center, Democrats.” Also Mark Lilla, “The End of Identity Liberalism.” “The simple fact of the matter”: Danielle Allen, “Charlottesville Is Not the Continuation of an Old Fight.
Despite Trump’s seemingly large lead, Silver assured us, his chances of winning the nomination were “considerably less than 20 percent.” But the world had changed. Party gatekeepers were shells of what they once were, for two main reasons. One was a dramatic increase in the availability of outside money, accelerated (though hardly caused) by the Supreme Court’s 2010 Citizens United ruling. Now even marginal presidential candidates—Michele Bachmann, Herman Cain, Howard Dean, Bernie Sanders—could raise large sums of money, either by finding their own billionaire financier or through small donations via the Internet. The proliferation of well-funded primary candidates indicated a more open and fluid political environment. The other major factor diminishing the power of traditional gatekeepers was the explosion of alternative media, particularly cable news and social media. Whereas the path to national name recognition once ran through relatively few mainstream channels, which favored establishment politicians over extremists, the new media environment made it easier for celebrities to achieve wide name recognition—and public support—practically overnight.
Rather than confining anti-Trumpism to progressive blue-state circles, it would extend it to a wider range of America. Such broad involvement is critical to isolating and defeating authoritarian governments. In addition, whereas a narrow (urban, secular, progressive) anti-Trump coalition would reinforce the current axes of partisan division, a broader coalition would crosscut these axes and maybe even help dampen them. A political movement that brings together—even if temporarily—Bernie Sanders supporters and businesspeople, evangelicals and secular feminists, and small-town Republicans and urban Black Lives Matter supporters, will open channels of communication across the vast chasm that has emerged between our country’s two main partisan camps. And it might help foster more crosscutting allegiances in a society that has too few of them. Where a society’s political divisions are crosscutting, we line up on different sides of issues with different people at different times.
The Future of Capitalism: Facing the New Anxieties by Paul Collier
"Robert Solow", accounting loophole / creative accounting, Airbnb, assortative mating, bank run, Berlin Wall, Bernie Sanders, bitcoin, Bob Geldof, bonus culture, business cycle, call centre, central bank independence, centre right, Commodity Super-Cycle, computerized trading, corporate governance, creative destruction, cuban missile crisis, David Brooks, delayed gratification, deskilling, Donald Trump, eurozone crisis, financial deregulation, full employment, George Akerlof, Goldman Sachs: Vampire Squid, greed is good, income inequality, industrial cluster, information asymmetry, intangible asset, Jean Tirole, job satisfaction, Joseph Schumpeter, knowledge economy, late capitalism, loss aversion, Mark Zuckerberg, minimum wage unemployment, moral hazard, negative equity, New Urbanism, Northern Rock, offshore financial centre, out of africa, Peace of Westphalia, principal–agent problem, race to the bottom, rent control, rent-seeking, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, shareholder value, Silicon Valley, Silicon Valley ideology, sovereign wealth fund, The Wealth of Nations by Adam Smith, theory of mind, too big to fail, trade liberalization, urban planning, web of trust, zero-sum game
Health care, pensions, education, unemployment insurance cascaded from legislation into changed lives. These policies proved to be so valuable that they became accepted across the central range of the political spectrum. Political parties of the centre-left and centre-right alternated in power, but the policies remained in place. Yet, social democracy as a political force is now in existential crisis. The last decade has been a roll-call of disasters. On the centre-left, mauled by Bernie Sanders, Hillary Clinton lost against Donald Trump; the Blair–Brown British Labour Party has been taken over by the Marxists. In France, President Hollande decided not even to seek a second term, and his replacement as the Socialist Party candidate, Benoît Hamon, crashed out with merely 8 per cent of the vote. The Social Democrat parties of Germany, Italy, the Netherlands, Norway and Spain have all seen their vote collapse.
This approach is popular because everyone believes in their own values and assumes that they are the right ones on which to build shared identity. The problem is that an astonishingly diverse range of values can be found within any modern society; it is one of the defining features of modernity. If we require shared values, we end up with something powerfully exclusionary: ‘if you don’t share our values, get out.’ Donald Trump and Bernie Sanders are both Americans, but I defy you to find any values that they both hold, but which differentiate America from other nations. The challenge could be repeated – with appropriate substitutions of political leaders – in most Western societies. The only values that everyone in a society adheres to are so minimal that they fail to distinguish a particular country from many others, and so do not define a viable domain within which reciprocal obligations might be built.
The ideologies of both left and right claim that context, prudence and practical reasoning can be bypassed by an all-purpose analysis spewing out truths valid for all contexts and all time. Populism offers an alternative bypass: charismatic leaders with remedies so obvious that they can be grasped instantly. Often, the two fused, becoming yet more potent: once-discredited ideologies refurbished with impassioned leaders peddling enticing new remedies. Hail to the herald: from the radical left, Bernie Sanders, Jeremy Corbyn and Jean-Luc Mélenchon; from the nativists, Marine Le Pen and Norbert Hofer; from the secessionists, Nigel Farage, Alex Salmond and Carles Puigdemont; and from the world of celebrity entertainers, Beppe Grillo and Donald Trump. Currently, the political battlefield is seemingly characterized by alarmed and indignant Utilitarian and Rawlsian vanguards under assault from populist ideologues.
Radicals Chasing Utopia: Inside the Rogue Movements Trying to Change the World by Jamie Bartlett
Andrew Keen, back-to-the-land, Bernie Sanders, bitcoin, blockchain, blue-collar work, Boris Johnson, brain emulation, centre right, clean water, cryptocurrency, Donald Trump, drone strike, Elon Musk, energy security, Ethereum, ethereum blockchain, failed state, gig economy, hydraulic fracturing, income inequality, Intergovernmental Panel on Climate Change (IPCC), Jaron Lanier, job automation, John Markoff, Joseph Schumpeter, Kickstarter, life extension, Occupy movement, off grid, Peter Thiel, post-industrial society, postnationalism / post nation state, precariat, QR code, Ray Kurzweil, RFID, Rosa Parks, Ross Ulbricht, Satoshi Nakamoto, self-driving car, Silicon Valley, Silicon Valley startup, Skype, smart contracts, stem cell, Stephen Hawking, Steve Jobs, Steven Pinker, technoutopianism
Geert Wilders, ‘Let the Dutch vote on immigration policy’, New York Times, 19 November 2015, http://www.nytimes.com/2015/11/20/opinion/geert-wilders-the-dutch-deserve-to-vote-on-immigration-policy.html. Capitalist Donald Trump wants to ‘declare independence from the elites’. Arch-socialist and Democrat candidate Bernie Sanders, thinks Americans are ‘sick and tired of establishment politics and economics’. Daniel Marans, ‘Sanders calls out MSNBC’s corporate ownership—in Interview on MSNBC’, Huffington Post, 7 May 2016, http://www.huffingtonpost.com/entry/bernie-sanders-asks-who-owns-msnbc_us_572e3d0fe4b0bc9cb0471df1. 4. Ingrid van Biezen, Peter Mair and Thomas Poguntke, ‘Going, going… gone? The decline of party membership in contemporary Europe’, European Journal of Political Research 51:1 (2012), pp. 24–56. By 2012, with membership falling all the time, 82 per cent of UK citizens said they ‘tend not to trust’ political parties.
In our busy lives, we will pay attention to the one person making more noise than anyone else, we only have time to click on that funny thing at the top of our feeds, or the thing our friends—who think like us—have posted. It’s not the slow, informed and careful politicians who have thrived online; it’s the populists from across the spectrum. It’s the people with the simple, emotional, shareable messages. It’s people like Beppe. Dutch anti-Islam politician Geert Wilders, who’s compared the Qu’ran to Mein Kampf, is the most followed politician on the Dutch social networks. Bernie Sanders was propelled to within an inch of the Democratic Party nomination with help from his online #feelthebern fans and online donations. But the biggest shock of all (to pollsters and mainstream newspapers anyway) took place in 2016 when billionaire magnate, ur-populist, professional simplifier and Twitter addict Donald Trump was elected forty-fifth president of the United States. This should not have surprised anyone.
Most reached for the 1930s—naturally, since that after all is the only history most of us are taught in schools—and duly noted the similarities: a period of extreme economic difficulties, rising nationalism and the collapse of the moderate centre. This account implies that right-wing populism—nationalism, xenophobia and anti-elitism—is irrevocably on the march. But there are many other types of radical ideas and movements also on the move. Trump surprised almost every seasoned Washington watcher, but so did openly socialist Bernie Sanders’ close run for the Democratic Party candidacy. Jeremy Corbyn was also re-elected as leader of the UK Labour Party, promising democratic revolution and a strong left-wing agenda. In Spain the left-wing anti-austerity Podemos party, founded in January 2014 by a long-haired bearded professor, won 21 per cent of the vote in the year’s national elections, effectively ending the two-party system.
Strangers in Their Own Land: Anger and Mourning on the American Right by Arlie Russell Hochschild
affirmative action, Affordable Care Act / Obamacare, Bernie Sanders, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, clean water, collective bargaining, Deep Water Horizon, desegregation, Donald Trump, ending welfare as we know it, equal pay for equal work, Exxon Valdez, feminist movement, full employment, greed is good, guest worker program, invisible hand, knowledge economy, McMansion, minimum wage unemployment, new economy, obamacare, oil shock, payday loans, Richard Florida, Ronald Reagan, school vouchers, Silicon Valley, sovereign wealth fund, Thorstein Veblen, urban sprawl, working poor, Yogi Berra
Next to South Carolina, Louisiana also held the highest proportion of state representatives in the U.S. House of Representative’s Tea Party Caucus. As luck would have it, I had one contact in Louisiana—Sally Cappel, the mother-in-law of a former graduate student of mine. It was Sally who would introduce me to the white South and, through a friend, to the right within it. A Lake Charles–based artist, Sally was a progressive Democrat who in the 2016 primary favored Bernie Sanders. Sally’s very dear friend and a world-traveling flight attendant from Opelousas, Louisiana, Shirley Slack was an enthusiast for the Tea Party and Donald Trump. Both women had joined sororities (although different ones) at Louisiana State University. Each had married, had three children, lived in homes walking distance apart in Lake Charles, and had keys to each other’s houses. Each loved the other’s children.
So I wondered: did some of the malaise I was seeing derive from a class conflict, appearing where one least expected it (in the realm of government) and between groups (the middle/blue-collar class and the poor) that liberals weren’t focusing on? Was this a major source of resentment fueling the fire of the right? And in that fight, did the entire federal government seem to them on the wrong—betraying—side? Maybe this was the main reason Mike was later to tell me, in reference to the 2016 presidential election and only half jokingly, that he could never bring himself to vote for the menshevik (Hillary Clinton) or the bolshevik (Bernie Sanders). As I leave, Mike hands me the jar of peaches that had been on the table when I arrived. I drive back up Crawfish Street, past tilting yards, onto the potentially sinking only exit route, and wonder what news of Bayou Corne, federal regulations, handouts, and much else he received from church or from his favorite television channel—Fox News. 8 The Pulpit and the Press: “The Topic Doesn’t Come Up” In the first ten minutes after meeting Madonna Massey for coffee at the Lake Charles Starbucks, I notice how many people seem happy to see her.
And again, Obamacare, global warming, gun control, abortion rights—did these issues, too, fall into the emotional grooves of history? Does it feel like another strike from the North, from Washington, that has put the brown pelican ahead of the Tea Partier waiting in line? I wondered. When I talked to Cappy Brantley in Longville about the 2016 presidential election, he commented with a gentle smile, “Hillary Clinton, Bernie Sanders—they’re from the North.” A Different Costume “From Baton Rouge to New Orleans, the great sugarcane plantations border both sides of the river all the way . . . standing so close together, for long distances,” Mark Twain wrote in Life on the Mississippi, “that the broad river lying between the two rows, becomes a sort of spacious street.” Along the seventy-mile strip, some four hundred graceful mansions, with two- or three-story white Grecian pillars, oak-canopied walkways, manicured gardens and ponds, are the ancient castles of America.
The System: Who Rigged It, How We Fix It by Robert B. Reich
affirmative action, Affordable Care Act / Obamacare, Bernie Madoff, Bernie Sanders, business cycle, clean water, collective bargaining, corporate governance, corporate raider, corporate social responsibility, Credit Default Swap, crony capitalism, cryptocurrency, Donald Trump, ending welfare as we know it, financial deregulation, Gordon Gekko, immigration reform, income inequality, Jeff Bezos, job automation, London Whale, Long Term Capital Management, market fundamentalism, mass incarceration, mortgage debt, Occupy movement, Ponzi scheme, race to the bottom, Robert Bork, Ronald Reagan, shareholder value, too big to fail, trickle-down economics, union organizing, women in the workforce, working poor, zero-sum game
According to the Pew Research Center, the percentage of Americans who feel most people who want to get ahead can do so through hard work dropped by 13 points between 2000 and 2015. With the 2016 political primaries looming, I asked people which candidates they found most attractive. At that time, the leaders of the Democratic Party favored Hillary Clinton to be their candidate, and the leaders of the Republican Party favored Jeb Bush to be theirs. Yet no one I spoke with mentioned either Clinton or Bush. They talked about Bernie Sanders and Donald Trump. When I asked why, they said Sanders or Trump would “shake things up” or “make the system work again” or “stop the corruption” or “end the rigging.” In the following year, Sanders—a seventy-four-year-old Jew from Vermont who described himself as a democratic socialist and who wasn’t even a Democrat until the 2016 presidential primary—came within a whisker of beating Hillary Clinton in the Iowa caucus, routed her in the New Hampshire primary, garnered more than 47 percent of the caucus-goers in Nevada, and ended up with 46 percent of the pledged delegates from Democratic primaries and caucuses.
As political analyst Ruy Teixeira and his coauthors put it in The American Prospect, “The Democrats allowed themselves to become the party of the status quo—a status quo perceived to be elitist, exclusionary, and disconnected from the entire range of working-class concerns, but particularly from those voters in white working-class areas. Rightly or wrongly, Hillary Clinton’s campaign exemplified a professional-class status quo that failed to rally enough working-class voters of color and failed to blunt the drift of white working-class voters to Republicans.” In 2016, Bernie Sanders did far better than Clinton with blue-collar voters. He did this by attacking trade agreements, Wall Street greed, income inequality, and big money in politics. In other words, racism and xenophobia were proximate causes of Trump’s 2016 victory, and they continue to contribute to his support. But racism was not, and is not, the underlying cause. However much the oligarchy may want Americans to believe that racism was responsible for Trump, in fact it was anti-establishment fury
If we had had more time on the phone, I would have said all this to you directly. This book will have to suffice. Acknowledgments This book has benefited from the insights of many people I’ve had the privilege to know and to work with over the years, among them Bob Edgar, Karen Hobart Flynn, John Kenneth Galbraith, Gabrielle Giffords, Tom Glynn, Arlie Russell Hochschild, Ted Kennedy, Bill Moyers, Richard Neustadt, Michael Pertschuk, Bernie Sanders, Martha Tierney, Elizabeth Warren, Paul Wellstone, Fred Wertheimer, and Tracy Weston. I am also grateful to my colleagues at the University of California, Berkeley, for fostering the intellectually courageous community that is my home, and to four decades of hardworking and eager students at Berkeley, Brandeis, and Harvard, who have taught me more than I ever taught them. Thanks are also due to Dean Henry Brady at the Goldman School of Public Policy for his help and enthusiasm, to my able assistant Aarin Walker, to Steve Silberstein and Richard Blum for valued support, and to my talented teammates at Inequality Media, including Yael Bridge, Courtney Fuller, Eddie Geller, Jacob Kornbluth, Sasha Leitman, Heather Lofthouse, Katie Milne, Kyle Parker, and Andrew Santana.
Tomatoland: How Modern Industrial Agriculture Destroyed Our Most Alluring Fruit by Barry Estabrook
It took more than two weeks for authorities to determine that he was at a hospital in Tampa being treated for third-degree burns to his back, chest, and arms. In most other communities, a disaster of that magnitude would have sparked demands for immediate improvements in zoning laws. But it changed absolutely nothing in Immokalee, where one-quarter of the residences are substandard, according to county housing officials. After touring Immokalee in 2008, Senator Bernie Sanders (I-VT) described the housing conditions there as “deplorable” and said that the shacks and trailers would never have passed a safety inspection in Burlington, the small Vermont city where he had once been mayor. To give them credit, community leaders who want to improve housing in Immokalee find themselves in a catch-22. Field workers need places to live. The sort of aggressive enforcement of building codes needed to bring the housing in Immokalee up to standard would dump hundreds of workers on the streets.
In 2007 and 2008, a writer who went by the Internet pseudonym surfxaholic36 frequently attached ungrammatical but scathing comments to articles, blog postings, and YouTube videos mentioning the Coalition of Immokalee Workers. A typical one read, “The CIW is an attack organization lining the leaders pockets… They make up issues and collect money from dupes that believe their story To bad the people protesting don’t have a clue regarding the facts. A bunch of fools!” In a reply to a story in the Naples News that covered a visit to Immokalee by Senator Bernie Sanders (I-VT), surfxaholic36 wrote: “The CIW is an attack organization and will drive business out of Immokalee while they line their own pockets. They make money through donations by attacking large companies and have attacked Yum, McDonald’s and now Burger King to get money for there own organization. They are the lowest form of life exploiting the poor workers to line there own pockets. I will buy all the Whoppers I can, good going Burger King for uncovering these blood suckers.”
“You can imagine yourself trying to make an honest presentation of how we saw the issues, when the rest of the table knew for sure that I was the devil incarnate, including the senators, all Democrats. There was not a friend in that hearing room. It was no good to be falsely accused and so defamed as an industry for something that we weren’t doing. But Senate hearings are an art—almost like bull baiting.” Senator Bernie Sanders (I-VT) presided over the hearing. Senators Edward Kennedy (D-MA), Richard Durbin (D-IL), and Sherrod Brown (D-OH) were also present. All of them had reputations for being vehemently prolabor. In their opening statements, the senators focused on wages, honing in on two claims that the Tomato Exchange had made. The first, which appeared on its Web site and was later repeated by Reggie Brown at the hearing, was that the wages paid to tomato pickers averaged over twelve dollars an hour.
Reaching for Utopia: Making Sense of an Age of Upheaval by Jason Cowley
anti-communist, Berlin Wall, Bernie Sanders, Big bang: deregulation of the City of London, Boris Johnson, centre right, Charles Lindbergh, coherent worldview, Corn Laws, corporate governance, crony capitalism, David Brooks, deindustrialization, deskilling, Donald Trump, Etonian, eurozone crisis, Fall of the Berlin Wall, illegal immigration, liberal world order, Neil Kinnock, Occupy movement, offshore financial centre, old-boy network, open borders, plutocrats, Plutocrats, Right to Buy, Robert Mercer, Ronald Reagan, University of East Anglia
MS Well, there you have an example of how the Democratic Party has become so Wall Street-friendly that it has largely ceased to be an effective counterweight to the power of big money in politics or to the financial industry and its influence in politics. And this is why Bernie Sanders was able to have far more success than anyone imagined. He was originally thought to be a fringe candidate who would maybe get five, ten per cent of the vote. And yet he fought Hillary Clinton almost to a draw in many of the Democratic primaries. No one would have imagined that. The mainstream of the Democratic Party had so embraced the financial industry that it was unable to provide an effective counterweight when it came to the financial crisis or to the aftermath, the regulatory debate. And oddly enough, Trump from the right and Bernie Sanders from the left have a good deal of overlap. They’ve both been critical of free-trade agreements that benefit multinational corporations and the financial industry but haven’t in practice helped workers.
Progressive forces, if they’re not coming at this from a strong centrist position, are likely to find themselves just enough off-centre on the debates around culture and identity, never mind the economy, where they’re going to be defeated by a populism of the right. And if you put a populism of the left against that, which is where some people want to go – it’s where the British Labour Party’s gone [and] many Democrats argue that, really, if we’d had Bernie Sanders, we’d have done better – if we go down that path, we’ll just get beaten bigger.’ * * * Is this the beginning of Tony Blair’s second act in British public life? Will enough people be prepared to listen to him, or is the stain of the Iraq misadventure and subsequent pursuit of personal wealth too pronounced? The property portfolio that he and Cherie Blair own, which includes a main residence in Connaught Square in London and a country home in Buckinghamshire, is worth at least £27m, according to the Guardian.
’ (2016) POSTSCRIPT During one of my conversations with Seumas Milne in Prague, he said something that has stayed with me. What he said was this: the Tories would call a snap general election in the early summer of 2017; Labour would be ready for the election and, because of the party’s hundreds of thousands of new paying members, it would have the funds to contest it well; the party would exploit its social media expertise; and Jeremy Corbyn would campaign as a Bernie Sanders or Donald Trump-style anti-establishment populist. He said Corbyn and the party would confound expectations. I remember thinking: ‘Good luck with that strategy, sir!’ Yet much of what Milne forecast happened after Theresa May called the snap election that destroyed her authority and resulted in an extraordinary surge of support for the Labour Party, which had begun the campaign adrift by more than twenty per cent in some polls (Corbyn, after a dynamic campaign and popular left-wing manifesto, delivered the biggest increase in Labour’s general election vote share since 1945, from thirty per cent in 2015 to forty per cent in 2017).
The Complacent Class: The Self-Defeating Quest for the American Dream by Tyler Cowen
affirmative action, Affordable Care Act / Obamacare, Airbnb, Alvin Roth, assortative mating, Bernie Sanders, Black Swan, business climate, business cycle, circulation of elites, clean water, David Graeber, declining real wages, deindustrialization, desegregation, Donald Trump, drone strike, East Village, Elon Musk, Ferguson, Missouri, Francis Fukuyama: the end of history, gig economy, Google Glasses, Hyman Minsky, Hyperloop, income inequality, intangible asset, Internet of things, inventory management, knowledge worker, labor-force participation, low skilled workers, Marc Andreessen, Mark Zuckerberg, medical residency, meta analysis, meta-analysis, obamacare, offshore financial centre, Paul Samuelson, Peter Thiel, purchasing power parity, Richard Florida, security theater, sharing economy, Silicon Valley, Silicon Valley ideology, Skype, South China Sea, Steven Pinker, Stuxnet, The Great Moderation, The Rise and Fall of American Growth, total factor productivity, Tyler Cowen: Great Stagnation, upwardly mobile, Vilfredo Pareto, working-age population, World Values Survey
These individuals tend to be tolerant, liberal in the broad sense of that word, and often quite munificent and generous. They fit the standard description of cosmopolitan and usually take an interest in the cultures of other countries, though, ironically, many of them have become sufficiently insulated from hardship and painful change that they are provincial in their own way and have become somewhat of a political target (from both Donald Trump and Bernie Sanders in the recent campaigns). Because they are intelligent, articulate, and often socially graceful, they usually seem like very nice people, and often they are. Think of a financier or lawyer who vacations in France or Italy, has wonderful kids, and donates generously to his or her alma mater. I think of these people as the wealthiest and best educated 3 to 5 percent of the American population. 2.
The underlying constitutional issues have yet to be adjudicated, but the on-the-ground reality is that Brookfield Properties and the City of New York ended up getting their way. Eventually the weather became colder, and Occupy Wall Street is now a kind of misty nostalgic footnote to history. If the ideas of that movement do take off, it likely will be through the educated and quite peaceful supporters of candidates like Bernie Sanders, not through public violence.12 Or consider the 2004 Democratic National Convention. As you might expect, there were numerous would-be demonstrators. They ended up being confined to a “Demonstration Zone,” which one federal judge described as analogous to one of Piranesi’s etchings of a prison. The zone was ringed by barricades, fences, and coiled razor wire. The demonstrators in the zone had no access to the delegates and no real ability to pass out materials, and no large signs were permitted in the area.
Good matches are lots of fun, but in a country with so much social stagnation and extremely good matching, eventually we become aware that we too are most of the time being turned away at the gate. 8. POLITICAL STAGNATION, THE DWINDLING OF TRUE DEMOCRACY, AND ALEXIS DE TOCQUEVILLE AS PROPHET OF OUR TIME Anti-establishment insurgent campaigns were the talk of the 2016 presidential campaign, and both Donald Trump and Bernie Sanders were legitimate anti-establishment candidates. But a peek beneath the surface reveals that much of the fear and anger that drove their campaigns was based not on a hope for change in Washington but on a hope for a return to the past. Trump’s rhetoric about “making America great again” was, when you looked at the fine print, mostly a promise that in electing him, voters could avoid the forces of change that are sweeping over the rest of the world, whether it be the loss of manufacturing jobs, an increasing dependence on immigrants, or the loss of the political and cultural dominance of white men.
The Once and Future Liberal: After Identity Politics by Mark Lilla
affirmative action, anti-communist, Berlin Wall, Bernie Madoff, Bernie Sanders, Donald Trump, ending welfare as we know it, Gordon Gekko, mass immigration, Mikhail Gorbachev, new economy, New Urbanism, Ronald Reagan, sensible shoes, Silicon Valley
All in the hope that the fish will collectively confess their sins and swim to shore to be netted. If that is your approach to fishing, you had better become a vegan. * To repeat: nothing I say here about citizenship should be taken to imply anything about who should be granted it or how noncitizens should be treated. I am interested here only in what citizenship is. * Consider this statement Bernie Sanders made not long after the 2016 election: One of the struggles that you’re going to be seeing in the Democratic Party is whether we go beyond identity politics. I think it’s a step forward in America if you have an African-American head or CEO of some major corporation. But you know what, if that guy is going to be shipping jobs out of his country and exploiting his workers, doesn’t mean a whole hell of a lot if he’s black or white or Latino. . . .
” * American progressives’ single-minded focus on economics owes more to Marxism than to the original Progressive movement. If they want to become a major force in American politics again, it would be wise for them to look back to the movement’s founders and their generous view of the country and its destiny, rather than to the latest books from Verso Press. Teddy Roosevelt should be required reading for all Bernie Sanders voters today (though they will have to skip over the jingoistic bits). * One of the small ironies of life in the Reagan years is that conservatives, seeing that they were locked out of the university, created a parallel intellectual universe, funded by rich patrons, complete with magazines, publishing houses, student newspapers, campus organizations, and summer schools where enthusiastic committed cadres were educated and integrated into networks that are still a powerful force in Washington.
Two Nations, Indivisible: A History of Inequality in America: A History of Inequality in America by Jamie Bronstein
Affordable Care Act / Obamacare, back-to-the-land, barriers to entry, basic income, Bernie Sanders, big-box store, blue-collar work, Branko Milanovic, British Empire, Capital in the Twenty-First Century by Thomas Piketty, clean water, cognitive dissonance, collateralized debt obligation, collective bargaining, Community Supported Agriculture, corporate personhood, crony capitalism, deindustrialization, desegregation, Donald Trump, ending welfare as we know it, Frederick Winslow Taylor, full employment, Gini coefficient, income inequality, interchangeable parts, invisible hand, job automation, John Maynard Keynes: technological unemployment, labor-force participation, land reform, land tenure, longitudinal study, low skilled workers, low-wage service sector, mandatory minimum, mass incarceration, minimum wage unemployment, moral hazard, moral panic, mortgage debt, New Urbanism, non-tariff barriers, obamacare, occupational segregation, Occupy movement, oil shock, plutocrats, Plutocrats, price discrimination, race to the bottom, rent control, road to serfdom, Ronald Reagan, Sam Peltzman, Scientific racism, Simon Kuznets, single-payer health, strikebreaker, too big to fail, trade route, transcontinental railway, Triangle Shirtwaist Factory, trickle-down economics, universal basic income, Upton Sinclair, upwardly mobile, urban renewal, wage slave, War on Poverty, women in the workforce, working poor, Works Progress Administration
Thomas Piketty, Capital in the Twenty-First Century (Cambridge, MA: Harvard University Press, 2014); Laura Bear, “Capital and Time: Uncertainty and Qualitative Measures of Inequality,” British Journal of Sociology vol. 65 no. 4 (2014): 639–649; Steve Fraser, The Age of Acquiescence: The Life and Death of American Resistance to Organized Wealth and Power (New York: Little, Brown and Co., 2015). 12. Jim Tankersley, “The Thing Bernie Sanders Says about Inequality that No Other Candidate Will Touch,” Washington Post, July 13, 2015, available online at http://www.washingtonpost.com/blogs/wonkblog/wp/2015/07/13/what-bernie-sanders-is-willing-to-sacrifice-for-a-more-equal-society/, accessed July 17, 2015. 13. Leslie McCall, The Undeserving Rich: American Beliefs about Inequality, Opportunity and Redistribution (Cambridge, MA: Cambridge University Press, 2013), 48. 14. Huston, Securing the Fruits of Labor, xi–xxiv, 383. 15.
Historian Steven Fraser’s Age of Acquiescence (2015) compared the modern American public unfavorably with Americans in the late nineteenth and early twentieth centuries, who were not afraid to call out class warfare against the working poor when they saw it.11 Former Secretary of Labor Robert Reich’s documentary Inequality for All (2013) reached a wide audience, with an accessible message: the prosperity of the United States hinges on the middle class having an income to spend. After all, a multimillionaire can only drive one car at a time, wear one change of clothing at a time, sleep on one or two pillows at a time. Democratic presidential hopeful Bernie Sanders made economic inequality one of the cornerstones of his unexpectedly popular campaign: “Unchecked growth—especially when 99 percent of all new income goes to the top 1 percent—is absurd … Where we’ve got to move is not growth for the sake of growth, but we’ve got to move to a society that provides a high quality of life for our people.” Sanders mentioned free college tuition and single-payer health care as important initiatives in this regard.12 At the same time that Americans seem to be grasping for answers to the problem of inequality, the history of American beliefs about, and policies toward, inequality remains understudied.13 In one of the few exceptions to this rule, Securing the Fruits of Labor (1998), James L.
Others issued a vague call for tax restructuring, or job growth through the formation of local cooperative movements using environmentally sustainable practices.41 English professor and Occupy participant Stephen Collis advocated expansion of public transit and free education and health care.42 Some form of reviving collective bargaining, although perhaps not through a traditional union movement, was also suggested.43 A slow movement overly focused on democratic process at the best of times, Occupy was open to being portrayed by the press as increasingly dirty, dangerous, unfocused, or even Marxist and laughable.44 The Occupiers were so enamored of direct democracy that they celebrated divisions within the movement rather than making progress toward some common goal.45 Nonetheless, the Occupy movement brought sustained public attention to the issue of inequality and the degree to which American politics had been captured by the wealthiest 1 percent. Awareness of the issue among young people arguably fueled Vermont Senator Bernie Sanders’s popularity during the 2016 Democratic presidential primary. DISSATISFACTION WITH THE STATUS QUO: THE TEA PARTY A right-wing protest movement emerged a year before the Occupy movement. It was, in its own way, also a protest movement against inequality, but it defined the major issues differently. In 2009, Consumer News and Business Channel commentator Rick Santelli called for a “Tea Party” to resist the Obama administration’s continuation of the Bush administration bank bailout.
Invisible Women by Caroline Criado Perez
Affordable Care Act / Obamacare, augmented reality, Bernie Sanders, collective bargaining, crowdsourcing, Diane Coyle, Donald Trump, falling living standards, first-past-the-post, gender pay gap, gig economy, glass ceiling, Grace Hopper, Hacker Ethic, Indoor air pollution, informal economy, lifelogging, low skilled workers, mental accounting, meta analysis, meta-analysis, Nate Silver, new economy, obamacare, Oculus Rift, offshore financial centre, pattern recognition, phenotype, post-industrial society, randomized controlled trial, remote working, Silicon Valley, Simon Kuznets, speech recognition, stem cell, Stephen Hawking, Steven Levy, the built environment, urban planning, women in the workforce, zero-sum game
Lilla presented Clinton’s ‘rhetoric of diversity’ as mutually exclusive with ‘a large vision’, linking this ‘narrow’ vision (clearly, Lilla has been reading his V. S. Naipaul) with what he felt he was witnessing with college students. Students today, he claimed, were so primed to focus on diversity that they ‘have shockingly little to say about such perennial questions as class, war, the economy and the common good’. Two days after this was published, ex-Democratic candidate Bernie Sanders was in Boston at a stop on his book tour84 explaining that ‘It is not good enough for someone to say, I’m a woman! Vote for me!’85 In Australia, Paul Kelly, editor of the Australian, described Trump’s victory as ‘a revolt against identity politics’,86 while over in the UK, Labour MP Richard Burgon tweeted that Trump’s inauguration was ‘what can happen when centre/left parties abandon transformation of economic system and rely on identity politics’.87 The Guardian’s Simon Jenkins concluded the annus horribilis that was 2016 with a diatribe against ‘the identity apostles’, who had been ‘over-defensive’ of minorities, and thus killed off liberalism.
Similarly, a 2004 Indian study of local councils in West Bengal and Rajasthan found that reserving one-third of the seats for women increased investment in infrastructure related to women’s needs.5 A 2007 paper looking at female representation in India between 1967 and 2001 also found that a 10% increase in female political representation resulted in a 6% increase in ‘the probability that an individual attains primary education in an urban area’.6 In short, decades of evidence demonstrate that the presence of women in politics makes a tangible difference to the laws that get passed. And in that case, maybe, just maybe, when Bernie Sanders said, ‘It is not good enough for someone to say, “I’m a woman! Vote for me!”’, he was wrong. The problem isn’t that anyone thinks that’s good enough. The problem is that no one does. On the other hand plenty of people seem to think that a candidate being a woman is a good enough reason not to vote for her. Shortly before the 2016 US presidential election, the Atlantic published the results of a focus group of undecided voters.7 The main takeaway was that Hillary Clinton was just too ambitious.
Shortly before the 2016 US presidential election, the Atlantic published the results of a focus group of undecided voters.7 The main takeaway was that Hillary Clinton was just too ambitious. This is not a groundbreaking opinion. From Anne Applebaum (‘Hillary Clinton’s extraordinary, irrational, overwhelming ambition’8), to Hollywood mogul, democratic donor and ‘one-time Clinton ally’9 David Geffen (‘God knows, is there anybody more ambitious than Hillary Clinton?’10), via Colin Powell (‘unbridled ambition’11), Bernie Sanders’ campaign manager (‘don’t destroy the Democratic Party to satisfy the secretary’s ambitions’12), and, of course, good old Julian Assange (‘eaten alive by her ambitions’13), the one thing we all seem to be able to agree on (rare in this polarised age) is that Hillary Clinton’s ambition is unseemly. Indeed, so widespread is this trope it earned itself a piece in the Onion headlined, ‘Hillary Clinton is too Ambitious to be the First Female President’.14 Being the first woman to occupy the most powerful role in the world does take an extraordinary level of ambition.
