Joseph Stiglitz Slams Bad Economic Models

In a paper by Joseph E. Stiglitz titled; "Towards a General Theory of Deep Downturns" [GenTheory], Joseph Stiglitz lays out what is right and what is wrong about most of current Neo-liberal (Friedmanista) and Neo-Keynesian (he calls it "New" Keynesian) thinking about current economics.

Enormous Hubris!!!

he writes:

"deep downturns have marked capitalist economies since the beginning. It took enormous hubris to believe that the economic forces which had given rise to crises in the past were either not present, or had been tamed, through sound monetary and fiscal policy."

Continuing:

"Those who attempted to defend the failed economic models and the policies which were derived from them suggested that no model could (or should) predict well a “once in a hundred year flood.” But it was not just a hundred year flood—crises have become common. It was not just something that had happened to the economy. The crisis was man‐made—created by the economic system. Clearly, something is wrong with the models." [Stiglitz GT]

Tribunals, Admiralty Courts, Privateers versus Common Pirates

The thing you learn when working with bureaucratic organizations is that bureaucracies operate on inertia. Once something is set rolling it moves like a Giant Ship. Even if the captains of the ship see an iceberg ahead, even if every crew-member sees that iceberg, if the charter says "full steam ahead" they'll keep steaming according to their orders. That is why the most effective bureaucracies have a dictator at the top, a bottom up legislature, and some means to tell the Captain he can change course and not hit the Iceberg dead center. Bureaucracy is a feature of human organization. Armies are the oldest example of it. The next oldest is the Imperial Government, but that is an extension of military bureaucracy. What you don't want is concentrated power. Bureaucratic law is often unjust by design unless it is subject to democratic controls like appellate rights, jury trials & representative structures..

When the military, or any other bureaucracy, administers justice, the result is even more rigid than the bureaucracy on the Titanic. And unfair. So it has been with Admiralty Courts and the Investor State Tribunals. Admiralty Law has been "Investor Law" since ancient times. When State agents (factors) steal it is loot, when it is you or I, we hang for our crimes.

Why DC versus Heller was badly decided

I believe that DC versus Heller was badly decided. But since I'm not a lawyer and I agree that people should have a regulated right to own a gun under some circumstances. There are two fundamental reasons for this:

One: You can't sever the right to bear arms from the requirements for a "militia of the whole."

Two: The term "bear" is not synonymous with "carry" it means to use a weapon in a military/self defense capacity, not simply walk around with a weapon in ones hand.

The 1893 revolt of the Georgists Against Henry George

I reported the 1890 Formulation of the Georgist platform in my last post and how his 1890-1892 platform supported attacking monopoly at it's source. Modern Georgists don't seem interested in that part of his efforts. Well the Georgist movement revolted against Henry George on this issue!

The Nine Trolls

The word "troll" has positive as well as negative meanings. But in internet discussion groups the term Troll is a visual aid for identifying noxious behavior. Like with hacking the word has positive meanings too. But when we talk about trolling we usually mean it in it's pejorative sense.

Key is to recognize the troll within -- and spray him!

I came up with 9 Archetypes of troll behavior. These "Troll Spirits" may infect any of us at one time or another:

What Hillary Actually says about Healthcare

My Friends divide into three camps. Those for whom Hillary Clinton is their champion believe in her, but people from both left and right spin her words into dark conspiracies. Oddly I hear polar opposite charges about her from left and right. People on the left tell me she's "against single payer" and a stooge for the drug and insurance companies. The ones on the left tell me she's a socialist and will collectivize health care. All three sides can muster arguments and quotes to promote their point of view. And it seems everyone is looking for a fearless leader on the one hand and to demonize the other sides. Where is the reality?

Hillary Explained the Problem on 9/28/1993

https://twitter.com/Hillarybros/status/1172362968715022336?s=20

Why I haven't declared for a Presidential Candidate

No Triangulation Zone

I love Bernie's plank. I love his effort on behalf of himself. I love Hillary. I love Hillary's effort on behalf of herself. I loathe our current primary process. I loathe that we don't have a movement pushing candidates across the board and that we still have folks who think we can dump both the Democratic party and the Republican party for a third party without ruinous consequences. I loathe that from my local party on to the top of the ticket, candidates can't afford to run for office unless they (or their volunteers) spend all their time raising money. It's nothing personal, it's just the corrupt habits of our country. What we are used to. We are like pigs who live in a stye. We got used to the smell. That's all.