Giant robots, superpowered schoolgirls, berzerker martial artists: we all know the sort of figures that represent anime. Though clichéd, the widespread nature of these perceptions actually shows how far Japanese animation has come over the past few decades. Not so long ago, the average Westerner didn’t know the meaning of the world anime, let alone its origin. Today, thanks not least to the films of Hayao Miyazaki‘s Studio Ghibli, the average Westerner has likely already been exposed to one or two masterworks of the form. This viewing experience provides a sense of why Japanese animation, far from simply animation that happens to be Japanese, merits a term of its own: any of us, no matter how inexperienced, can sense “The Aesthetic of Anime.” (...)
In the effort to reveal the true nature of “the misunderstood and often disregarded world of anime,” this video essay references and visually quotes dozens of different shows. (It stops short of the also-vast realm of feature films, such as Ghost in the Shell or the work of Satoshi Kon.) Its range includes the “existential meditation on loneliness” that is Cowboy Bebop, subject of another Bond exegesis previously featured here on Open Culture, and “city pop-fueled Superdimensional Fortress Macross,” which did so much back in the 80s to define not just giant-robot anime but anime itself. Trope-heavy, over-the-top, and “unapologetically weird” though it may seem (but usually not, as Bond implies, without self-awareness), anime continues to realize visions not available — nor even conceivable — to any other art form.
by Colin Marshall, Open Culture | Read more:
Image: YouTube
Monday, March 29, 2021
Interview: Sen. Mazie Hirono (Hawaii)
Even after being elected to the Senate in 2012, the Hawaii Democrat Mazie Hirono was, by her own choosing, a politician little known outside her home state. Then, around 2016 and the election of a particularly divisive president, Hirono, who was born in Japan and is the Senate’s only immigrant, decided that staying under the radar was unsustainable. She frequently made herself available to the national media. She publicly said President Trump was a misogynist and a liar and called for his resignation (as early as 2017, mind you). She unabashedly punctuated her comments with salty language. And it wasn’t just her unexpected transition that raised her profile: Senator Hirono’s forceful questioning during the Kavanaugh and Barrett Supreme Court confirmation hearings, as well as, more recently, calling on President Biden to nominate more diverse people for senior positions in his administration, have also been central to her earning national stature. “It’s not the easiest thing for political people to speak candidly with the national media,” says Senator Hirono, who is 73 and whose memoir, “Heart of Fire,” will be published on April 20. “I’m not doing it for effect. I don’t go out there and spew things. I’ve thought things through.”
The Senate is supposed to be the world’s greatest deliberative body, and instead it’s where so much legislation goes to die. Do you feel that it’s broken? What I see in the Senate is how important one person is. That person on the Republican side is Mitch McConnell. There are very pragmatic reasons that he holds his caucus together: He is the money person. The Republican senators having tough races, they go to him, and he provides resources. If Mitch McConnell said, “OK, we’re going to work with the Democrats,” it would happen — even if there would be holdouts like Ted Cruz and Josh Hawley and Tommy Tuberville and that handful of people who — I don’t know who they think they’re representing except themselves. Mitch McConnell is a guy who single-handedly made the Supreme Court an eight-person court. Whoever heard of such a thing? And he got away with it. When one person has outsize influence like Mitch McConnell, we need to figure out ways to deal with it, and one way is filibuster reform. It could be totally removing the filibuster. I don’t think a lot of my colleagues are there.
I don’t think anyone doubts that McConnell and the Republican caucus would, if it were in their best interest, eliminate the filibuster. But there are questions about the Democrats’ resolve in that regard. Are those questions warranted? I think the Democrats have been much more concerned about the process. We actually care about the fairness of it all. Then you have another party that just wants power. I would say that is a fair assessment. Not every Republican is that bad, but I’ll tell you, they pretty much toe the line. As we try to enact legislation that we’ve been talking about supporting, and that the House is going to keep sending over to us, there will be a growing recognition that we can’t just go, “Oh, well, the process is so important.” The process cannot overtake the substance of results that we need to have.
What does it mean to say both that Democrats believe in process and also that process can’t overtake what the party is trying to achieve? I never thought that the ends should justify the means. You know fairness when you see it. Like you know art when you see it. We still need to be fair, and therefore the talking filibuster, if we go there, would apply to everybody; there might come a time when the Democrats are in the minority, and that would apply to us. Limitations or changes in the process should apply to everyone. That strikes me as fair. (...)
In your eyes, did the way that the Justice Kavanaugh and Barrett confirmations were rammed through hurt the legitimacy of the Supreme Court? The Supreme Court has become ideologically far to the right. So you’re going to see 6-3 decisions along ideological lines, and that is not good for our country. It’s not good for all the circuit courts and district courts. It’s going to lead to a lot more cases being brought to the Supreme Court by right-wing groups. Janus was a case in point.
Wouldn’t the left be doing the same things if Democrats had appointed the last three Supreme Court justices? I get that kind of argument often. I expect the Supreme Court to actually expand people’s individual rights and freedoms. I don’t expect the Supreme Court to be constraining voting rights and a woman’s right to choose. I expect the Supreme Court to be protective of minority rights, and that is not where this Court is. So this is not an equivalency. I don’t mind conservatives on the Court. I mean, of the three new ones Gorsuch is pretty conservative, but he’s a literal person: If it says so right there in black and white, then he’ll go with it. Sometimes it results in really stupid decisions, in my view. If the law was there to protect people from falling through a round hole and a person fell through a square hole — too bad for you. He’s smart enough to know that’s a ridiculous posture.
When you questioned Barrett at her appeals-court nomination hearing, it seemed as if you were trying to figure out how her Catholicism might influence her rulings. That avenue of questioning made some people uncomfortable. Where’s the line with religious questions for judicial nominees? It wasn’t her Catholicism. It was her position. She was a co-author of an expansive law-review article talking about how judges should decide death-penalty cases. It was an area of inquiry, but her Catholicism — frankly, I’m a Buddhist. I’m not even a daily-practicing Buddhist because I find all religion to be very — Buddhism accepts other religions more so than many other religions I can think of. So it wasn’t that she was a Catholic, but that there’s supposed to be this thing called separation of church and state, which is becoming blurred. Her religion, I didn’t care. What I care about is the use of religion as basically trumping every other right. I was presiding over the Senate, and Senator Tuberville says something like we should bring morality back and God and prayer should come back into our schools. I’m sitting there going, What? But that is the view of too many Republicans.