Don't Burn This Book: Thinking for Yourself in an Age of Unreason by Dave Rubin
Affordable Care Act / Obamacare, battle of ideas, Bernie Sanders, Burning Man, butterfly effect, centre right, cognitive dissonance, Columbine, Donald Trump, failed state, gender pay gap, illegal immigration, immigration reform, job automation, low skilled workers, mutually assured destruction, obamacare, Peter Thiel, pre–internet, Ronald Reagan, Saturday Night Live, school choice, Silicon Valley, Steven Pinker, Tim Cook: Apple, unpaid internship, War on Poverty, women in the workforce, zero-sum game
Preventive threats in other situations have been successful for years, which is why we cannot operate on a no-war policy. Interestingly, Donald Trump has been resetting our policy of credible deterrence quite well. When he killed Iranian general Qasem Soleimani in an airstrike in January of 2020, many media elites and Twitter warriors proclaimed this was the beginning of World War III. As of this writing, the war has yet to break out. Bad news for MSNBC, good news for the rest of the world. Bernie Sanders and his socialist buddies love to say that they’d avoid military action at all costs, but they ignore the fact that we’re the world’s last remaining superpower. Does Bernie know that if we constantly say we are anti-war that it might actually bring war upon us? Perhaps he should try taking a Psych 101 class once he makes college free for everyone, including old socialists. The point is, if we don’t assert ourselves in the face of tyranny, who will?
Plenty of male actors are just as bad—Chris Evans, Mark Ruffalo, and Mark Hamill endlessly rail against the “oppressive” U.S. regime while plundering every benefit from it. Yes, that’s right. Captain America, The Hulk, and Luke Skywalker are all members of the hypocritical superelite. Ironically, those who do flee America are usually rich people wanting to escape being taxed to the hilt by greedy politicians and the IRS. Something that’s only going to get worse when future president Bernie Sanders or Elizabeth Warren executes Order 66 to eliminate the remaining billionaires scattered across the galaxy. And that’s the suspicious thing about the left’s self-loathing. The worst offenders tend to be the most successful—the ones who’ve benefited most from Western values and institutions such as capitalism and pluralism. They’ve climbed to the top and are now pulling the ladder up behind them.
No progressive journalist bothered to fact-check or dig deeper into the specifics. Instead, they amplified the feelings of Democrat senator Cory Booker of New Jersey, who didn’t wait to hail the incident as “a modern-day attempted lynching.” Unsurprisingly, the hits kept coming from Democrats on Twitter, who now had an incident that could tell a story they so deeply wanted to be true. Bernie Sanders hailed it as proof of the “surging hostility towards minorities around the country.” Nancy Pelosi called it “an affront to our humanity.” And congresswoman Maxine Waters said she was “dedicated to finding the culprits and bringing them to justice.” Meanwhile, Andrew Cuomo, the governor of New York, said: “New York State calls this attack on Jussie Smollett exactly what it is—a hate crime.”
How to Turn Down a Billion Dollars: The Snapchat Story by Billy Gallagher
Airbnb, Albert Einstein, Amazon Web Services, Apple's 1984 Super Bowl advert, augmented reality, Bernie Sanders, Black Swan, citizen journalism, Clayton Christensen, computer vision, disruptive innovation, Donald Trump, El Camino Real, Elon Musk, Frank Gehry, Google Glasses, Hyperloop, information asymmetry, Jeff Bezos, Justin.tv, Lean Startup, Long Term Capital Management, Mark Zuckerberg, Menlo Park, minimum viable product, Nelson Mandela, Oculus Rift, paypal mafia, Peter Thiel, QR code, Sand Hill Road, Saturday Night Live, side project, Silicon Valley, Silicon Valley startup, Snapchat, social graph, sorting algorithm, speech recognition, stealth mode startup, Steve Jobs, too big to fail, Y Combinator, young professional
Wall Street Journal, January 28, 2016. https://www.wsj.com/articles/snapchat-debuts-political-campaign-show-1454015686 Schroeder, Stan. “Snapchat Positions Itself as Breaking News Platform with San Bernardino Coverage.” Mashable, December 3, 2015. http://mashable.com/2015/12/03/snapchat-san-bernardino/#COriFAOfl5qR Shields, Mike. “Bernie Sanders Is Running a 9-Day Snapchat Ad Campaign in Iowa.” Wall Street Journal, January 26, 2016. https://www.wsj.com/articles/bernie-sanders-is-running-a-9-day-snapchat-ad-campaign-in-iowa-1453806001 Vincent, James. “Ted Cruz Trolled Donald Trump with a Snapchat Filter at Last Night’s Debate.” Verge, January 29, 2016. https://www.theverge.com/2016/1/29/10867830/ted-cruz-donald-trump-snapchat-filter Wagner, Kurt. “Hillary Clinton Gets a Snapchat Interview, but Donald Trump Doesn’t Want One.”
“Think of the primaries like The Hunger Games—but with much less attractive people,” Hamby explained in the pilot episode. The result was an interesting hybrid of the professionally produced Discover and the user-generated Live Stories. Users were soon submitting photos and videos taken behind the scenes, often at events closed to the press. Hamby interviewed a cast of characters, from a canvasser for Bernie Sanders to Republican presidential candidate Chris Christie to an Iowa high schooler who registered “Deez Nuts” as a candidate. The format had its drawbacks. Hamby’s segments were shot on high-resolution cameras and allowed to run longer than ten seconds, the limit Snapchat traditionally imposed. But user-submitted snaps were shot on smartphones and subject to the normal limitations of the app, so it was often difficult to hear exactly what a candidate was saying.
While they had initially been used solely to denote where a user was, geofilters now could include quotes from a candidate’s speech, an explanation of what had happened, and live-updating results from primary races. Soon the candidates started using Snapchat’s geofilters as well, paying to have custom filters at debate halls and rallies. In January 2016, Ted Cruz mocked Donald Trump’s absence at the final Republican debate with a filter asking, “Where is Ducking Donald?” accompanied by a yellow duck sporting a Trump haircut. Bernie Sanders’s campaign ran a different geofilter every day for nine straight days leading up to the Iowa caucus. Most urged voters to “Feel the Bern” and get out to vote on caucus night. In May 2016, Hillary Clinton’s campaign placed a geofilter at the Anaheim Convention Center, the site of a Trump rally. The filter showed Trump’s own words from 2006 against a yellow background: “I sort of hope [a housing crash] happens because then people like me would go in and buy.”
Corbyn by Richard Seymour
anti-communist, banking crisis, battle of ideas, Bernie Sanders, Boris Johnson, British Empire, call centre, capital controls, centre right, collective bargaining, credit crunch, Donald Trump, eurozone crisis, first-past-the-post, full employment, gender pay gap, housing crisis, income inequality, knowledge economy, land value tax, liberal world order, mass immigration, means of production, moral panic, Naomi Klein, negative equity, Neil Kinnock, new economy, non-tariff barriers, Northern Rock, Occupy movement, offshore financial centre, pension reform, Philip Mirowski, precariat, quantitative easing, race to the bottom, rent control, Snapchat, stakhanovite, Washington Consensus, wealth creators, Winter of Discontent, Wolfgang Streeck, working-age population, éminence grise
At the outset of the snap general election, he cheerfully reminded critics of this fact before confounding their expectations yet again. Everything Corbyn, his allies, and his supporters have achieved has been against the odds – against all odds. August 2017 Introduction: Against All Odds There’s Something about Jeremy Early 2016, and Tony Blair is ‘baffled’. What with Jeremy Corbyn in Britain, and Bernie Sanders in the United States, he sighs: ‘I’m not sure I fully understand politics right now.’1 His confusion is to be expected. He had warned Labour, to no avail: ‘if your heart is with Jeremy, get a transplant’. His former confederate Peter Mandelson joined in, telling that bastion of Labour values the Financial Times that: ‘The Labour Party is in mortal danger.’ And his old ally and sparring partner Gordon Brown exhorted Labour not to become a ‘party of permanent protest’.2 What more could they have done?
What is at stake here is a generational change that, though it has been seen in other countries first, is now intersecting with Britain’s democratic decline to produce this challenge to the status quo. From the first ruptures of the anti-capitalist movement to Occupy; from Ecuador, Bolivia and Venezuela to Spain, Portugal and Greece; Leftist success has been propelled in large part by new movements of the young. Even in the United States, hardly a typical case in other respects, Bernie Sanders’s support is overwhelmingly concentrated among the under thirties.36 Much is written, not wholly incorrectly, of how these activists are shaped by ‘post-materialist’ values – support for peace and gay rights, for example. But far more fundamentally, this generation is the one to suffer the most from the consolidation of neoliberalism, as they are paying more for access to higher education, have far less access to diminished public services and welfare, and suffer far higher rates of unemployment.
Television and online news coverage of the Labour Party in crisis’, Media Reform Coalition and Birkbeck University of London, July 2016; Jane Martinson, ‘BBC Trust says Laura Kuenssberg report on Corbyn was inaccurate’, Guardian, 18 January 2017; Justin Lewis, ‘Newspapers, not BBC, led the way in biased election coverage’, The Conversation, 15 May 2015; Tom Mills, ‘The General Strike to Corbyn: 90 years of BBC establishment bias’, Open Democracy, 6 May 2016; Tom Mills, ‘Post-democratic broadcasting’, LRB blog, 18 May 2017; Stephen Cushion, ‘The Tories are the big winners in the TV airtime war’, The 650, 12 May 2017; ‘Media coverage of the 2017 General Election campaign’, Centre for Research in Communication and Culture, Loughborough University, April–June 2017. 12Teemu Henriksson, ‘World Press Trends 2017: the audience-focused era arrives’, World Association of Newspapers and News Publishers, 8 June 2017. 13‘Newspapers: daily readership by age’, State of the News Media 2016, Pew Research Centre, 15 June 2016; Jasper Jackson, ‘National daily newspaper sales fall by half a million in a year’, Guardian, 10 April 2015; Roy Greenslade, ‘Suddenly, national newspapers are heading for that print cliff fall’, Guardian, 27 May 2016; Roy Greenslade, ‘Popular newspapers suffer greater circulation falls than qualities’, Guardian, 19 January 2017; David Bond, ‘UK newspapers team up to combat falling revenues’, Financial Times, 23 October 2016; Teemu Henriksson, ‘World Press Trends 2017: the audience-focused era arrives’, World Association of Newspapers and News Publishers, 8 June 2017; Peter Preston, ‘TV news faces a threat familiar to newspapers’, Guardian, 17 April 2016. 14Teemu Henriksson, ‘World Press Trends 2017: the audience-focused era arrives’, World Association of Newspapers and News Publishers, 8 June 2017; Peter Kellner, ‘The problem of trust’, YouGov, 13 November 2012; James Grierson, ‘Britons’ trust in government, media and business falls sharply’, Guardian, 16 January 2017. 15Tom Mills, The BBC: Myth of a Public Service, Verso: London, 2016 16Matti Littunen, ‘An analysis of news and advertising in the UK general election’, Open Democracy, 7 June 2017; Jim Waterson and Tom Phillips, ‘People on Facebook only want to share pro-Corbyn, anti-Tory news stories’, Buzzfeed, 7 May 2017; Giles Turner and Jeremy Khan, ‘U.K. Labour’s savvy use of social media helped win young voters’, Bloomberg, 11 June 2017. Introduction: Against All Odds 1David Smith, ‘Tony Blair admits he is baffled by rise of Bernie Sanders and Jeremy Corbyn’, Guardian, 23 February 2016. 2‘Tony Blair: If your heart’s with Jeremy Corbyn, get a transplant’, Guardian, 22 July 2015; Peter Mandelson, ‘The Labour Party is in mortal danger’, Financial Times, 27 August 2015; Rowena Mason and Josh Halliday, ‘Gordon Brown urges Labour not to be party of protest by choosing Jeremy Corbyn’, Guardian, 17 August 2015. 3Robert Mendick, ‘Tony Blair gives Kazakhstan’s autocratic president tips on how to defend a massacre’, Telegraph, 24 August 2014. 4Tony Benn, Office Without Power: Diaries 1968–72, London: Arrow, 1989. 5Tony Benn, speech to the Engineering Union, AUEW Conference, May 1971.
The Age of Illusions: How America Squandered Its Cold War Victory by Andrew J. Bacevich
affirmative action, Affordable Care Act / Obamacare, anti-communist, Berlin Wall, Bernie Sanders, clean water, Columbian Exchange, Credit Default Swap, cuban missile crisis, David Brooks, deindustrialization, Donald Trump, Fall of the Berlin Wall, Francis Fukuyama: the end of history, friendly fire, gig economy, global village, Gordon Gekko, greed is good, illegal immigration, income inequality, Jeff Bezos, Kickstarter, Marshall McLuhan, mass incarceration, Mikhail Gorbachev, Monroe Doctrine, Norman Mailer, obamacare, Occupy movement, planetary scale, plutocrats, Plutocrats, Potemkin village, price stability, Project for a New American Century, Ronald Reagan, Ronald Reagan: Tear down this wall, Saturday Night Live, school choice, Silicon Valley, Thomas L Friedman, too big to fail, trickle-down economics, WikiLeaks
Derided the Sanders Campaign,” New York Times (July 22, 2016). 6. Quoted in Raymond Lonergan, “A Steadfast Friend of Labor,” in Irving Dillard, ed., Mr. Justice Brandeis, Great American (St. Louis: Modern View Press, 1941), 42. 7. Brookings Institute, “An Economic Agenda for America: A Conversation with Senator Bernie Sanders” (February 9, 2015), https://www.brookings.edu/wp-content/uploads/2015/01/20150210_sanders_economic_agenda_transcript.pdf, accessed July 28, 2018. 8. Franklin Roosevelt, “State of the Union Message to Congress” (January 11, 1944). 9. Bernie Sanders, “Speech at Syracuse, New York” (April 12, 2016), https://www.youtube.com/watch?v=G3W9SthxzsI, accessed July 30, 2018. 10. Claudia Goldin and Robert A. Margo, “The Great Compression: The Wage Structure of the United States at Mid-Century,” National Bureau of Economic Research (August 1991). 11.
Indeed, by the twenty-first century, the values that Trump embodied had become as thoroughly and authentically American as any of those specified in the oracular pronouncements of Thomas Jefferson or Abraham Lincoln or Franklin Roosevelt. Trump’s critics saw him as an abomination. Perhaps he was. Yet he was also very much a man of his time. Bernie Ignites But we begin with the candidate who was in some respects Trump’s polar opposite and in others his doppelgänger. Like Trump, Senator Bernie Sanders was born in New York City in the 1940s. Biographical similarities pretty much end there. Sanders, after all, became a Vermonter, a self-professed socialist, and a career politician. In his contribution to the politics of 2016, Sanders reprised the role that former vice president and inveterate New Dealer Henry Wallace had played back in the election of 1948. As a candidate for president, each was a dark horse; yet simply by speaking his mind and refusing to go away, each became an annoying burr under the saddle of the political establishment.
Zucked: Waking Up to the Facebook Catastrophe by Roger McNamee
4chan, Albert Einstein, algorithmic trading, AltaVista, Amazon Web Services, barriers to entry, Bernie Sanders, Boycotts of Israel, Cass Sunstein, cloud computing, computer age, cross-subsidies, data is the new oil, Donald Trump, Douglas Engelbart, Douglas Engelbart, Electric Kool-Aid Acid Test, Elon Musk, Filter Bubble, game design, income inequality, Internet of things, Jaron Lanier, Jeff Bezos, John Markoff, laissez-faire capitalism, Lean Startup, light touch regulation, Lyft, Marc Andreessen, Mark Zuckerberg, market bubble, Menlo Park, Metcalfe’s law, minimum viable product, Mother of all demos, move fast and break things, move fast and break things, Network effects, paypal mafia, Peter Thiel, pets.com, post-work, profit maximization, profit motive, race to the bottom, recommendation engine, Robert Mercer, Ronald Reagan, Sand Hill Road, self-driving car, Silicon Valley, Silicon Valley startup, Skype, Snapchat, social graph, software is eating the world, Stephen Hawking, Steve Jobs, Steven Levy, Stewart Brand, The Chicago School, Tim Cook: Apple, two-sided market, Uber and Lyft, Uber for X, uber lyft, Upton Sinclair, WikiLeaks, Yom Kippur War
What I had was a spidey sense, honed during a long career as a professional investor in technology. I had first become seriously concerned about Facebook in February 2016, in the run-up to the first US presidential primary. As a political junkie, I was spending a few hours a day reading the news and also spending a fair amount of time on Facebook. I noticed a surge on Facebook of disturbing images, shared by friends, that originated on Facebook Groups ostensibly associated with the Bernie Sanders campaign. The images were deeply misogynistic depictions of Hillary Clinton. It was impossible for me to imagine that Bernie’s campaign would allow them. More disturbing, the images were spreading virally. Lots of my friends were sharing them. And there were new images every day. I knew a great deal about how messages spread on Facebook. For one thing, I have a second career as a musician in a band called Moonalice, and I had long been managing the band’s Facebook page, which enjoyed high engagement with fans.
Groups have a couple of features that make them vulnerable to manipulation. Anyone can start a Group, and there is no guarantee that the organizer is the person he or she claims to be. In addition, there are few limits on the names of Groups, which enables bad actors to create Groups that appear to be more legitimate than they really are. I hypothesized to Senator Warner that some of the pro–Bernie Sanders Groups I encountered in early 2016 may have been part of the Russian campaign. We hypothesized that the Russians might have seeded Facebook Groups across a range of divisive issues, possibly including Groups on opposite sides of the issue to maximize impact. The way the Groups might have worked is that a troll account—a Russian impersonating an American—might have formed the Group and seeded it with a number of bots.
The 2016 US presidential election seems to have attracted some of each. In a world where web traffic anywhere can be monetized with advertising and where millions of people are gullible, entrepreneurs will take advantage. There had been widespread coverage of young men in Macedonia whose efforts to sell ads against fabricated news stories mostly failed with Clinton voters but worked really well with fans of Trump and, to a lesser extent, Bernie Sanders. On its face, the Pizzagate conspiracy theory is unbelievable. A pedophilia ring associated with the Democratic Party at a pizza parlor in DC? Coded messages in emails? And yet people believed it, one so deeply that he, in his own words, “self-investigated it” and fired three bullets into the pizza parlor. How can that happen? Filter bubbles. What differentiates filter bubbles from normal group activity is intellectual isolation.
We Are All Fast-Food Workers Now: The Global Uprising Against Poverty Wages by Annelise Orleck
airport security, American Legislative Exchange Council, anti-communist, Bernie Sanders, big-box store, British Empire, call centre, Capital in the Twenty-First Century by Thomas Piketty, card file, clean water, collective bargaining, corporate social responsibility, deindustrialization, Deng Xiaoping, Donald Trump, Ferguson, Missouri, financial deregulation, Food sovereignty, gig economy, global supply chain, global value chain, immigration reform, indoor plumbing, Kickstarter, land reform, land tenure, Mahatma Gandhi, mass immigration, McJob, means of production, new economy, payday loans, precariat, race to the bottom, Rana Plaza, rent-seeking, ride hailing / ride sharing, road to serfdom, Ronald Reagan, Rosa Parks, shareholder value, Skype, special economic zone, Triangle Shirtwaist Factory, union organizing, War on Poverty, women in the workforce, working poor
It is ironic, Bello has noted, that post-Marcos “democracy” has not helped Filipino workers and small landholders much. Perhaps the opposite. Offering a different vision, Bello ran for the Philippine Senate in 2016, demanding justice for low-wage workers and small landholders. American observers, noting the impassioned rhetoric and the devotion of his young supporters, compared him to Vermont’s democratic socialist senator Bernie Sanders, then running for president of the United States. Though both were ultimately unsuccessful, supporters believe that their campaigns sowed seeds that continue to sprout.8 In Mexico, rebellion against the damages of globalization and neoliberalism has been ongoing since the 1990s. Historian Iain Boal compared the breakup of Mexico’s ejido common lands and the displacement of millions of Mexican peasants in the 1980s and 1990s to the industrialization of England four centuries earlier, when enclosures of “the commons” sparked decades of rebellions, land occupations, and the rise of early labor unions.9 The Zapatistas weren’t quite the machine-smashing Luddites, but they offered indigenous community and traditional knowledge as resistance and solution.
Two-thirds of the country’s lowest-paid workers are women. Sixty percent of Latinx workers in the US earned less than $15 an hour in 2016. Half of African American workers did.3 With so many working people living at, or just above, the poverty line, the speed with which the living-wage movement caught fire in the 2010s should not have surprised anyone. Nor should the growing appeal of populist politicians from Bernie Sanders, Walden Bello, and Jeremy Corbyn on the left to Donald Trump, Nigel Farage, and Marine Le Pen on the right. Bleu Rainer and Keegan Shepard insist that broad coalition-building represents the only real solution. For we are all fast-food workers now. CHAPTER 14 DAYS OF DISRUPTION, 2016 NOVEMBER 29, 2016: Picketers appeared with the first light. During the breakfast rush they delayed harried commuters hoping for an Egg McMuffin before work.
They wanted medical and dental coverage, child care stipends, spousal insurance, and an end to sexual harassment. On April 5, 2017, they delivered a petition signed by twelve thousand faculty, students, New Haven residents, and elected officials calling on the university to negotiate. Messages of support came in from New Haven’s mayor, both of Connecticut’s US senators, numerous state representatives, and 2016 presidential candidate Bernie Sanders. Yale appealed the NLRB decision, bargaining that board members appointed by Trump would reverse the ruling.20 Comparative literature student Julia Powers refused to budge. “As contingent and replaceable workers . . . we’re very vulnerable,” she said. She was fasting to show that this was a communal struggle. They were standing for graduate student workers everywhere. Union co-chair Aaron Greenberg said the fasters saw themselves as part of an honorable tradition of hunger strikes for worker justice.
Third World America: How Our Politicians Are Abandoning the Middle Class and Betraying the American Dream by Arianna Huffington
American Society of Civil Engineers: Report Card, Bernie Madoff, Bernie Sanders, call centre, carried interest, citizen journalism, clean water, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, David Brooks, extreme commuting, Exxon Valdez, full employment, greed is good, housing crisis, immigration reform, invisible hand, knowledge economy, laissez-faire capitalism, late fees, market bubble, market fundamentalism, Martin Wolf, medical bankruptcy, microcredit, new economy, New Journalism, offshore financial centre, Ponzi scheme, post-work, Report Card for America’s Infrastructure, Richard Florida, Ronald Reagan, Rosa Parks, single-payer health, smart grid, The Wealth of Nations by Adam Smith, too big to fail, transcontinental railway, trickle-down economics, winner-take-all economy, working poor, Works Progress Administration
Partisanship pop quiz time.75 See if you can identify the bleeding-heart liberal who said this: “Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and not clothed. This world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hopes of its children.” Noam Chomsky? Michael Moore? Bernie Sanders? No, it was that unrepentant lefty five-star general Dwight Eisenhower, in 1953, just a few months after taking office—a time when the economy was booming and unemployment was at 2.7 percent.76 Yet today, while America’s economy sputters down the road to recovery and the middle class struggles to make ends meet—with more than twenty-six million people unemployed or underemployed and record numbers of homes being lost to foreclosure—the “guns versus butter” argument isn’t even part of the national debate.77 Of course, today, the argument might be more accurately framed as “ICBM nukes, predator drones, and missile-defense shields versus jobs, affordable college, decent schools, foreclosure prevention, and fixing the gaping holes in our social safety net.”
However soul sapping it may be, you have to read all the stuff that comes from your credit card company—including the small print about service fees on top of late fees on top of “inactivity” fees. If you can, set up automatic bill pay so you don’t miss a payment. Because fees account for 39 percent of credit card issuers’ revenue, the banks will keep dreaming up new ways to trick us that are not covered, or even contemplated, by existing laws.65 And the new law doesn’t prevent banks from gouging their credit card customers with sky-high interest rates.66 Senator Bernie Sanders, whose attempts at capping credit card interest rates have been voted down by his colleagues, says, “When banks are charging thirty percent interest rates, they are not making credit available.67 They are engaged in loan sharking”—also known as usury. Throughout history, usury has been decried by writers, philosophers, and religious leaders. Aristotle called usury the “sordid love of gain” and a “sordid trade.”68 Thomas Aquinas said it was “contrary to justice.”69 In The Divine Comedy, Dante assigned usurers to the seventh circle of hell.70 Deuteronomy 23:19 says, “Thou shalt not lend upon usury to thy brother.”
Eisenhower Presidential Library, Abilene, Kansas, 8 May 2010, www.defense.gov. 54 Cramdown legislation, facing intense opposition: Arthur Delaney, “Durbin Considers Cramdown-Related Amendment as Part of Wall Street Reform,” 17 May 2010, www.huffingtonpost.com. 55 Some, including Bank of America and Citigroup: Shahien Nasiripour, “Bank of America Now Supports Cramdown, Giving Judges Authority to Modify Home Mortgages,” 13 Apr. 2010, www.huffingtonpost.com. 56 We should also make it mandatory that homeowners and lenders: Arlen Specter, “Nation’s Economic Repairs Must Include Homeowners,” 24 Oct. 2008, www.philly.com/inquirer. 57 Currently, many homeowners don’t even talk: Margo Irvin, “Homeowners Seeking ‘Making Home Afforable’ Loan Modifications Frustrated by Inefficiency,” 22 Jun. 2009, www.huffingtonpost.com. 58 “I’ve been to the City Hall courtroom where the mediation …”: Bob Casey, in conversation with the author, 16 Feb. 2009. 59 Judge Annette Rizzo, who has been working hard: Dan Geringer, “The Miracle of Courtroom 676: Saving Lives, One Address at a Time,” 28 Jan. 2009, www.philly.com/dailynews. 60 The foreclosure prevention program has worked: Ibid. 61 Until we do, we’ll need to rely on officials: Michael Powell, “A ‘Little Judge’ Who Rejects Foreclosures, Brooklyn Style,” 30 Aug. 2009, www.nytimes.com. 62 For example, the new law still allows promotional teaser: Max Alexander, “Credit Card Tricks and Traps,” Mar. 2010, www.readersdigest.com. 63 As Elizabeth Warren sees it: “That’s exactly …”: “Elizabeth Warren on Credit Card ‘Tricks and Traps,’ ” NOW, 2 Jan. 2009, www.pbs.org. 64 According to the new law, the credit card issuer: Max Alexander, “Credit Card Tricks and Traps,” Mar. 2010, www.readersdigest.com. 65 Because fees account for 39 percent: Ibid. 66 And the new law doesn’t prevent: Ibid. 67 Senator Bernie Sanders, whose attempts at capping: Jeff Plungis, “Senate Nears Completing Credit Card Bill, Blocks 15% Rate Cap,” 14 May 2009, www.bloomberg.com. 68 Aristotle called usury the “sordid love of gain”: Aristotle, Nicomachean Ethics (Minneapolis: Filiquarian, 2007), 87. 69 Thomas Aquinas said it was “contrary to justice”: St. Thomas Aquinas, Summa Theologica, trans. by Fathers of the English Dominican Province (London: R.
The War on Normal People: The Truth About America's Disappearing Jobs and Why Universal Basic Income Is Our Future by Andrew Yang
3D printing, Airbnb, assortative mating, augmented reality, autonomous vehicles, basic income, Ben Horowitz, Bernie Sanders, call centre, corporate governance, cryptocurrency, David Brooks, Donald Trump, Elon Musk, falling living standards, financial deregulation, full employment, future of work, global reserve currency, income inequality, Internet of things, invisible hand, Jeff Bezos, job automation, John Maynard Keynes: technological unemployment, Khan Academy, labor-force participation, longitudinal study, low skilled workers, Lyft, manufacturing employment, Mark Zuckerberg, megacity, Narrative Science, new economy, passive income, performance metric, post-work, quantitative easing, reserve currency, Richard Florida, ride hailing / ride sharing, risk tolerance, Ronald Reagan, Sam Altman, self-driving car, shareholder value, Silicon Valley, Simon Kuznets, single-payer health, Stephen Hawking, Steve Ballmer, supercomputer in your pocket, technoutopianism, telemarketer, The Wealth of Nations by Adam Smith, Tyler Cowen: Great Stagnation, Uber and Lyft, uber lyft, unemployed young men, universal basic income, urban renewal, white flight, winner-take-all economy, Y Combinator
., 1967: Martin Luther King Jr., “Final Words of Advice,” Address made to the Tenth Anniversary Convention of the SCLC, Atlanta, on August 16, 1967. Richard Nixon, August 1969: Richard Nixon, “324—Address to the Nation on Domestic Programs,” American President Project, August 8, 1969. Milton Friedman, 1980: “Brief History of Basic Income Ideas,” Basic Income Earth Network, 1986. Bernie Sanders, May 2014: Scott Santens, “On the Record: Bernie Sanders on Basic Income,” Medium, January 29, 2016. Stephen Hawking, July 2015: “Answers to Stephen Hawking’s AMA Are Here,” Wired, July 2015. Barack Obama, June 2016: Chris Weller, “President Obama Hints at Supporting Unconditional Free Money Because of a Looming Robot Takeover,” Business Insider, June 24, 2016. Barack Obama, October 2016: Scott Dadich, “Barack Obama, Neural Nets, Self-Driving Cars, and the Future of the World,” Wired, November 2016.
Richard Nixon, August 1969: “What I am proposing is that the Federal Government build a foundation under the income of every American family… that cannot care for itself—and wherever in America that family may live.” Milton Friedman, 1980: “We should replace the ragbag of specific welfare programs with a single comprehensive program of income supplements in cash—a negative income tax… which would do more efficiently and humanely what our present welfare system does so inefficiently and inhumanely.” Bernie Sanders, May 2014: “In my view, every American is entitled to at least a minimum standard of living… There are different ways to get to that goal, but that’s the goal that we should strive to reach.” Stephen Hawking, July 2015: “Everyone can enjoy a life of luxurious leisure if the machine-produced wealth is shared, or most people can end up miserably poor if the machine-owners successfully lobby against wealth redistribution.
Devil's Bargain: Steve Bannon, Donald Trump, and the Storming of the Presidency by Joshua Green
4chan, Affordable Care Act / Obamacare, Ayatollah Khomeini, Bernie Sanders, business climate, centre right, Charles Lindbergh, coherent worldview, collateralized debt obligation, conceptual framework, corporate raider, crony capitalism, currency manipulation / currency intervention, Donald Trump, Fractional reserve banking, Goldman Sachs: Vampire Squid, Gordon Gekko, guest worker program, illegal immigration, immigration reform, liberation theology, low skilled workers, Nate Silver, Nelson Mandela, nuclear winter, obamacare, Peace of Westphalia, Peter Thiel, quantitative hedge fund, Renaissance Technologies, Robert Mercer, Ronald Reagan, Silicon Valley, social intelligence, speech recognition, urban planning
The Times piece cited Schweizer’s still-unpublished book as a source of its reporting, puzzling many readers and prompting a reaction from the paper’s ombudswoman, Margaret Sullivan, who grudgingly concluded, while acknowledging that no ethical standards were breached, “I still don’t like the way it looked.” The effect on Clinton’s popularity was profound: the percentage of Americans who thought she was “untrustworthy” shot up into the 60s. Worse for Clinton was that the Democratic primary offered an attractive alternative. Bernie Sanders was an anti–Wall Street, good-government populist whose liberal purity put Clinton’s ethical shortcomings into sharp relief. For Bannon, the Clinton Cash uproar validated his personal theory about how conservatives had overreached the last time a Clinton was in the White House and what they should do differently. “Back then,” he says, “they couldn’t take down Bill because they didn’t do that much real reporting, they couldn’t get the mainstream guys interested, and they were always gunning for impeachment no matter what.
“They’ve adapted into a higher species,” said Chris Lehane, a Clinton White House staffer and hardened veteran of the partisan wars of the nineties. “But these guys always blow themselves up in the end.” Bannon disagreed, and, as always, had a historical analogy to explain why. What he was really pursuing was something like the old Marxist dialectical concept of “heightening the contradictions,” only rather than foment revolution among the proletariat, he was trying to disillusion Clinton’s natural base of support. Bernie Sanders’s unexpected strength suggested to him that it was working. He was sure that Sanders’s rise was destined to end in crashing disappointment. Having thrilled to his populist purity, his supporters would never reconcile themselves to Clinton, because the donors featured in Clinton Cash violated just about every ideal liberals hold dear. “You look at what they’ve done in the Colombian rain forest, look at the arms merchants, the war lords, the human trafficking—if you take anything that the left professes to be a cornerstone value, the Clintons have basically played them for fools,” Bannon said.
Now Trump had shattered that illusion, and the wave that had swept across Europe and Great Britain had come crashing down on America’s shores. “Trump,” Bannon proclaimed, “is the leader of a populist uprising. . . . What Trump represents is a restoration—a restoration of true American capitalism and a revolution against state-sponsored socialism. Elites have taken all the upside for themselves and pushed the downside to the working- and middle-class Americans.” Bernie Sanders had tried to warn them, but the Democrats hadn’t listened and didn’t break free of crony capitalism. “Trump saw this,” Bannon said. “The American people saw this. And they have risen up to smash it.” For all his early-morning bravado, Bannon sounded as if he still couldn’t quite believe it all. And what an incredible story it was. Given the central role he had played in the greatest political upset in American history, the reporter suggested that it had all the makings of a Hollywood movie.
America's Bitter Pill: Money, Politics, Backroom Deals, and the Fight to Fix Our Broken Healthcare System by Steven Brill
Affordable Care Act / Obamacare, barriers to entry, Bernie Sanders, business process, call centre, collapse of Lehman Brothers, collective bargaining, crony capitalism, desegregation, Donald Trump, Edward Snowden, employer provided health coverage, medical malpractice, Menlo Park, Nate Silver, obamacare, Potemkin village, Ronald Reagan, Saturday Night Live, side project, Silicon Valley, the payments system, young professional
Although both were Senate Democrats, they each chaired committees that shared—and often fought over—turf when healthcare was on the agenda. So their willingness to work together was, in itself, seen by Capitol Hill insiders as a sign that the issue was gathering momentum. Kennedy’s Committee on Health, Education, Labor, and Pensions—called HELP—was stocked with some of the Senate’s leading liberals, including Iowa’s Tom Harkin, and Bernie Sanders, the Brooklyn-born Vermont senator who called himself an independent but caucused with the Democrats. The Finance Committee, on the other hand, had more moderate Democrats, such as Baucus and North Dakota’s Kent Conrad. Among the many reasons the Clinton healthcare reform push had died on Capitol Hill in 1993 was that the Finance Committee, then chaired by New York centrist Democrat Pat Moynihan, had stiff-armed Kennedy and his HELP Committee.
The group Kennedy’s staff assembled, mostly HELP Committee staffers and friendly healthcare reform policy advocates, were all Democrats. But they had been directed by Kennedy to come up with a package that could pass a Senate with Republican votes. Democrats had only fifty-five votes in 2008, even assuming the support of their most conservative members, plus the presumed vote of independent Bernie Sanders. Getting something through the Senate would require a sixty-vote margin to survive a filibuster. At the same time, Fowler and her staff—pushed by Baucus in meetings that seemed to happen every other day or so—charted a more public course. As Baucus had instructed, they organized witnesses to testify at Finance Committee hearings in the late spring. Those hearings would be the lead-up to what Baucus envisioned as an unusual show of momentum and consensus: a daylong bipartisan “summit” that Baucus and his senior Republican colleague on the committee, Chuck Grassley of Iowa, would convene in June.
