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Thursday November 30th 2017Tim Candler9

 

      John Maynard Keynes who's up there with Larry Summers as a mind that's grappled reasonably with the art and craft of Economics once claimed those engaged in the stock markets were essentially irrational actors, subject to the whims of fancy and prone to leap where others might at least have a cup of tea and think about it before jumping off the cliff.  To me at least Mnunchin or Mnonkin or whatever name the current Treasury Secretary goes by does seem like a person who might not be a rational actor and is likely to just make things up as he goes along. The other thing about stock markets is the temptation that exists for short term gain which falls in love with and marries risk and soon enough there's some kind of bubble bursting event that at one time resulted in the rather healthy disciplining effect of stock brokers jumping out of windows. Now days of course when that bubble bursts tax payers go into debt so that stock brokers might avoid the penalties of their sins. Instead they are presented with a bunch of rules and regulations designed to curb their appetite for risk, and we all know what happens to those rules. Capitalism died a long time ago, welcome to Plutocracy. 

 

Past

     One of the arguments of Capitalism against slavery in the years leading up to the US Civil War was this.  Slaves are expensive, they had to be purchased or inherited, they had to be housed and fed year round, and some of them kept trying to run away. Much better, Capital argued, to have a pool of freemen who didn't have to be housed and fed year round and who could be hired at an hourly rate whenever the market required labor, what freemen did or ate, or where they lived when they weren't needed by capital was up to them.  The current Canadian Foreign Minister wrote a book in which she claimed that you don't have to define Plutocrats as cigar smoking conspirators chuckling around the port as they dream of world domination, better to think of them as people who have persuaded themselves that "what's best for me is best for everybody else." The other point I'd like to make is this: Gretchen Carlson's lawyer, a person called Nancy Erica Smith, shares my view that the male hubristic capacity to compound errors suggests that it might be a good idea to hand over the reins of power to the females of our species, see if they can't do a better job of it. Mind you, the girls aren't all perfect, I can think of the Duchess of Sutherland who played a role in clearing the Scottish Highlands of people so that her family could grow sheep.

 

 

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