You cut yourself off earlier. You find all religion to be very what? I find a lot of religion to have all of the proscriptions and not openness and acceptance of other people’s legitimately held faiths. That is why I describe myself as a Buddhist. Buddhism, we don’t even have a book. It is a way of living and being, which is to be compassionate and kind. I think those are two good things to try to follow. I’m not perfect in that. I can be very terse with people. Part of it is that I don’t think many of my colleagues have dealt with short Japanese women. So here I come, and I’m saying, “[expletive] you” to them, and they don’t quite know how to react.
Can you think of an example? Ted Cruz. I was his ranking on his Constitution subcommittee and we had a number of these hearings; not very many of my Democratic colleagues would come. A reporter asked me why and I said they have better things to do than to come to these half-assed hearings. There was one in which all these Republicans who showed up went over their five minutes, and it got me kind of irritated. I said to Cruz, “Are you going to let everybody go eight minutes, nine minutes?” And he said, “When you get the gavel, you can do whatever you want.” I put my hand on his shoulder — this was pre-Covid — and I said, “It can’t happen soon enough.” At that same hearing — we had a break so the mics were not on; it’s not like I’m saying this in an open hearing — he said, “Look, it’s not my fault that your people are not here.” I said, “I don’t give a flying [expletive] what your reasoning is.” He stopped and said, “I will always treat you with decorum, even if it’s not reciprocated.” I said, “I wasn’t swearing at you.” (...)
I’m curious about interpersonal relationships in the Senate after Jan. 6 and also in the light of continued threats of violence at the Capitol. Have things changed — on a human level — with you and your Republican colleagues since then? It is hard to talk with them in any other way than purely transactional. What am I going to say? “How could you not condemn the incitement to insurrection?” I often wonder how they wake up in the morning and face themselves, but they are obviously able to bifurcate. They act as if nothing happened. That’s the amazing thing. You have Cruz, Hawley and all these guys who continued to protest the counting of the electoral votes even after what we experienced. I don’t know how they live with themselves. Then you have people like Lindsey Graham: When you enter the moral dead zone that is the Trump ambit, you’ve lost your soul. So I am pretty much just transactional with them. Some of them can be nice. But then when they vote en masse to screw people over, it’s hard to be all warm and fuzzy — and I’m not a warm and fuzzy person to begin with.
[ed. Telling it like it is. Of course, it's easier when you come from a solid blue state.]
The Senate is supposed to be the world’s greatest deliberative body, and instead it’s where so much legislation goes to die. Do you feel that it’s broken? What I see in the Senate is how important one person is. That person on the Republican side is Mitch McConnell. There are very pragmatic reasons that he holds his caucus together: He is the money person. The Republican senators having tough races, they go to him, and he provides resources. If Mitch McConnell said, “OK, we’re going to work with the Democrats,” it would happen — even if there would be holdouts like Ted Cruz and Josh Hawley and Tommy Tuberville and that handful of people who — I don’t know who they think they’re representing except themselves. Mitch McConnell is a guy who single-handedly made the Supreme Court an eight-person court. Whoever heard of such a thing? And he got away with it. When one person has outsize influence like Mitch McConnell, we need to figure out ways to deal with it, and one way is filibuster reform. It could be totally removing the filibuster. I don’t think a lot of my colleagues are there.
What does it mean to say both that Democrats believe in process and also that process can’t overtake what the party is trying to achieve? I never thought that the ends should justify the means. You know fairness when you see it. Like you know art when you see it. We still need to be fair, and therefore the talking filibuster, if we go there, would apply to everybody; there might come a time when the Democrats are in the minority, and that would apply to us. Limitations or changes in the process should apply to everyone. That strikes me as fair. (...)
In your eyes, did the way that the Justice Kavanaugh and Barrett confirmations were rammed through hurt the legitimacy of the Supreme Court? The Supreme Court has become ideologically far to the right. So you’re going to see 6-3 decisions along ideological lines, and that is not good for our country. It’s not good for all the circuit courts and district courts. It’s going to lead to a lot more cases being brought to the Supreme Court by right-wing groups. Janus was a case in point.
Wouldn’t the left be doing the same things if Democrats had appointed the last three Supreme Court justices? I get that kind of argument often. I expect the Supreme Court to actually expand people’s individual rights and freedoms. I don’t expect the Supreme Court to be constraining voting rights and a woman’s right to choose. I expect the Supreme Court to be protective of minority rights, and that is not where this Court is. So this is not an equivalency. I don’t mind conservatives on the Court. I mean, of the three new ones Gorsuch is pretty conservative, but he’s a literal person: If it says so right there in black and white, then he’ll go with it. Sometimes it results in really stupid decisions, in my view. If the law was there to protect people from falling through a round hole and a person fell through a square hole — too bad for you. He’s smart enough to know that’s a ridiculous posture.
When you questioned Barrett at her appeals-court nomination hearing, it seemed as if you were trying to figure out how her Catholicism might influence her rulings. That avenue of questioning made some people uncomfortable. Where’s the line with religious questions for judicial nominees? It wasn’t her Catholicism. It was her position. She was a co-author of an expansive law-review article talking about how judges should decide death-penalty cases. It was an area of inquiry, but her Catholicism — frankly, I’m a Buddhist. I’m not even a daily-practicing Buddhist because I find all religion to be very — Buddhism accepts other religions more so than many other religions I can think of. So it wasn’t that she was a Catholic, but that there’s supposed to be this thing called separation of church and state, which is becoming blurred. Her religion, I didn’t care. What I care about is the use of religion as basically trumping every other right. I was presiding over the Senate, and Senator Tuberville says something like we should bring morality back and God and prayer should come back into our schools. I’m sitting there going, What? But that is the view of too many Republicans.
You cut yourself off earlier. You find all religion to be very what? I find a lot of religion to have all of the proscriptions and not openness and acceptance of other people’s legitimately held faiths. That is why I describe myself as a Buddhist. Buddhism, we don’t even have a book. It is a way of living and being, which is to be compassionate and kind. I think those are two good things to try to follow. I’m not perfect in that. I can be very terse with people. Part of it is that I don’t think many of my colleagues have dealt with short Japanese women. So here I come, and I’m saying, “[expletive] you” to them, and they don’t quite know how to react.