But one issue loomed that might spoil the good cheer: Kennedy had insisted that the Democrats hold open the possibility of trying to pass healthcare reform in the guise of legislation related mainly to taxes and finance. That kind of bill enabled a Senate process called budget reconciliation. Under Senate rules, budget reconciliation bills required only 51 votes, not the 60 needed to override a filibuster. The November 2008 elections had just boosted the Senate Democratic vote tally to 58 (including the independent Bernie Sanders of Vermont). Still, 58 was not 60, and two Senate Democrats, Kennedy and Robert Byrd, were now so ill they soon might not be able to get to the floor for a vote. Reconciliation was not an ideal way around a Republican roadblock because much of the envisioned healthcare reforms might not pass the financial issues–only smell test. But Kennedy and other Democrats considered it an important card to hold.
Liars and Outliers: How Security Holds Society Together by Bruce Schneier
airport security, barriers to entry, Berlin Wall, Bernie Madoff, Bernie Sanders, Brian Krebs, Broken windows theory, carried interest, Cass Sunstein, Chelsea Manning, commoditize, corporate governance, crack epidemic, credit crunch, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, David Graeber, desegregation, don't be evil, Double Irish / Dutch Sandwich, Douglas Hofstadter, experimental economics, Fall of the Berlin Wall, financial deregulation, George Akerlof, hydraulic fracturing, impulse control, income inequality, invention of agriculture, invention of gunpowder, iterative process, Jean Tirole, John Nash: game theory, joint-stock company, Julian Assange, longitudinal study, mass incarceration, meta analysis, meta-analysis, microcredit, moral hazard, mutually assured destruction, Nate Silver, Network effects, Nick Leeson, offshore financial centre, patent troll, phenotype, pre–internet, principal–agent problem, prisoner's dilemma, profit maximization, profit motive, race to the bottom, Ralph Waldo Emerson, RAND corporation, rent-seeking, RFID, Richard Thaler, risk tolerance, Ronald Coase, security theater, shareholder value, slashdot, statistical model, Steven Pinker, Stuxnet, technological singularity, The Market for Lemons, The Nature of the Firm, The Spirit Level, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, theory of mind, too big to fail, traffic fines, transaction costs, ultimatum game, UNCLOS, union organizing, Vernor Vinge, WikiLeaks, World Values Survey, Y2K, zero-sum game
When Republican Senator Frank Murkowski became governor of Alaska, he appointed his daughter as his Senate replacement. Republican Representative Richard Pombo might be the worst recent offender in the country; he used his office to funnel money to all sorts of family and friends. Not to pick only on Republicans, Democratic Representative Eddie Bernice Johnson awarded thousands of dollars in college scholarships to four of her relatives and two of her top aide's children.Even Bernie Sanders has paid family from campaign donations, and he's a socialist. It's not all big government, either. One study of Detroit libraries found that one in six staffers had a relative who also worked in the library system. And Rupert Murdoch's News Corp was sued in 2011 by shareholders for nepotism when it bought his daughter's company. (11) Many states have policies about this. Chapter 12 (1) One.Tel in Australia was an example of this.
The second is to decrease the cost of building a hierarchical organization of organizations. Technology aids in both of those: travel technology to allow people to move around, communications technology to allow better coordination and cooperation, and information technology to allow information to move around the organization. The fact that all of these technologies have vastly improved in the past few decades is why organizations are growing in size. (17) Senator Bernie Sanders actually had a reasonable point when he said that any company that is too big to fail is also too big to exist. (18) The people who use sites like Google and Facebook are not those companies’ customers. They are the products that those companies sell to their customers. In general: if you're not paying for it, then you're the product. Sometimes you're the product even if you are paying for it.
Senator Frank Murkowski Jonathan Turley (13 Jan 2003), “Public Payroll: A Family Affair,” Los Angeles Times. Representative Richard Pombo League of Conservation Voters (2005), “Rep. Richard Pombo's Family & Friends Network.” Representative Eddie Bernice Johnson Todd J. Gillman and Christy Hoppe (28 Aug 2010), “Rep. Eddie Bernice Johnson Violated Rules, Steered Scholarships to Relatives,” Dallas Morning News. Even Bernie Sanders Vermont Guardian (21 Apr 2005), “Nepotism Crosses Party Lines,” Vermont Guardian. one in six staffers Christine MacDonald (6 May 2011), “Nepotism Rampant at Detroit Libraries: 1 in 6 Staffers Have Relatives Who Work in Strapped Department,” The Detroit News. Rupert Murdoch's News Corp Mark Sweney (17 Mar 2011), “Rupert Murdoch's News Corp Sued Over ‘Nepotism’ in Buying His Daughter's Firm: Investors Allege Group Is Overpaying in $675m Deal to Acquire Elisabeth Murdoch's TV Production Business Shine,” The Guardian.
Twitter and Tear Gas: The Power and Fragility of Networked Protest by Zeynep Tufekci
4chan, active measures, Affordable Care Act / Obamacare, AltaVista, anti-communist, Bernie Sanders, British Empire, citizen journalism, collective bargaining, conceptual framework, crowdsourcing, Donald Trump, Edward Snowden, feminist movement, Ferguson, Missouri, Filter Bubble, Howard Rheingold, income inequality, index card, interchangeable parts, invention of movable type, invention of writing, loose coupling, Mahatma Gandhi, Mark Zuckerberg, Menlo Park, Mikhail Gorbachev, moral hazard, moral panic, Naomi Klein, Network effects, new economy, obamacare, Occupy movement, offshore financial centre, pre–internet, race to the bottom, RAND corporation, ride hailing / ride sharing, Rosa Parks, sharing economy, Silicon Valley, Skype, Snapchat, The Structural Transformation of the Public Sphere, Thorstein Veblen, We are the 99%, WikiLeaks
And not all movements using these digitally fueled strategies are seeking positive social change: terrorist groups such as ISIS and white-supremacist groups in North America and Europe also use digital technologies to gather, organize, and to amplify their narrative. Meanwhile, new movements are popping up, from Brazil to Ukraine to Hong Kong, as hopeful communities flood the streets in protests and occupations. Some protests have even transformed, at least partially, into electoral forces, like Podemos in Spain, Syriza in Greece, and the surprisingly strong effort to elect Bernie Sanders as the Democratic Party nominee for president in the United States, supported by many members of the Occupy Wall Street movement. Like all human stories, the evolution of modern protest has deep historical and cultural roots. But studying it also requires new ways of understanding the fragility of the power of these new movements. I observe it all not with a scholar’s eye, but as a participant-observer in these movements, I also try to feel the moment.
Occupy, the movement that started in New York as a protest against income inequality and that occupied Zuccotti Park near Wall Street for many months, resisted even the limited spokescouncil model of organization, in which working groups on certain topics reported back to the full assembly. Even that most horizontal form of organization was seen as too hierarchical by many protest participants. Like protesters in Gezi, Occupy protesters were also unable to advance a next-phase agenda after the Zuccotti Park protest was forcibly expelled. The movement largely dispersed until an external event—the 2016 presidential election—mobilized many of them in support of Vermont senator Bernie Sanders’s candidacy. Sanders’s campaign ultimately fell short, but, as a testament to the power of movements once they do get moving, what started as a quixotic effort by a senator from a small U.S. state turned into a campaign that mounted a significant threat to an otherwise institutionally strong candidate, Hillary Clinton. After their expulsion, Gezi Park protesters tried, like Tahrir protesters, to formulate a response that focused on the spirit of Gezi Park, with an intense emphasis on the park.
The work Occupy Sandy chose to undertake fit the sensibilities of the movement: mutual aid, solidarity and direct participation rather than representation, and a refusal to engage with bigger power structures except through distrust. There were a few other attempts that grew out of Occupy, like a debt collective that undertook creative acts to bring together student or medical debtors to “strike” against unjust debt. These, however, remained relatively small compared to Occupy’s original reach.37 Occupy’s most direct engagement with the electoral sphere would come many years later, in 2016, after Bernie Sanders, an independent Senator from Vermont, would launch a seemingly-quixotic challenge for the presidential nomination of the Democratic Party. His bid was not successful, but it re-mobilized many people who had been part of the Occupy movement earlier, showing the fact that the underlying energy and the legitimacy of the demands had been there, though not matched by proportional electoral or institutional capacity in the 2011 incarnation.
Apocalypse Never: Why Environmental Alarmism Hurts Us All by Michael Shellenberger
Albert Einstein, Asperger Syndrome, Bernie Sanders, Bob Geldof, carbon footprint, Cesare Marchetti: Marchetti’s constant, clean water, Corn Laws, coronavirus, corporate social responsibility, correlation does not imply causation, cuban missile crisis, decarbonisation, deindustrialization, Dissolution of the Soviet Union, Donald Trump, Elon Musk, energy transition, failed state, Gary Taubes, global value chain, Google Earth, hydraulic fracturing, index fund, Indoor air pollution, indoor plumbing, Intergovernmental Panel on Climate Change (IPCC), Internet Archive, land tenure, Live Aid, LNG terminal, long peace, manufacturing employment, mass immigration, meta analysis, meta-analysis, off grid, oil shale / tar sands, Potemkin village, purchasing power parity, Ralph Nader, renewable energy transition, Steven Pinker, supervolcano, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, trade route, union organizing, WikiLeaks, Y2K
“New Poll: Nearly Half of Americans Are More Convinced than They Were Five Years Ago That Climate Change Is Happening, with Extreme Weather Driving Their Views,” Energy Policy Institute at the University of Chicago, January 22, 2019, https://epic.uchicago.edu/news/new-poll-nearly-half-of-americans-are-more-convinced-than-they-were-five-years-ago-that-climate-change-is-happening-with-extreme-weather-driving-their-views. 14. Ivan Penn, “The $3 Billion Plan to Turn Hoover Dam into a Giant Battery,” New York Times, July 24, 2018, https://www.nytimes.com. It describes a specific pumped-hydroelectric proposal of the type that would be repeated on a massive scale in Jacobson’s plan. 15. In a Guardian column in 2017, Professor Mark Jacobson and U.S. senator Bernie Sanders announced new energy legislation based on Jacobson’s work. Bernie Sanders and Mark Jacobson, “The American People—Not Big Oil—Must Decide Our Climate Future,” The Guardian, April 29, 2017, https://www.theguardian.com. 16. Christopher T. M. Clack, Steffan A. Qvist, Jay Apt et al., “Evaluation of a Proposal for Reliable Low-Cost Grid Power with 100% Wind, Water, and Solar,” Proceedings of the National Academy of Sciences of the United States of America 114, no. 26 (June 27, 2017): 6722–27, https://doi.org/10.1073/pnas.1610381114.
And only nuclear can accommodate the rising energy consumption that will be driven by the need for things like fertilizer production, fish farming, and factory farming—all of which are highly beneficial to both people and the natural environment. And yet the people who say they care and worry the most about climate change tell us we don’t need nuclear. Consider the case of climate activist Bill McKibben. Along with Vermont senator and 2020 Democratic presidential candidate Bernie Sanders, he urged Vermont legislators in 2005 to commit to reducing emissions 25 percent below 1990 levels by 2012, and 50 percent below 1990 levels by 2028, through the use of renewables and energy efficiency.32 Vermont’s main electric utility helped customers go “off-grid” with solar panels and batteries,33 and the state’s aggressive energy efficiency programs ranked fifth best in the nation for five years in a row.34 But instead of falling 25 percent, Vermont’s emissions actually rose 16 percent between 1990 and 2015.35 Part of the reason emissions rose in Vermont is that the state closed its nuclear power plant, something McKibben advocated.
The idea is that when the sun shines or the wind blows, vast quantities of surplus power would be used to pump water uphill in some cases or entire river systems simply stopped almost entirely for large amounts of time. The water would be stored as long as necessary, and then released to flow downhill back through turbines to produce electricity when needed.14 Jacobson’s studies and proposals became the basis of the energy plans of many American states, as well as that of Democratic presidential candidate Senator Bernie Sanders.15 But in 2017, a group of scientists pointed out that Jacobson’s proposal rested upon the assumption that we can increase the amount of instantaneous power from U.S. hydroelectric dams more than ten-fold when, according to the Department of Energy and other major studies, the real potential is just a tiny fraction of that. Without all that additional hydropower, Jacobson’s 100 percent renewables proposal falls apart.16 Even though California is a world leader when it comes to renewables, the state hasn’t converted its extensive network of dams into batteries.
WikiLeaks and the Age of Transparency by Micah L. Sifry
1960s counterculture, Amazon Web Services, banking crisis, barriers to entry, Bernie Sanders, Buckminster Fuller, Chelsea Manning, citizen journalism, Climategate, crowdsourcing, Google Earth, Howard Rheingold, Internet Archive, Jacob Appelbaum, John Markoff, Julian Assange, Network effects, RAND corporation, school vouchers, Skype, social web, source of truth, Stewart Brand, web application, WikiLeaks
“It is common for staﬀers to get more and better information from blogs, and for hearings to be driven by the conversation online, than from the Congressional liaison group at the Fed.”19 Ultimately activists ranging from followers of libertarian Ron Paul on the right to supporters of Grayson and Senator Bernie Sanders on the left also succeeded in 2010 in forcing Congress to adopt a new law requiring the Federal Reserve to detail all the recipients of bailout funding during the banking crisis. 82 MICAH L. SIFRY That last victory was substantial. The Wall Street Journal editorial page praised the results of the Federal Reserve’s new transparency, writing: Lender of last resort indeed. The Federal Reserve pulled back the curtain yesterday on its emergency lending during the ﬁnancial panic of 2008 and 2009, and the game to play at home with the kids is: who didn’t get a bailout? If you can ﬁnd a big ﬁnancial player who declined the Fed’s cash, you’re doing better than we did yesterday afternoon. The documents aren’t another WikiLeaks dump but are due to Vermont Senator Bernie Sanders, who insisted that the Dodd-Frank ﬁnancial bill require more transparency about how the Fed allocated capital during the panic.
The Corruption of Capitalism: Why Rentiers Thrive and Work Does Not Pay by Guy Standing
3D printing, Airbnb, Albert Einstein, Amazon Mechanical Turk, Asian financial crisis, asset-backed security, bank run, banking crisis, basic income, Ben Bernanke: helicopter money, Bernie Sanders, Big bang: deregulation of the City of London, bilateral investment treaty, Bonfire of the Vanities, Boris Johnson, Bretton Woods, business cycle, Capital in the Twenty-First Century by Thomas Piketty, carried interest, cashless society, central bank independence, centre right, Clayton Christensen, collapse of Lehman Brothers, collective bargaining, credit crunch, crony capitalism, crowdsourcing, debt deflation, declining real wages, deindustrialization, disruptive innovation, Doha Development Round, Donald Trump, Double Irish / Dutch Sandwich, ending welfare as we know it, eurozone crisis, falling living standards, financial deregulation, financial innovation, Firefox, first-past-the-post, future of work, gig economy, Goldman Sachs: Vampire Squid, Growth in a Time of Debt, housing crisis, income inequality, information retrieval, intangible asset, invention of the steam engine, investor state dispute settlement, James Watt: steam engine, job automation, John Maynard Keynes: technological unemployment, labour market flexibility, light touch regulation, Long Term Capital Management, lump of labour, Lyft, manufacturing employment, Mark Zuckerberg, market clearing, Martin Wolf, means of production, mini-job, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, Neil Kinnock, non-tariff barriers, North Sea oil, Northern Rock, nudge unit, Occupy movement, offshore financial centre, oil shale / tar sands, open economy, openstreetmap, patent troll, payday loans, peer-to-peer lending, plutocrats, Plutocrats, Ponzi scheme, precariat, quantitative easing, remote working, rent control, rent-seeking, ride hailing / ride sharing, Right to Buy, Robert Gordon, Ronald Coase, Ronald Reagan, Sam Altman, savings glut, Second Machine Age, secular stagnation, sharing economy, Silicon Valley, Silicon Valley startup, Simon Kuznets, sovereign wealth fund, Stephen Hawking, Steve Ballmer, structural adjustment programs, TaskRabbit, The Chicago School, The Future of Employment, the payments system, The Rise and Fall of American Growth, Thomas Malthus, Thorstein Veblen, too big to fail, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, Y Combinator, zero-sum game, Zipcar
Then governments continue just as before, blithely making claims about growth, the number of jobs or ‘balancing books’, blaming their predecessors, disputing the statistics or just ignoring the findings. If protests erupt, a blast of condemnation comes from defenders of the status quo, dismissing the victims or protestors as lazy, irresponsible and inadequate. As ever more evidence on the deleterious impact of inequality is produced, we are in danger of becoming immune to the shock. When Bernie Sanders started to gain support in the US presidential primaries by focusing on inequality, Hillary Clinton dismissed him as a ‘one-issue’ candidate. Yet establishment politicians have done nothing about it, instead aligning with financial institutions that are at the heart of the problem. As Sanders reminded his audiences, Clinton had been paid hundreds of thousands of dollars by Goldman Sachs just for speaking.
From 2008 to 2012, $4.6 trillion was spent in bailing out nearly 1,000 banks, insurance companies and other financial institutions, while guarantees from the Treasury, Federal Reserve and other agencies totalled $16.9 trillion. Europe followed. In 2012–13, the ECB lent €1 trillion to Eurozone banks to avert a funding crisis. At its peak, UK government support to prop up ailing banks totalled £133 billion in cash and £1 trillion in guarantees and indemnities. Bernie Sanders, the Vermont senator who campaigned for the presidential nomination in 2016, listed twenty profitable corporations that had received taxpayer bailouts while operating subsidiaries in tax havens to avoid taxes and even receiving tax rebates. Bank of America received $1.9 billion as a tax refund in 2010, even though it made $4.4 billion in profits. During the crisis, it received a $45 billion bailout and $1.3 trillion in near-zero-interest loans.
This is a necessary condition for re-inventing the future and giving people hope of a Good Society that transcends endless consumerism and pervasive insecurity. Disaffection with old parties is shown by the steady decline in voting, especially by youth and the precariat in general. Over a third of the US electorate does not vote in presidential elections, and in most democracies winning parties have been gaining little more than a third of the votes cast. When even flawed but well-meaning options become available, such as Bernie Sanders in the USA, a surge of enthusiasm occurs. Timid establishment types will not succeed, but bolder souls should take heart. Energies can be turned into re-engagement. RIGHTS AS DEMANDS ‘They don’t call it class warfare until we fight back.’ Occupy Wall Street poster Rights always begin as class-based demands, made against the state. They succeed in becoming rights when a sufficiently strong and committed mass of people with like-minded concerns and interests force the state to accede to them.
The Driver in the Driverless Car: How Our Technology Choices Will Create the Future by Vivek Wadhwa, Alex Salkever
23andMe, 3D printing, Airbnb, artificial general intelligence, augmented reality, autonomous vehicles, barriers to entry, Bernie Sanders, bitcoin, blockchain, clean water, correlation does not imply causation, distributed ledger, Donald Trump, double helix, Elon Musk, en.wikipedia.org, epigenetics, Erik Brynjolfsson, Google bus, Hyperloop, income inequality, Internet of things, job automation, Kevin Kelly, Khan Academy, Kickstarter, Law of Accelerating Returns, license plate recognition, life extension, longitudinal study, Lyft, M-Pesa, Menlo Park, microbiome, mobile money, new economy, personalized medicine, phenotype, precision agriculture, RAND corporation, Ray Kurzweil, recommendation engine, Ronald Reagan, Second Machine Age, self-driving car, Silicon Valley, Skype, smart grid, stem cell, Stephen Hawking, Steve Wozniak, Stuxnet, supercomputer in your pocket, Tesla Model S, The Future of Employment, Thomas Davenport, Travis Kalanick, Turing test, Uber and Lyft, Uber for X, uber lyft, uranium enrichment, Watson beat the top human players on Jeopardy!, zero day
All of us have a role in deciding where the lines should be drawn. At the end of the day, you will realize that I am an optimistic at heart. I sincerely believe that we will all learn, evolve, and come together as a species and do amazing things. With that, let the journey begin. PART ONE The Here and Now 1 A Bitter Taste of Dystopia The 2016 presidential campaign made everybody angry. Liberal Bernie Sanders supporters were angry at allegedly racist Republicans and a political system they perceived as being for sale, a big beneficiary being Hillary Clinton. Conservative Donald Trump supporters were furious at the decay and decline of America, and at how politicians on both sides of the aisle had abandoned them and left a trail of broken promises. Hillary Clinton supporters fumed at how the mainstream media had failed to hold Trump accountable for lewd behavior verging on sexual assault—and worse.
Could flinging feces at a Google-bus turn back the clock and reduce prices of housing to affordable levels? The 2016 presidential campaign was the national equivalent of the Google-bus protests. The supporters of Donald Trump, largely white and older, wanted to turn back the clock to a pre-smartphone era when they could be confident that their lives would be more stable and their incomes steadily rising. The Bernie Sanders supporters, more liberal but also mostly white (albeit with great age diversity), wanted to turn back the clock to an era when the people, not the big corporations, controlled the government. We have seen violent protests in Paris and elsewhere against Uber drivers. What sorts of protests will we see when the Uber cars no longer have drivers and the rage is directed only at the machine itself?
The Production of Money: How to Break the Power of Banks by Ann Pettifor
Ben Bernanke: helicopter money, Bernie Madoff, Bernie Sanders, bitcoin, blockchain, borderless world, Bretton Woods, capital controls, Carmen Reinhart, central bank independence, clean water, credit crunch, Credit Default Swap, cryptocurrency, David Graeber, David Ricardo: comparative advantage, debt deflation, decarbonisation, distributed ledger, Donald Trump, eurozone crisis, fiat currency, financial deregulation, financial innovation, financial intermediation, financial repression, fixed income, Fractional reserve banking, full employment, Hyman Minsky, inflation targeting, interest rate derivative, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, light touch regulation, London Interbank Offered Rate, market fundamentalism, Martin Wolf, mobile money, Naomi Klein, neoliberal agenda, offshore financial centre, Paul Samuelson, Ponzi scheme, pushing on a string, quantitative easing, rent-seeking, Satyajit Das, savings glut, secular stagnation, The Chicago School, the market place, Thomas Malthus, Tobin tax, too big to fail
There is only taxpayers’ money.1 Today this assertion sits strangely with the facts of the recent bailout of the global banking system. While politicians try to persuade electorates that ‘there is no money’, something quite different happened under the guise of quantitative easing. Central bankers created trillions of dollars ‘out of thin air’ and did so essentially overnight to bail out the banking system. And I mean trillions. The American senator Bernie Sanders directed the US Government Accountability Office to undertake an audit of the amount of ‘state money’ created by the US Federal Reserve and supported by governments during the crisis. The conclusion was that $16 trillion ‘in total financial assistance’ had been mobilised for ‘some of the largest financial institutions and corporations in the United States and throughout the world’.2 Please note that not a cent of these trillions of dollars was raised by taxing Americans, although the liquidity created by the Federal Reserve is backed by US taxpayers.
Yet, of course, the retrenchment resolves nothing – in Europe, in Japan, or in the US. Private and public debts accumulate, and deflationary forces bear down on advanced economies. In these contemporary contexts, emerging authoritarianism is rationalized by many as reflecting the weakness and ineptitude of western democracy in the wake of this terrible crisis. With the exception of campaigns like that of US Senator Bernie Sanders’ bid for the US presidency in 2016, the immensity of the power of the finance sector – Wall Street the City of London – has not been contested to any material extent by either the wider Left, social democratic parties, or indeed even by the reactionary forces in society. Keynes today The power of Keynes’s ideas is of a scale that has no precedent. The associated threat to vested, financial interests is obvious.
Dream Hoarders: How the American Upper Middle Class Is Leaving Everyone Else in the Dust, Why That Is a Problem, and What to Do About It by Richard V. Reeves
affirmative action, Affordable Care Act / Obamacare, assortative mating, Bernie Sanders, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, circulation of elites, cognitive dissonance, desegregation, Donald Trump, Downton Abbey, full employment, ghettoisation, glass ceiling, helicopter parent, Home mortgage interest deduction, housing crisis, income inequality, knowledge economy, land value tax, longitudinal study, mortgage tax deduction, obamacare, Occupy movement, plutocrats, Plutocrats, positional goods, race to the bottom, randomized controlled trial, unpaid internship, upwardly mobile, War on Poverty, We are the 99%, working-age population, zero-sum game
In his book Twilight of the Elites, the liberal broadcaster and writer Chris Hayes positions the upper middle class as losing out: The upper middle class [are] people with graduate school degrees, homes, second homes, kids in good colleges, and six-figure incomes. This frustrated, discontented class has spent a decade with their noses pressed up against the glass, watching the winners grab more and more for themselves, seemingly at the upper middle class’s expense.9 Hayes may be right about the frustration and discontent. Much of the political energy behind both the Bernie Sanders left and the Tea Party right came from the upper middle class. But Hayes is wrong to imply that the frustration is warranted, or that the very rich are gaining “at the upper middle class’s expense.” As the 2016 election helped us to see, the real class divide is not between the upper class and the upper middle class: it is between the upper middle class and everyone else. Politicians don’t help much, either.
But the opportunities and tools needed to lead a fully independent, “self-made” life do not appear out of thin air. They are created and destroyed in our communities, relationships, and institutions. Individual success relies on collective investments. The individualist ethos frustrates many on the American left, but I see little sign of it losing its grip on the collective imagination. Many liberals wish America were more like Europe—and often specifically Scandinavia. Bernie Sanders, after all, was effectively the Danish candidate for president. But America’s problem is not that we are failing to live up to Danish egalitarian standards. It is that we are failing to live up to American egalitarian standards, based on fair market competition. The main challenge is to narrow gaps in human capital formation, especially in the first two decades of life. In many cases, this means helping more children to benefit from the advantages that those in the upper middle class enjoy—stronger family formation, more engaged parenting, involvement in education, and so on.
Active Measures by Thomas Rid
1960s counterculture, 4chan, active measures, anti-communist, back-to-the-land, Berlin Wall, Bernie Sanders, bitcoin, call centre, Chelsea Manning, continuation of politics by other means, cryptocurrency, cuban missile crisis, Donald Trump, East Village, Edward Snowden, en.wikipedia.org, facts on the ground, Fall of the Berlin Wall, guest worker program, Internet Archive, Jacob Appelbaum, John Markoff, Julian Assange, kremlinology, Mikhail Gorbachev, Norman Mailer, nuclear winter, peer-to-peer, Ronald Reagan, Silicon Valley, Stewart Brand, technoutopianism, We are Anonymous. We are Legion, Whole Earth Catalog, WikiLeaks, zero day
After about a week of spying on the DCCC, on April 18, the GRU got lucky: they intercepted the log-in and password credentials of another DCCC employee, who was also authorized to log in to the network of the Democratic National Committee.11 The GRU could now pivot directly from the DCCC network over to the DNC. The GRU finished the design of its DCLeaks logo on April 20, 2016. Once inside the DNC, the intruders again searched for particularly interesting machines that held files related to the hotly contested presidential campaign. Bernie Sanders had just won the Wyoming caucus, and Hillary Clinton was about to prevail in the New York primary. Back in Moscow, the officers were working the DNC from the inside, equipping thirty-three machines with a customized X-Agent tool kit. The attack seriously compromised the Democratic Party’s internal and external communications.12 The clandestine intruders also accessed the DNC’s telephone systems, giving the military intelligence officers access to phone calls and even voice mail inside the Democratic headquarters, all while an election campaign was in full swing.13 Just one day after compromising the DNC, on April 19, the GRU registered yet another website, DCLeaks.com, using the same Romanian hosting company, and paying for the new site out of the same pool of bitcoin.
The officers in 74455 had only rudimentary English skills, so they searched for several of their own phrases to check spelling and style. They searched for “worldwide known,” “some hundred sheets,” “think twice about,” and “company’s competence,” among other phrases. The Russian intelligence officers were googling for “dcleaks,” probably to check whether anybody had already picked up their clumsily surfaced site from a week earlier.2 Nobody had. Agitated by leaked emails, Bernie Sanders supporters protest against the DNC and Hillary Clinton. (John Minchillo / AP) Late on June 15, just after 7:00 p.m. Moscow time, a post by “Guccifer 2.0” went online. The rambling text dismissed the conclusions reached by the “worldwide known” company CrowdStrike. Instead, Guccifer 2.0 insisted that the DNC had been “hacked by a lone hacker.” As proof, the blog would publish eleven documents that the officers claimed came “from the DNC,” including an opposition-research file on Donald Trump and a list of major Democratic donors.
Assange was right again, but this time he moved too quickly for the Russian officers. “Ok … i see,” responded the GRU, clearly not following Assange’s reasoning. The WikiLeaks founder slowed down, and explained some of the intricacies of U.S. primary politics. Assange understood that Hillary Clinton would become the nominee in about three weeks, and that she then would have to reach out to intra-party opponents who had supported her main rival, Bernie Sanders, “so conflict between bernie and hillary is interesting,” Assange explained. Some of the first file transfer attempts had failed. Another week later, on July 14, Guccifer 2.0 finally sent an email to WikiLeaks that included an attachment with detailed instructions, titled “wk dnc link1.txt.gpg.” On July 18, a Monday, WikiLeaks privately acknowledged the receipt of “the 1 Gb or so archive,” and told the intelligence officers that the public release would be ready that week.17 On Friday, July 22, three days ahead of the convention, Assange delivered on his promise, and released nearly 20,000 emails with more than 8,000 attachments from the Democratic National Committee.
Evil Geniuses: The Unmaking of America: A Recent History by Kurt Andersen
affirmative action, Affordable Care Act / Obamacare, airline deregulation, airport security, always be closing, American ideology, American Legislative Exchange Council, anti-communist, Apple's 1984 Super Bowl advert, artificial general intelligence, autonomous vehicles, basic income, Bernie Sanders, blue-collar work, Bonfire of the Vanities, bonus culture, Burning Man, call centre, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, centre right, computer age, coronavirus, corporate governance, corporate raider, COVID-19, Covid-19, creative destruction, Credit Default Swap, cryptocurrency, deindustrialization, Donald Trump, Elon Musk, ending welfare as we know it, Erik Brynjolfsson, feminist movement, financial deregulation, financial innovation, Francis Fukuyama: the end of history, future of work, game design, George Gilder, Gordon Gekko, greed is good, High speed trading, hive mind, income inequality, industrial robot, interchangeable parts, invisible hand, Isaac Newton, James Watt: steam engine, Jane Jacobs, Jaron Lanier, Jeff Bezos, jitney, Joan Didion, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, knowledge worker, low skilled workers, Lyft, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, Menlo Park, Naomi Klein, new economy, Norbert Wiener, Norman Mailer, obamacare, Peter Thiel, Picturephone, plutocrats, Plutocrats, post-industrial society, Powell Memorandum, pre–internet, Ralph Nader, Right to Buy, road to serfdom, Robert Bork, Robert Gordon, Robert Mercer, Ronald Reagan, Saturday Night Live, Seaside, Florida, Second Machine Age, shareholder value, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, Stewart Brand, strikebreaker, The Death and Life of Great American Cities, The Future of Employment, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, trickle-down economics, Tyler Cowen: Great Stagnation, Uber and Lyft, uber lyft, union organizing, universal basic income, Unsafe at Any Speed, urban planning, urban renewal, very high income, wage slave, Wall-E, War on Poverty, Whole Earth Catalog, winner-take-all economy, women in the workforce, working poor, young professional, éminence grise
In the 1988 primary, Jesse Jackson ran as a full-on leftist, calling for single-payer healthcare, free community college, a big federal jobs program, and the cancellation of Reagan’s tax cuts for the rich—and by sweeping the black South and winning everywhere among voters under thirty, he beat Joe Biden and Gore and came in second to Dukakis, but…he was never going to be nominated. A Vermont mayor who’d endorsed him, Bernie Sanders, was elected to the House in 1990 as a socialist, cute, but really, so what? He was a quirky retro figure, some Ben & Jerry’s guy who didn’t realize the 1960s were over and was channeling Eugene Debs and Norman Thomas from the ’20s and ’30s. In 1992, when Clinton won the nomination, his only serious competitors were two fellow New Democrats, Brown and Tsongas. Democrats had settled into their role as America’s economically center-right party.
For this exercise, I used the larger figure, because it seems to reflect reality better. Of course, in any real-life version of this fantasy, payments would be adjusted up and down depending on the size of the household and how many adults and children each one had, and so on. It’s an illustration of how rich the country is, not a plan. During a Democratic primary debate in 2015, with Hillary Clinton and Bernie Sanders the only Democrats who had a chance, Sanders was asked by the moderator if calling himself a socialist was politically wise. Well, he replied, he thought the United States “should look to countries like Denmark, like Sweden and Norway, and learn from what they have accomplished” with their economies. In response, Clinton made the excellent point that “what we have to do every so often in America is save capitalism from itself” and “rein in the excesses of capitalism so that it doesn’t run amok and doesn’t cause the kind of inequities we’re seeing in our economic system.”
At that moment as well, the star economist Thomas Piketty, French rather than Austrian, was starting to focus people’s attention on the very rich—“transforming the economic discourse,” Krugman has said, especially after his remarkable 2014 bestseller Capital in the Twenty-first Century. In the 1970s the right coined (and still repeats endlessly) the genius term unelected bureaucrats to focus populist antigovernment blame. The economic left did something similar with the 1 percent (and unelected billionaires) in the 2010s. In 2016 Bernie Sanders came close to winning the Democratic nomination, and in 2019 the CEOs of the Business Roundtable felt obliged to issue a new “Statement on the Purpose of a Corporation,” more or less disavowing their adoption of the Friedman Doctrine decades before. The force awakened. And now? Perhaps the pandemic and/or the resulting recession and/or the protests against racist policing will become triggering crises.
The Retreat of Western Liberalism by Edward Luce
"Robert Solow", 3D printing, affirmative action, Airbnb, basic income, Berlin Wall, Bernie Sanders, Boris Johnson, Branko Milanovic, Bretton Woods, business cycle, call centre, carried interest, centre right, Charles Lindbergh, cognitive dissonance, colonial exploitation, colonial rule, computer age, corporate raider, cuban missile crisis, currency manipulation / currency intervention, Dissolution of the Soviet Union, Doha Development Round, Donald Trump, double entry bookkeeping, Erik Brynjolfsson, European colonialism, everywhere but in the productivity statistics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, future of work, George Santayana, gig economy, Gini coefficient, global pandemic, global supply chain, illegal immigration, imperial preference, income inequality, informal economy, Internet of things, Jaron Lanier, knowledge economy, lateral thinking, liberal capitalism, Marc Andreessen, Mark Zuckerberg, Martin Wolf, mass immigration, means of production, Monroe Doctrine, moral panic, more computing power than Apollo, mutually assured destruction, new economy, New Urbanism, Norman Mailer, offshore financial centre, one-China policy, Peace of Westphalia, Peter Thiel, plutocrats, Plutocrats, precariat, purchasing power parity, reserve currency, reshoring, Richard Florida, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Skype, Snapchat, software is eating the world, South China Sea, Steve Jobs, superstar cities, telepresence, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas L Friedman, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, Washington Consensus, We are the 99%, We wanted flying cars, instead we got 140 characters, white flight, World Values Survey, Yogi Berra
It marked the endpoint of an electoral strategy that no longer had anything new to say. The Third Way itself had been swallowed by the void. Like David Cameron’s ill-fated Remain campaign in the UK, Clinton eventually settled on ‘Stronger Together’. But she failed to articulate why. It seemed more like a game of demographic addition than a reason to govern. Meanwhile, much of her presumed base – the college-educated millennials – had defected to Bernie Sanders. One widely shared meme crystallised their view of Mrs Clinton. It showed a fake poster comparing the two candidates on the issue of whether they would dine at Olive Garden – a soulless restaurant chain that is popular in the suburbs. ‘Only when I’m high,’ says Sanders’s caption. ‘An authentic Italian restaurant for the whole family!’ says Hillary. In the general election, the millennials stayed home in droves.
Jones, ‘In US, new record 43% are political independents’, Gallup, 7 January 2015, <http://www.gallup.com/poll/180440/new-record-political-independents.aspx>. 16 Mair, Ruling the Void. 17 Robert Ford and Matthew Goodwin, Revolt on the Right: Explaining Support for the Radical Right in Britain (Routledge, New York, 2014 (ebook)). 18 Müller, What Is Populism? 19 Quoted in Ford and Goodwin, Revolt on the Right. 20 Edward Luce, ‘Tony Blair warns US Democrats against supporting Bernie Sanders’, Financial Times, 23 February 2016, <https://www.ft.com/content/9c70cae8-da55-11e5-98fd-06d75973fe09>. 21 Julia Carrie Wong and Danny Yadron, ‘Hillary Clinton proposes student debt deferral for startup founders’, Guardian, 29 June 2016, <https://www.theguardian.com/us-news/2016/jun/28/hillary-clinton-student-debt-proposal-startup-tech-founders>. 22 <https://www.hillaryclinton.com/issues/>. 23 William H.
Don't Be Evil: How Big Tech Betrayed Its Founding Principles--And All of US by Rana Foroohar
"side hustle", accounting loophole / creative accounting, Airbnb, AltaVista, autonomous vehicles, banking crisis, barriers to entry, Bernie Madoff, Bernie Sanders, bitcoin, book scanning, Brewster Kahle, Burning Man, call centre, cashless society, cleantech, cloud computing, cognitive dissonance, Colonization of Mars, computer age, corporate governance, creative destruction, Credit Default Swap, cryptocurrency, data is the new oil, death of newspapers, Deng Xiaoping, disintermediation, don't be evil, Donald Trump, drone strike, Edward Snowden, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Etonian, Filter Bubble, future of work, game design, gig economy, global supply chain, Gordon Gekko, greed is good, income inequality, informal economy, information asymmetry, intangible asset, Internet Archive, Internet of things, invisible hand, Jaron Lanier, Jeff Bezos, job automation, job satisfaction, Kenneth Rogoff, life extension, light touch regulation, Lyft, Mark Zuckerberg, Marshall McLuhan, Martin Wolf, Menlo Park, move fast and break things, move fast and break things, Network effects, new economy, offshore financial centre, PageRank, patent troll, paypal mafia, Peter Thiel, pets.com, price discrimination, profit maximization, race to the bottom, recommendation engine, ride hailing / ride sharing, Robert Bork, Sand Hill Road, search engine result page, self-driving car, shareholder value, sharing economy, Shoshana Zuboff, Silicon Valley, Silicon Valley startup, smart cities, Snapchat, South China Sea, sovereign wealth fund, Steve Jobs, Steven Levy, subscription business, supply-chain management, TaskRabbit, Telecommunications Act of 1996, The Chicago School, the new new thing, Tim Cook: Apple, too big to fail, Travis Kalanick, trickle-down economics, Uber and Lyft, Uber for X, uber lyft, Upton Sinclair, WikiLeaks, zero-sum game
To really understand the culture, we have to dig into the business models that enabled the kings of Silicon Valley to ascend so far above others. CHAPTER 3 Advertising and Its Discontents Back in November 2017, a year after the election of Donald Trump, Americans got a first look at the ads that Russian groups had bought on Facebook in order to sow the political discontent that may have tipped the election in Trump’s favor.1 They made for sickening viewing. Russian-linked actors had created animated images of Bernie Sanders as a superman figure promoting gay rights, and pictures of Jesus wrestling with Satan along with a caption that had the Antichrist declaring that “If I win Clinton wins!” There were calls for the South to rise again emblazoned on a Confederate flag, and yellow NO INVADERS ALLOWED signs protesting a supposed onslaught of immigrants at the border. The images were released by lawmakers who then had a chance to question not the CEOs and decision makers who’d signed off on a business model that allowed such propaganda to be monetized, but their lawyers.
“I first became seriously concerned about Facebook in February 2016 in the run-up to the first U.S. presidential primary,” he told me in 2017, which is around the time he began work on Zucked, his book about the topic. As a political junkie, McNamee “was spending a few hours a day reading the news and also spending a fair amount of time on Facebook,” he writes. “I noticed a surge on Facebook of disturbing images, shared by friends, that originated on Facebook Groups ostensibly associated with the Bernie Sanders campaign. The images were deeply misogynistic depictions of Hillary Clinton. It was impossible for me to imagine that Bernie’s campaign would allow them. More disturbing, the images were spreading virally. Lots of my friends were sharing them. And there were new images every day.”9 McNamee was becoming increasingly concerned about the effect of social media on election outcomes. He had been shocked, as were most people, by the outcome of Brexit, which defied all public polls in advance of the referendum result.
It’s a battle that threatens to worsen all the problems that this book has already laid out. CHAPTER 13 A New World War In 2018, I experienced something quite odd during a day of reporting on the growing U.S.-China trade and technology conflict. I was talking to a variety of politicians and advisers in Washington to get a better sense of how various political factions felt it should be dealt with. I spoke to, among others, a former Bernie Sanders staffer who was now advising a new crop of progressives like Congresswoman Alexandria Ocasio-Cortez. I also spoke to a high-level Defense Department official. Their views—that China was indeed an existential threat, and that America needed to ring-fence some of its supply chain and prepare for what might be a long-term tech and trade war—were oddly similar, given the divergent political factions that they represented.1 Both sources recommended the same book to me: Freedom’s Forge, which lays out the way in which the U.S. auto industry helped the country during the Second World War.2 The industry, including not just big automakers but also their suppliers, had been marshaled by government officials to ramp up production and aid in the war effort, creating synergies across supply chains that were later leveraged to great effect in the postwar period, when American industry was dominant relative to Europe and Asia—for at least a couple of decades.
Dirty Secrets How Tax Havens Destroy the Economy by Richard Murphy
banking crisis, barriers to entry, Bernie Sanders, centre right, corporate governance, Donald Trump, Double Irish / Dutch Sandwich, en.wikipedia.org, high net worth, income inequality, intangible asset, light touch regulation, moral hazard, Occupy movement, offshore financial centre, race to the bottom, Social Responsibility of Business Is to Increase Its Profits, The Wealth of Nations by Adam Smith, transfer pricing, Washington Consensus
Over time, it has become increasingly difficult for parties branded as something they are not to be elected, especially in Europe. Oppositional politics has begun to fail. If there are no longer opposing sides to a debate on how to run a country, there can be no democratic choice. The electorate has come to realise this, with surprising results. In every quarter of the West there has been a rise in political expression further removed from the political centre-ground. Donald Trump for the Republicans and Bernie Sanders for the Democrats offer evidence of this trend in the United States and it is notable that both came from outside their current parties to challenge the prevailing thinking of each of them. The Austrian presidential election run-off of 2016, which included no representative of either of the parties that had ruled that country, without interruption, since 1945, provides similar evidence for that country.
What may have begun as a discussion among activists of a world divided between the 1 per cent and the 99 per cent has now generated a common perception: there is a new understanding that the world is split not into classes, but rather between a tiny minority that enjoys most of the benefits of globalisation, and everyone else. This perception has largely been fuelled by a very clear-eyed, and accurate understanding that those elites have been using tax havens to hide their wealth, while the companies that they control have been using them to avoid tax. If there is a political movement towards the extremes as a consequence – as represented, for example, by the rise of Donald Trump and Bernie Sanders in the United States, the UK vote to leave the European Union, and the growth of far-right parties in a number of European countries – then the role of tax havens in disguising the activities of elites has had a significant role to play. The fact that many of the politicians who have exploited these situations have explicitly embraced anti–tax haven positions provides some indication of the power of this narrative.
The Alchemists: Three Central Bankers and a World on Fire by Neil Irwin
"Robert Solow", Ayatollah Khomeini, bank run, banking crisis, Berlin Wall, Bernie Sanders, break the buck, Bretton Woods, business climate, business cycle, capital controls, central bank independence, centre right, collapse of Lehman Brothers, collateralized debt obligation, credit crunch, currency peg, eurozone crisis, financial innovation, Flash crash, George Akerlof, German hyperinflation, Google Earth, hiring and firing, inflation targeting, Isaac Newton, Julian Assange, low cost airline, market bubble, market design, money market fund, moral hazard, mortgage debt, new economy, Northern Rock, Paul Samuelson, price stability, quantitative easing, rent control, reserve currency, Robert Shiller, Robert Shiller, rolodex, Ronald Reagan, savings glut, Socratic dialogue, sovereign wealth fund, The Great Moderation, too big to fail, union organizing, WikiLeaks, yield curve, Yom Kippur War
It’s one thing to make an unpopular move knowing you’ll have to explain yourself in a congressional hearing a few months later, quite another to know that investigators will soon subpoena every document that was created in the course of reaching that decision. To Paul, Audit the Fed was just a way to add a bit more democracy to an antidemocratic body. Three hundred twenty of 435 representatives—nearly three quarters of the House—eventually signed on as cosponsors of the Federal Reserve Transparency Act. Vermont’s Bernie Sanders, the lone socialist in the U.S. Congress, took up the cause in the Senate, and by the spring of 2009 the effort to audit the Fed was picking up momentum. • • • With the Fed under attack, the man at its helm was called to become a politician himself. It wasn’t a natural fit. Ben Bernanke wasn’t born to be a Washington operator. He had little inclination—or skill—for glad-handing and backslapping.
Two days after the election, Senate Democrats met for a weekly lunch to discuss their strategy. In a tense meeting, the more liberal members of the party, and even some of more middle-of-the-road temperament, were livid that at a time when voters were furious about the economy and Wall Street bailouts, legislators were being asked to confirm a guy who was responsible for both. “Massachusetts was kind of a wake-up call to many Democrats,” said Bernie Sanders that week. “People are disgusted and furious with Wall Street and with the state of the economy, and a number of Democrats have been scratching their heads, saying, ‘Why do we want to reappoint a guy who was a member of the Bush administration?’” Byron Dorgan of North Dakota, no liberal bomb thrower, came out in opposition to Bernanke. He was followed by two farther-left senators, Barbara Boxer of California and Russell Feingold of Wisconsin.
Over nearly ninety minutes, with the Capitol Hill press corps huddled just outside the door, members of Congress asked one question after another, apparently genuinely curious about what the reserve banks do and why it matters. Their tone was warm and friendly, free of the vicious anger that had characterized discussions of the Fed over the past year. The message, the reserve bank presidents concluded, had finally gotten through. • • • Audit the Fed may have passed overwhelmingly in the House, but in the Senate finance reform bill that Chris Dodd put forward, it was nowhere to be found. Bernie Sanders wanted to change that, drafting an amendment that largely tracked with Ron Paul’s. Bernanke and Geithner both saw dire consequences if it was enacted: There would be intense new political pressures on the Fed’s monetary policy, which would inevitably make policymakers more reluctant to make hard but necessary decisions. And provisions that would require disclosure of emergency lending to banks through the discount window would make banks reluctant to use those programs, making a financial crisis that much more likely.
How the World Works by Noam Chomsky, Arthur Naiman, David Barsamian
affirmative action, anti-communist, Ayatollah Khomeini, Berlin Wall, Bernie Sanders, Bretton Woods, British Empire, business climate, capital controls, clean water, corporate governance, deindustrialization, Fall of the Berlin Wall, feminist movement, glass ceiling, Howard Zinn, income inequality, interchangeable parts, Isaac Newton, joint-stock company, land reform, liberation theology, Monroe Doctrine, offshore financial centre, plutocrats, Plutocrats, race to the bottom, Ralph Nader, Ronald Reagan, Rosa Parks, single-payer health, strikebreaker, Telecommunications Act of 1996, transfer pricing, union organizing, War on Poverty, working poor
Boards of directors are allowed to work together, and so are banks and investors and corporations in alliances with one another and with powerful states. That’s fine. It’s just the poor who aren’t supposed to cooperate. Corporate welfare In an op-ed in the Boston Globe, Bernie Sanders of Vermont, the only Independent member of Congress, wrote, “If we’re serious about balancing the budget in a fair way, we must slash corporate welfare.” You’ve said you’re very uncomfortable with the term corporate welfare. Why? I like Bernie Sanders, and that was a good column, but I think he starts off on the wrong foot. Why should we balance the budget? Do you know a business—or a household—that doesn’t have any debt? I don’t think we should balance the budget at all. The whole idea is just another weapon against social programs and in favor of the rich—in this case, mostly financial institutions, bondholders and the like.
See also India Bermuda Bernard, Elaine Bernstein, Dennis “bewildered herd,” Bible, intellectuals in biblical prophecies biotechnology birth control bishops’ conferences Bitter Paradise black market in India blacks, US. See racism Blowback BMW B’nai B’rith (Anti-Defamation League) Boeing Bolivia Bolshevik coup Bolshevism Bombay slums. See also India book publishing Bosch Bosnia Boston Boston City Hospital Boston Globe Bernie Sanders op-ed in on East Timor May Day headline in Schanberg op-ed in on semiconductors on Vietnam War Boulder (CO) Boutros-Ghali, Boutros Boyer, Paul Bradley Foundation Brady, Robert brainwashing at home Brazil brutal army of capital flight from “economic miracle” in economy fine, people not favelas films in Nova Igauçu (Rio favela) foreign debt of IMF impact on independent media in Landless Workers’ Movement left journal in loans made to media in military coup in more open-minded than US racism in rich out of control in rural workers in US domination of Workers’ Party breast cancer Bretton Woods system Bridge of Courage Brière, Elaine British East India Company Egypt invaded by in India in Ireland in Israel merchant-warriors opium trafficking by British, continued protectionism British Columbia Brown, Ron Bryant, Adam Buchanan, Pat budget, balancing the federal Buenos Aires “buffer zone,” Bundy, McGeorge bureaucrats, pointy-headed Burma Burnham, Walter Dean Burundi Bush administration attitude toward biotechnology Baker Plan Gulf war during Haiti policies of human rights abuses during Joya Martinez silenced by National Security Policy Review of Panama invasion during pro-Israel bias of protectionist policies reliance on force by unemployment during war on drugs by Bush, George antisemitic remarks by Bosnia and Somalia compared by “Bou-Bou Ghali” mistake Japan visit by “linkage” opposed by “new world order,” OSHA weakened by personality type of Somalia and “what we say goes,” business.
We Were Eight Years in Power: An American Tragedy by Ta-Nehisi Coates
affirmative action, Affordable Care Act / Obamacare, Bernie Madoff, Bernie Sanders, Broken windows theory, Charles Lindbergh, crack epidemic, crony capitalism, David Brooks, deindustrialization, desegregation, Donald Trump, fear of failure, Ferguson, Missouri, Gunnar Myrdal, housing crisis, Howard Zinn, income inequality, jitney, low skilled workers, mandatory minimum, mass incarceration, moral panic, new economy, obamacare, payday loans, phenotype, Ronald Reagan, Rosa Parks, single-payer health, The Bell Curve by Richard Herrnstein and Charles Murray, War on Poverty, white flight
“This year, some 600,000 inmates will be released from prison back into society,” Bush said during his 2004 State of the Union address. “We know from long experience that if they can’t find work, or a home, or help, they are much more likely to commit crime and return to prison.” As we enter the 2016 presidential-election cycle, candidates on both sides of the partisan divide are echoing Bush’s call. From the Democratic Socialist Bernie Sanders (“To my mind, it makes eminently more sense to invest in jobs and education, rather than jails and incarceration”) to mainstream progressives like Hillary Clinton (“Without the mass incarceration that we currently practice, millions fewer people would be living in poverty”) to right-wing Tea Party candidates like Ted Cruz (“Harsh mandatory minimum sentences for nonviolent drug crimes have contributed to prison overpopulation and are both unfair and ineffective”), there is now broad agreement that the sprawling carceral state must be dismantled.
“These days, what ails working-class and middle-class blacks and Latinos is not fundamentally different from what ails their white counterparts,” wrote Senator Barack Obama in 2006: Downsizing, outsourcing, automation, wage stagnation, the dismantling of employer-based health-care and pension plans, and schools that fail to teach young people the skills they need to compete in a global economy. Obama allowed that “blacks in particular have been vulnerable to these trends”—but not so much because of racism but for reasons of geography and job sector distribution. This rendition—raceless anti-racism—marks the modern left, from New Democrat Bill Clinton to socialist Bernie Sanders. With few exceptions, there is little recognition among national liberal politicians that there is something systemic and particular in the relationship between black people and their country that might require specific policy solutions. III In 2016, Hillary Clinton offered more rhetorical support to the existence of systemic racism than any of her modern Democratic predecessors. She had to—black voters well remembered the previous Clinton administration as well as her previous campaign.
Moreover, a narrative of long-neglected working-class black voters, injured by globalization and the financial crisis, forsaken by out-of-touch politicians, and rightfully suspicious of a return of Clintonism, does not serve to cleanse the conscience of white people for having elected Donald Trump. Long-suffering working-class whites do. And though much has been written about the distance between elites and “Real America,” the existence of a trans-class, mutually dependent tribe of white people is evident. From Joe Biden, vice president: They’re all the people I grew up with….And they’re not racist. They’re not sexist. To Bernie Sanders, senator and candidate for president: I come from the white working class, and I am deeply humiliated that the Democratic Party cannot talk to the people where I came from. To Nicholas Kristof, columnist for The New York Times: My hometown, Yamhill, Ore., a farming community, is Trump country, and I have many friends who voted for Trump. I think they’re profoundly wrong, but please don’t dismiss them as hateful bigots.
On the Road: Adventures From Nixon to Trump by James Naughtie
Affordable Care Act / Obamacare, Alistair Cooke, anti-communist, Ayatollah Khomeini, Berlin Wall, Bernie Sanders, centre right, collapse of Lehman Brothers, Donald Trump, Ferguson, Missouri, Haight Ashbury, illegal immigration, immigration reform, Julian Assange, Mikhail Gorbachev, Norman Mailer, obamacare, plutocrats, Plutocrats, post-work, Ronald Reagan, Ronald Reagan: Tear down this wall, South China Sea, trickle-down economics, white flight, WikiLeaks, Yom Kippur War, young professional, zero-sum game
One was Roger Stone and the other Alex Jones, prince of the conspiracy theorists, who believes, among other things, that 9/11 was a put-up job, the federal government planted the Oklahoma City bomb that killed 168 people in 1995, the Sandy Hook massacre of schoolchildren in 2012 was an elaborate hoax, and that elements of the moon landing were faked for some dark bureaucratic purpose. That scene summed up the weirdest of conventions. Hillary Clinton’s, by contrast, was a traditional affair. Her nomination, however, had involved another street fight, this time with the Vermont senator Bernie Sanders, determined to push the Democrats leftwards. He stirred up a movement that had spirit, beating Clinton in New Hampshire and announcing that he’d see it through to the end, which he did, although it became clear early on that he would not be nominated. He played a similar role to Clinton’s own in 2008, when she refused to concede the nomination to Obama until the end. In his left-leaning populism he demonstrated a different version of the Trump movement, which understood exactly where to pitch its appeal to those who felt themselves to be outsiders in contemporary America.
And he said, “Look, I know I can’t both save the economy and reassert American leadership. So you go do the leadership around the world stuff, and I’ll save the economy.” ’ You might describe that as a straightforward brief. When her turn came to run, four years after the end of her term as secretary of state, she believed she had found the language that Democrats needed. But then came, first, Bernie Sanders from the left, with an assault on ‘the system’ and then Donald Trump from the right, with the opposite solutions but the same complaint that the economy and society more broadly were rigged against the powerless. An imbalance epitomised in the halls of Congress. For Clinton, the conundrum she’d wrestled with all her adult life: how to distil the liberal case to its essence. We spoke about history, and her own story.
Of course, it was easier because he was on friendly turf. Hardly anyone in the hall would have walked down the block to hear Cruz, and the senator wouldn’t have regarded that campus as a place where he was likely to prosper. However, O’Rourke was still a striking lanky figure, an apparently fresh face. There was nothing particularly radical about his politics – he comes across as a centrist and could never be mistaken for a devotee of Bernie Sanders – but he was skilled in taking on the orthodoxy of the right. He spoke about a revival of community, about finding connections that had once been strong but were severed. Around that time, there was circulating on social media a video of his encounter with a group of veterans, who were infuriated by the ‘taking a knee’ protest being staged by many African American football players, led by Colin Kaepernick, demonstrating against police brutality by refusing to stand to attention for the national anthem when it was played before every game.
Targeted: The Cambridge Analytica Whistleblower's Inside Story of How Big Data, Trump, and Facebook Broke Democracy and How It Can Happen Again by Brittany Kaiser
Albert Einstein, Amazon Mechanical Turk, Asian financial crisis, Bernie Sanders, bitcoin, blockchain, Boris Johnson, Burning Man, call centre, centre right, Chelsea Manning, clean water, cognitive dissonance, crony capitalism, Dominic Cummings, Donald Trump, Edward Snowden, Etonian, haute couture, illegal immigration, Julian Assange, Mark Zuckerberg, Menlo Park, Nelson Mandela, off grid, open borders, Renaissance Technologies, Robert Mercer, rolodex, sentiment analysis, Silicon Valley, Silicon Valley startup, Skype, Snapchat, statistical model, the High Line, the scientific method, WikiLeaks, young professional
So, the company wanted us to find a workaround, some way to strategically veil the true purpose of the ad and lead potential customers to their site and messaging via click-throughs that started with something more innocuous than tobacco or nicotine. Shortly after I was asked to strategically edit my response to the ICO, I’d gotten a message on LinkedIn from someone named Paul Hilder. Paul had an impressive résumé. He was a writer, a political organizer, and a social entrepreneur who believed that Big Data could be used to power grassroots movements. Though British born, he had spent much of 2016 embedded in the Bernie Sanders campaign, and he had found me, strangely enough, via a video in which I made a brief and impromptu cameo and which someone at Cambridge had posted online. The video was part of a strange phenomenon: one of our data scientists had been keeping a vlog on YouTube, chronicling his life, including his work at Cambridge, for 365 days. One of his videos was of a company party that took place in the summer of 2015 at a dog track in London.
The video would later become rather infamous because, in it, one of my colleagues toasted Alexander, saying of him that he was the sort of person “who could sell an anchor to a drowning man,” a less-than-complimentary comment that would outlive even the company, but what Paul had noticed was something else. The video was filmed during the company’s involvement in the Cruz campaign, and at one point that afternoon someone on the Cambridge Cruz team had yelled out, “Who’s going to win the election?” and I had been the lone voice that called out Bernie Sanders’s name. That’s how Paul had found me. He’d likely googled the SCL Group, because he was in the midst, like so many other people, of trying to understand what had happened in the United Kingdom and the States and to chart a way forward. He had long been an advocate of the left’s use of social media as a means to organize and had founded something called Crowdpac, a grassroots alternative to super PACs.
You try to keep up with the news with that kind of crazy schedule. I didn’t have time to watch the news! And I explained to Lewis how I had given up my vote and contributed in no small part to the general lack of support for Hillary in the primaries and even the animosity toward her in the general election—all of which had led ineluctably to her defeat. I had flown to Chicago expressly to vote for Bernie Sanders in the primaries. Then, in November, I told myself I was too busy to fly back there again for the general. I had just been there to see my father. I hadn’t had time to get an absentee ballot. Besides, Illinois wasn’t a swing state. It hadn’t occurred to me to register to vote in Virginia, which was not only a swing state but also where our Cambridge Analytica “DC” apartments had been. Over and again, I had told myself that any ugliness I encountered in my time at Cambridge Analytica had left me untouched.
Women & Power: A Manifesto by Mary Beard
There are countless examples of attempts to write women entirely out of public discourse, Telemachus-style. A notorious recent case was the silencing of Elizabeth Warren in the US Senate – and her exclusion from the debate – when she attempted to read out a letter by Coretta Scott King. Few of us, I suspect, know enough about the rules of senatorial debate to know how justified this was, formally. But those rules did not stop Bernie Sanders and other senators (admittedly in her support) reading out exactly the same letter and not being excluded. But there are unsettling literary examples too. 9. Photographed in 1870, when she was over seventy, Sojourner Truth is here made to look anything but radical – instead, a rather sedately venerable old lady. One of the main themes of Henry James’ Bostonians, published in the 1880s, is the silencing of Verena Tarrant, a young feminist campaigner and speaker.
Fully Automated Luxury Communism by Aaron Bastani
"Robert Solow", autonomous vehicles, banking crisis, basic income, Berlin Wall, Bernie Sanders, Bretton Woods, capital controls, cashless society, central bank independence, collapse of Lehman Brothers, computer age, computer vision, David Ricardo: comparative advantage, decarbonisation, dematerialisation, Donald Trump, double helix, Elon Musk, energy transition, Erik Brynjolfsson, financial independence, Francis Fukuyama: the end of history, future of work, G4S, housing crisis, income inequality, industrial robot, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Isaac Newton, James Watt: steam engine, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kevin Kelly, Kuiper Belt, land reform, liberal capitalism, low earth orbit, low skilled workers, M-Pesa, market fundamentalism, means of production, mobile money, more computing power than Apollo, new economy, off grid, pattern recognition, Peter H. Diamandis: Planetary Resources, post scarcity, post-work, price mechanism, price stability, private space industry, Productivity paradox, profit motive, race to the bottom, RFID, rising living standards, Second Machine Age, self-driving car, sensor fusion, shareholder value, Silicon Valley, Simon Kuznets, Slavoj Žižek, stem cell, Stewart Brand, technoutopianism, the built environment, the scientific method, The Wealth of Nations by Adam Smith, Thomas Malthus, transatlantic slave trade, Travis Kalanick, universal basic income, V2 rocket, Watson beat the top human players on Jeopardy!, Whole Earth Catalog, working-age population
As Nigel Farage, a figurehead for the Brexit movement, triumphantly declared on the night, ‘This is a victory for ordinary people, for good people, for decent people … the people who’ve had enough of the merchant bankers.’ Yet even the shock of Brexit paled in comparison to events just a few months later when Donald Trump, a well-known businessman and reality TV star, was elected president of the United States. Winning the Republican primary earlier that year had already caused a shock – and with Bernie Sanders pushing Hillary Clinton close for the Democratic nomination, the signs were there for an upset. Which was precisely what ensued as Trump took previously democrat-held ‘Rust Belt’ states on his way to the White House. The President-elect’s victory speech was reminiscent of Farage’s, as he told ‘the forgotten men and women of our country’ that they would be ‘forgotten no longer’. The following April, buoyed by the perception of a zeitgeist seemingly to her advantage, Britain’s new Prime Minister Theresa May called a general election to cement her party’s grip on power.
The Tories, significantly to the right of their campaigns in recent years also did well, winning their highest share of the vote since 1987. Britain now displayed both key features of the new political landscape: massively increased polarisation, and uncertainty as to whether the politics of the left or right would ultimately prevail. While they might not share much politically, Trump and Corbyn, along with Brexit and the emergence of Podemos, Bernie Sanders and Syriza, indicate the era of capitalist realism is over. And yet there is also a deeper story at play, one which remains largely unremarked upon. While the events of the last several years are both historic and unexpected, they are a response to an economic crisis, beginning in 2008, which itself only represents the first stage of a prolonged period of global disorder. Over coming decades we will not only endure the aftershocks of the failure of this economic model to deliver rising living standards, but also the era-defining effects of the aforementioned five crises.
Open: The Progressive Case for Free Trade, Immigration, and Global Capital by Kimberly Clausing
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, active measures, Affordable Care Act / Obamacare, agricultural Revolution, battle of ideas, Bernie Sanders, business climate, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, corporate social responsibility, creative destruction, currency manipulation / currency intervention, David Ricardo: comparative advantage, Donald Trump, floating exchange rates, full employment, gig economy, global supply chain, global value chain, guest worker program, illegal immigration, immigration reform, income inequality, index fund, investor state dispute settlement, knowledge worker, labor-force participation, low skilled workers, Lyft, manufacturing employment, Mark Zuckerberg, meta analysis, meta-analysis, offshore financial centre, open economy, Paul Samuelson, profit motive, purchasing power parity, race to the bottom, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, secular stagnation, Silicon Valley, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transfer pricing, uber lyft, winner-take-all economy, working-age population, zero-sum game
Increased inequality amidst wage stagnation also creates social tension and dissatisfaction. When workers’ wages fall short of expectations, people often express their discontent by turning to populist solutions.13 Figure 2.7: Debt in US Households is Still Rising Steadily Notes: This is total household debt per capita in US dollars. Student loan debt was not included until 2003. Data sources: New York Federal Reserve Bank and World Bank. The rise of populists like Bernie Sanders and Donald Trump speaks to the depth of public dissatisfaction. Political polarization extends beyond the 2016 election in both time and space. The US Congress is nearly synonymous with dysfunction, in large part due to ever-increasing polarization. In Europe, both far-left and far-right parties are ascendant.14 The shrinking importance of moderate political groups likely generates several costs: more policy variability, more policy uncertainty, more difficulty enacting policy, and more extreme policies.
Chinese imports account for about 1 million of the 5.8 million (net) job losses in manufacturing over the period 1999 to 2011—and if indirect effects on other industries are included, the number of job losses attributable to trade with China is twice as large.5 As it turns out, these intense “China shock” zones overlap heavily with the voting precincts that most heavily favored Donald Trump in the 2016 US presidential election. This election followed a long campaign season in which Trump (and Bernie Sanders, competing for the Democrats’ nomination) frequently lambasted Hillary Clinton for promoting international trade through such agreements as the North American Free Trade Act (NAFTA)—given her affiliation with former President Clinton, who brought NAFTA into force in 1994—and the Trans-Pacific Partnership (TPP), negotiated by the Obama administration she served as Secretary of State. It appears that voters in locales where trade most harmed workers expressed their pain by voting for the candidate who promised trade restrictions and renegotiations of trade agreements.
Competition Overdose: How Free Market Mythology Transformed Us From Citizen Kings to Market Servants by Maurice E. Stucke, Ariel Ezrachi
affirmative action, Airbnb, Albert Einstein, Andrei Shleifer, Bernie Sanders, Boeing 737 MAX, Cass Sunstein, choice architecture, cloud computing, commoditize, corporate governance, Corrections Corporation of America, Credit Default Swap, crony capitalism, delayed gratification, Donald Trump, en.wikipedia.org, George Akerlof, gig economy, Goldman Sachs: Vampire Squid, Google Chrome, greed is good, hedonic treadmill, income inequality, income per capita, information asymmetry, invisible hand, job satisfaction, labor-force participation, late fees, loss aversion, low skilled workers, Lyft, mandatory minimum, Mark Zuckerberg, market fundamentalism, mass incarceration, Menlo Park, meta analysis, meta-analysis, Milgram experiment, mortgage debt, Network effects, out of africa, payday loans, Ponzi scheme, precariat, price anchoring, price discrimination, profit maximization, profit motive, race to the bottom, Richard Thaler, ride hailing / ride sharing, Robert Bork, Robert Shiller, Robert Shiller, Ronald Reagan, shareholder value, Shoshana Zuboff, Silicon Valley, Snapchat, Social Responsibility of Business Is to Increase Its Profits, Stanford prison experiment, Stephen Hawking, The Chicago School, The Market for Lemons, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, Thomas Davenport, Thorstein Veblen, Tim Cook: Apple, too big to fail, transaction costs, Uber and Lyft, uber lyft, ultimatum game, Vanguard fund, winner-take-all economy
In February 2017, the then Attorney General Jeff Sessions rescinded the 2016 federal policy to phase out the use of private prisons.34 This set in motion the start of new bidding processes for additional facilities in private immigrant detention centers.35 A memorandum sent by the Federal Bureau of Prisons followed. It noted that to alleviate overcrowding “and to maximize the effectiveness of the private contracts,” federal prisons should send low-security (and the higher-profit margin) nonviolent inmates to private prisons.36 Commenting on the reversal, Senator Bernie Sanders said, “Private prison companies invested hundreds of thousands of dollars in Donald Trump’s presidential campaign and today they got their reward.”37 Other senators were similarly dismayed.38 Part of the change may be attributed to successful lobbying from the leading for-profit operators who, naturally, were not willing to give up on a multibillion dollar sector without a fight. The incoming administration’s change in policy led to marked increase in profitability.39 GEO Group and CoreCivic, which are publicly traded, had revenues last year of $2.3 billion and $1.8 billion, respectively.
As the ad-blocker browser Brave notes on its website, the “average mobile browser user pays as much as $23 a month in data charges to download ads and trackers—that’s $276 a year.”145 Of course those costs are dwarfed by the money we spend because we have been so skillfully targeted by advertisers and by the psychological toll exacted by Facebook and Google addiction, which in turn are dwarfed by the cost to our democracy when the Gamemakers’ products are weaponized against us, as happened in the 2016 US presidential election. Over time we learn more how Russia used Facebook, Google, and Twitter to “sow discord in the US political system.” According to an internal Russian document, the operatives were instructed to “use any opportunity to criticize Hillary [Clinton] and the rest (except [Democratic Primary Candidate Bernie] Sanders and [Republican candidate Donald] Trump—we support them).”146 Russia’s campaign likely reached 126 million people on Facebook, 20 million more on Instagram, and countless more on YouTube.147 Yet, we cannot negotiate better terms, because the Gamemakers are so powerful.148 What can we do? Tell Google and Facebook to stop tracking us across our devices and Internet? Not likely. So, we live in a world of “Orwellian doublespeak,” as the former FCC chair observed, where “the ‘privacy policies’ that are made to sound as though they protect privacy are actually about permission to violate your privacy.”149 In any case, few among us actually read the lengthy, jargon-ridden privacy notices on the apps we use and the websites we visit—which would take on average four months according to one estimate.150 And even if we did, how much could we rely on what they say, given what we know about the false claims made by the Gamemakers in their privacy policies?
“Unless you have scale and power in the marketplace and with the consumer, you’re just out there scrambling on your own,” an executive at AT&T Inc. said after the federal court allowed it to acquire media conglomerate Time Warner.9 The alignment between big government and big business will continue as long as money and corporate help with reelection remain top-of-mind concerns for so many government officials. This means that we can expect many governmental policies to remain skewed toward helping the wealthy and powerful under the façade of competition, and against regulation in the name of freedom. Writers and thinkers as diverse as Martin Luther King, Jr., Senator Bernie Sanders, former Secretary of Labor Robert Reich, and Robert F. Kennedy, Jr., have inveighed against this state of affairs, which they describe as socialism for the rich (meaning government policy that sees to it that most resources go to the rich, their powerful corporations, and our financial institutions) and capitalism—or as King put it, “rugged individualism”—for the poor (meaning that they are left to struggle on their own).