Can you think of an example? Ted Cruz. I was his ranking on his Constitution subcommittee and we had a number of these hearings; not very many of my Democratic colleagues would come. A reporter asked me why and I said they have better things to do than to come to these half-assed hearings. There was one in which all these Republicans who showed up went over their five minutes, and it got me kind of irritated. I said to Cruz, “Are you going to let everybody go eight minutes, nine minutes?” And he said, “When you get the gavel, you can do whatever you want.” I put my hand on his shoulder — this was pre-Covid — and I said, “It can’t happen soon enough.” At that same hearing — we had a break so the mics were not on; it’s not like I’m saying this in an open hearing — he said, “Look, it’s not my fault that your people are not here.” I said, “I don’t give a flying [expletive] what your reasoning is.” He stopped and said, “I will always treat you with decorum, even if it’s not reciprocated.” I said, “I wasn’t swearing at you.” (...)
I’m curious about interpersonal relationships in the Senate after Jan. 6 and also in the light of continued threats of violence at the Capitol. Have things changed — on a human level — with you and your Republican colleagues since then? It is hard to talk with them in any other way than purely transactional. What am I going to say? “How could you not condemn the incitement to insurrection?” I often wonder how they wake up in the morning and face themselves, but they are obviously able to bifurcate. They act as if nothing happened. That’s the amazing thing. You have Cruz, Hawley and all these guys who continued to protest the counting of the electoral votes even after what we experienced. I don’t know how they live with themselves. Then you have people like Lindsey Graham: When you enter the moral dead zone that is the Trump ambit, you’ve lost your soul. So I am pretty much just transactional with them. Some of them can be nice. But then when they vote en masse to screw people over, it’s hard to be all warm and fuzzy — and I’m not a warm and fuzzy person to begin with.
Sunday, March 28, 2021
I Have Come to Bury Ayn Rand
My father, Sloan Wilson, wrote novels that would help define 1950s America. I loved and admired him, but the prospect of following in the footsteps of The Man in the Gray Flannel Suit and A Summer Place was like being expected to climb Mount Everest. My love of nature provided an alternative path. I would become an ecologist, spending my days researching plants and animals, which fascinated me since the summers I spent as a boy at Lake George and a magical boarding school in the Adirondack mountains.
Little did I know that by heading away from the madding crowd of humanity and my father’s vocation, I would end up writing a sequel to another famous novel of the 1950s—Ayn Rand’s Atlas Shrugged. But don’t get me wrong. I’m no Rand acolyte. I’m not here to praise her ideas but to bury them.
Even if you never read Atlas Shrugged or anything else by Rand, you probably know the names and what they stand for: The sanctity of the individual and the pursuit of self-interest as the highest moral ideal. Rand constructed an entire philosophy around this called Objectivism, which she claimed could be fully justified by rationality and science. But it was through fiction that she reached her largest audience, with Atlas Shrugged selling over 7 million copies and still widely read. She wisely noted that “Art is the essential medium for the communication of a moral ideal.”
The hero of Atlas Shrugged is John Galt, a supremely self-confident inventor. He has figured out a way to turn static electricity into an inexhaustible source of clean energy. But Galt and his kind are living in an America veering toward the kind of ham-fisted socialism that Rand escaped when she immigrated from the Soviet Union in 1926. Galt brings about a rebellion of the “producers” of the world, like the mythical Atlas shrugging the earth from his shoulders, so that the “looters” and “moochers” can be brought to their senses. The centerpiece of the novel is a speech that Galt delivers to the world by taking over the airwaves with his technical prowess.
Whether conveyed through philosophy or fiction, Rand’s worldview couldn’t function as a moral system if the pursuit of self-interest didn’t end up benefiting the common good. That’s where the invisible hand of the market comes in, a metaphor that was used only three times by Adam Smith in his voluminous writing, but was elevated to the status of a fundamental theorem by economists such as Milton Friedman and put into practice by Rand acolyte Alan Greenspan, who served as Chair of the United States Federal Reserve Board from 1987 to 2006.
Here’s how it’s supposed to work: Everything of value can be represented as a dollar value and therefore can be compared to anything else of value by their relative prices. Making money is the surest way to provide value to people because the best way to make money is to provide what people are most willing to pay for. The system works so well that no other form of care toward others is required. No empathy. No loyalty. No forgiveness. Thanks to the market, the old-fashioned virtues have been rendered obsolete. That’s why Milton Friedman could make his famous claim in 1970 that the only social responsibility of a business is to maximize profits for its shareholders. In Ayn Rand’s fictional rendering, the word “give” is banned from the vocabulary of the Utopian community founded by John Galt, whose members must recite the oath: “I swear by my life and love of it that I will never live for the sake of another man, nor ask another man to live for the sake of mine.”
My sequel to Atlas Shrugged is titled Atlas Hugged and its protagonist is John Galt’s grandson. Ayn Rand was not a character in her novel, but since anything goes in fiction, I could transport her into mine as Ayn Rant, John I’s lover and John III’s grandmother. Rant’s son, John II, parlays her Objectivist philosophy into a world-destroying libertarian media empire. John III rebels against the evil empire by challenging his father to a duel of speeches. In the process, he brings about a worldwide transformation based on giving. Atlas Hugged is so anti-Rand that it isn’t even being sold. Instead, it is gifted for whatever the reader wishes to give in return. Eat your heart out, Amazon!
How did someone running away from his famous father into the woods end up in a position to critique Ayn Rand and neoliberal economics? By becoming an ecologist, I did not escape the kind of Individualism that pervaded Rand’s thinking. Instead, I encountered it in a different form: The dogma that organisms never evolve to behave “for the good of the group,” but only for the good of themselves and their selfish genes. This conclusion had been reached with such certainty when I entered graduate school in 1971 that only a fool would challenge it. “For the good of the group” thinking belonged on the same dust heap of history as a flat earth, Lamarckism, and Phlogiston theory.
Later, when I began to study topics such as religion from an evolutionary perspective, I discovered that Individualism pervaded all of the social sciences, not just economics. It was called Methodological Individualism, as the most practical way to study all aspects of human society, regardless of its philosophical underpinnings. In short, Individualism is a far bigger beast than Ayn Rand. She gave voice to it, but it would be just as strong if she never existed.
Little did I know that by heading away from the madding crowd of humanity and my father’s vocation, I would end up writing a sequel to another famous novel of the 1950s—Ayn Rand’s Atlas Shrugged. But don’t get me wrong. I’m no Rand acolyte. I’m not here to praise her ideas but to bury them.
The hero of Atlas Shrugged is John Galt, a supremely self-confident inventor. He has figured out a way to turn static electricity into an inexhaustible source of clean energy. But Galt and his kind are living in an America veering toward the kind of ham-fisted socialism that Rand escaped when she immigrated from the Soviet Union in 1926. Galt brings about a rebellion of the “producers” of the world, like the mythical Atlas shrugging the earth from his shoulders, so that the “looters” and “moochers” can be brought to their senses. The centerpiece of the novel is a speech that Galt delivers to the world by taking over the airwaves with his technical prowess.
Whether conveyed through philosophy or fiction, Rand’s worldview couldn’t function as a moral system if the pursuit of self-interest didn’t end up benefiting the common good. That’s where the invisible hand of the market comes in, a metaphor that was used only three times by Adam Smith in his voluminous writing, but was elevated to the status of a fundamental theorem by economists such as Milton Friedman and put into practice by Rand acolyte Alan Greenspan, who served as Chair of the United States Federal Reserve Board from 1987 to 2006.
Here’s how it’s supposed to work: Everything of value can be represented as a dollar value and therefore can be compared to anything else of value by their relative prices. Making money is the surest way to provide value to people because the best way to make money is to provide what people are most willing to pay for. The system works so well that no other form of care toward others is required. No empathy. No loyalty. No forgiveness. Thanks to the market, the old-fashioned virtues have been rendered obsolete. That’s why Milton Friedman could make his famous claim in 1970 that the only social responsibility of a business is to maximize profits for its shareholders. In Ayn Rand’s fictional rendering, the word “give” is banned from the vocabulary of the Utopian community founded by John Galt, whose members must recite the oath: “I swear by my life and love of it that I will never live for the sake of another man, nor ask another man to live for the sake of mine.”
My sequel to Atlas Shrugged is titled Atlas Hugged and its protagonist is John Galt’s grandson. Ayn Rand was not a character in her novel, but since anything goes in fiction, I could transport her into mine as Ayn Rant, John I’s lover and John III’s grandmother. Rant’s son, John II, parlays her Objectivist philosophy into a world-destroying libertarian media empire. John III rebels against the evil empire by challenging his father to a duel of speeches. In the process, he brings about a worldwide transformation based on giving. Atlas Hugged is so anti-Rand that it isn’t even being sold. Instead, it is gifted for whatever the reader wishes to give in return. Eat your heart out, Amazon!
How did someone running away from his famous father into the woods end up in a position to critique Ayn Rand and neoliberal economics? By becoming an ecologist, I did not escape the kind of Individualism that pervaded Rand’s thinking. Instead, I encountered it in a different form: The dogma that organisms never evolve to behave “for the good of the group,” but only for the good of themselves and their selfish genes. This conclusion had been reached with such certainty when I entered graduate school in 1971 that only a fool would challenge it. “For the good of the group” thinking belonged on the same dust heap of history as a flat earth, Lamarckism, and Phlogiston theory.
Later, when I began to study topics such as religion from an evolutionary perspective, I discovered that Individualism pervaded all of the social sciences, not just economics. It was called Methodological Individualism, as the most practical way to study all aspects of human society, regardless of its philosophical underpinnings. In short, Individualism is a far bigger beast than Ayn Rand. She gave voice to it, but it would be just as strong if she never existed.
by David Sloan Wilson, Nautilus | Read more:
Image: Nick Gaetano[ed. See also: Ayn Rand Meets Her Match: David Sloan Wilson Fights Fiction with Fiction (Evonomics) - with excerpt.]
And the Brand Played On: Bob Dylan at 80
It’s gonna take a hundred years before they understand me!” Bob Dylan once claimed, “they” being the cohorts of fans, critics and Dylanologists who have dogged his tracks ever since Robert Zimmerman, chippy teen of Hibbing, Minnesota, became Bob Dylan, world-famous singer, songwriter, and pop’s most enduring enigma.
“That’s exactly the quote James Joyce made about Ulysses,” points out Sean Latham, professor of English at the University of Tulsa and head of the institute for Bob Dylan Studies recently established there. “Joyce said, ‘I put so many puzzles and enigmas in Ulysses it will take the scholars 100 years to solve them’.”
With the centenary of his masterwork arriving in 2022, Joyce has perhaps been proved right. Whether it will take as long to decipher Dylan’s extensive oeuvre – 600-odd songs, 39 studio albums, a novel, a memoir, one film as director, several more as actor, a half-dozen documentaries, innumerable concerts, a cache of paintings – seems doubtful given the critical and biographical weight already bearing on him as he approaches his 80th birthday on 24 May. The anniversary coincides with a burgeoning of the Dylan industry being led as much by US academia as by Dylan’s faithful following of “Bobcats”. Next month sees the publication of three major new books and one reissue: a new account of Dylan’s early life by his renowned biographer Clinton Heylin; a collection of new writing on Dylan, edited by Latham; an idiosyncratic reassessment of Dylan’s life and work from the writer Paul Morley; and a re-edited version of Robert Shelton’s 1986 biography, No Direction Home.
Central to it all is the establishment of the Bob Dylan Archive in Tulsa, a depository of about 100,000 items bought from Dylan for a cool $20m by the George Kaiser Family Foundation, Kaiser being one of the billionaire philanthropists in which the US seems to specialise. Master tapes, photographs, set lists, notebooks, manuscripts (on all of which Dylan retains copyright) – the archive has the lot, along with the leather jacket Dylan wore onstage at the 1965 Newport folk festival, when he “went electric”, and, who knows, the odd leopard-skin pillbox hat. In Tulsa it joins the Woody Guthrie Centre already established by the foundation in 2011 in honour of Oklahoma’s most famous son, Guthrie being the major role model for Dylan in his folk-singing years, before an earlier, rocking and rolling ambition resurfaced – “To join Little Richard”, as he told his high school yearbook at age 18. (...)
The principal motor of the Dylan industry remains the man himself, who has long shown an aptitude for the business side of the music biz, having been, like so many, financially stung early in his career. Last year he sold the rights to his entire back catalogue to Universal Music for an estimated $300m, before which he had licensed songs for commercials for, among others, Apple, Cadillac, Pepsi, Budweiser, IBM and Victoria’s Secret, appearing in the last himself, apparently summoned by a seductive, scantily clad angel. These days Dylan markets his own brand of liquor, Heaven’s Door Whiskey, alongside prints of his artwork (about £5,000 a pop). In the Latham book, Devon Powers argues that “Dylan became a brand because brands aspired to become more like him: to matter, to delight, to enrapture and, above all, to last”. (...)