The Platinum Age of Television: From I Love Lucy to the Walking Dead, How TV Became Terrific by David Bianculli
affirmative action, Albert Einstein, Alistair Cooke, Berlin Wall, Bernie Sanders, cuban missile crisis, desegregation, Donald Trump, Downton Abbey, feminist movement, friendly fire, global village, Mark Zuckerberg, medical residency, period drama, pre–internet, Ronald Reagan, Saturday Night Live, Steve Jobs, trickle-down economics, unpaid internship
And as the presidential campaigns of 2015 and 2016 kept imploding or succeeding unexpectedly, the Kings had to adjust not only their stories, but their visuals, accordingly. Green-screen TVs were used on set so their images could be inserted in postproduction, which allowed for some subsequent replacement of what was planned to be on the TV screens in political back rooms and TV control rooms. Reflecting real-life events, that meant less Ted Cruz, more Bernie Sanders. As for the freedom offered by writing and presenting the political satire of BrainDead during the presidential campaign year of 2016, Michelle says, “You only feel as though you can never go too extreme. Nothing is off the table.” Robert King concludes, with a chuckle, “If it ends up being where we want it to be, it’s somewhere between Paddy Chayefsky and Roger Corman.” And it was. 7 MEDICAL KEY EVOLUTIONARY STAGES Dr.
PROFILE LARRY DAVID BORN: 1947, Brooklyn. FIRST TV CREDIT: Fridays, 1980, ABC. LANDMARK TV SERIES: Saturday Night Live, 1984–85, NBC; Seinfeld, 1989–98, NBC; Curb Your Enthusiasm, 2000–, HBO. OTHER MAJOR CREDITS: Broadway: Writer and star, Fish in the Dark, 2015. Movies: Woody Allen’s Radio Days, 1987, New York Stories, 1989, and Whatever Works, 2009. TV: Clear History, 2013, HBO; Saturday Night Live (guest starring as Bernie Sanders), 2015–16, NBC. Larry David’s television debut was as a founding member of the repertory company of Fridays, a late-night variety sketch series broadcast live by ABC in 1980. That’s a surprisingly high board from which to dive into TV for your first experience—a live, national TV show—and even David himself was surprised to be there, or to be a part of the entertainment world at all. When he was younger, he had no grand plan to conquer show business.
David did a bit from the audience, talking with Seinfeld, who was taking questions from the stage, and managed to poke fun at his own short run at Saturday Night Live while noting his subsequent success—much to the delight of the studio audience. “I was actually surprised by the reaction to it,” David admitted. Here, too, there was one final twist ending. After that SNL special, later in 2015, Larry David returned to play the Democratic presidential hopeful Bernie Sanders—a live sketch comedy role bigger, better, and more warmly received than anything he’d done on Fridays or Saturday Night Live. It became a recurring role, and as the real Sanders maintained his presence deep into the primary season, so did his comic alter ego. Each time David appears as Bernie, he’s greeted by a rousing ovation before he even begins speaking. “I have to say, they’re really coming up with great stuff, so that’s about 90 percent of the battle.”
The Myth of Meritocracy: Why Working-Class Kids Still Get Working-Class Jobs (Provocations Series) by James Bloodworth
Berlin Wall, Bernie Sanders, Bob Geldof, Boris Johnson, cognitive dissonance, Downton Abbey, gender pay gap, glass ceiling, income inequality, light touch regulation, precariat, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, unpaid internship, upwardly mobile, We are the 99%, zero-sum game
The struggles against misogyny and other forms of discrimination have rarely been undertaken with the same vigour unleashed against capitalist bosses. It would be wrong to imply that today this dynamic has been turned on its head. One can still find sexism, racism and homophobia on the left as easily as one can find it in wider society. In an article for Slate about the US Democratic primaries, Michelle Goldberg wrote in late 2015 about a cultural phenomenon of so-called Bernie Bros – male supporters of US presidential candidate Bernie Sanders who ‘seem to believe that their class politics exempt them from taking sexism seriously’.102 The sexual assault allegations that embroiled the British Socialist Workers’ Party in 2013 paints an even grimmer picture of self-proclaimed egalitarians who see no contradiction in using their power as men to belittle and abuse women. In this wretched incident, despite serious allegations of sexual assault being made against a senior party member of the SWP – ‘Comrade Delta’ – the female accusers were discouraged from going to the police on the basis that socialists should have ‘no faith in the bourgeois court system to deliver justice’.103 Again, rudimentary women’s rights had to wait until the victory of the glorious revolution.
Basic Income And The Left by henningmeyer
basic income, Bernie Sanders, centre right, eurozone crisis, income inequality, John Maynard Keynes: technological unemployment, labour market flexibility, land value tax, means of production, mini-job, moral hazard, precariat, quantitative easing, Silicon Valley, the market place, Tobin tax, universal basic income
First, all means-tested programs for those who cannot support themselves through paid work can be abol‐ ished. Second, technological developments imply that the number of jobs will be significantly reduced, Broad Constituency Of Support Lined up behind the idea are a large number of internationally renowned political philosophers, but also sections of many Green and left-wing political parties in Europe as well as a not insignificant number of internationally prominent politicians, such as Bernie Sanders and Jeremy Corbyn and, surprisingly, several high profile IT entrepreneurs in Silicon Valley. The proposals about the size of this unconditional universal basic income vary, but if it is going to be at all possible to live on this income, suggestions of around £800 per month have been put forward: what you can get from a student loan to pay for living expenses . which means that many people will be unable to get The UUBI is a very well-meaning idea but I would paid work in future.
New Dark Age: Technology and the End of the Future by James Bridle
AI winter, Airbnb, Alfred Russel Wallace, Automated Insights, autonomous vehicles, back-to-the-land, Benoit Mandelbrot, Bernie Sanders, bitcoin, British Empire, Brownian motion, Buckminster Fuller, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, cognitive bias, cognitive dissonance, combinatorial explosion, computer vision, congestion charging, cryptocurrency, data is the new oil, Donald Trump, Douglas Engelbart, Douglas Engelbart, Douglas Hofstadter, drone strike, Edward Snowden, fear of failure, Flash crash, Google Earth, Haber-Bosch Process, hive mind, income inequality, informal economy, Internet of things, Isaac Newton, John von Neumann, Julian Assange, Kickstarter, late capitalism, lone genius, mandelbrot fractal, meta analysis, meta-analysis, Minecraft, mutually assured destruction, natural language processing, Network effects, oil shock, p-value, pattern recognition, peak oil, recommendation engine, road to serfdom, Robert Mercer, Ronald Reagan, self-driving car, Silicon Valley, Silicon Valley ideology, Skype, social graph, sorting algorithm, South China Sea, speech recognition, Spread Networks laid a new fibre optics cable between New York and Chicago, stem cell, Stuxnet, technoutopianism, the built environment, the scientific method, Uber for X, undersea cable, University of East Anglia, uranium enrichment, Vannevar Bush, WikiLeaks
More often than not, the distinction didn’t even matter: as we’ve seen, all sources look the same on social networks, and clickbait headlines combined with confirmation bias acted on conservative audiences in much the same way that YouTube algorithms responded to ‘Elsa Spiderman Finger Family Learn Colors Live Action’ strings. Repeated clicks just pushed such stories higher in Facebook’s own rankings. A few brave teens tried the same tricks on Bernie Sanders supporters, with less impressive results. ‘Bernie Sanders supporters are among the smartest people I’ve seen,’ said one. ‘They don’t believe anything. The post must have proof for them to believe it.’16 For a few brief months, headlines claiming that Hillary Clinton had been indicted or that the Pope had declared his support for Trump brought a trickle of wealth to Veles: a few more BMWs appeared in its streets, and more champagne was sold in its nightclubs.
Picnic Comma Lightning: In Search of a New Reality by Laurence Scott
4chan, Airbnb, airport security, augmented reality, Berlin Wall, Bernie Sanders, Boris Johnson, clean water, colonial rule, cryptocurrency, dematerialisation, Donald Trump, Elon Musk, housing crisis, Internet of things, Joan Didion, job automation, late capitalism, Mark Zuckerberg, Narrative Science, Productivity paradox, QR code, ride hailing / ride sharing, Saturday Night Live, sentiment analysis, Silicon Valley, Skype, Slavoj Žižek, Snapchat, Y2K
In 1944 he wrote that ‘the really frightening11 thing about totalitarianism is not that it commits “atrocities” but that it attacks the objective concept of truth’. Today, because the ‘story’ carries such central cultural importance, the role that storytelling plays in political dissimulation is especially vivid and alarming. The corrupt deployment of inaccurate stories is now talked about with explicit, often helpless cynicism. In an interview with Bernie Sanders following the passing of the 2017 US tax-reform bill, CNN’s Chris Cuomo said that the media’s correcting of the facts ‘doesn’t matter’ because Donald Trump has ‘won the narrative of a big tax cut that is going to help everybody’. Politically we have moved past putting a spin on the truth to telling the best story. And yet, even though we know that we are vulnerable to the distorting effects of stories, we are trading in them more relentlessly than ever.
., ‘Oxytocin promotes human ethnocentrism’, PNAS, 108 (4), 25th January 2011; ‘It should be …’, see Xiaolei Xu et al., ‘Oxytocin biases men but not women to restore social connections with individuals who socially exclude them’, Scientific Reports, No. 40589, 12 January 2017. 11 ‘the really frightening …’, George Orwell, column in Tribune, 4th February 1944; ‘doesn’t matter’, Chris Cuomo interview with Bernie Sanders, Cuomo Prime Time, CNN, 11th January 2018. 12 ‘built into the …’, see Lily Rothman, ‘Margaret Atwood on Serial Fiction and the Future of the Book’, www.entertainment.time.com, 8th October 2012. 13 ‘were like dreams …’, Margaret Atwood, The Handmaid’s Tale (London: Jonathan Cape, 1986). 14 ‘They cannot see …’, ‘Trompe l’Oeil’, Westworld, dir. Frederick E. O. Toye, Warner Bros. Television, 13th November 2016; ‘Stories are hardwired …’, Jeanette Winterson interview at the Sydney Writers’ Festival, ‘Riding in Cars With Writers’, Sydney Writers’ Festival YouTube Channel, published 23rd June 2016. 15 ‘Have you ever …’, ‘The Original’, Westworld, dir.
Listen, Liberal: Or, What Ever Happened to the Party of the People? by Thomas Frank
Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, American ideology, barriers to entry, Berlin Wall, Bernie Sanders, blue-collar work, Burning Man, centre right, circulation of elites, Clayton Christensen, collective bargaining, Credit Default Swap, David Brooks, deindustrialization, disruptive innovation, Donald Trump, Edward Snowden, Fall of the Berlin Wall, financial innovation, Frank Gehry, full employment, George Gilder, gig economy, Gini coefficient, income inequality, Jaron Lanier, Jeff Bezos, knowledge economy, knowledge worker, Lean Startup, mandatory minimum, Marc Andreessen, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, McMansion, microcredit, mobile money, moral panic, mortgage debt, Nelson Mandela, new economy, obamacare, payday loans, Peter Thiel, plutocrats, Plutocrats, Ponzi scheme, post-industrial society, postindustrial economy, pre–internet, profit maximization, profit motive, race to the bottom, Republic of Letters, Richard Florida, ride hailing / ride sharing, Ronald Reagan, sharing economy, Silicon Valley, Steve Jobs, Steven Levy, TaskRabbit, Thorstein Veblen, too big to fail, Travis Kalanick, Uber for X, union organizing, urban decay, women in the workforce, Works Progress Administration, young professional
Pharma executives often use innovation to justify their pricing decisions. Consider the innovation remarks of Martin Shkreli, the former CEO of Turing Pharmaceuticals, a company that in 2015 dramatically raised the price of an old drug it had acquired. Asked Shkreli of Bernie Sanders, a Democratic presidential candidate who had criticized him, “Is he willing to sort of accept that there is a tradeoff, that to take risks for innovation, companies have to invest lots of money and they need some kind of return for that, and what does he think that should look like?” See David Nather, “Bernie Sanders Rejects Donation from Drug Company CEO,” Boston Globe, October 15, 2015. Another good example of this sort of thinking can be found in a 2003 speech by Sidney Taurel, then the CEO of Eli Lilly, at the American Enterprise Institute in Washington, D.C.
The Decadent Society: How We Became the Victims of Our Own Success by Ross Douthat
Affordable Care Act / Obamacare, AI winter, Bernie Sanders, bitcoin, Burning Man, Capital in the Twenty-First Century by Thomas Piketty, centre right, charter city, crack epidemic, crowdsourcing, David Graeber, Deng Xiaoping, Donald Trump, East Village, Elon Musk, Flynn Effect, Francis Fukuyama: the end of history, Francisco Pizarro, ghettoisation, gig economy, Haight Ashbury, helicopter parent, hive mind, Hyperloop, immigration reform, informal economy, Intergovernmental Panel on Climate Change (IPCC), Islamic Golden Age, Jeff Bezos, Joan Didion, Kevin Kelly, Kickstarter, knowledge worker, life extension, mass immigration, mass incarceration, means of production, megacity, move fast and break things, move fast and break things, multiplanetary species, New Journalism, Nicholas Carr, Norman Mailer, obamacare, Oculus Rift, open borders, out of africa, Panopticon Jeremy Bentham, Peter Thiel, plutocrats, Plutocrats, pre–internet, QAnon, quantitative easing, rent-seeking, Robert Bork, Robert Gordon, Ronald Reagan, secular stagnation, self-driving car, Silicon Valley, Silicon Valley ideology, Snapchat, social web, Steve Jobs, Steven Pinker, technoutopianism, the built environment, The Rise and Fall of American Growth, Tyler Cowen: Great Stagnation, wage slave, women in the workforce, Y2K
Sort of, but one that’s more analogous to school shootings than to the political clashes of the 1930s or the 1960s, in the sense that it involves disturbed people appointing themselves as knights-errant and going forth to slaughter, rather than organized movements with any kind of strategy or concrete goal. Internet-era political derangement is obviously partially responsible for all kinds of horrors, from the white supremacists talking one another into shooting sprees on the extremist website 8chan, to the Bernie Sanders supporter who tried to massacre Republicans at a congressional baseball game in 2017. But these cases are terrible and also exceptional; they have not yet established a pattern that looks anything like the Year of our Lord 1969, when there were more than three thousand bombings across the continental United States. Instead, they coexist, like other forms of sporadic mass violence, with statistics that speak generally of continued order, continued peace.
This would require accepting that the postwar boom isn’t coming back, accepting that the space race was mostly just Cold War posturing, accepting that we’re an aging society that can’t afford vast socialist experiments or growth-chasing supply-side fantasies, accepting that we aren’t going to spread democracy by force of arms—accepting, in other words, that the discontents motivating idealists of the center and populists of the right and left are just differing forms of nostalgia, which can be managed but never satisfied, and which are ultimately just impediments to achieving contentment in our civilization’s old age. I think it’s fair to see this view, however underarticulated, as one of the important premises of the last American presidency’s policy making. Like Trump and Bernie Sanders eight years later, Barack Obama ran for president in 2008 as a critic of decadence, as a yes-we-can idealist promising a return to the 1960s New Frontier, and he certainly made forays into liberal utopianism during his eight years in office. But his real temperament was technocratic and managerial, and the management of decadence—a “Don’t do stupid shit” approach to everything from financial capitalism and globalization, to China and the Middle East—was an essential feature of Obaman governance.
Economic Dignity by Gene Sperling
active measures, Affordable Care Act / Obamacare, autonomous vehicles, basic income, Bernie Sanders, Cass Sunstein, collective bargaining, corporate governance, David Brooks, desegregation, Detroit bankruptcy, Donald Trump, Double Irish / Dutch Sandwich, Elon Musk, employer provided health coverage, Erik Brynjolfsson, Ferguson, Missouri, full employment, gender pay gap, ghettoisation, gig economy, Gini coefficient, guest worker program, Gunnar Myrdal, housing crisis, income inequality, invisible hand, job automation, job satisfaction, labor-force participation, late fees, liberal world order, longitudinal study, low skilled workers, Lyft, Mark Zuckerberg, market fundamentalism, mass incarceration, mental accounting, meta analysis, meta-analysis, minimum wage unemployment, obamacare, offshore financial centre, payday loans, price discrimination, profit motive, race to the bottom, RAND corporation, randomized controlled trial, Richard Thaler, ride hailing / ride sharing, Ronald Reagan, Rosa Parks, Second Machine Age, secular stagnation, shareholder value, Silicon Valley, single-payer health, speech recognition, The Chicago School, The Future of Employment, The Wealth of Nations by Adam Smith, Toyota Production System, traffic fines, Triangle Shirtwaist Factory, Uber and Lyft, uber lyft, union organizing, universal basic income, War on Poverty, working poor, young professional, zero-sum game
Barack Obama: “Tonight, let’s declare that in the wealthiest nation on Earth, no one who works full-time should have to live in poverty.” White House Office of the Press Secretary, “Remarks by the President in the State of the Union Address,” February 12, 2013, https://obamawhitehouse.archives.gov/the-press-office/2013/02/12/remarks-president-state-union-address. Bernie Sanders: “We must ensure that no full-time worker lives in poverty by increasing the minimum wage to a living wage.” Bernie Sanders, Facebook, November 10, 2015, https://www.facebook.com/berniesanders/photos/a.324119347643076/927934470594891/. 18. See discussion in Cass Sunstein, Conspiracy Theories and Other Dangerous Ideas (New York: Simon & Schuster, 2014), 37–38. 19. For description, see David Frank, “More Caregivers for Veterans to Be Eligible for Stipends,” AARP, June 6, 2018, https://www.aarp.org/home-family/voices/veterans/info-2018/veterans-caregivers-new-program.html. 20.
While conservatives sought to frame and deride the EITC and the concept of refundable tax credits as “welfare” for “lucky duckies,” Clinton was able to frame the case for the EITC expansions by rooting it deeply in the values of a two-way social compact of contribution.15 He pledged to “ensure that no one with a family who works full-time has to raise their children in poverty.”16 In doing so, he was essentially asking middle-class voters to see a shared value in the struggles and aspirations of lower-income families, disproportionately of color, that would motivate middle-class support for a big EITC increase even though it went by definition to lower-income workers. Clinton’s frame has also been used by progressives from Barack Obama to Bernie Sanders, and had lasting benefits.17 Beyond the EITC battles of the 1990s, winning the definition of the EITC as tax relief connected to work and caring for family has dramatically reduced the partisan attacks on it, set the frame for expansion of refundable relief in child tax credits, and even led to some Republican policymakers now embracing at least targeted expansions. BROADENING—NOT DISMISSING—A COMPACT OF CONTRIBUTION While I believe it would be a setback to reaching the end goal of economic dignity to upend this sense of mutual responsibility, I also do not believe that only full-time work or traditional jobs should be seen as the only means of fulfilling that responsibility.
Squeezed: Why Our Families Can't Afford America by Alissa Quart
Affordable Care Act / Obamacare, Airbnb, Automated Insights, autonomous vehicles, barriers to entry, basic income, Bernie Sanders, business intelligence, Donald Trump, Downton Abbey, East Village, Elon Musk, full employment, future of work, gig economy, glass ceiling, haute couture, income inequality, Jaron Lanier, job automation, late capitalism, Lyft, minimum wage unemployment, moral panic, new economy, nuclear winter, obamacare, Ponzi scheme, post-work, precariat, price mechanism, rent control, ride hailing / ride sharing, school choice, sharing economy, Silicon Valley, Skype, Snapchat, surplus humans, TaskRabbit, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, union organizing, universal basic income, upwardly mobile, wages for housework, women in the workforce, working poor
Bellamy thought about it every day. She had a visceral disgust for the anxious competitiveness of other middle-class mothers on the playgrounds and in the preschools. “Who cares what skills my kids have mastered?” she told me. Over the years I watched as this modest oppression politicized Bellamy. Now forty-five and the mother of an eight-year-old and a four-year-old, she had become an intense Bernie Sanders supporter during the 2016 election, going to his rallies in the Bronx, scrambling to pay for day care for her hours working for the campaign, phone banking for the candidate, going door to door. “He’s been saying things I’ve been feeling for so long that no one else will really say,” she explained as she pushed her daughter in a swing on a Harlem playground. “I’ve been so isolated with my feelings and thoughts about inequality that I’ve become obsessed with him.”
“I’ve been so isolated with my feelings and thoughts about inequality that I’ve become obsessed with him.” Would she be able to pass on the social class standing she had created for herself? Would they even be able to get the same fine education she’d gotten as a bright and dedicated young woman, vaulting into the Ivy League after growing up deeply religious and attending an equally devout college? Still a Bernie Sanders supporter a year after the election, Bellamy bristled at the memory of the 2016 primaries. She was now researching her new book project, “Jyeshtha, the Hindu God of Misfortune.” Misfortune was indeed a subject that for her would seem apropos for our times. THERE ARE BOTH SMALL AND LARGE REMEDIES FOR THE PLIGHT OF the hyper-educated working poor—those earning around $36,000 a year, with kids, and just getting by, only a few false moves away from the poverty line.
Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace by Matthew C. Klein
Albert Einstein, Asian financial crisis, asset allocation, asset-backed security, Berlin Wall, Bernie Sanders, Branko Milanovic, Bretton Woods, British Empire, business climate, business cycle, capital controls, centre right, collective bargaining, currency manipulation / currency intervention, currency peg, David Ricardo: comparative advantage, deglobalization, deindustrialization, Deng Xiaoping, Donald Trump, Double Irish / Dutch Sandwich, Fall of the Berlin Wall, falling living standards, financial innovation, financial repression, fixed income, full employment, George Akerlof, global supply chain, global value chain, illegal immigration, income inequality, intangible asset, invention of the telegraph, joint-stock company, land reform, Long Term Capital Management, Malcom McLean invented shipping containers, manufacturing employment, Martin Wolf, mass immigration, Mikhail Gorbachev, money market fund, mortgage debt, New Urbanism, offshore financial centre, oil shock, open economy, paradox of thrift, passive income, reserve currency, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, Scramble for Africa, sovereign wealth fund, The Nature of the Firm, The Wealth of Nations by Adam Smith, Tim Cook: Apple, trade liberalization, Wolfgang Streeck
Remarkably, a similar situation exists today. Instead of violence, however, the modern regime depends on the English-speaking countries’ political commitment to open markets. This is a choice, but in democracies, the people have the option to change their mind. We may already be starting to see this. In the 2016 election, all of the major U.S. presidential candidates disavowed the Trans-Pacific Partnership (TPP). Bernie Sanders warned that it would “make it easier for corporations to throw American workers out on the street” and would “reward some of the biggest human-rights violators in the world.” Hillary Clinton was concerned the agreement failed to address the problem of currency manipulation and gave too much protection to pharmaceutical patents. Larry Summers, the former U.S. Treasury secretary who was a confidant of both Barack Obama and Clinton, was not explicitly opposed to the TPP, but he also thought it was a waste of time compared to reforming the IMF or boosting the funding of the United Nations.
Adam Tooze, The Deluge: The Great War, America and the Remaking of the Global Order, 1916–1931 (New York: Penguin, 2014); Nicholas Crafts, “Walking Wounded: The British Economy in the Aftermath of World War I,” VoxEU, August 27, 2014, https://voxeu.org/article/walking-wounded-british-economy-aftermath-world-war-i; Barry Eichengreen, “The British Economy between the Wars,” in The Cambridge History of Modern Britain, ed. Roderick Floud and Paul Johnson (Cambridge: Cambridge University Press, 2004), 314–43. Conclusion 1. Bernie Sanders, “Sanders: Party Platform Still Needs Work,” Philadelphia Inquirer, July 3, 2016; “Hillary Clinton Says She Does Not Support Trans-Pacific Partnership,” PBS News Hour, October 7, 2015, https://www.pbs.org/newshour/politics/hillary-clinton-says-she-does-not-support-trans-pacific-partnership; Larry Summers, “A Setback to American Leadership on Trade,” Financial Times, June 14, 2015. 2. “Presidential Memorandum Regarding Withdrawal of the United States from the Trans-Pacific Partnership Negotiations and Agreement,” January 23, 2017, https://www.whitehouse.gov/presidential-actions/presidential-memorandum-regarding-withdrawal-united-states-trans-pacific-partnership-negotiations-agreement/; Chad P.
Winners Take All: The Elite Charade of Changing the World by Anand Giridharadas
"side hustle", activist lawyer, affirmative action, Airbnb, Bernie Sanders, bitcoin, Burning Man, Capital in the Twenty-First Century by Thomas Piketty, carried interest, cognitive dissonance, collective bargaining, corporate raider, corporate social responsibility, crowdsourcing, David Brooks, David Heinemeier Hansson, deindustrialization, disintermediation, Donald Trump, Edward Snowden, Elon Musk, friendly fire, global pandemic, high net worth, hiring and firing, housing crisis, Hyperloop, income inequality, invisible hand, Jeff Bezos, Kibera, Kickstarter, land reform, Lyft, Marc Andreessen, Mark Zuckerberg, new economy, Occupy movement, offshore financial centre, Panopticon Jeremy Bentham, Parag Khanna, Paul Graham, Peter Thiel, plutocrats, Plutocrats, profit maximization, risk tolerance, rolodex, Ronald Reagan, shareholder value, sharing economy, side project, Silicon Valley, Silicon Valley startup, Skype, Social Responsibility of Business Is to Increase Its Profits, Steven Pinker, technoutopianism, The Chicago School, The Fortune at the Bottom of the Pyramid, the High Line, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, Travis Kalanick, trickle-down economics, Uber and Lyft, uber lyft, Upton Sinclair, Vilfredo Pareto, working poor, zero-sum game
This general approach to change jibed with what Clinton had stood for while in power: the championing of globalization, the embrace of markets, compassion, the declared end of labor/capital conflict, the promise of the rich and poor rising together—the insistence that loosened regulations good for Wall Street would also be good for Main Street; the marketing of trade deals craved by large corporations as being ideal for workers. The country was two months away from a referendum on Clintonism. Hillary Clinton had beaten Bernie Sanders, who spoke of putting the “billionaire class” in their place in order to make the working class thrive, whereas Clinton had spoken of wanting everyone to do better. Now she found herself up against the ultimate win-losey opponent, though this time of the race-baiting, authoritarian, ethno-nationalist sort. Donald Trump had harnessed an intuition that those people who believed you could crusade for justice and get super-rich and save lives and be very powerful and give a lot back, that you could have it all and then some, were phonies.
He said this as though it were impossible to imagine how the opportunity to earn tens of millions of dollars after a presidency might affect a president’s fight-picking decisions while in office. In our present age of anger, so many people seemed to intuit that their leaders becoming fellow travelers of billionaires and millionaires did have some effect on what they believed. That intuition had hamstrung his own wife’s campaign. It had helped Bernie Sanders’s unlikely primary challenge, and then Donald Trump’s unlikely election victory—made all the stranger by the fact that Trump incarnated the very problem he named. Was it inevitable that the leaders of a democracy should affiliate mostly with plutocrats after their time in public office? Was that not related to the problems of mistrust and alienation and social distance that lurked behind the anger now confronting elites?
Tightrope: Americans Reaching for Hope by Nicholas D. Kristof, Sheryl Wudunn
Affordable Care Act / Obamacare, basic income, Bernie Sanders, carried interest, correlation does not imply causation, creative destruction, David Brooks, Donald Trump, dumpster diving, Edward Glaeser, Elon Musk, epigenetics, full employment, Home mortgage interest deduction, housing crisis, impulse control, income inequality, Jeff Bezos, job automation, jobless men, knowledge economy, labor-force participation, low skilled workers, mandatory minimum, Martin Wolf, mass incarceration, Mikhail Gorbachev, offshore financial centre, randomized controlled trial, rent control, Robert Shiller, Robert Shiller, Ronald Reagan, Shai Danziger, single-payer health, Steven Pinker, The Spirit Level, universal basic income, upwardly mobile, Vanguard fund, War on Poverty, working poor
The United States has been much more hostile to private labor unions than other countries have been, with fewer than 7 percent of private-sector workers now in a union—one reason almost half of American jobs pay less than $15 an hour. Consider this sentiment: “Labor is prior to and independent of capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.” Was that said by Karl Marx, Eugene Debs, Bernie Sanders or another socialist? Actually, it was said by Abraham Lincoln, in his first State of the Union address. Yet in recent decades, the political system has become more pro-business and suspicious of labor. “This country is the cesspool of labor relations,” AFL-CIO president Richard Trumka told us. “It’s much better in Europe.” He argues that union membership brings a 30 percent wage premium for white men, and a somewhat greater gain for women and people of color.
Conservative writers like Charles Murray and David Brooks have explored these chasms, with Brooks arguing that “the central problem of our time is the stagnation of middle-class wages, the disintegration of working-class communities and the ensuing fragmentation of American society.” On the left, Senator Elizabeth Warren and many other Democrats have made similar arguments. Remarkably, this pain in white working-class America helped account for the rise of both Donald Trump on the right and Bernie Sanders on the left. What went wrong? For much of the nineteenth and twentieth centuries, the United States had pioneered efforts to create opportunity. The Homestead Acts, beginning in 1862, were a self-help program that gave American families 160 acres of land each if they farmed it productively or improved it over five years. Homesteads transformed the West and turned impoverished workers into landed farmers.
The Myth of Capitalism: Monopolies and the Death of Competition by Jonathan Tepper
Affordable Care Act / Obamacare, air freight, Airbnb, airline deregulation, bank run, barriers to entry, Berlin Wall, Bernie Sanders, big-box store, Bob Noyce, business cycle, Capital in the Twenty-First Century by Thomas Piketty, citizen journalism, Clayton Christensen, collapse of Lehman Brothers, collective bargaining, computer age, corporate raider, creative destruction, Credit Default Swap, crony capitalism, diversification, don't be evil, Donald Trump, Double Irish / Dutch Sandwich, Edward Snowden, Elon Musk, en.wikipedia.org, eurozone crisis, Fall of the Berlin Wall, family office, financial innovation, full employment, German hyperinflation, gig economy, Gini coefficient, Goldman Sachs: Vampire Squid, Google bus, Google Chrome, Gordon Gekko, income inequality, index fund, Innovator's Dilemma, intangible asset, invisible hand, Jeff Bezos, John Nash: game theory, John von Neumann, Joseph Schumpeter, Kenneth Rogoff, late capitalism, London Interbank Offered Rate, low skilled workers, Mark Zuckerberg, Martin Wolf, means of production, merger arbitrage, Metcalfe's law, multi-sided market, mutually assured destruction, Nash equilibrium, Network effects, new economy, Northern Rock, offshore financial centre, passive investing, patent troll, Peter Thiel, plutocrats, Plutocrats, prediction markets, prisoner's dilemma, race to the bottom, rent-seeking, road to serfdom, Robert Bork, Ronald Reagan, Sam Peltzman, secular stagnation, shareholder value, Silicon Valley, Skype, Snapchat, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, The Chicago School, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, too big to fail, undersea cable, Vanguard fund, very high income, wikimedia commons, William Shockley: the traitorous eight, zero-sum game
The electoral earthquakes were a powerful statement of discontent. American and British voters had tired of playing chess against a bigger opponent. They decided that the best move was to toss the pieces in the air and see where they might land. The move might not win the game, but it might start a new one with different rules. Americans and the British wanted change, even if it meant a leap into the unknown. If Trump had not won, it might well have been Bernie Sanders, an antiestablishment candidate who beat Hillary Clinton in dozens of states. He was a socialist most of his career. In America, according to Gallup polls, being a socialist is right beneath atheism and Islam as a disqualifying trait in a political candidate. In Britain, the Labour Party had voted for a far-left-wing leader. They chose Jeremy Corbyn, a complete outsider and a throwback to a time when socialists called for nationalizing entire industries.
They chose Jeremy Corbyn, a complete outsider and a throwback to a time when socialists called for nationalizing entire industries. He had once demanded the “complete rehabilitation” of Leon Trotsky, a Marxist revolutionary. Once Corbyn became Labor leader, he declared, “The people who run Britain have rigged the economy and business rules to line the pockets of their friends. The truth is the system simply doesn't work for most people.” Bernie Sanders and Donald Trump couldn't agree on anything, but they both told their followers that the US economy was rigged, and voters loved them for it. On the campaign trail Trump said, “It's not just the political system that's rigged, it's the whole economy,” President Trump told voters while campaigning. “It's rigged by big donors who want to keep down wages. It's rigged by big businesses who want to leave our country, fire our workers, and sell their products back into the United States with absolutely no consequences for them.
Amazon: How the World’s Most Relentless Retailer Will Continue to Revolutionize Commerce by Natalie Berg, Miya Knights
3D printing, Airbnb, Amazon Web Services, augmented reality, Bernie Sanders, big-box store, business intelligence, cloud computing, Colonization of Mars, commoditize, computer vision, connected car, Donald Trump, Doomsday Clock, Elon Musk, gig economy, Internet of things, inventory management, invisible hand, Jeff Bezos, market fragmentation, new economy, pattern recognition, Ponzi scheme, pre–internet, QR code, race to the bottom, recommendation engine, remote working, sensor fusion, sharing economy, Skype, supply-chain management, TaskRabbit, trade route, underbanked, urban planning, white picket fence
On the far right, former Trump advisor Steve Bannon has called for tech giants to be regulated like public utilities since they have become so essential to 21st-century life; while Democratic Party leaders pushed for a wider antitrust crackdown in 2018 as part of their ‘Better Deal’ economic platform. ‘We’re seeing this incredibly large company getting involved in almost every area of commerce and I think it is important to look at the power and influence Amazon has’, said Democratic Senator Bernie Sanders in 2018.3 Khan argues that predatory pricing and vertical integration are highly relevant to analysing Amazon’s path to dominance – and that current doctrine underappreciates the risk of such practices. The playing field has been tilted since day one, from the moment that Bezos convinced his early investors that a growth-over-profits strategy would yield results in the long run. Amazon has always played by its own set of rules.