Dylan has certainly lasted extraordinarily well, rebounding from a career low in middle age – his role as a washed-up rock star in 1987’s Hearts of Fire and on disc with the Grateful Dead the same year marked his nadir – into a creative renaissance during his “third act”, a time when most pop stars have long since hung up their rock’n’roll shoes. A revival that began with 1997’s Time Out of Mind has continued with Love and Theft (2001) Modern Times (2006), Tempest (2012) and last year’s Rough and Rowdy Ways, a quartet interspersed with three albums inconsequentially covering the great American songbook (ie Porter, Sinatra and co), a somewhat preposterous Christmas record and a sizeable memoir, 2004’s Chronicles Volume One, not forgetting his brilliant radio series, Theme Time Radio Hour. All have arrived against the background of the “never-ending tour” that Dylan declared back in 1988 and which has since delivered more than 3,000 shows, its progress halted only by the Covid pandemic.
It’s an astonishing work rate that has surely taken its toll. Arthritis means that Dylan can no longer hold a guitar; onstage he plays, and is propped up by, an electric piano. His voice – rarely a thing of beauty and most often an abrasively compelling affair described by David Bowie as “like sand and glue” – is in tatters, obliging him to abandon singing altogether for gravelly, dramatic declamation on Rough and Rowdy Ways. Yet like Matisse, forced to give up oils and canvas for cut-outs around the same age, Dylan remains obstinately true to his art, “refusing to let his career become embalmed” as Paul Morley puts it in his new book, out next month. Once you stop creating, you’re in the past.
“That’s exactly the quote James Joyce made about Ulysses,” points out Sean Latham, professor of English at the University of Tulsa and head of the institute for Bob Dylan Studies recently established there. “Joyce said, ‘I put so many puzzles and enigmas in Ulysses it will take the scholars 100 years to solve them’.”
With the centenary of his masterwork arriving in 2022, Joyce has perhaps been proved right. Whether it will take as long to decipher Dylan’s extensive oeuvre – 600-odd songs, 39 studio albums, a novel, a memoir, one film as director, several more as actor, a half-dozen documentaries, innumerable concerts, a cache of paintings – seems doubtful given the critical and biographical weight already bearing on him as he approaches his 80th birthday on 24 May. The anniversary coincides with a burgeoning of the Dylan industry being led as much by US academia as by Dylan’s faithful following of “Bobcats”. Next month sees the publication of three major new books and one reissue: a new account of Dylan’s early life by his renowned biographer Clinton Heylin; a collection of new writing on Dylan, edited by Latham; an idiosyncratic reassessment of Dylan’s life and work from the writer Paul Morley; and a re-edited version of Robert Shelton’s 1986 biography, No Direction Home.
The principal motor of the Dylan industry remains the man himself, who has long shown an aptitude for the business side of the music biz, having been, like so many, financially stung early in his career. Last year he sold the rights to his entire back catalogue to Universal Music for an estimated $300m, before which he had licensed songs for commercials for, among others, Apple, Cadillac, Pepsi, Budweiser, IBM and Victoria’s Secret, appearing in the last himself, apparently summoned by a seductive, scantily clad angel. These days Dylan markets his own brand of liquor, Heaven’s Door Whiskey, alongside prints of his artwork (about £5,000 a pop). In the Latham book, Devon Powers argues that “Dylan became a brand because brands aspired to become more like him: to matter, to delight, to enrapture and, above all, to last”. (...)
Dylan has certainly lasted extraordinarily well, rebounding from a career low in middle age – his role as a washed-up rock star in 1987’s Hearts of Fire and on disc with the Grateful Dead the same year marked his nadir – into a creative renaissance during his “third act”, a time when most pop stars have long since hung up their rock’n’roll shoes. A revival that began with 1997’s Time Out of Mind has continued with Love and Theft (2001) Modern Times (2006), Tempest (2012) and last year’s Rough and Rowdy Ways, a quartet interspersed with three albums inconsequentially covering the great American songbook (ie Porter, Sinatra and co), a somewhat preposterous Christmas record and a sizeable memoir, 2004’s Chronicles Volume One, not forgetting his brilliant radio series, Theme Time Radio Hour. All have arrived against the background of the “never-ending tour” that Dylan declared back in 1988 and which has since delivered more than 3,000 shows, its progress halted only by the Covid pandemic.
It’s an astonishing work rate that has surely taken its toll. Arthritis means that Dylan can no longer hold a guitar; onstage he plays, and is propped up by, an electric piano. His voice – rarely a thing of beauty and most often an abrasively compelling affair described by David Bowie as “like sand and glue” – is in tatters, obliging him to abandon singing altogether for gravelly, dramatic declamation on Rough and Rowdy Ways. Yet like Matisse, forced to give up oils and canvas for cut-outs around the same age, Dylan remains obstinately true to his art, “refusing to let his career become embalmed” as Paul Morley puts it in his new book, out next month. Once you stop creating, you’re in the past.
by Neil Spencer, The Guardian | Read more:
Image: Shutterstock
Embedded at the Border
Image: Go Nakamura/Reuters
[ed. Ah... I needed a laugh this morning. Sometimes politicians make the best comedians.]
[ed. Ah... I needed a laugh this morning. Sometimes politicians make the best comedians.]
Saturday, March 27, 2021
Pepé Le Pew Apologizes
Pepe Le Pew won’t be appearing in Warner Bros’ “Space Jam” sequel.—Deadline Hollywood
Messieurs and mesdemoiselles, bonsoir! It is good to see so many attractive journalists here today. I would like to make love to each and every one of you! Ha ha! Oui, oui—my representatives are telling me not to get distracted. Is good advice, non? This is my problem! I have too much amour, non? Anyway, I have come before you today to make an apology.
Questions have been raised about some of my past interactions with cats and dogs whom I perceived to be highly attractive lady skunks. I never intended to offend anyone or cause any harm. It was all about the amour, non? But, still, my actions are not—how do you say—appropriate. Pepé is très sorry.
Questions have been raised about some of my past interactions with cats and dogs whom I perceived to be highly attractive lady skunks. I never intended to offend anyone or cause any harm. It was all about the amour, non? But, still, my actions are not—how do you say—appropriate. Pepé is très sorry.
It would be easy to blame my behavior on having been insulated by privilege—the privilege of being a well-known celebrity skunk. But I will not do this. It would also be so easy to make some excuse. Like, other skunks have engaged in disreputable behavior for decades without getting caught. Or, only a few unreliable cats and dogs have complained, and they can’t even talk. And, yes, it would be très facile to cast the blame on others, like the painters who are always so sloppy with their painting, leading to white stripes down the backs of black cats and much, much confusion. Mon Dieu, why is it always white paint?
I am sorry for letting everyone down—my family, my friends, my business associates, other skunks, other French animals, and, of course, the cats and dogs whom I confused with highly attractive lady skunks and relentlessly pursued through cities, forests, the Swiss Alps, and ocean liners. Je suis désolé.
I would also like to apologize to my “Looney Tunes” co-stars. Though I should say that I do not see Mr. Elmer Fudd or Mr. Yosemite Sam out here apologizing for glamorizing gun violence. Or Mr. Bugs Bunny apologizing for his propagation of racist stereotypes. Or Mr. Speedy Gonzales for . . . everything. But that is the way of the world, non? Tolerance for violence and racism in America is always higher than tolerance for amour. D’accord—once more, my representatives are reminding me not to get distracted. And that aggression and unwanted advances are not to be confused with love. C’est la vie.
You have to remember, I came of age in an era when a French animal who did not respond to obvious social cues was considered hilarious. But no more! At one time, there may have been a place for a talking skunk who walked on his hind legs and pursued the love of cats and dogs whom he misidentified as female skunks. But that time is not now.
by Jay Martel, New Yorker | Read more:
Image: Everett
Friday, March 26, 2021
Joni Mitchell A Life Story: Woman of Heart and Mind
[ed. Excellent documentary of a musical genius.]
Larry McMurtry, Novelist of the American West, Dies at 84
Larry McMurtry, a prolific novelist and screenwriter who demythologized the American West with his unromantic depictions of life on the 19th-century frontier and in contemporary small-town Texas, died on Thursday at home in Archer City, Texas. He was 84.
The cause was congestive heart failure, said Diana Ossana, his friend and writing partner.
Over more than five decades, Mr. McMurtry wrote more than 30 novels and many books of essays, memoir and history. He also wrote more than 30 screenplays, including the one for “Brokeback Mountain” (written with Ms. Ossana, based on a short story by Annie Proulx), for which he won an Academy Award in 2006.
But he found his greatest commercial and critical success with “Lonesome Dove,” a sweeping 843-page novel about two retired Texas Rangers who drive a herd of stolen cattle from the Rio Grande to Montana in the 1870s. The book won a Pulitzer Prize in 1986 and was made into a popular television mini-series.
Mr. McMurtry wrote “Lonesome Dove” as an anti-western, a rebuke of sorts to the romantic notions of dime-store novels and an exorcism of the false ghosts in the work of writers like Louis L’Amour. “I’m a critic of the myth of the cowboy,’’ he told an interviewer in 1988. “I don’t feel that it’s a myth that pertains, and since it’s a part of my heritage I feel it’s a legitimate task to criticize it.’’
But readers warmed to the vivid characters in “Lonesome Dove.” Mr. McMurtry himself ultimately likened it, in terms of its sweep, to a Western “Gone With the Wind.”
Mr. McMurtry was the son of a rancher, and the realism in his books extended to the Texas he knew as a young man. His first novel, “Horseman, Pass By” (1961), examined the values of the Old West as they came into conflict with the modern world. Reviewing the novel in The New York Times Book Review, the Texas historian Wayne Gard wrote:
“The cow hands ride horses less often than pickup trucks or Cadillacs. And in the evening, instead of sitting around a campfire strumming guitars and singing ‘Git along, little dogie,’ they are more likely to have a game at the pool hall, drink beer and try their charms on any girls they can find.”
He added that Mr. McMurtry had “not only a sharp ear for dialogue but a gift of expression that easily could blossom in more important works.”
From the start of his career, Mr. McMurtry’s books were attractive to filmmakers. “Horseman, Pass By” was made into “Hud,” directed by Martin Ritt and starring Paul Newman. Mr. McMurtry’s funny, elegiac and sexually frank coming-of-age novel “The Last Picture Show” (1966) was made into a film of the same title in 1971 starring Jeff Bridges and Cybill Shepherd and directed by Peter Bogdanovich. The movie of his 1975 novel, “Terms of Endearment,” directed by James L. Brooks and starring Shirley MacLaine, Debra Winger and Jack Nicholson, won the Academy Award for best picture of 1983.
Mr. McMurtry relished his role as a literary outsider. He lived for much of his life in his hometown, Archer City, Texas, two hours northwest of Dallas. He had the same postal box for nearly 70 years. When he walked onstage to accept his Oscar for “Brokeback Mountain,” he wore bluejeans and cowboy boots below his dinner jacket. He reminded audiences that the screenplay was an adaptation of a short story by Ms. Proulx.
Yet Mr. McMurtry was a plugged-in man of American letters. For two years in the early 1990s he was American president of PEN, the august literary and human rights organization. He was a regular contributor to The New York Review of Books, where he often wrote on topics relating to the American West. His friends included the writer Susan Sontag, whom he once took to a stock car race.
The cause was congestive heart failure, said Diana Ossana, his friend and writing partner.
Over more than five decades, Mr. McMurtry wrote more than 30 novels and many books of essays, memoir and history. He also wrote more than 30 screenplays, including the one for “Brokeback Mountain” (written with Ms. Ossana, based on a short story by Annie Proulx), for which he won an Academy Award in 2006.
Mr. McMurtry wrote “Lonesome Dove” as an anti-western, a rebuke of sorts to the romantic notions of dime-store novels and an exorcism of the false ghosts in the work of writers like Louis L’Amour. “I’m a critic of the myth of the cowboy,’’ he told an interviewer in 1988. “I don’t feel that it’s a myth that pertains, and since it’s a part of my heritage I feel it’s a legitimate task to criticize it.’’
But readers warmed to the vivid characters in “Lonesome Dove.” Mr. McMurtry himself ultimately likened it, in terms of its sweep, to a Western “Gone With the Wind.”
Mr. McMurtry was the son of a rancher, and the realism in his books extended to the Texas he knew as a young man. His first novel, “Horseman, Pass By” (1961), examined the values of the Old West as they came into conflict with the modern world. Reviewing the novel in The New York Times Book Review, the Texas historian Wayne Gard wrote:
“The cow hands ride horses less often than pickup trucks or Cadillacs. And in the evening, instead of sitting around a campfire strumming guitars and singing ‘Git along, little dogie,’ they are more likely to have a game at the pool hall, drink beer and try their charms on any girls they can find.”
He added that Mr. McMurtry had “not only a sharp ear for dialogue but a gift of expression that easily could blossom in more important works.”