Notes 1 Kumar, Kavita (2018) Amazon’s Bezos calls Best Buy turnaround ‘remarkable’ as unveils new TV partnership, Star Tribune, 19 April. Available from: http://www.startribune.com/best-buy-and-amazon-partner-up-in-exclusive-deal-to-sell-new-tvs/480059943/ [Last accessed 2/11/2018]. 2 Khan, Lina (2017) Amazon’s antitrust paradox, Yale Law Journal, 3 January. Available from: http://digitalcommons.law.yale.edu/cgi/viewcontent.cgi?article=5785&context=ylj [Last accessed 7/7/2018]. 3 CNN (2018) Sen. Bernie Sanders: Amazon has gotten too big, YouTube, 1 April. Available from: https://www.youtube.com/watch?v=-AxDWoR_zaQ&feature=share [Last accessed 8/7/2018]. INDEX Note: Chapter notes are indexed as such page numbers in italic indicate figures or tables Ackerman, D (CNET senior editor) 218 Ahrendts, A (SVP of Apple Retail) 187, 199–200 AI and voice: the new retail frontier (and) 147–64 AI’s ability to improve ROI instore/online 161 supply chain complexity (and) 150–53 Amazon Go 152–53 ‘Just Walk Out’ technology system 152 the untapped potential of voice (and) 153–63 see also Alexa competitive landscape 160–63 first-mover advantage 154–55 retail technology smarts 158–60 voice as the next frontier 155–58 the value of recommendation 148–50 AI (artificial intelligence) 23, 133, 136, 139, 148–50, 161, 175, 237 AI-powered concierge GWYN (Gifts When You Need) 179 Aldi 33, 51, 122, 203 Alexa (and) 14, 20, 23, 32, 71, 77, 96, 97, 102, 136, 143, 147, 153–58, 160–61, 213, 217 see also research ‘Ask Peapod’ skill for 157 -based store customer service system (HIT Sütterlin) 180 in BMW and Toyota cars 161 Home Skills API 158 International 10, 19 see also McAllister, I prioritizes search results 125–26 top Alexa-enabled commands 155 voice-enabled Connected Home ecosystem 237 Alibaba (and) 39, 46, 63, 75, 76, 111, 135, 136, 230, 234–35 see also Alipay Ant Financial Services 183 Buy+VR mall 71 in China 150 China Smart Logistic Network (Cainiao) 234 food delivery app Ele.me 238 food delivery drones for China 238 Hema Supermarkets 183, 191 its market share in China 234 leases containers on ships 234 Logistics 234 ‘Singles Day’ shopping festival (2016) 150 AliPay 183, 214 AlixPartners 53 and underreported costs of trading online 72–73 Amazon (and) 63, 179–80 see also Alexa; Amazon Books; Amazon flops: Amazon’s grocery ambitions; Prime 2.0; Prime ecosystem; a private label juggernaut and WACD 3D printer patents 231–32 acquires Kiva Systems 229–30 acquires Quidsi 97 acquires Ring 237 acquires Whole Foods Market 3, 37, 82, 103, 235–36 advertising 124 ‘Amazon Prime Delivers More’ 216 AI development 237 AI framework DSSTNE 149 Air 231 Amazon.com 224 Amazon Remembers 173 ASOS: creating versions of trying before you buy 198 AWS 11, 14 Basics range 123 Body Labs 128 Business (Amazon Supply 2012–15) 232 Cash 39 Cash (US)/Amazon Top Up (UK) 39 checkout and payment strategy 215 China: ocean freight services 231 Cloud Cam security camera 237 cloud computing/storage services (AWS) 19 customer touchpoints – Alexa and Dash 96, 97 Dash 153 Dash Buttons 143–44, 147, 213 Dash replenishment scheme 96 Destinations 10 Echo 11, 14, 37, 71, 112, 121, 153–54, 237 Echo Look 128 Effect 5, 39, 46–47, 65, 212 see also retail apocalypse Elements brand 128 Family (Mom) 97 Fire 121 Fire Phone 140–41, 154, 173 Firefly app 140–41, 173 Flex 74, 223–24 Flex Android-based app 224 Flow (camera search feature) 173 Fresh 94–95, 124, 219, 223, 226, 227 and Solimo 124 Fresh Pickup 237 fulfilment strategy 235 Go 68, 152–53, 166, 182, 214 at inflection point 3 Instant Pickup 237 ‘Just Walk Out’ technology 152, 182 Key In-Car 237–38 Key in-house and in-car deliveries 237 Kindle 14, 20, 37, 140, 237 Fire HD device 173 Kohl’s, partners with 81, 233 Leadership Principles 9, 135, 137 leasing patterns 228 Local 10 Lockers 70, 77, 80, 208–09, 216, 237–38 see also lockers/collection lockers in UK and Europe 209 Logistics 224 logistics warehouse investment facilities 228–29 Maritime, Inc. and US Federal Maritime Commission operating licence 231 market share 234 Marketplace 142 the middleman 232 as number one destination for online product search 66 Pantry 219, 223 Pay 232 Pay with Amazon service 142–43, 147 Payments (online payments gateway) 213 Prime see subject entry refunds 234 Restaurants 219 returns process 233 Robotics 230 ‘SLAM’ line (scan, label, apply, manifest’ 223 Stellar Flex 232 Studios 20 Subscribe & Save 96 Super Saver 210 sues Barnes & Noble over ‘1-click’ patent 141–42 testing delivery drones in UK (Prime Air) 151 third Leadership Principle – ‘invent and simplify’ 136 top-performing clothing brands 127 see also reports Treasure Truck 236–37 truck drivers, first app for 231 as ultimate disruptor 21 Vine 125 Wand 213 working conditions 229 Amazon Books (and) 80–81, 80, 169–70 criticisms of store 169 its objective 170 pricing 81, 169, 213 utilitarian look and feel of 169 ‘The Amazon Effect’ 5 Amazon flops Amazon Destinations 10 Amazon Local 10 Amazon Wallet 10 Fire phone 10 Amazon Web Services (AWS) 135 an Amazon world – notes 1–4 Amazon’s grocery ambitions (and) 86–106 see also Amazon factors correlating to online grocery adoption and profitability 88 food: the final frontier and importance of frequency 90–92 2022: the online grocery tipping point?
Mindf*ck: Cambridge Analytica and the Plot to Break America by Christopher Wylie
4chan, affirmative action, Affordable Care Act / Obamacare, availability heuristic, Berlin Wall, Bernie Sanders, big-box store, Boris Johnson, British Empire, call centre, Chelsea Manning, chief data officer, cognitive bias, cognitive dissonance, colonial rule, computer vision, conceptual framework, cryptocurrency, Daniel Kahneman / Amos Tversky, desegregation, Dominic Cummings, Donald Trump, Downton Abbey, Edward Snowden, Elon Musk, Etonian, first-past-the-post, Google Earth, housing crisis, income inequality, indoor plumbing, information asymmetry, Internet of things, Julian Assange, Lyft, Marc Andreessen, Mark Zuckerberg, Menlo Park, move fast and break things, move fast and break things, Network effects, new economy, obamacare, Peter Thiel, Potemkin village, recommendation engine, Renaissance Technologies, Robert Mercer, Ronald Reagan, Rosa Parks, Sand Hill Road, Scientific racism, Shoshana Zuboff, side project, Silicon Valley, Skype, uber lyft, unpaid internship, Valery Gerasimov, web application, WikiLeaks, zero-sum game
“It’ll sure be ironic if the reason our correspondence lands on the government’s radar,” one group member emailed Andreessen, was because “their algorithms were triggered by our sarcastic use of the word ‘junta.’ ” * * * — IN EARLY SUMMER OF 2016, the Russia narrative started bubbling up. In mid-June, Guccifer 2.0 leaked documents that had been stolen from the Democratic National Committee. A week later, just three days before the Democratic National Convention, WikiLeaks published thousands of stolen emails, opening rifts between Bernie Sanders, Hillary Clinton, and DNC chair Debbie Wasserman Schultz, who resigned almost immediately. And, of course, Nix eventually began asking around about Clinton’s emails at the behest of Rebekah Mercer, eventually offering Cambridge Analytica’s services to WikiLeaks to help disseminate the hacked material. I found out about this from a former colleague who was still with the firm and thought everything was getting out of hand.
We settled on an alternative plan—a trip to Berkeley for a conference focused on data and democracy, where we could aim for a discreet chat with a couple of White House officials who we knew would be there. The other person I had talked to extensively about all this was Ken Strasma, Obama’s former targeting director. I had met with Strasma in New York and told him about Cambridge Analytica’s data targeting. Since his firm had just provided microtargeting services for Bernie Sanders’s 2016 campaign, naturally he was interested. After Clinton clinched the nomination, in late July, Strasma called me and said, “Now that we’ve lost, I’m going to see if I can talk with Hillary’s data team.” He asked whether I’d be interested in meeting with them to outline my suspicions about what was happening with the Trump campaign. Yes, of course, I told him. Unfortunately, we were never able to connect with the Clinton team
The Tyranny of Merit: What’s Become of the Common Good? by Michael J. Sandel
affirmative action, Affordable Care Act / Obamacare, anti-communist, Berlin Wall, Bernie Sanders, Boris Johnson, Capital in the Twenty-First Century by Thomas Piketty, centre right, coronavirus, COVID-19, Credit Default Swap, Deng Xiaoping, Donald Trump, ending welfare as we know it, facts on the ground, Fall of the Berlin Wall, financial deregulation, financial innovation, global supply chain, helicopter parent, High speed trading, immigration reform, income inequality, Khan Academy, laissez-faire capitalism, meta analysis, meta-analysis, Nate Silver, new economy, obamacare, Occupy movement, plutocrats, Plutocrats, Ronald Reagan, smart grid, Steve Jobs, Steven Levy, the market place, The Wealth of Nations by Adam Smith, Washington Consensus
With their encouragement, he bailed out the banks on terms that did not hold them to account for the behavior that led to the crisis and offered little help for those who had lost their homes. His moral voice muted, Obama placated rather than articulated the seething public anger toward Wall Street. Lingering anger over the bailout cast a shadow over the Obama presidency and ultimately fueled a mood of populist protest that reached across the political spectrum—on the left, the Occupy movement and the candidacy of Bernie Sanders; on the right, the Tea Party movement and the election of Trump. The populist uprising in the United States, Great Britain, and Europe is a backlash directed generally against elites, but its most conspicuous casualties have been liberal and center-left political parties—the Democratic Party in the U.S., the Labour Party in Britain, the Social Democratic Party (SPD) in Germany (whose share of the vote reached a historic low in the 2017 federal election), Italy’s Democratic Party (whose vote share dropped to less than 20 percent), and the Socialist Party in France (whose presidential nominee won only 6 percent of the vote in the first round of the 2017 election).
This feature of the politics of humiliation makes it more combustible than other political sentiments. It is a potent ingredient in the volatile brew of anger and resentment that fuels populist protest. Though himself a billionaire, Donald Trump understood and exploited this resentment. Unlike Barack Obama and Hillary Clinton, who spoke constantly of “opportunity,” Trump scarcely mentioned the word. Instead, he offered blunt talk of winners and losers. (Interestingly, Bernie Sanders, a social democratic populist, also rarely speaks of opportunity and mobility, focusing instead on inequalities of power and wealth.) Elites have so valorized a college degree—both as an avenue for advancement and as the basis for social esteem—that they have difficulty understanding the hubris a meritocracy can generate, and the harsh judgment it imposes on those who have not gone to college.
Sandworm: A New Era of Cyberwar and the Hunt for the Kremlin's Most Dangerous Hackers by Andy Greenberg
air freight, Airbnb, Bernie Sanders, bitcoin, blockchain, call centre, clean water, data acquisition, Donald Trump, Edward Snowden, global supply chain, hive mind, Julian Assange, Just-in-time delivery, Kickstarter, Mikhail Gorbachev, open borders, pirate software, pre–internet, profit motive, ransomware, RFID, speech recognition, Steven Levy, Stuxnet, undersea cable, uranium enrichment, Valery Gerasimov, WikiLeaks, zero day
Soon, as promised, WikiLeaks began to publish a steady trickle of the hackers’ stolen data, too; after all, Julian Assange’s secret-spilling group had never been very particular about whether its “leaks” came from whistle-blowers or hackers. The documents, now with WikiLeaks’ stamp of credibility, began to be picked up by news outlets including The New York Times, The Washington Post, The Guardian, Politico, BuzzFeed, and The Intercept. The revelations were very real: It turned out the DNC had secretly favored the candidate Hillary Clinton over her opponent Bernie Sanders as the presumptive Democratic nominee for president, despite the committee’s purported role as a neutral arbiter for the party. DNC officials had furtively discussed how to discredit Sanders, including staging public confrontations about his religious beliefs and an incident in which his campaign’s staff allegedly accessed the Clinton campaign’s voter data. The DNC chairwoman, Debbie Wasserman Schultz, was hit the hardest.
In other words, as the controversy around Russia’s role in his election victory began to grow, it seemed that Trump had no interest in discussing any sentence that contained the words “Russian” and “hacker,” no matter the context. (The White House never answered my multiple requests for comment on Lee’s description of those events.) If Trump sensed the news could be used against him politically, he was right. In late June 2017, eighteen Democratic senators and Independent Bernie Sanders signed a letter to the president, citing Dragos’s work and demanding Trump direct the Department of Energy to conduct a new analysis of the Russian government’s capabilities to disrupt America’s power grid. They also asked for an exploration of any attempts the Kremlin had already made to compromise America’s electric utilities, pipelines, or other energy infrastructure. “We are deeply concerned that your administration has not backed up a verbal commitment prioritizing cybersecurity of energy networks and fighting cyber aggression with any meaningful action,” the legislators wrote.
Crashed: How a Decade of Financial Crises Changed the World by Adam Tooze
Affordable Care Act / Obamacare, Apple's 1984 Super Bowl advert, Asian financial crisis, asset-backed security, bank run, banking crisis, Basel III, Berlin Wall, Bernie Sanders, Big bang: deregulation of the City of London, Boris Johnson, break the buck, Bretton Woods, BRICs, British Empire, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, collateralized debt obligation, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, dark matter, deindustrialization, desegregation, Detroit bankruptcy, Dissolution of the Soviet Union, diversification, Doha Development Round, Donald Trump, Edward Glaeser, Edward Snowden, en.wikipedia.org, energy security, eurozone crisis, Fall of the Berlin Wall, family office, financial intermediation, fixed income, Flash crash, forward guidance, friendly fire, full employment, global reserve currency, global supply chain, global value chain, Goldman Sachs: Vampire Squid, Growth in a Time of Debt, housing crisis, Hyman Minsky, illegal immigration, immigration reform, income inequality, interest rate derivative, interest rate swap, Kenneth Rogoff, large denomination, light touch regulation, Long Term Capital Management, margin call, Martin Wolf, McMansion, Mexican peso crisis / tequila crisis, mittelstand, money market fund, moral hazard, mortgage debt, mutually assured destruction, negative equity, new economy, Northern Rock, obamacare, Occupy movement, offshore financial centre, oil shale / tar sands, old-boy network, open economy, paradox of thrift, Peter Thiel, Ponzi scheme, predatory finance, price stability, private sector deleveraging, purchasing power parity, quantitative easing, race to the bottom, reserve currency, risk tolerance, Ronald Reagan, savings glut, secular stagnation, Silicon Valley, South China Sea, sovereign wealth fund, special drawing rights, structural adjustment programs, The Great Moderation, Tim Cook: Apple, too big to fail, trade liberalization, upwardly mobile, Washington Consensus, We are the 99%, white flight, WikiLeaks, women in the workforce, Works Progress Administration, yield curve, éminence grise
Obama ran as a moderately popular incumbent, and his Republican opponent, Mitt Romney, a Mormon governor of Massachusetts with a much-trumpeted track record in venture capital, could hardly have been less well suited to harnessing popular discontent. Four years later Obama was out of the picture and the Republican field was wide open. As a result, the presidential race of 2016 turned out to be more about the financial crisis of 2008 than 2012 had been. The upshot was explosive and unpredictable. I The most obvious mark of the financial crisis of 2008 on the election of 2016 was the fact that Bernie Sanders was a serious contender for the Democratic Party nomination. Sanders wasn’t even a member of the party. He was a self-declared democratic socialist. He was a confirmed foe of Wall Street. In 2008 he had voted against TARP. He called for the big banks to be broken up. He wanted bankers jailed and a return to New Deal–era banking regulations. The spirit of Occupy energized his troops. With Independents and young voters he was wildly popular.5 The fact that Sanders was viable as a candidate reflected the finding of opinion pollsters that among American voters under the age of thirty, more had a positive view of socialism than of capitalism.6 The anger of 2008 was still very much alive and Sanders fanned it.
[L]eaving the country is going to be very, very difficult.”48 Or as he tweeted later that weekend: “Any business that leaves our country for another country, fires its employees, builds a new factory or plant in the other country, and then thinks it will sell its product back into the U.S. without retribution or consequence, is WRONG!” For conventional commentators it was jaw-dropping. Did the president-elect not understand that the success of American business depended precisely on their ability to deploy labor and capital globally? As several commentators remarked, his threatening tone was “more like the populism of Hugo Chavez than even something Bernie Sanders would say. It’s the kind of threat that would find its ultimate expression in currency controls—that favored instrument of economic dictators around the world.”49 Had a left-winger engaged in such provocation, barring intervention by the Treasury and the Fed, the markets would surely have plummeted. But nothing of the sort happened in the wake of Trump’s election. Trump was a challenger, but not all challengers are alike.
No one in the West was sure that they knew how to read Beijing.16 In December 2015, on the basis of America’s own improving jobs market, the FOMC went ahead and raised rates. It was the first rate increase since 2006.17 Yellen’s announcement made clear that the Fed intended to set a signal that the recovery had consolidated. But on both wings of American politics it was hotly contested. Bernie Sanders supporters rallied outside the New York Fed building demanding to know “What Recovery?” Millions of Americans were still a long way from where they were in 2008. On the other hand, conservative opinion, eventually joined by Donald Trump, was irate that Yellen had not moved sooner. The message from the markets was similarly mixed. Initially in December 2015 investors were relieved that the Fed had finally embarked on normalization.
Why Wall Street Matters by William D. Cohan
Apple II, asset-backed security, bank run, Bernie Sanders, Blythe Masters, bonus culture, break the buck, buttonwood tree, corporate governance, corporate raider, creative destruction, Credit Default Swap, Donald Trump, Exxon Valdez, financial innovation, financial repression, Fractional reserve banking, Gordon Gekko, greed is good, income inequality, Joseph Schumpeter, London Interbank Offered Rate, margin call, money market fund, moral hazard, Potemkin village, quantitative easing, secular stagnation, Snapchat, South Sea Bubble, Steve Jobs, Steve Wozniak, too big to fail, WikiLeaks
But if they are pressed, their instinct would likely be to agree with Jean-Jacques Rousseau, the eighteenth-century Enlightenment philosopher, who once said that “finance” is “a slave’s word,” while the profession itself is nothing more than “a means of making pilferers and traitors, and of putting freedom and the public good upon the auction block.” The modern-day equivalent of this sentiment can be found in the musings of Bernie Sanders, the U.S. senator from Vermont and former Democratic presidential candidate, whose stump speeches during the 2016 presidential campaign condemned Wall Street relentlessly. “Greed, fraud, dishonesty and arrogance, these are the words that best describe the reality of Wall Street today,” he said in January 2016. And then he paid homage to one of the most recognizable cultural touchstones about modern Wall Street when he referred to the famous “Greed is good” scene in Wall Street, the 1987 Oliver Stone film, where Gordon Gekko, played with oleaginous glee by Michael Douglas, lectures Bud Fox, his young and aspiring apprentice (played by Charlie Sheen).
Kill All Normies: Online Culture Wars From 4Chan and Tumblr to Trump and the Alt-Right by Angela Nagle
4chan, A Declaration of the Independence of Cyberspace, affirmative action, anti-communist, battle of ideas, Bernie Sanders, bitcoin, citizen journalism, crony capitalism, death of newspapers, Donald Trump, feminist movement, game design, Hacker Ethic, hive mind, Julian Assange, Kickstarter, mass immigration, moral panic, Nelson Mandela, Norman Mailer, Occupy movement, open borders, post-industrial society, pre–internet, Ronald Reagan, sexual politics, Silicon Valley, The Wisdom of Crowds, WikiLeaks
All of these were liberal, millennial-oriented and openly propagandistic. While the alt-right regard these and the Guardian, BBC and CNN as the media of ‘the left’, espousing ‘Cultural Marxism’, it became obvious when the possibility of any kind of economically ‘left’ political force emerged that liberal media sources were often the most vicious and oppositional. Liberal feminist journalist Joan Walsh called Bernie Sanders’s supporters ‘Berniebot keyboard warriors’, while Salon was one of the main propagators of the Berniebro meme with headlines like, ‘Bernie Bros out of control: Explosion of misogynist rage…’ and, ‘Just like a Bernie Bro, Sanders bullies Clinton…’ Meanwhile Vice, a magazine that made its brand on the most degenerate combination of vacuous hipster aesthetics and pornified transgression, published things like ‘How to spot a brocialist’.
The Boom: How Fracking Ignited the American Energy Revolution and Changed the World by Russell Gold
accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, activist lawyer, addicted to oil, American energy revolution, Bakken shale, Bernie Sanders, Buckminster Fuller, clean water, corporate governance, corporate raider, energy security, energy transition, hydraulic fracturing, Intergovernmental Panel on Climate Change (IPCC), margin call, market fundamentalism, Mason jar, North Sea oil, oil shale / tar sands, oil shock, peak oil, Project Plowshare, risk tolerance, Ronald Reagan, shareholder value, Silicon Valley, Upton Sinclair
Those in the club, where membership requires access to billions of dollars of collateral, share snippets of gossip about who is betting prices will rise or fall. But for those outside, information can be tough to come by. This veil of secrecy has fallen only one time, and the snapshot of the investors and traders setting energy prices in the summer of 2008 showed that McClendon and several close associates were among the largest participants. US Senator Bernie Sanders, an independent from Vermont, pulled the curtain back when he released a confidential list of futures market speculators compiled by the US Commodity Futures Trading Commission, a disclosure that sent futures traders into conniptions. The list of who held the natural gas contracts was a who’s who of global capitalism and energy. In descending order, they were BP, Barclays, Morgan Stanley, JPMorgan, and Shell.
For more information about Arnold, see “The Reckoning of Centaurus Billionaire John Arnold,” by Leah McGrath Goodman in the February 1, 2011, edition of Absolute Return. Some of McClendon’s quotes about Chesapeake having four main inputs and the number of leasing transactions come from an interview he gave on January 5, 2012, to my Wall Street Journal colleagues Daniel Gilbert and Ryan Dezember. Senator Bernie Sanders, in August 2011, released a snapshot of participants in natural gas and oil futures markets. The information was made available on his Senate website, www.sanders.senate.gov/newsroom/news/?id=e802998a-8ee2-4808-9649-0d9730b75ea4. (Last accessed August 2013.) I downloaded the data, put it into spreadsheets, and analyzed it to come up with the rankings of largest natural gas market participants.
Fed Up: An Insider's Take on Why the Federal Reserve Is Bad for America by Danielle Dimartino Booth
Affordable Care Act / Obamacare, asset-backed security, bank run, barriers to entry, Basel III, Bernie Sanders, break the buck, Bretton Woods, business cycle, central bank independence, collateralized debt obligation, corporate raider, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, Donald Trump, financial deregulation, financial innovation, fixed income, Flash crash, forward guidance, full employment, George Akerlof, greed is good, high net worth, housing crisis, income inequality, index fund, inflation targeting, interest rate swap, invisible hand, John Meriwether, Joseph Schumpeter, liquidity trap, London Whale, Long Term Capital Management, margin call, market bubble, Mexican peso crisis / tequila crisis, money market fund, moral hazard, Myron Scholes, natural language processing, negative equity, new economy, Northern Rock, obamacare, price stability, pushing on a string, quantitative easing, regulatory arbitrage, Robert Shiller, Robert Shiller, Ronald Reagan, selection bias, short selling, side project, Silicon Valley, The Great Moderation, The Wealth of Nations by Adam Smith, too big to fail, trickle-down economics, yield curve
But had the predominantly liberal Fed leadership not facilitated the bad behavior of the elite by encouraging them to borrow at virtually no cost, their wealth and power would never have become as concentrated as it is today. The ostentatiousness with which the so-called one percent has flaunted its wealth has fueled the rise of anger and extremism, leading to the presidential campaigns of Bernie Sanders on the left and Donald Trump on the right. And politicians wonder about the genesis of a deeply divided and dispirited populace. Central bankers have invited politicians to abdicate their leadership authority to an inbred society of PhD academics who are infected to their core with groupthink, or as I prefer to think of it: “groupstink.” Annual borrowing costs for the United States since 2008 have hovered around 1.8 percent, thanks to an overly accommodating Fed, which allowed a dysfunctional Congress and the administration of former President Barack Obama to kick the responsibility down the road.
The Primary Dealer Credit Facility (PDCF), to backstop the tri-party repo system. And finally, the Money Market Investor Funding Facility (MMIFF). These Fed-created facilities put a floor under the shadow banking system and finally checked the run. (These didn’t include the various programs created by the FDIC, the Treasury, or Congress.) The loans the Fed made were secret. Vermont Rep. Bernie Sanders, an avowed socialist who in 2015 launched a run for president as a Democrat, later sponsored legislation that compelled the Fed to disclose financial details of its extraordinary efforts to save Wall Street. Released in late November 2011, the data, which covered twenty-one thousand Fed emergency loans totaling $3.3 trillion, revealed for the first time how close some of the biggest names on Wall Street came to the brink of disaster.
The Perfect Weapon: War, Sabotage, and Fear in the Cyber Age by David E. Sanger
active measures, autonomous vehicles, Bernie Sanders, bitcoin, British Empire, call centre, Cass Sunstein, Chelsea Manning, computer age, cryptocurrency, cuban missile crisis, Donald Trump, drone strike, Edward Snowden, Google Chrome, Google Earth, Jacob Appelbaum, John Markoff, Mark Zuckerberg, MITM: man-in-the-middle, mutually assured destruction, RAND corporation, ransomware, Sand Hill Road, Silicon Valley, Silicon Valley ideology, Skype, South China Sea, Steve Jobs, Steven Levy, Stuxnet, Tim Cook: Apple, too big to fail, undersea cable, uranium enrichment, Valery Gerasimov, WikiLeaks, zero day
“They will publish them soon,” he predicted. It was clear that morning that the hack was not simply about campaign intelligence gathering. It was intended to be the cyberattack equivalent of broadcasting the conversation about Ukraine between Victoria Nuland and Geoffrey Pyatt. There was only one explanation for the purpose of releasing the DNC documents: to accelerate the discord between the Clinton camp and the Bernie Sanders camp, and to embarrass the Democratic leadership. That was when the phrase “weaponizing” information began to take off. It was hardly a new idea. The web just allowed it to spread faster than past generations had ever known. Anyone who had followed the Russian hacking groups knew that there was little chance that Guccifer 2.0 was simply a savvy, lone hacker. But the name he chose was a clever play: It was taken from “Guccifer,” the screen name of a Romanian hacker who was then sitting in jail, after famously breaking into the email accounts of former Secretary of State Colin Powell and former President George W.
The first WikiLeaks dump was massive: 44,000 emails, more than 17,000 attachments. And not coincidentally, the deluge started just days after our interview with Trump, and right before the start of the Democratic National Convention in Philadelphia. The most politically potent of the emails made clear that the DNC leadership was doing whatever it could to make sure Hillary Clinton got the nomination and Bernie Sanders did not. To anyone watching the nomination process, that was hardly surprising; while the DNC was supposed to be neutral, it was understood in the Democratic leadership that this was Clinton’s turn. She had the name recognition and the money and the experience, and many in the party felt she had been denied her chance when Obama came along in 2008. That air of inevitability about her candidacy ended up being one of her greatest liabilities.
Super Thinking: The Big Book of Mental Models by Gabriel Weinberg, Lauren McCann
affirmative action, Affordable Care Act / Obamacare, Airbnb, Albert Einstein, anti-pattern, Anton Chekhov, autonomous vehicles, bank run, barriers to entry, Bayesian statistics, Bernie Madoff, Bernie Sanders, Black Swan, Broken windows theory, business process, butterfly effect, Cal Newport, Clayton Christensen, cognitive dissonance, commoditize, correlation does not imply causation, crowdsourcing, Daniel Kahneman / Amos Tversky, David Attenborough, delayed gratification, deliberate practice, discounted cash flows, disruptive innovation, Donald Trump, Douglas Hofstadter, Edward Lorenz: Chaos theory, Edward Snowden, effective altruism, Elon Musk, en.wikipedia.org, experimental subject, fear of failure, feminist movement, Filter Bubble, framing effect, friendly fire, fundamental attribution error, Gödel, Escher, Bach, hindsight bias, housing crisis, Ignaz Semmelweis: hand washing, illegal immigration, income inequality, information asymmetry, Isaac Newton, Jeff Bezos, John Nash: game theory, lateral thinking, loss aversion, Louis Pasteur, Lyft, mail merge, Mark Zuckerberg, meta analysis, meta-analysis, Metcalfe’s law, Milgram experiment, minimum viable product, moral hazard, mutually assured destruction, Nash equilibrium, Network effects, nuclear winter, offshore financial centre, p-value, Parkinson's law, Paul Graham, peak oil, Peter Thiel, phenotype, Pierre-Simon Laplace, placebo effect, Potemkin village, prediction markets, premature optimization, price anchoring, principal–agent problem, publication bias, recommendation engine, remote working, replication crisis, Richard Feynman, Richard Feynman: Challenger O-ring, Richard Thaler, ride hailing / ride sharing, Robert Metcalfe, Ronald Coase, Ronald Reagan, school choice, Schrödinger's Cat, selection bias, Shai Danziger, side project, Silicon Valley, Silicon Valley startup, speech recognition, statistical model, Steve Jobs, Steve Wozniak, Steven Pinker, survivorship bias, The Present Situation in Quantum Mechanics, the scientific method, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, transaction costs, uber lyft, ultimatum game, uranium enrichment, urban planning, Vilfredo Pareto, wikimedia commons
., mid-tier grocers like A&P have been driven to bankruptcy, squeezed by Walmart, Costco, Aldi, Amazon, and others entering the grocery business on the lower end, and Whole Foods, Wegmans, and others on the higher end. Politicians often face a two-front war in which they are fighting on both sides of the political spectrum, with attacks from both the political right and left. A recent example is Hillary Clinton’s 2016 U.S. presidential candidacy, where she faced a tough primary fight on the left from Bernie Sanders, and then in the general election she was still fighting for those voters while at the same time courting more-centrist voters. You should be wary of fighting a two-front war, yet you probably do so every single day in the form of multitasking. When discussing intuition in Chapter 1, we explained that there are two types of thinking: low-concentration, autopilot thinking (for saying your name, walking, simple addition, etc.) and high-concentration, deliberate thinking (for everything else).
As we explored in Chapter 8, a person in just the right role can produce amazing results, and an organizational strategy attuned perfectly to its culture can be a quick and resounding success. Similarly, a message can strike just the right tone for a specific audience such that it will deeply resonate. You see this phenomenon repeatedly in politics when certain candidates hit a nerve with a segment of the population, as Bernie Sanders and Donald Trump did in the U.S. 2016 presidential election cycle. A model that captures these phenomena is resonant frequency. This model comes from physics and explains why glass can break if you play just the right note: Each object has a different frequency at which it naturally oscillates. When you play that frequency, such as the right tone for a wineglass, the energy of the wave causes the glass to vibrate more and more until it breaks.
Uneasy Street: The Anxieties of Affluence by Rachel Sherman
American ideology, Bernie Sanders, Capital in the Twenty-First Century by Thomas Piketty, deindustrialization, Donald Trump, estate planning, financial independence, gig economy, high net worth, income inequality, Mark Zuckerberg, McMansion, mental accounting, NetJets, new economy, Occupy movement, plutocrats, Plutocrats, precariat, school choice, sharing economy, Silicon Valley, Steve Jobs, The Spirit Level, Thorstein Veblen, transaction costs, upwardly mobile, We are the 99%, women in the workforce, working poor
In 2011 the Occupy movement’s critique of “the 1 percent” dominated even the mainstream media. In 2014 French economist Thomas Piketty’s 700-page book on inequality became a bestseller in the United States. Strikes by fast-food workers and prominent debates about raising the minimum wage to fifteen dollars per hour also put the spotlight on low-wage workers in this period. The 2016 presidential campaigns of Bernie Sanders and Donald Trump, despite their differences, kept outrage about economic disparities in the public eye. The language of class, especially the “working class,” appeared in political discourse often in the period both before and after Trump’s election. Public opinion critical of inequality has increased since 2000 as perceptions of the possibility of upward mobility have grown gloomier.27 INVESTIGATING AFFLUENCE Given these contradictory ideas about wealthy people, how do the beneficiaries of growing inequality feel about and manage their privilege?
Rowling is a billionaire—regardless of how she came by her fortune, how she spends it, or whether she gives it away—just on the basis of the idea that such wealth is inseparable from extreme inequality, which is both pernicious to society and itself immoral? To some extent recent public discourses critical of inequality emerging from the Occupy movement, the Fight for Fifteen struggle for a $15 minimum wage, and the Bernie Sanders presidential campaign have raised exactly these questions. As we have seen, the people I talked with sometimes responded quite negatively to these critiques, interpreting them as personal judgments, as when high earners reacted defensively after President Obama advocated repealing high-wage tax cuts. But this tendency to feel personally affronted by public criticism of inequality also has to do with exactly the same process of attaching entitlement to individual merit.
Whiteshift: Populism, Immigration and the Future of White Majorities by Eric Kaufmann
4chan, affirmative action, Amazon Mechanical Turk, anti-communist, anti-globalists, augmented reality, battle of ideas, Berlin Wall, Bernie Sanders, Boris Johnson, British Empire, centre right, Chelsea Manning, cognitive dissonance, complexity theory, corporate governance, correlation does not imply causation, crowdsourcing, Daniel Kahneman / Amos Tversky, David Brooks, deindustrialization, demographic transition, Donald Trump, Elon Musk, en.wikipedia.org, facts on the ground, failed state, Fall of the Berlin Wall, first-past-the-post, Francis Fukuyama: the end of history, Haight Ashbury, illegal immigration, immigration reform, imperial preference, income inequality, knowledge economy, knowledge worker, liberal capitalism, longitudinal study, Lyft, mass immigration, meta analysis, meta-analysis, moral panic, Nate Silver, New Urbanism, Norman Mailer, open borders, phenotype, postnationalism / post nation state, Ralph Waldo Emerson, Republic of Letters, Ronald Reagan, Scientific racism, Silicon Valley, statistical model, Steven Pinker, the built environment, the scientific method, The Wisdom of Crowds, transcontinental railway, twin studies, uber lyft, upwardly mobile, urban sprawl, Washington Consensus, white flight, working-age population, World Values Survey, young professional
‘The nation, massive immigration, identity, the transmission of values, Islamism.’12 Wauquiez’s attempt to steal the populist right’s clothing was a promising technique whose worth has been proven by the success of other centre-right leaders in capturing these voters, including Mark Rutte in the Netherlands, Sebastian Kurz in Austria and Theresa May in Britain. For our purposes, what jumps out is Wauquiez’s politicization of the term ‘taboo’, a frequent refrain of conservative politicians going back to Pim Fortuyn in the Netherlands and William Hague in Britain in the early 2000s. This is true even on the left, where some, like David Blunkett in Britain and Bernie Sanders in America, have criticized political correctness. Taboos are underpinned by both negative and positive liberalism. While negative liberalism delimits a narrower scope for the anti-racism taboo focusing on verbal attacks on minorities, positive liberalism seeks to expand the definition of racism to protect symbolic policies such as multiculturalism and large-scale immigration. When politicians decide what to campaign on and voters think about how they’ll vote, they may suppress their desire for greater ethnic homogeneity to adhere to the anti-racism norm.
This meant campaigning against affirmative action and bilingualism, but not political correctness per se. This time around, things are different. ‘I will assess the facts plainly and honestly,’ promised Trump in his acceptance speech: ‘We cannot afford to be so politically correct any more.’ Whenever opponents questioned his outrageous remarks on gender or race, Trump was able to deflect these as examples of political correctness. The Democratic contender Bernie Sanders agreed that Trump won in part because of this. ‘[Trump] said he will not be politically correct,’ said Sanders. ‘I think he said some outrageous and painful things, but I think people are tired of the same old politically correct rhetoric. I think some people believe he was speaking from his heart and willing to take on everybody.’43 Sanders was subsequently criticized for these remarks by many in the media and his own party and forced to recant.
Sacks and P. Thiel, The Diversity Myth: ‘Multiculturalism’ and the Politics of Intolerance at Stanford, Oakland, Calif., 1995: The Independent Institute; N. Glazer, We are All Multiculturalists Now, Cambridge, Mass., 1997: Harvard University Press. 43. Aaron Colton, ‘The problem with political correctness is not the content – it’s the delivery’, Paste Magazine, 30 November 2016; Brandon Morse, ‘Bernie Sanders explains why anti-political correctness helped win Trump the election’, The Blaze, 13 December 2017. 44. Ryan Maloney, ‘Most Canadians say political correctness has gone “too far”: Angus Reid Institute Poll’, HuffPost (Canada), 29 August 2016. 45. Tom Clark, ‘Free speech? New polling suggests Britain is “less PC” than Trump’s America’, Prospect, no. 264 (February 2018). 46. H. Fingerhut, ‘Republicans much “colder” than Democrats in views of professors’, Pew Research Center, 13 September 2017. 47.
Battling Eight Giants: Basic Income Now by Guy Standing
basic income, Bernie Sanders, centre right, collective bargaining, decarbonisation, diversified portfolio, Donald Trump, Elon Musk, full employment, future of work, Gini coefficient, income inequality, Intergovernmental Panel on Climate Change (IPCC), job automation, labour market flexibility, Lao Tzu, longitudinal study, low skilled workers, Martin Wolf, Mont Pelerin Society, moral hazard, North Sea oil, offshore financial centre, open economy, pension reform, precariat, quantitative easing, rent control, Ronald Reagan, selection bias, universal basic income, Y Combinator
Appendix B: Why a job guarantee would be no alternative The claim made in this book is that a basic income would promote social justice, freedom and basic security while combating the eight giants, in ways that other possible policies would not. Among the policies advocated as alternatives is a job guarantee for everyone, or for everyone ‘able to work’.1 In the United States, several prominent Democrat senators and possible candidates for the 2020 presidential election have said they support the idea, including Bernie Sanders, Cory Booker, Elizabeth Warren, Kamala Harris and Kirsten Gillibrand. In Britain The Guardian has endorsed it unequivocally as ‘a welcome return to a politics of work’.2 The Guardian claimed that a job guarantee policy ‘would secure a basic human right to engage in productive employment’. Throughout history, the vast majority of people would have found that a very strange ‘human right’.3 Having a job is to be in a position of subordination, reporting to and obeying a boss in return for payment.
The Wake-Up Call: Why the Pandemic Has Exposed the Weakness of the West, and How to Fix It by John Micklethwait, Adrian Wooldridge
Admiral Zheng, Affordable Care Act / Obamacare, basic income, battle of ideas, Berlin Wall, Bernie Sanders, Boris Johnson, carried interest, cashless society, central bank independence, Corn Laws, coronavirus, COVID-19, Covid-19, creative destruction, David Ricardo: comparative advantage, Deng Xiaoping, Dominic Cummings, Donald Trump, Etonian, failed state, Fall of the Berlin Wall, global pandemic, Internet of things, invisible hand, Jones Act, knowledge economy, laissez-faire capitalism, McMansion, night-watchman state, offshore financial centre, oil shock, Panopticon Jeremy Bentham, Parkinson's law, pensions crisis, QR code, rent control, road to serfdom, Ronald Reagan, school vouchers, Shoshana Zuboff, Silicon Valley, smart cities, trade route, universal basic income, Washington Consensus
The virus may help some authoritarian regimes last a little longer provided they deal with it efficiently. It may also allow some populists in democracies to grab some unjustified powers. But it will not convince the people of the West to give up on elections. The bigger question is what will those people now vote for—and we fear the answer is larger, more nationalist governments. THE EVEN GREATER SOCIETY The Coronavirus arrived just as Bernie Sanders and Jeremy Corbyn, the two most left-wing people in the Anglosphere’s recent history, were bowing off the political stage. Having seen their ideas comprehensively rejected by voters in Britain’s general election and the Democratic primaries, and knowing their parties had chosen pragmatic leaders, you might have imagined the old firebrands would be a bit downcast, even humbled. Not a bit of it.
The Levelling: What’s Next After Globalization by Michael O’sullivan
"Robert Solow", 3D printing, Airbnb, algorithmic trading, bank run, banking crisis, barriers to entry, Bernie Sanders, bitcoin, Black Swan, blockchain, Boris Johnson, Branko Milanovic, Bretton Woods, British Empire, business cycle, business process, capital controls, Celtic Tiger, central bank independence, cloud computing, continuation of politics by other means, corporate governance, credit crunch, cryptocurrency, deglobalization, deindustrialization, disruptive innovation, distributed ledger, Donald Trump, eurozone crisis, financial innovation, first-past-the-post, fixed income, Geoffrey West, Santa Fe Institute, Gini coefficient, global value chain, housing crisis, income inequality, Intergovernmental Panel on Climate Change (IPCC), knowledge economy, liberal world order, Long Term Capital Management, longitudinal study, market bubble, minimum wage unemployment, new economy, Northern Rock, offshore financial centre, open economy, pattern recognition, Peace of Westphalia, performance metric, private military company, quantitative easing, race to the bottom, reserve currency, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, Scramble for Africa, secular stagnation, Silicon Valley, Sinatra Doctrine, South China Sea, South Sea Bubble, special drawing rights, supply-chain management, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, total factor productivity, trade liberalization, tulip mania, Valery Gerasimov, Washington Consensus
In the United States, the first inkling of discontent came in 2014 with the shocking unseating of the House majority leader Eric Cantor by the Tea Party in the Republican primary ahead of the congressional elections by a relatively unknown economics professor named Dave Brat. Then the drift of blue-collar voters from the Democratic Party to the right and the appeal of nonestablishment candidates like Bernie Sanders to younger voters became new political trends. We can now say, without controversy, that Americans have lost faith in politics and politicians. For example, Gallup polls show that Americans rate members of Congress at the very bottom of professions (only 7 percent believed members of Congress had high ethical standards), just above car salespeople and well down in the ranking from nursing, the top profession.44 It is also worth mentioning that in the United States, according to Gallup, nearly 45 percent of voters now identify themselves as independents, and two groups of close to 25 percent each identify with the Democrats and Republicans, respectively.
Three are particularly successful: Syriza, originally a radical left-wing party formed in Greece in 2004, came to power in 2015 amid the IMF-led bailout program for Greece and is now potentially replacing PASOK as the establishment party on the left. La République En Marche, formed in 2016 as the political vehicle for now-president Emmanuel Macron, is a centrist, liberal party that now dominates the French Assemblée nationale. And the far-right euroskeptic party Alternative für Deutschland (AfD), founded in 2013, after surviving a number of leadership changes, now has 12 percent of the seats in the German Bundestag. The popularity of Bernie Sanders and the appeal of Donald Trump are also manifest proof of the demand for new political forces. A countervailing, generally more positive and more recent trend is the emergence of new political candidates. One powerful case is the rise in the number of women entering politics in the United States (in 2018, 23 percent of the candidates contesting congressional primary elections were women, mostly Democratic and many of them political novices).
The End of Work: Why Your Passion Can Become Your Job by John Tamny
Albert Einstein, Andy Kessler, asset allocation, barriers to entry, basic income, Bernie Sanders, cloud computing, commoditize, David Ricardo: comparative advantage, Downton Abbey, future of work, George Gilder, haute cuisine, income inequality, Jeff Bezos, knowledge economy, Mark Zuckerberg, Peter Thiel, profit motive, Saturday Night Live, Silicon Valley, Stephen Hawking, Steve Ballmer, Steve Jobs, There's no reason for any individual to have a computer in his home - Ken Olsen, trickle-down economics, universal basic income, upwardly mobile, Yogi Berra
Chapter Six: The Millennial Generation Will Be the Richest Yet—Until the Next One 1.Alexandra Wolfe, “Weekend Confidential: Tony Bennett,” Wall Street Journal, November 12–13, 2016. 2.Robert Samuelson, “Why our children’s future no longer looks so bright,” Washington Post, October 16, 2011. 3.Kevin Williamson, “Generation Vexed,” National Review, November 17, 2014. 4.Steven F. Hayward, The Age of Reagan: The Fall of the Old Liberal Order (Roseville: Forum, 2001), 581. 5.Ibid., 575. 6.Eric Hoffer, “Notable & Quotable: The Young,” Wall Street Journal, June 2, 2017. 7.Mike Isaac, “Upstarts Raiding Giants for Staff in Silicon Valley,” New York Times, August 19, 2015. 8.John Tamny, “Fear Not, Millennials Are Not Embracing Bernie Sanders Style Socialism,” Forbes, August 3, 2016. 9.Adam Shell, “In Quest for Millennials, Financial Firms Try to ‘Crack the Code,’” USA Today, May 10, 2017. Chapter Seven: My Story 1.Dominick Dunne, The Way We Lived Then (New York: Crown Books, 1999), 200. 2.Mark Bechtel, “Farewell,” Sports Illustrated, December 28, 2015. 3.Steve Forbes, “Powerful Antiterror Weapon,” Forbes, October 6, 2006. 4.George F.
Profit Over People: Neoliberalism and Global Order by Noam Chomsky
Bernie Sanders, Bretton Woods, declining real wages, deindustrialization, full employment, invisible hand, joint-stock company, land reform, liberal capitalism, manufacturing employment, means of production, Monroe Doctrine, Ronald Reagan, strikebreaker, structural adjustment programs, Telecommunications Act of 1996, The Wealth of Nations by Adam Smith, Thomas Malthus, union organizing, Washington Consensus
A current example is the suit brought by the nursing home chain Beverly Enterprises against Cornell University labor historian Kate Bronfenbrenner, who testified on its practices at a town meeting, at the invitation of members of the Pennsylvania congressional delegation (personal communication; also Steven Greenhouse, New York Times, April 1, 1998; Deidre McFadyen, In These Times, April 5, 1998). For Beverly, the outcome is largely irrelevant, since discovery demands alone severely damage Professor Bronfenbrenner and her university, and may have a chilling effect on other researchers and educational institutions. 14. White House letter, January 20, 1998. I am indebted to congressional staffers, particularly the office of Representative Bernie Sanders. 15. Jane Bussey, “New Rules Could Guide International Investment,” Miami Herald, July 20, 1997; R.C. Longworth, “New Rules for Global Economy,” Chicago Tribune, December 4, 1997. See also Jim Simon, Seattle Times, “Environmentalists Suspicious of Foreign-Investor-Rights Plan,” Seattle Times, November 22, 1997; Lorraine Woellert, “Trade Storm Brews over Corporate Rights,” Washington Times, December 15, 1997.
The Rich and the Rest of Us by Tavis Smiley
affirmative action, Affordable Care Act / Obamacare, back-to-the-land, Bernie Madoff, Bernie Sanders, Buckminster Fuller, Corrections Corporation of America, Credit Default Swap, death of newspapers, deindustrialization, ending welfare as we know it, F. W. de Klerk, fixed income, full employment, housing crisis, Howard Zinn, income inequality, job automation, liberation theology, Mahatma Gandhi, mass incarceration, mega-rich, Nelson Mandela, new economy, obamacare, Occupy movement, plutocrats, Plutocrats, profit motive, Ralph Waldo Emerson, Ronald Reagan, shareholder value, Silicon Valley, Steve Jobs, traffic fines, trickle-down economics, War on Poverty, We are the 99%, white flight, women in the workforce, working poor
Between 2003 and 2008, after the fall of Saddam Hussein, reportedly much of the $40 billion in cash sent to Iraq for the reconstruction and restructuring of government services was stolen, misappropriated, or mysteriously lost.71 It is because of these travesties that the 2011 deficit-reduction debate and the fallout over increasing the nation’s debt ceiling—which left Congress in a state of paralysis for months—were such shams. House Speaker John Boehner’s $1.2 trillion deficit-reduction plan included no cuts in Afghanistan and Iraq war spending but drastic cuts to Social Security, Medicare, Medicaid, and other programs that help the economically vulnerable and desperately poor. As progressive Senator Bernie Sanders (I-Vt.) argued in a blistering July 2011 Wall Street Journal editorial, the plan offered by Democrats rendered almost as much harm to the poor as Boehner’s proposal: “The plan by Senate Majority Leader Harry Reid, which calls for $2.4 trillion in cuts over a 10-year period, includes $900 billion in cuts in areas such as education, health care, nutrition, affordable housing, child care, and many other programs desperately needed by working families and the most vulnerable.”
The People vs Tech: How the Internet Is Killing Democracy (And How We Save It) by Jamie Bartlett
Ada Lovelace, Airbnb, Amazon Mechanical Turk, Andrew Keen, autonomous vehicles, barriers to entry, basic income, Bernie Sanders, bitcoin, blockchain, Boris Johnson, central bank independence, Chelsea Manning, cloud computing, computer vision, creative destruction, cryptocurrency, Daniel Kahneman / Amos Tversky, Dominic Cummings, Donald Trump, Edward Snowden, Elon Musk, Filter Bubble, future of work, gig economy, global village, Google bus, hive mind, Howard Rheingold, information retrieval, Internet of things, Jeff Bezos, job automation, John Maynard Keynes: technological unemployment, Julian Assange, manufacturing employment, Mark Zuckerberg, Marshall McLuhan, Menlo Park, meta analysis, meta-analysis, mittelstand, move fast and break things, move fast and break things, Network effects, Nicholas Carr, off grid, Panopticon Jeremy Bentham, payday loans, Peter Thiel, prediction markets, QR code, ransomware, Ray Kurzweil, recommendation engine, Renaissance Technologies, ride hailing / ride sharing, Robert Mercer, Ross Ulbricht, Sam Altman, Satoshi Nakamoto, Second Machine Age, sharing economy, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, smart cities, smart contracts, smart meter, Snapchat, Stanford prison experiment, Steve Jobs, Steven Levy, strong AI, TaskRabbit, technological singularity, technoutopianism, Ted Kaczynski, the medium is the message, the scientific method, The Spirit Level, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, theory of mind, too big to fail, ultimatum game, universal basic income, WikiLeaks, World Values Survey, Y Combinator
Political leaders evolve, albeit slowly and imperfectly, to fit the medium through which they reach the people. The latest iteration, and the first bona fide politician of the social media age, is Twitter addict and world-class simplifier Donald Trump. He is the leading act in a new cast of populists who have found the internet a revelation for their style of politics, including Nigel Farage, Bernie Sanders, Dutch anti-Islam firebrand Geert Wilders, Italian comedian and Five Star Movement founder Beppe Grillo and others. Some of them are left wing, some are right wing, but all are ‘system one’ leaders who became popular by promising easy solutions to complicated questions. Trump is the strong man, the tribal leader who trades on outrage. He offers swift, immediate and total answers: it’s the fault of the bureaucrats, the politically correct media, judges and immigrants.
Fall Out: A Year of Political Mayhem by Tim Shipman
banking crisis, Beeching cuts, Bernie Sanders, Boris Johnson, centre right, Clapham omnibus, Corn Laws, corporate governance, Dominic Cummings, Donald Trump, drone strike, Etonian, eurozone crisis, Gordon Gekko, greed is good, iterative process, John Bercow, Kickstarter, kremlinology, land value tax, mutually assured destruction, Neil Kinnock, new economy, non-tariff barriers, offshore financial centre, open borders, quantitative easing, Ronald Reagan, Snapchat, working poor
He’s a socialist leader who wants to fundamentally change society so that wealth and power rest with the majority and not with the elite. Anyone who thinks that is always going to get shitcanned. I don’t think you can have a conventional leadership strategy for an unconventional leader.’ Trickett’s colleagues would have preferred him to brief the Guardian that Corbyn was seeking to emulate Bernie Sanders, the left-wing populist who ran Hillary Clinton close for the Democrat nomination, rather than Trump. They were also annoyed that Trickett had placed the notion of a relaunch in the public domain when the process had been intended to be gradual. ‘There wasn’t ever the idea for a full-blown relaunch, let alone a Donald Trump relaunch,’ one colleague said. ‘We discussed and agreed in late November a shift in strategy.
With hundreds outside unable to get into the packed church, he declared, ‘Hope that it does not have to be like this, that inequities can be tackled, that austerity can be ended … This is the new mainstream, and we have staked it out and made it our own, together.’ One of his aides said, ‘We have hugely shifted the centre of gravity of politics in this country.’ The enthusiasm Corbyn generated was given more practical effect because Momentum arranged for organisers from Bernie Sanders’ 2016 campaign for the US Democratic nomination to hold training sessions for volunteers, drafting in Bostonian Erika Uyterhoeven, Sanders’ national director for outer-state organising, among others. ‘The right can throw money at elections – we throw people,’ Uyterhoeven said.8 Adam Klug said, ‘They delivered short talks and training on canvassing techniques. Roughly 70 per cent of people who went to these trainings had never canvassed before.
Ex-No10 spin doctor: ‘When May became PM she ditched everything Cameron had done’, Sunday Express, 30 July 2017 Chapter 22: The Corbyn Surge (and Why Almost No One Spotted It) 1. https://www.youtube.com/watch?v=slBGDqCjE5M, Copa90, 31 May 2017 2. Election 2017: What Just Happened?, BBC2, 12 June 2017 3. The Inside Story of Election ’17, Radio 4, 26 July 2017 4. Ibid. 5. Inside Corbyn’s campaign team, Influence, 13 July 2017 6. Ibid. 7. Election 2017: What Just Happened?, BBC2, 12 June 2017 8. The US Bernie Sanders campaigners lending Jeremy Corbyn a hand, Guardian, 30 May 2017 9. Ibid. 10. Inside Corbyn’s campaign team, Influence, 13 July 2017 11. Hamish McFall: Tellers’ work wasted. Invaded privacy. Computers that spewed gibberish. How CCHQ bungled this election campaign, ConservativeHome, 16 June 2017 12. Inside Corbyn’s campaign team, Influence, 13 July 2017 13. Here’s how Labour ran an under-the-radar dark ads campaign during the general election, Buzzfeed, 6 July 2017 14.
The Fifth Risk by Michael Lewis
ALL THE PRESIDENT’S DATA Acknowledgments THE FIFTH RISK PROLOGUE LOST IN TRANSITION CHRIS CHRISTIE NOTICED a piece in the New York Times—that’s how it all started. The New Jersey governor had dropped out of the presidential race in February 2016 and thrown what support he had behind Donald Trump. In late April he saw the article. It described meetings between representatives of the remaining candidates still in the race—Trump, John Kasich, Ted Cruz, Hillary Clinton, and Bernie Sanders—and the Obama White House. Anyone who still had any kind of shot at becoming president of the United States apparently needed to start preparing to run the federal government. The guy Trump sent to the meeting was, in Christie’s estimation, comically underqualified. Christie called up Trump’s campaign manager, Corey Lewandowski, to ask why this critical job hadn’t been handed to someone who actually knew something about government.
The Scandal of Money by George Gilder
Affordable Care Act / Obamacare, bank run, Bernie Sanders, bitcoin, blockchain, borderless world, Bretton Woods, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, Claude Shannon: information theory, Clayton Christensen, cloud computing, corporate governance, cryptocurrency, currency manipulation / currency intervention, Daniel Kahneman / Amos Tversky, Deng Xiaoping, disintermediation, Donald Trump, fiat currency, financial innovation, Fractional reserve banking, full employment, George Gilder, glass ceiling, Home mortgage interest deduction, index fund, indoor plumbing, industrial robot, inflation targeting, informal economy, Innovator's Dilemma, Internet of things, invisible hand, Isaac Newton, Jeff Bezos, John von Neumann, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, Law of Accelerating Returns, Marc Andreessen, Mark Zuckerberg, Menlo Park, Metcalfe’s law, money: store of value / unit of account / medium of exchange, mortgage tax deduction, obamacare, Paul Samuelson, Peter Thiel, Ponzi scheme, price stability, Productivity paradox, purchasing power parity, quantitative easing, quantitative trading / quantitative ﬁnance, Ray Kurzweil, reserve currency, road to serfdom, Robert Gordon, Robert Metcalfe, Ronald Reagan, Sand Hill Road, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, secular stagnation, seigniorage, Silicon Valley, smart grid, South China Sea, special drawing rights, The Great Moderation, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Tim Cook: Apple, time value of money, too big to fail, transaction costs, trickle-down economics, Turing machine, winner-take-all economy, yield curve, zero-sum game
They take pains to deny credit to its protagonists: “You didn’t build that,” snarl Barack Obama and Elizabeth Warren. They and Bill Clinton’s labor secretary Robert Reich and most university faculty members insist that today’s technological innovation is little more than the fruit of some obscure 1950s research program at the Defense Advanced Research Projects Agency or the National Interstate and Defense Highways Act. Bernie Sanders wants to quadruple tax rates on investment, taking 90 percent of the yields of innovation. Hillary Clinton wants to double the capital gains tax. Most Democrats see robotics and other advancing computer technologies as job killers rather than job creators, as if more workers would be employed if they were less productive. They see energy production as chiefly a source of pollution, to be suppressed by the Environmental Protection Agency (EPA).
The End of Loser Liberalism: Making Markets Progressive by Dean Baker
Asian financial crisis, banking crisis, Bernie Sanders, business cycle, collateralized debt obligation, collective bargaining, corporate governance, currency manipulation / currency intervention, Doha Development Round, financial innovation, full employment, Home mortgage interest deduction, income inequality, inflation targeting, invisible hand, manufacturing employment, market clearing, market fundamentalism, medical residency, patent troll, pets.com, pirate software, price stability, quantitative easing, regulatory arbitrage, rent-seeking, Robert Shiller, Robert Shiller, Silicon Valley, too big to fail, transaction costs
Opportunities suggest themselves for interesting and unusual coalitions in organizing to take on the Fed. Many grassroots libertarians are wary of the Fed, often because they view it as an instrument of Wall Street banks. Progressives can find allies among libertarians for at least some actions related to the Fed, most importantly measures that increase accountability. In the last session of Congress, Ron Paul, one of its most conservative members, and Alan Grayson and Bernie Sanders, two of its most progressive, introduced bills requiring greater disclosure of the Fed’s lending practices. Despite the opposition of the Democratic leadership, the Paul-Grayson bill won the support of the majority of the House, as most Republicans and about one-third of Democrats signed on as co-sponsors. Despite the strong opposition of the Fed, which predicted disastrous consequences if details of loan information were made public, a version of these bills was eventually attached to the Dodd-Frank financial reform bill and passed into law.
End the Fed by Ron Paul
affirmative action, Bernie Madoff, Bernie Sanders, Bretton Woods, business cycle, crony capitalism, currency manipulation / currency intervention, fiat currency, Fractional reserve banking, hiring and firing, housing crisis, illegal immigration, invisible hand, Khyber Pass, Long Term Capital Management, market bubble, means of production, moral hazard, Ponzi scheme, price mechanism, reserve currency, road to serfdom, Robert Gordon, Ronald Reagan, too big to fail, tulip mania, Y2K
Transparency is currently a hot issue in Congress because the people have awoken and have sent a message. That’s what the spontaneous tea parties organized around the country are all about. This is not a conservative or liberal issue; it’s not a Republican or Democratic issue. It is pervasive, across the political spectrum. I introduced a Federal Reserve audit bill, the Federal Reserve Transparency Act, HR 1207, which Progressive/Socialist (and friend) Senator Bernie Sanders of Vermont introduced in the Senate. I’m convinced that if we had an up-or-down vote on this bill in the House, very few would vote against it. That is a reflection of the concerns the American people hold and how the members of Congress are starting to get the message. Although it may appear that Congress ignores the people, when the people speak loudly and clearly enough, the political animals in Washington respond.
American Secession: The Looming Threat of a National Breakup by F. H. Buckley
Affordable Care Act / Obamacare, Andrei Shleifer, Bernie Sanders, British Empire, Cass Sunstein, colonial rule, crony capitalism, desegregation, diversified portfolio, Donald Trump, Francis Fukuyama: the end of history, hindsight bias, illegal immigration, immigration reform, income inequality, old-boy network, race to the bottom, Republic of Letters, reserve currency, Ronald Coase, transaction costs, Washington Consensus, wealth creators
If that all sounds a little grandiose, the secessionist movement in Vermont can at least look back to a time when the state was independent. It seceded from Britain in 1777 and took its time joining the United States. It played off Canada and the Continental Congress for better terms, and only joined the United States in 1791. Not even Texas was independent for a longer period of time. Vermont isn’t much like the rest of the country. It’s rural but liberal, and it sends Bernie Sanders and Patrick Leahy to Washington. It’s the least religious state in the country, and also the whitest. The Vermont secession movement gathered steam when George W. Bush was president. In 2004, Kirkpatrick Sale drafted a “Middlebury Declaration” that was positively anti-American. “The national government has shown itself to be clumsy, unresponsive, and unaccountable,” it said. Imagine how the Vermont secessionists feel about the national government now.
Coders: The Making of a New Tribe and the Remaking of the World by Clive Thompson
2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 4chan, 8-hour work day, Ada Lovelace, AI winter, Airbnb, Amazon Web Services, Asperger Syndrome, augmented reality, Ayatollah Khomeini, barriers to entry, basic income, Bernie Sanders, bitcoin, blockchain, blue-collar work, Brewster Kahle, Brian Krebs, Broken windows theory, call centre, cellular automata, Chelsea Manning, clean water, cloud computing, cognitive dissonance, computer vision, Conway's Game of Life, crowdsourcing, cryptocurrency, Danny Hillis, David Heinemeier Hansson, don't be evil, don't repeat yourself, Donald Trump, dumpster diving, Edward Snowden, Elon Musk, Erik Brynjolfsson, Ernest Rutherford, Ethereum, ethereum blockchain, Firefox, Frederick Winslow Taylor, game design, glass ceiling, Golden Gate Park, Google Hangouts, Google X / Alphabet X, Grace Hopper, Guido van Rossum, Hacker Ethic, HyperCard, illegal immigration, ImageNet competition, Internet Archive, Internet of things, Jane Jacobs, John Markoff, Jony Ive, Julian Assange, Kickstarter, Larry Wall, lone genius, Lyft, Marc Andreessen, Mark Shuttleworth, Mark Zuckerberg, Menlo Park, microservices, Minecraft, move fast and break things, move fast and break things, Nate Silver, Network effects, neurotypical, Nicholas Carr, Oculus Rift, PageRank, pattern recognition, Paul Graham, paypal mafia, Peter Thiel, pink-collar, planetary scale, profit motive, ransomware, recommendation engine, Richard Stallman, ride hailing / ride sharing, Rubik’s Cube, Ruby on Rails, Sam Altman, Satoshi Nakamoto, Saturday Night Live, self-driving car, side project, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, single-payer health, Skype, smart contracts, Snapchat, social software, software is eating the world, sorting algorithm, South of Market, San Francisco, speech recognition, Steve Wozniak, Steven Levy, TaskRabbit, the High Line, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, universal basic income, urban planning, Wall-E, Watson beat the top human players on Jeopardy!, WikiLeaks, women in the workforce, Y Combinator, Zimmermann PGP, éminence grise
My friend Zeynep Tufekci, an associate professor at the University of North Carolina who has long studied tech’s effect on society, argued in early 2018 that YouTube’s recommendations tend to overdistill the preferences of users—pushing them toward the extreme edges of virtually any subject. After watching jogging videos, she found the recommendation algorithm suggested increasingly intense workouts, such as ultramarathons. Vegetarian videos led to ones on hard-core veganism. And in politics, the extremification was unsettling. When Tufekci watched Donald Trump campaign videos, YouTube began to suggest “white supremacist rants” and Holocaust-denial videos; viewing Bernie Sanders and Hillary Clinton speeches led to left-wing conspiracy theories and 9/11 “truthers.” At Columbia University, the researcher Jonathan Albright experimentally searched on YouTube for the phrase “crisis actors,” in the wake of a major school shooting, and took the “next up” recommendation from the recommendation system. He quickly amassed 9,000 videos, a large percentage that seemed custom designed to shock, inflame, or mislead, ranging from “rape game jokes, shock reality social experiments, celebrity pedophilia, ‘false flag’ rants, and terror-related conspiracy theories,” as he wrote.
In the Philippines, Rodrigo Duterte has used 500 volunteers and bots to generate false stories (“even the pope admires Duterte”) and harass journalists. Even the ad networks of social media were used by foreign actors looking to monkey-wrench American politics. In the spring of 2018, US special investigator Robert Mueller revealed that “Russian entities with various Russian government contracts” had bought social-network ads for months, attacking Hillary Clinton and supporting Donald Trump and Bernie Sanders, her primary rivals. But it wasn’t hard to understand why they’d find this route useful. Google, Facebook, and Twitter’s ad tech is designed specifically to help advertisers microtarget very narrow niches, making it the perfect way to reach the American citizens they wanted to hype up with conspiracies and disinfo: disaffected, angry, and racist white ones, as well as left-wing activists enraged at neoliberalism.
Not Working by Blanchflower, David G.
active measures, affirmative action, Affordable Care Act / Obamacare, Albert Einstein, bank run, banking crisis, basic income, Berlin Wall, Bernie Madoff, Bernie Sanders, Black Swan, Boris Johnson, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Clapham omnibus, collective bargaining, correlation does not imply causation, credit crunch, declining real wages, deindustrialization, Donald Trump, estate planning, Fall of the Berlin Wall, full employment, George Akerlof, gig economy, Gini coefficient, Growth in a Time of Debt, illegal immigration, income inequality, indoor plumbing, inflation targeting, job satisfaction, John Bercow, Kenneth Rogoff, labor-force participation, liquidationism / Banker’s doctrine / the Treasury view, longitudinal study, low skilled workers, manufacturing employment, Mark Zuckerberg, market clearing, Martin Wolf, mass incarceration, meta analysis, meta-analysis, moral hazard, Nate Silver, negative equity, new economy, Northern Rock, obamacare, oil shock, open borders, Own Your Own Home, p-value, Panamax, pension reform, plutocrats, Plutocrats, post-materialism, price stability, prisoner's dilemma, quantitative easing, rent control, Richard Thaler, Robert Shiller, Robert Shiller, Ronald Coase, selection bias, selective serotonin reuptake inhibitor (SSRI), Silicon Valley, South Sea Bubble, Thorstein Veblen, trade liberalization, universal basic income, University of East Anglia, urban planning, working poor, working-age population, yield curve
Colgan and Keohane summed it up well: Working-class Americans didn’t necessarily understand the details of global trade deals, but they saw elite Americans and people in China and other developing countries becoming rapidly wealthier while their own incomes stagnated or declined. It should not be surprising that many of them agreed with Trump and with the Democratic presidential primary contender Bernie Sanders that the game was rigged. (2017, 40) People Compare Themselves to Others Some social scientists, prominently the economist James Duesenberry (1949) nearly seventy years ago, argued that human beings care mainly about relative, rather than absolute, income. In a well-known essay my Dartmouth colleague Erzo F. P. Luttmer—to be distinguished from his cousin at the University of Minnesota, Erzo G.
There has also been talk of Universal Basic Income (UBI) whereby the federal government would provide each adult below a certain income level with a specific amount of money each year. It acts as a negative income tax. In a new Gallup poll taken in February 2018 an astonishing 48 percent of Americans support this idea. Alexandria Ocasio-Cortez won a surprise primary election in New York and called for a universal jobs guarantee, under which the federal government would provide a job for every American. This has support from Bernie Sanders. Senator Cory Booker (D-NJ) has introduced legislation that would see a three-year pilot project set up to guarantee jobs in fifteen regions of high unemployment. Among the bill’s co-sponsors is Senator Kirsten Gillibrand (D-NY), who tweeted in support of the policy in April. The premise, as Laura Paddison notes, is that everyone should be entitled to a good job, one that pays at least $15 an hour and comes with health and other benefits.53 These would potentially improve the lot of ordinary working folk, but unless there is a major move to the left these plans have little chance of being implemented.
Breaking News: The Remaking of Journalism and Why It Matters Now by Alan Rusbridger
accounting loophole / creative accounting, Airbnb, banking crisis, Bernie Sanders, Boris Johnson, centre right, Chelsea Manning, citizen journalism, cross-subsidies, crowdsourcing, David Attenborough, David Brooks, death of newspapers, Donald Trump, Doomsday Book, Double Irish / Dutch Sandwich, Downton Abbey, Edward Snowden, Etonian, Filter Bubble, forensic accounting, Frank Gehry, future of journalism, G4S, high net worth, invention of movable type, invention of the printing press, Jeff Bezos, jimmy wales, Julian Assange, Mark Zuckerberg, Menlo Park, natural language processing, New Journalism, offshore financial centre, oil shale / tar sands, open borders, packet switching, Panopticon Jeremy Bentham, pre–internet, ransomware, recommendation engine, Ruby on Rails, sexual politics, Silicon Valley, Skype, Snapchat, social web, Socratic dialogue, sovereign wealth fund, speech recognition, Steve Jobs, The Wisdom of Crowds, Tim Cook: Apple, traveling salesman, upwardly mobile, WikiLeaks
Our language struggles to capture the enormity of what has been happening. ‘Social media’ is a pallid catch-all phrase which equates in most minds to the ephemeral postings on Twitter and Facebook. But ‘social media’ is also empowering people who were never heard, creating a new form of politics and turning traditional news corporations inside out. It is impossible to think of Donald Trump; of Brexit; of Bernie Sanders; of Podemos; of the growth of the far right in Europe; of the spasms of hope and violent despair in the Middle East and North Africa without thinking also of the total inversion of how news is created, shared and distributed. Much of it is liberating and inspiring. Some of it is ugly and dark. And something – the centuries-old craft of journalism – is in danger of being lost. And all this has happened within 20 years – the blink of an eye.
They would have agreed the facts, even if they disagreed about their implications. Now even the most basic contours of news were contested. Paul Lewis, by now based in the US, pronounced himself aghast at the conspiracies and fake news people relayed to him as fact – Sandy Hook was a hoax; Obama’s parents were CIA agents; the Clintons secretly murdered one of Bill’s accusers; Muslims controlled Europe; climate change was a fraud; three million Bernie Sanders votes were suppressed; there were Chinese sleeper cells spread across America. These fictions had gone mainstream. When it came to the really important news, what would the wisdom of the crowd look like? Were the multitude of Facebook users more interested in dispassionate facts or in promoting versions of the world that support their prejudices? Were we collectively wired to want to sort fact from fiction?