From the start of his career, Mr. McMurtry’s books were attractive to filmmakers. “Horseman, Pass By” was made into “Hud,” directed by Martin Ritt and starring Paul Newman. Mr. McMurtry’s funny, elegiac and sexually frank coming-of-age novel “The Last Picture Show” (1966) was made into a film of the same title in 1971 starring Jeff Bridges and Cybill Shepherd and directed by Peter Bogdanovich. The movie of his 1975 novel, “Terms of Endearment,” directed by James L. Brooks and starring Shirley MacLaine, Debra Winger and Jack Nicholson, won the Academy Award for best picture of 1983.
Mr. McMurtry relished his role as a literary outsider. He lived for much of his life in his hometown, Archer City, Texas, two hours northwest of Dallas. He had the same postal box for nearly 70 years. When he walked onstage to accept his Oscar for “Brokeback Mountain,” he wore bluejeans and cowboy boots below his dinner jacket. He reminded audiences that the screenplay was an adaptation of a short story by Ms. Proulx.
Yet Mr. McMurtry was a plugged-in man of American letters. For two years in the early 1990s he was American president of PEN, the august literary and human rights organization. He was a regular contributor to The New York Review of Books, where he often wrote on topics relating to the American West. His friends included the writer Susan Sontag, whom he once took to a stock car race.
by Dwight Garner, NY Times | Read more:
Image: Rice University
Democrats Call For $1Bn Shift From Weapons of Mass Destruction to 'Vaccine of Mass Prevention'
Congressional Democrats are introducing legislation to transfer $1bn in funding from a controversial new intercontinental ballistic missile to the development of a universal Covid vaccine.
The Investing in Cures Before Missiles (ICBM) Act, introduced in the House and Senate on Friday, would stop funding on the proposed new missile, known as the ground-based strategic deterrent (GBSD) which is projected to cost a total of $264bn over its projected lifespan, and discontinue spending on a linked warhead modification program.
Instead, the life of the existing US intercontinental ballistic missile, the Minuteman III, would be extended until 2050, and an independent study commissioned on how best to do that.
The Investing in Cures Before Missiles (ICBM) Act, introduced in the House and Senate on Friday, would stop funding on the proposed new missile, known as the ground-based strategic deterrent (GBSD) which is projected to cost a total of $264bn over its projected lifespan, and discontinue spending on a linked warhead modification program.
“The United States should invest in a vaccine of mass prevention before another new land-based weapon of mass destruction,” Senator Edward Markey of Massachusetts, co-author of the bill, said.
“The ICBM Act makes clear that we can begin to phase out the cold-war nuclear posture that risks accidental nuclear war while still deterring adversaries and assuring allies, and redirect those savings to the clear and present dangers presented by coronaviruses and other emerging and infectious diseases.”
Arms control experts say static intercontinental ballistic missiles, of which the US has 400 in silos across the northern midwest, are inherently destabilizing and dangerous, because a president would have just a few minutes to launch them on the basis of early warning signals of an impending enemy attack, or risk losing them to a pre-emptive strike. They point to a history of near-launches based on defective data, and the risk of cyber-attacks distorting early warning systems.
“With all of the global challenges we face, the last thing we should be doing is giving billions to defense contractors to build missiles we don’t need to keep as a strong nuclear deterrence,” Ro Khanna, Democratic congressman from California and the bill’s co-author in the House, said.
In September 2020, Northrop Grumman was awarded an uncontested bid for the $13.3bn engineering, manufacturing and development phase of GBSD, after its only rival for the vast contract, Boeing, pulled out of the race complaining of a rigged competition.
The Biden administration’s intentions on the GBSD’s future are unclear, but an early signal may come in its first defence budget expected in the next few weeks.
The new ICBM bill would transfer of $1bn in funding for the GBSD to the National Institute of Allergy and Infectious Diseases (Niaid) for development work on a universal coronavirus vaccine. It would also divert money from the program to modify the W87-1 nuclear warhead to fit the GBSD, and dedicate it to research and preparations to combat future bio-threats. And it would launch an independent study to “explore viable technical solutions to extend the Minuteman III” intercontinental ballistic missile to 2050.
When Khanna tried to introduce a similar bill last July it was killed in the House armed services committee by a decisive bipartisan vote of 44-12. A proposed Minuteman extension study was also voted down.
“Rarely is a congressional study controversial. This just shows how afraid Northrop Grumman is about the results of the independent study,” Khanna told the Guardian. “They lobbied to kill a simple study, to see if the Minuteman III could be extended.”
“The ICBM Act makes clear that we can begin to phase out the cold-war nuclear posture that risks accidental nuclear war while still deterring adversaries and assuring allies, and redirect those savings to the clear and present dangers presented by coronaviruses and other emerging and infectious diseases.”
Arms control experts say static intercontinental ballistic missiles, of which the US has 400 in silos across the northern midwest, are inherently destabilizing and dangerous, because a president would have just a few minutes to launch them on the basis of early warning signals of an impending enemy attack, or risk losing them to a pre-emptive strike. They point to a history of near-launches based on defective data, and the risk of cyber-attacks distorting early warning systems.
“With all of the global challenges we face, the last thing we should be doing is giving billions to defense contractors to build missiles we don’t need to keep as a strong nuclear deterrence,” Ro Khanna, Democratic congressman from California and the bill’s co-author in the House, said.
In September 2020, Northrop Grumman was awarded an uncontested bid for the $13.3bn engineering, manufacturing and development phase of GBSD, after its only rival for the vast contract, Boeing, pulled out of the race complaining of a rigged competition.
The Biden administration’s intentions on the GBSD’s future are unclear, but an early signal may come in its first defence budget expected in the next few weeks.
The new ICBM bill would transfer of $1bn in funding for the GBSD to the National Institute of Allergy and Infectious Diseases (Niaid) for development work on a universal coronavirus vaccine. It would also divert money from the program to modify the W87-1 nuclear warhead to fit the GBSD, and dedicate it to research and preparations to combat future bio-threats. And it would launch an independent study to “explore viable technical solutions to extend the Minuteman III” intercontinental ballistic missile to 2050.
When Khanna tried to introduce a similar bill last July it was killed in the House armed services committee by a decisive bipartisan vote of 44-12. A proposed Minuteman extension study was also voted down.
“Rarely is a congressional study controversial. This just shows how afraid Northrop Grumman is about the results of the independent study,” Khanna told the Guardian. “They lobbied to kill a simple study, to see if the Minuteman III could be extended.”
by Julian Borger, The Guardian | Read more:
Image: Clayton Wear/AFP via Getty Images[ed. Readers will recall (New Nukes Are Coming), these missles are largely sacrificial and intended to draw fire away from other targets.]