The World as It Is: A Memoir of the Obama White House by Ben Rhodes
Affordable Care Act / Obamacare, agricultural Revolution, Berlin Wall, Bernie Sanders, Boris Johnson, British Empire, centre right, cuban missile crisis, David Brooks, demand response, different worldview, Dissolution of the Soviet Union, Donald Trump, drone strike, Edward Snowden, eurozone crisis, F. W. de Klerk, Fall of the Berlin Wall, Ferguson, Missouri, illegal immigration, intangible asset, Mahatma Gandhi, Mohammed Bouazizi, Nelson Mandela, Ronald Reagan, Ronald Reagan: Tear down this wall, Silicon Valley, Skype, South China Sea, trickle-down economics, uranium enrichment, WikiLeaks
I took a sip of red wine, enjoying the easy chatter of voices from a Saturday night crowd at a comfortable London restaurant. “But, you know,” I said, “like you, we need people to break for the safer choice.” * * * — BACK HOME, AN ANTSY Obama had to wait until the end of a bitter Democratic primary before he could get out and start campaigning—like a basketball player waiting by the scorer’s table to check into a game. Bernie Sanders had come to meet him after Clinton clinched the race, and I got some inkling of the challenge she had faced: The steps of the EEOB were filled with young Obama White House staffers, craning their necks, trying to get a glimpse of their populist hero. Our first rally with Clinton was in Charlotte, and the crowd was familiar: Obama people, thousands of them, a sea of white, black, and brown faces, waiting to erupt into applause when he walked on stage.
They’d already hacked into U.S. government servers. But just before the Democratic convention, Wikileaks dumped thousands of DNC emails into the public domain in an effort to sow discord within the Democratic Party. This was new, something of far greater scale and consequence than releasing intercepted phone calls in Ukraine. Debbie Wasserman Schultz had resigned as chair in the face of outrage from Bernie Sanders supporters who saw, in the emails, that she’d shown favoritism for the Clinton campaign. The leaks continued throughout the summer, a steady release of the kind of gossipy emails designed to draw attention from the political press, popping up on platforms with names such as DC Leaks and Guccifer 2.0. It was all painfully familiar, the same brand of disruption that the Russians pursued in Ukraine and across Europe.
We Are the Nerds: The Birth and Tumultuous Life of Reddit, the Internet's Culture Laboratory by Christine Lagorio-Chafkin
4chan, Airbnb, Amazon Web Services, Bernie Sanders, big-box store, bitcoin, blockchain, Brewster Kahle, Burning Man, crowdsourcing, cryptocurrency, David Heinemeier Hansson, Donald Trump, East Village, game design, Golden Gate Park, hiring and firing, Internet Archive, Jacob Appelbaum, Jeff Bezos, jimmy wales, Joi Ito, Justin.tv, Kickstarter, Lean Startup, Lyft, Marc Andreessen, Mark Zuckerberg, medical residency, minimum viable product, natural language processing, Paul Buchheit, Paul Graham, paypal mafia, Peter Thiel, plutocrats, Plutocrats, QR code, recommendation engine, RFID, rolodex, Ruby on Rails, Sam Altman, Sand Hill Road, Saturday Night Live, self-driving car, semantic web, side project, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, slashdot, Snapchat, social web, South of Market, San Francisco, Startup school, Stephen Hawking, Steve Jobs, Steve Wozniak, technoutopianism, uber lyft, web application, WikiLeaks, Y Combinator
It was created in June 2015 after Trump announced his candidacy, and immediately, posts mimicked his blunt, hyperbolic speech patterns. Due perhaps to Poe’s law of online ambiguity, there was no telling whether this content was mocking or earnest (one Reddit community manager believed it was begun as the former and quickly transformed to a den only welcoming to ardent Trump supporters). Growth was slow initially, which made sense—Bernie Sanders had seemed to be Reddit’s candidate of choice early in the 2016 election cycle. In December 2015, r/The_Donald was still a mostly mild place, though infused with some of the wall-building rhetoric spouted by the candidate himself. Its extensive set of rules, maintained by the moderators, forbade most bigotry and racism, with the exception of Islamophobia, which it expressly permitted. Then the brigading and memetic warfare started.
While most of the accounts’ efforts were ineffective, a few were successful; one posted a sex video that falsely claimed to include Hillary Clinton, and it received more than one hundred thousand upvotes. As the 2016 campaign season wore on, Donald Trump’s big tent on Reddit was his largest online supporter group, and it included a constituency of: racists; the 4chan migrants, largely in it for the keks; alt-righters; Gamergaters contributing sexism and conspiracy theories; some former Bernie Sanders supporters; Russian propagandists; and anyone lured by the promise of a place that tolerated Islamophobia. R/The_Donald was their clubhouse, a thriving “safe space” that blossomed into one of the most absurdist and influential communities in all of Reddit. With all this in mind, perhaps it makes sense that by mid-2016, The_Donald had become a two-hundred-thousand-strong community producing a steady stream of far-right talking points, coded racism, casual misogyny, Islamophobia, and the now-well-established alt-right “free speech” and hatred of the mainstream media.
The Great Derangement: Climate Change and the Unthinkable by Amitav Ghosh
Alfred Russel Wallace, Berlin Wall, Bernie Sanders, British Empire, carbon footprint, Donald Trump, double helix, Fellow of the Royal Society, Intergovernmental Panel on Climate Change (IPCC), invisible hand, James Watt: steam engine, Mahatma Gandhi, market fundamentalism, megacity, Naomi Klein, non-fiction novel, Ronald Reagan, spinning jenny, Upton Sinclair, upwardly mobile, urban planning
From the point of view of corporations and other establishment entities, a deadlocked public is, of course, the best possible outcome, which, no doubt, is why they frequently strive to produce it: the funding of climate change ‘denial’ in the United States and elsewhere, by corporations like Exxon—which have long known about the consequences of carbon emissions—is a perfect example of this. In effect, the countries of the West are now in many senses ‘post-political spaces’ that are managed by apparatuses of various kinds. For many, this creates a haunting sense of loss that manifests itself in an ever-more-desperate yearning to recoup a genuinely participatory politics. This is in no small part the driving force behind such disparate figures as Jeremy Corbyn and Bernie Sanders, on the one hand, and Donald Trump, on the other. But the collapse of political alternatives, the accompanying disempowerment, and the ever-growing intrusion of the market have also produced responses of another kind—nihilistic forms of extremism that employ methods of spectacular violence. This too has taken on a life of its own. 3 The public politics of climate change is itself an illustration of the ways in which the moral-political can produce paralysis.
The People's Republic of Walmart: How the World's Biggest Corporations Are Laying the Foundation for Socialism by Leigh Phillips, Michal Rozworski
Berlin Wall, Bernie Sanders, call centre, carbon footprint, central bank independence, Colonization of Mars, combinatorial explosion, complexity theory, computer age, corporate raider, decarbonisation, discovery of penicillin, Elon Musk, G4S, Georg Cantor, germ theory of disease, Gordon Gekko, greed is good, hiring and firing, index fund, Intergovernmental Panel on Climate Change (IPCC), Internet of things, inventory management, invisible hand, Jeff Bezos, Joseph Schumpeter, linear programming, liquidity trap, mass immigration, Mont Pelerin Society, new economy, Norbert Wiener, oil shock, passive investing, Paul Samuelson, post scarcity, profit maximization, profit motive, purchasing power parity, recommendation engine, Ronald Coase, Ronald Reagan, sharing economy, Silicon Valley, Skype, sovereign wealth fund, strikebreaker, supply-chain management, technoutopianism, The Nature of the Firm, The Wealth of Nations by Adam Smith, theory of mind, transaction costs, Turing machine, union organizing
Indeed, ancient planning was at the service of an economic system created for the benefit of a small coterie of elites who were motivated to maintain their wealth and power. Sound familiar? Despite the persistent inequalities that stretch back to the Ancient World, there are nevertheless reasons for hope today, including the millions whose curiosity has been piqued by references to socialism by Vermont Senator Bernie Sanders during the 2016 presidential primary, and more recently by a series of contenders for political office across the United States. In the UK too, as of this writing, an unabashed socialist, Jeremy Corbyn, heads Her Majesty’s Loyal Opposition. As the political debate becomes more polarized, young people on the whole, even in the Anglo-American center of the capitalist order, now view socialism more favorably than they do capitalism.
"They Take Our Jobs!": And 20 Other Myths About Immigration by Aviva Chomsky
affirmative action, Bernie Sanders, British Empire, call centre, colonial exploitation, colonial rule, deindustrialization, Donald Trump, European colonialism, full employment, guest worker program, illegal immigration, immigration reform, informal economy, invisible hand, longitudinal study, low skilled workers, mass immigration, mass incarceration, new economy, out of africa, postindustrial economy, race to the bottom, Ronald Reagan, Rosa Parks, structural adjustment programs, The Chicago School, thinkpad, trickle-down economics, union organizing, War on Poverty, Washington Consensus, women in the workforce
Did the white working-class men turn to Trump because of sexism and racism, and because the Democrats had abandoned them in favor of special interests and multiculturalism? Or was the working class a multiethnic and multiracial entity that had been failed by Democrats’ corporate and neoliberal path in recent decades? Analysts were still trying to sort it all out in mid-2017, but a few facts are clear and complicate the notion that working-class racism and anti-immigrant sentiment were the major force behind Trump’s victory. First, Bernie Sanders’s economic populism had mobilized significant portions of the Democratic base, but the higher-ups in the Democratic Party recoiled from this approach. Second, people of color in general, and immigrants in particular, are over-represented in the working class, so any analysis of the working class must take its diversity into account. Third, working-class whites were actually less likely to vote for Trump than were their wealthier white counterparts.
Sabotage: The Financial System's Nasty Business by Anastasia Nesvetailova, Ronen Palan
algorithmic trading, bank run, banking crisis, barriers to entry, Basel III, Bernie Sanders, big-box store, bitcoin, Black-Scholes formula, blockchain, Blythe Masters, bonus culture, Bretton Woods, business process, collateralized debt obligation, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, cryptocurrency, distributed ledger, diversification, Double Irish / Dutch Sandwich, en.wikipedia.org, Eugene Fama: efficient market hypothesis, financial innovation, financial intermediation, financial repression, fixed income, gig economy, Gordon Gekko, high net worth, Hyman Minsky, information asymmetry, interest rate derivative, interest rate swap, Joseph Schumpeter, Kenneth Arrow, litecoin, London Interbank Offered Rate, London Whale, Long Term Capital Management, margin call, market fundamentalism, mortgage debt, new economy, Northern Rock, offshore financial centre, Paul Samuelson, peer-to-peer lending, plutocrats, Plutocrats, Ponzi scheme, price mechanism, regulatory arbitrage, rent-seeking, reserve currency, Ross Ulbricht, shareholder value, short selling, smart contracts, sovereign wealth fund, Thorstein Veblen, too big to fail
On the one hand, the benefits were extended to holders of TBTF banks’ debt; shareholders could benefit too. On the other hand, tertiary costs stemming from inefficient and ineffective governance structure of too big and unruly banks could be socialized. There are other kinds of financial support that banks are structurally positioned to gain from the state. A report by the Congressional Research Service (CRS), released in late 2017 in the US under pressure from Senator Bernie Sanders, details the extent to which America’s largest banks have benefited from the de facto ‘free money’ supplied by the Federal Reserve during the meltdown. Altogether, the Fed lent more than $3tn to financial institutions, on very generous terms, in exchange for taxpayer-backed loans; junk-rated securities were pledged as collateral. As part of one Fed programme, on thirty-three separate occasions, nine firms were able to borrow between $5.2bn and $6.2bn in US government securities for four-week intervals, paying one-time fees that amounted to the rate of 0.0078 per cent.
WTF?: What's the Future and Why It's Up to Us by Tim O'Reilly
4chan, Affordable Care Act / Obamacare, Airbnb, Alvin Roth, Amazon Mechanical Turk, Amazon Web Services, artificial general intelligence, augmented reality, autonomous vehicles, barriers to entry, basic income, Bernie Madoff, Bernie Sanders, Bill Joy: nanobots, bitcoin, blockchain, Bretton Woods, Brewster Kahle, British Empire, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, Captain Sullenberger Hudson, Chuck Templeton: OpenTable:, Clayton Christensen, clean water, cloud computing, cognitive dissonance, collateralized debt obligation, commoditize, computer vision, corporate governance, corporate raider, creative destruction, crowdsourcing, Danny Hillis, data acquisition, deskilling, DevOps, Donald Davies, Donald Trump, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Filter Bubble, Firefox, Flash crash, full employment, future of work, George Akerlof, gig economy, glass ceiling, Google Glasses, Gordon Gekko, gravity well, greed is good, Guido van Rossum, High speed trading, hiring and firing, Home mortgage interest deduction, Hyperloop, income inequality, index fund, informal economy, information asymmetry, Internet Archive, Internet of things, invention of movable type, invisible hand, iterative process, Jaron Lanier, Jeff Bezos, jitney, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kevin Kelly, Khan Academy, Kickstarter, knowledge worker, Kodak vs Instagram, Lao Tzu, Larry Wall, Lean Startup, Leonard Kleinrock, Lyft, Marc Andreessen, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, McMansion, microbiome, microservices, minimum viable product, mortgage tax deduction, move fast and break things, move fast and break things, Network effects, new economy, Nicholas Carr, obamacare, Oculus Rift, packet switching, PageRank, pattern recognition, Paul Buchheit, peer-to-peer, peer-to-peer model, Ponzi scheme, race to the bottom, Ralph Nader, randomized controlled trial, RFC: Request For Comment, Richard Feynman, Richard Stallman, ride hailing / ride sharing, Robert Gordon, Robert Metcalfe, Ronald Coase, Sam Altman, school choice, Second Machine Age, secular stagnation, self-driving car, SETI@home, shareholder value, Silicon Valley, Silicon Valley startup, skunkworks, Skype, smart contracts, Snapchat, Social Responsibility of Business Is to Increase Its Profits, social web, software as a service, software patent, spectrum auction, speech recognition, Stephen Hawking, Steve Ballmer, Steve Jobs, Steven Levy, Stewart Brand, strong AI, TaskRabbit, telepresence, the built environment, The Future of Employment, the map is not the territory, The Nature of the Firm, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Davenport, transaction costs, transcontinental railway, transportation-network company, Travis Kalanick, trickle-down economics, Uber and Lyft, Uber for X, uber lyft, ubercab, universal basic income, US Airways Flight 1549, VA Linux, Watson beat the top human players on Jeopardy!, We are the 99%, web application, Whole Earth Catalog, winner-take-all economy, women in the workforce, Y Combinator, yellow journalism, zero-sum game, Zipcar
Most tellingly, Stiglitz observed, “In important ways, our own country has become like one of these distant, troubled places,” and asked of the popular uprising, “When will this come to America?” The Occupy Wall Street protesters were eventually cleared out of their encampments, but the questions they asked continue to resonate through our politics. Will the future provide opportunity for all of us? Or will it crush most of us even further underfoot? “The 1%” was a key feature of Bernie Sanders’s 2016 presidential campaign, and Donald Trump rode the message of blowing up the incumbents all the way to victory over Hillary Clinton’s defense of the status quo. By all appearances, though, President Trump has little in the way of a policy solution to the fundamental problem that Stiglitz outlined, that the 1%, or more properly, the .01%, have translated their financial power into political power, turning what was once a vibrant democracy and a vibrant economy into a staggering colossus, a platform that no longer works for the benefit of its participants.
I believe that a set of money managers, already members of the .01%, are demanding that profits rise in order to drive up the stock, so that their own incomes will increase. Top managers in the company go along with this plan because their compensation is also tied to that rise in stock price and because they will lose their jobs if they don’t deliver on it. This is a forced wealth reallocation from one set of stakeholders in the company to another. That’s why there is so much anger at Wall Street from the followers of both Donald Trump and Bernie Sanders, populists of the right and of the left. The system is rigged. Companies are forced to eliminate workers not by the market of real goods and services where supply and demand set the right price, but by the commands of financial markets, where hope and greed too often set the price. Most people unthinkingly use the term the market to refer to these two very different markets. Recognizing that they are not the same is the first step toward solving the problem.
The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street by Robert Scheer
banking crisis, Bernie Madoff, Bernie Sanders, business cycle, collateralized debt obligation, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, facts on the ground, financial deregulation, fixed income, housing crisis, invisible hand, Long Term Capital Management, mega-rich, mortgage debt, new economy, old-boy network, Ponzi scheme, profit motive, Ralph Nader, Ronald Reagan, too big to fail, trickle-down economics
A key example of the enduring influence of one firm would be on display in March 2009, when Obama picked former Goldman partner Gary Gensler for the position as head of the Commodity Futures Trading Commission, the position once held by Brooksley Born, the stalwart consumer watchdog back in the Clinton years who had stood for regulation of the derivatives that would humble the world’s economy. Gensler was confirmed but only after jumping over a hurdle constructed by Bernie Sanders, the senator from Vermont, an independent in spirit as well as party label. Sanders placed Gensler’s nomination on hold. Sounds like a minor issue to get worked up about, but the senator was right. Gensler helped create this financial crisis when he was pushing for deregulation in the Treasury Department back in the Clinton era, when bipartisan cooperation with Wall Street lobbyists was all the rage.
The Captured Economy: How the Powerful Enrich Themselves, Slow Down Growth, and Increase Inequality by Brink Lindsey
"Robert Solow", Airbnb, Asian financial crisis, bank run, barriers to entry, Bernie Sanders, Build a better mousetrap, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Cass Sunstein, collective bargaining, creative destruction, Credit Default Swap, crony capitalism, Daniel Kahneman / Amos Tversky, David Brooks, diversified portfolio, Donald Trump, Edward Glaeser, endogenous growth, experimental economics, experimental subject, facts on the ground, financial innovation, financial intermediation, financial repression, hiring and firing, Home mortgage interest deduction, housing crisis, income inequality, informal economy, information asymmetry, intangible asset, inventory management, invisible hand, Jones Act, Joseph Schumpeter, Kenneth Rogoff, Kevin Kelly, knowledge worker, labor-force participation, Long Term Capital Management, low skilled workers, Lyft, Mark Zuckerberg, market fundamentalism, mass immigration, mass incarceration, medical malpractice, Menlo Park, moral hazard, mortgage debt, Network effects, patent troll, plutocrats, Plutocrats, principal–agent problem, regulatory arbitrage, rent control, rent-seeking, ride hailing / ride sharing, Robert Metcalfe, Ronald Reagan, Silicon Valley, Silicon Valley ideology, smart cities, software patent, too big to fail, total factor productivity, trade liberalization, transaction costs, tulip mania, Uber and Lyft, uber lyft, Washington Consensus, white picket fence, winner-take-all economy, women in the workforce
In the recent election, though, we witnessed the broad public embrace of a very different explanation of rising inequality—namely, that the powerful have rigged the economic game in their favor. Elites have conspired to hoard opportunity, manipulating the rules and their control of the political system to generate wealth for themselves, even as living standards for everyone else stagnate or decline. Both Bernie Sanders and Donald Trump owed the unexpected strength of their insurgent campaigns to the appeal of this classically populist message. This folk theory of inequality should not be dismissed as the ranting of ignorant rubes. As with much popular wisdom, the specific mechanisms of elite self-enrichment that the public has latched onto—immigration and trade in the case of Trump supporters, campaign finance for supporters of Sanders—are not well chosen.
A Time to Build: From Family and Community to Congress and the Campus, How Recommitting to Our Institutions Can Revive the American Dream by Yuval Levin
affirmative action, Airbnb, assortative mating, barriers to entry, Bernie Sanders, conceptual framework, David Brooks, demand response, Donald Trump, hiring and firing, Jane Jacobs, Mark Zuckerberg, Menlo Park, Silicon Valley, Snapchat, Steven Pinker, The Death and Life of Great American Cities, the scientific method
The result of this is that parties have become de-professionalized, cannot control their own internal processes, and are increasingly exposed to the power and pressure of political-celebrity culture. This increasingly unmolded political culture then sets raw partisanship loose upon society. In the 2016 presidential election, for instance, both parties saw genuine outsiders—candidates who had not even been members of the party in the very recent past—pursue their presidential nominations. The Democratic Party was barely able to hold back such a challenge from Vermont senator Bernie Sanders, and the Republican Party handed its nomination to Donald Trump. In both cases, most party elites wanted badly to resist the incursion, but found themselves in a situation in which it seemed almost illegitimate for the party to insist on its prerogatives as an institution—leaving it instead to accept its altered role as an open platform for democratic expression. Such weak parties easily fall prey to individual politicians building their private brands and appealing to our desire for authenticity.
Always Day One: How the Tech Titans Plan to Stay on Top Forever by Alex Kantrowitz
accounting loophole / creative accounting, Albert Einstein, AltaVista, Amazon Web Services, augmented reality, Automated Insights, autonomous vehicles, Bernie Sanders, Clayton Christensen, cloud computing, collective bargaining, computer vision, Donald Trump, drone strike, Elon Musk, Firefox, Google Chrome, hive mind, income inequality, Infrastructure as a Service, inventory management, iterative process, Jeff Bezos, job automation, Jony Ive, knowledge economy, Lyft, Mark Zuckerberg, Menlo Park, new economy, Peter Thiel, QR code, ride hailing / ride sharing, self-driving car, Silicon Valley, Skype, Snapchat, Steve Ballmer, Steve Jobs, Steve Wozniak, Tim Cook: Apple, uber lyft, wealth creators, zero-sum game
Apple is not the only tech giant maintaining a large contractor workforce that operates under questionable conditions. Facebook, Google, and Amazon all employ sizable numbers of contractors, with many working as hard as full-time employees but without the same benefits and salaries. These contractor armies are growing fast, and advocates are starting to take note and push for better terms: Google’s employee walkout, for instance, made improving contractor treatment core to its protest. Bernie Sanders took on Amazon’s lack of transparency regarding its contractors as he pushed the company toward a fifteen-dollar-per-hour wage floor. And in February 2019, The Verge’s Casey Newton exposed how Facebook was paying some contract moderators $28,000 per year while paying its full-time employees $240,000 on average (Facebook subsequently raised its moderator wages). For Apple, fixing its broken IS&T division would not only be the right thing to do from a moral standpoint—it would help the company’s business as well.
The Right Side of History by Ben Shapiro
Bernie Sanders, Donald Trump, Filter Bubble, illegal immigration, income inequality, Internet Archive, Isaac Newton, Johannes Kepler, labor-force participation, longitudinal study, means of production, Peace of Westphalia, Ronald Reagan, Steven Pinker, the scientific method, The Wealth of Nations by Adam Smith, Thomas L Friedman, white picket fence, women in the workforce
In 1848, writing about revolutions taking place within the Austrian Empire, Marx stated, “there is only one way in which the murderous death agonies of the old society and the bloody birth throes of the new society can be shortened, simplified and concentrated, and that way is revolutionary terror.”48 And, of course, Marx had concluded his Communist Manifesto with a call to arms: “their ends can be attained only by the forcible overthrow of all existing social conditions. Let the ruling classes tremble at a Communistic revolution. The proletarians have nothing to lose but their chains. They have a world to win. WORKERS OF ALL COUNTRIES, UNITE!”49 Drawing on Marx’s writings about armed revolution, Lenin suggested a revolutionary terror, to be followed by “true democracy”—a dictatorship of the proletariat. Sounding a lot like Bernie Sanders, Lenin wrote in 1917, “Democracy for an insignificant minority, democracy for the rich—that is the democracy of capitalist society.” Instead, Lenin sought on the one hand “immense expansion of democracy, which for the first time becomes democracy for the poor, democracy for the people, and not democracy for the money-bags,” and on the other hand, “a series of restrictions on the freedom of the oppressors, the exploiters, the capitalists.
Thank You for Being Late: An Optimist's Guide to Thriving in the Age of Accelerations by Thomas L. Friedman
3D printing, additive manufacturing, affirmative action, Airbnb, AltaVista, Amazon Web Services, autonomous vehicles, Ayatollah Khomeini, barriers to entry, Berlin Wall, Bernie Sanders, bitcoin, blockchain, Bob Noyce, business cycle, business process, call centre, centre right, Chris Wanstrath, Clayton Christensen, clean water, cloud computing, corporate social responsibility, creative destruction, crowdsourcing, David Brooks, demand response, demographic dividend, demographic transition, Deng Xiaoping, Donald Trump, Erik Brynjolfsson, failed state, Fall of the Berlin Wall, Ferguson, Missouri, first square of the chessboard / second half of the chessboard, Flash crash, game design, gig economy, global pandemic, global supply chain, illegal immigration, immigration reform, income inequality, indoor plumbing, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invention of the steam engine, inventory management, Irwin Jacobs: Qualcomm, Jeff Bezos, job automation, John Markoff, John von Neumann, Khan Academy, Kickstarter, knowledge economy, knowledge worker, land tenure, linear programming, Live Aid, low skilled workers, Lyft, Marc Andreessen, Mark Zuckerberg, mass immigration, Maui Hawaii, Menlo Park, Mikhail Gorbachev, mutually assured destruction, Nelson Mandela, pattern recognition, planetary scale, pull request, Ralph Waldo Emerson, ransomware, Ray Kurzweil, Richard Florida, ride hailing / ride sharing, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, shareholder value, sharing economy, Silicon Valley, Skype, smart cities, South China Sea, Steve Jobs, supercomputer in your pocket, TaskRabbit, The Rise and Fall of American Growth, Thomas L Friedman, transaction costs, Transnistria, uber lyft, undersea cable, urban decay, urban planning, Watson beat the top human players on Jeopardy!, WikiLeaks, women in the workforce, Y2K, Yogi Berra, zero-sum game
In America and Europe, the major political parties have been locked in backward-looking agendas developed in response to the Industrial Revolution, the New Deal, the Cold War, civil rights movements, and the early information technology revolution. Their current coalitions and internal compromises may not be able to deal with the age of accelerations. The crack-up has already begun within the Republican Party, which, among other things, denies even the reality of climate change. But Bernie Sanders’s success in attracting many young Democrats suggests that the Democratic Party will not be immune to fracture, either. The same process is under way in Europe. The United Kingdom’s vote to withdraw from the European Union has opened deep cracks in both the Conservative and Labour Parties, and the rising challenge of immigration from the World of Disorder is stressing other long-established parties everywhere on the continent.
As I noted earlier, after 2007, citizens in America and so many other industrial democracies felt they were being hurtled along into the future so much faster—their workplaces were rapidly changing under their feet, social mores were rapidly changing around their ears, and globalization was throwing so many new people and ideas into their faces—but governance in places such as Washington and Brussels got either bogged down in bureaucracy or gridlocked. So no one was giving people the right diagnosis of what was happening in the world around them, and most established political parties were offering catechisms that were simply not relevant to the age of accelerations. Into this vacuum, this empty room, stepped populists with easy answers—the Democratic presidential hopeful Bernie Sanders promised to make it all right by taking down “the Man,” and Donald Trump promised to make it all right by personally holding back the hurricane of change because he was “the Man.” Neither the center-left nor the center-right in America or Europe had the self-confidence required for the level of radical rethinking and political innovating demanded by the age of accelerations. On May 16, 2016, The New York Times carried a story about a divisive Austrian election, featuring two quotes that spoke for so many voters across the industrialized world.
Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown by Philip Mirowski
"Robert Solow", Alvin Roth, Andrei Shleifer, asset-backed security, bank run, barriers to entry, Basel III, Berlin Wall, Bernie Madoff, Bernie Sanders, Black Swan, blue-collar work, Bretton Woods, Brownian motion, business cycle, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, complexity theory, constrained optimization, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, dark matter, David Brooks, David Graeber, debt deflation, deindustrialization, do-ocracy, Edward Glaeser, Eugene Fama: efficient market hypothesis, experimental economics, facts on the ground, Fall of the Berlin Wall, financial deregulation, financial innovation, Flash crash, full employment, George Akerlof, Goldman Sachs: Vampire Squid, Hernando de Soto, housing crisis, Hyman Minsky, illegal immigration, income inequality, incomplete markets, information asymmetry, invisible hand, Jean Tirole, joint-stock company, Kenneth Arrow, Kenneth Rogoff, Kickstarter, knowledge economy, l'esprit de l'escalier, labor-force participation, liberal capitalism, liquidity trap, loose coupling, manufacturing employment, market clearing, market design, market fundamentalism, Martin Wolf, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, Naomi Klein, Nash equilibrium, night-watchman state, Northern Rock, Occupy movement, offshore financial centre, oil shock, Pareto efficiency, Paul Samuelson, payday loans, Philip Mirowski, Ponzi scheme, precariat, prediction markets, price mechanism, profit motive, quantitative easing, race to the bottom, random walk, rent-seeking, Richard Thaler, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, savings glut, school choice, sealed-bid auction, Silicon Valley, South Sea Bubble, Steven Levy, technoutopianism, The Chicago School, The Great Moderation, the map is not the territory, The Myth of the Rational Market, the scientific method, The Wisdom of Crowds, theory of mind, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, Tobin tax, too big to fail, transaction costs, Vilfredo Pareto, War on Poverty, Washington Consensus, We are the 99%, working poor
Or, alternatively, suppose we consult an eminent proponent of globalization analysis, Saskia Sassen, prognosticating “The End of Financial Capitalism”: “The difference of the current crisis is precisely that financialized capitalism has reached the limits of its own logic.”17 David Harvey more tentatively and cautiously asked whether it was “really” the end of neoliberalism.18 Some members of the faculty at Cambridge and Birkbeck declared, “The collapse of confidence in financial markets and the banking system . . . is currently discrediting the conventional wisdom of neo-liberalism.”19 Various politicians temporarily indulged in the same hyperbole: Prime Minister Kevin Rudd of Australia openly proclaimed the death of neoliberalism, only to succumb to his own untimely political demise at the hands of his own party; Senator Bernie Sanders prognosticated that as Wall Street collapsed, so too would the legacy of Milton Friedman. Yet, unbowed, the University of Chicago solicited $200 million in donations to erect a monument in his honor, and founded a new “Milton Friedman Institute.”20 “Wakes for Neoliberalism” were posted all about the Internet in 2008–9; a short stint on Google will provide all the Finnegan that is needed. More elaborate analyses of the unfolding of the crisis by academics on the left followed suit.
Indeed, as time passes, it begins to appear that Bernanke presides over little more than a cabal of bankers using public funds to keep themselves in power and riches. Simon Johnson has highlighted the role of Jamie Dimon as benefiting tremendously from the forced and subsidized purchase of Bear Stearns by JP Morgan while he was on the Board of the New York Fed, which was orchestrating the deal. Senator Bernie Sanders has released a list of eighteen other Fed directors who received substantial funding from the Fed during the crisis.59 It appears that “saving the economy” was tantamount to flooding their own banks (and pockets) with liquidity. As more details are leaked, it appears Bernanke provides a thin veneer of academic imprimatur to what can only be regarded as a vast morass of insider dealing. Bernanke’s Fed has not suffered from what can only be judged an intellectual imbroglio of epic proportions; this has been one of the most glaring instances of economists getting away with murder.
Crapshoot Investing: How Tech-Savvy Traders and Clueless Regulators Turned the Stock Market Into a Casino by Jim McTague
algorithmic trading, automated trading system, Bernie Madoff, Bernie Sanders, Bretton Woods, buttonwood tree, buy and hold, computerized trading, corporate raider, creative destruction, credit crunch, Credit Default Swap, financial innovation, fixed income, Flash crash, High speed trading, housing crisis, index arbitrage, locking in a profit, Long Term Capital Management, margin call, market bubble, market fragmentation, market fundamentalism, Myron Scholes, naked short selling, pattern recognition, Ponzi scheme, quantitative trading / quantitative ﬁnance, Renaissance Technologies, Ronald Reagan, Sergey Aleynikov, short selling, Small Order Execution System, statistical arbitrage, technology bubble, transaction costs, Vanguard fund, Y2K
When Hillary Clinton made a run for her party’s presidential nomination in 2008, Gensler became her chief fundraiser. When she lost, he joined the Obama campaign and later became head of the president-elect’s SEC transition team. President-elect Obama named Gensler CFTC chairman in December 2008. But the appointment was not a slam dunk. A Senate floor vote on the nomination in March 2009 was blocked by Bernie Sanders of Vermont, a socialist who most often votes with the Democrats. Senator Sanders was steamed about Gensler’s opposition to regulation of the collateralized debt securities (CDS) market all those years ago. He stated, “At this moment in our history, we need an independent leader who will help create a new culture in the financial marketplace and move us away from the greed, recklessness, and illegal behavior which has caused so much harm to our economy.”
A Captain's Duty: Somali Pirates, Navy SEALs, and Dangerous Days at Sea by Richard Phillips, Stephan Talty
The next day, all three networks were taking turns, competing to get her on the air. The phone was ringing constantly. That’s when Lea decided to speak to the press herself. There was a constant flow of people through our house. Letters and postcards from strangers poured into our mailbox. The Boy Scouts came by and cleaned up our yard, without anyone asking them to. Vermont’s two senators, Patrick Leahy and Bernie Sanders, called, along with our local representatives and town officials. Even Ted Kennedy left his number and asked if there was anything he could do. Everyone was extremely supportive, including a couple from the local Somali community who came by to hand-deliver a note saying they were praying for Andrea and our family. By Thursday afternoon, all of the calls and the letters and the constant barrage of news had become overwhelming.
The Fix: How Bankers Lied, Cheated and Colluded to Rig the World's Most Important Number (Bloomberg) by Liam Vaughan, Gavin Finch
asset allocation, asset-backed security, bank run, banking crisis, Bernie Sanders, Big bang: deregulation of the City of London, buy low sell high, call centre, central bank independence, collapse of Lehman Brothers, corporate governance, credit crunch, Credit Default Swap, eurozone crisis, fear of failure, financial deregulation, financial innovation, fixed income, interest rate derivative, interest rate swap, Kickstarter, light touch regulation, London Interbank Offered Rate, London Whale, mortgage debt, Northern Rock, performance metric, Ponzi scheme, Ronald Reagan, social intelligence, sovereign wealth fund, urban sprawl
Although he didn’t know it at the time, Gensler also inherited the CFTC during the early stages of what would become one of the biggest Escape to London 71 investigations into financial malfeasance ever undertaken by a government agency: Libor. Not everyone backed him to do a good job. Of the 30 presidential appointees put before the Senate that year, Gensler was the last to be approved. His selection as head of the CFTC was blocked for months by Democrat Maria Cantwell and independent Bernie Sanders, who questioned whether he was the right person to help “create a new culture in the financial marketplace” after the crisis. It wasn’t just Gensler’s background in banking that provoked skepticism. As an undersecretary to Rubin, Gensler had played a prominent role in pushing through the Commodity Futures Modernization Act of 2000, which exempted over-the-counter derivatives such as interest-rate swaps and credit default swaps from regulation.
The Economic Singularity: Artificial Intelligence and the Death of Capitalism by Calum Chace
3D printing, additive manufacturing, agricultural Revolution, AI winter, Airbnb, artificial general intelligence, augmented reality, autonomous vehicles, banking crisis, basic income, Baxter: Rethink Robotics, Berlin Wall, Bernie Sanders, bitcoin, blockchain, call centre, Chris Urmson, congestion charging, credit crunch, David Ricardo: comparative advantage, Douglas Engelbart, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Flynn Effect, full employment, future of work, gender pay gap, gig economy, Google Glasses, Google X / Alphabet X, ImageNet competition, income inequality, industrial robot, Internet of things, invention of the telephone, invisible hand, James Watt: steam engine, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, John von Neumann, Kevin Kelly, knowledge worker, lifelogging, lump of labour, Lyft, Marc Andreessen, Mark Zuckerberg, Martin Wolf, McJob, means of production, Milgram experiment, Narrative Science, natural language processing, new economy, Occupy movement, Oculus Rift, PageRank, pattern recognition, post scarcity, post-industrial society, post-wor