Thursday, March 25, 2021
Aboutness
Image: Detail from ‘Garden of Earthly Delights’ (c.1490-95)
[ed. I'd love to see a modern take on Earthly Delights. See also: Paradise in Paintings (ELC)]
Suez Canal Drama Inspires Wave of Memes
Image: Reuters
[ed. Reminds me of the rock polishing crews Exxon employed early in the Exxon Valdez oil spill to give the impression they were actually doing something.]
Competitive Slapping
Image: Koa Viernes
The rules are simple, you walk up to a white table, stand across from your opponent and slap his face, then, if he so chooses to return fire, you take a slap in the face. The two of you repeat this as many times as necessary until one bows out of the beautiful slap dance either on your own volition or by being knocked out. Also, it seems they put chalk on their hands to… better show the slap power, I guess?
The rules are simple, you walk up to a white table, stand across from your opponent and slap his face, then, if he so chooses to return fire, you take a slap in the face. The two of you repeat this as many times as necessary until one bows out of the beautiful slap dance either on your own volition or by being knocked out. Also, it seems they put chalk on their hands to… better show the slap power, I guess?
[ed. Learn something new everyday.]
The Dream of the '90s Died in Portland
A typical night in Portland 2020. The sun is down and a few hundred people, nearly all in their 20s and 30s, start to congregate, by twos and threes, at a prearranged location, usually a city park but sometimes at the U.S. Immigration and Customs building, or City Hall, or, as they are tonight, on the strip of downtown that is home to local and federal courthouses and the city's central police station, known as Justice Center. The drumming starts, there are some Black Lives Matter slogans shouted but mostly it's calls of "FUCK THE POLICE," none of whom are in evidence. They almost never are during the nightly protests, or not until things get hot, when windows are smashed and, for what will end up being nearly 200 nights in a row, fires started.
On this night, I do see one officer. He is sitting alone inside the lobby of the back entrance to Justice Center. Beside him is an industrial fan. When I ask why, he explains that the night before, a group of protesters sloshed in a giant bucket of diarrhea into the room where he sits. The fan is to try to get the stench out. Behind me, five teenagers stand at the curb gawping.
"What happened? What happened?" they ask. They're not black bloc—the darkly clad anarchists roaming the streets—but random teens with random energy who came downtown, maybe, to see what all the fuss was about, to lightly taunt a police officer before running off. The J.V. team.
In their stead there soon appears a young couple. They are outfitted in the black bloc uniform of head-to-toe black; the boy carries a steel baton and wants me to know it. There is nonetheless something patrician about them, as if under different circumstances one might encounter them at cotillion. The uniform conceals their identities, but it can't hide the sense of entitlement that allows them a cheap laugh at the cop, at the fan. What I want to know is, why do they think throwing human shit as a tactic is OK?
"Do you believe that property is worth more than human lives?" asks the boy.
"Do you believe the police should be allowed to murder people?" asks the girl.
I do not mention that, at this point in the year, there has been only one deadly police shooting in Portland. I do not mention it because, after 15 years of living in Portland, I know the city's fledgling anarchists do not deal in facts, that they instead keep a set of platitudes up those black sleeves.
"We've tried for 20 years to do it another way. It hasn't worked. Nothing changes except with violence," says the boy, who is maybe 22. Then he flips me the bird.
Sleep till 11, you'll be in heaven
The dream of the '90s is alive in Portland
The dream is alive
—Portlandia
Around the turn of the century, Portland was the new belle on the block, not despoiled like San Francisco or in bed with high tech like Seattle. Oregon was not known nationally for much more than Nike and pinot noir and former Republican Sen. Bob Packwood, but maybe (with the exception of Packwood) that was OK. Maybe the city could debut as a fresh canvas, eco-friendly and affordable, a place to achieve your achievable dreams.
A lot of people were willing to take the chance, including my family. We moved from Los Angeles to Portland in 2004, and for a while, everything seemed on the up. The city in 2009 was, according to The Wall Street Journal, attracting "college-educated, single people between the ages of 25 and 39 at a higher rate than most other cities in the country." New residents built the city they wanted to live in: farm-to-table restaurants and 40 million brewpubs and too many bike paths and aggressively progressive politics. When then–Illinois Sen. Barack Obama swung through on the campaign trail in 2008, more than 75,000 people lined Portland's waterfront to see him.
Portland had entered the national stage. Was it a little bit goofy, a little bit twee? Sure, but also energetic in the way a young city can be, with people cutting what seemed to be genuinely new paths. Would the dudes slinging Korean barbecue out of an old R.V. take it brick-and-mortar? Who knew? Who cared? The dynamism of what-could-be hung in the very air.
Air, it turned out, a lot of people wanted to share. Soon, some who'd come to Portland expecting the city to deliver their dreams grew restless. They couldn't find their footing, or couldn't settle on who they were supposed to be, or both.
"I sometimes think we're the scatterbrained generation," a 26-year-old barista with a degree in anthropology told me for a 2010 article I wrote called "Is Portland the New Neverland?" "You have so many choices, and you know what you end up doing? Nothing. You become the D.J.-fashion-designing-knitting-coffee-maker." (...)
Out of instability, good things nevertheless grew—including Portlandia. The comedy series debuted in 2010 and served up the city at its most parodic, with real-life Mayor Sam Adams playing a bumbling mayoral assistant and restaurant diners demanding the life story of the chicken they were about to eat.
The show riffed on slacktivism and five-hour yoga classes and men whose only "safe space" was Reddit. It was often genuinely funny. Who didn't like to laugh at themselves?
As it turned out, a lot of Portlanders.
On this night, I do see one officer. He is sitting alone inside the lobby of the back entrance to Justice Center. Beside him is an industrial fan. When I ask why, he explains that the night before, a group of protesters sloshed in a giant bucket of diarrhea into the room where he sits. The fan is to try to get the stench out. Behind me, five teenagers stand at the curb gawping.
In their stead there soon appears a young couple. They are outfitted in the black bloc uniform of head-to-toe black; the boy carries a steel baton and wants me to know it. There is nonetheless something patrician about them, as if under different circumstances one might encounter them at cotillion. The uniform conceals their identities, but it can't hide the sense of entitlement that allows them a cheap laugh at the cop, at the fan. What I want to know is, why do they think throwing human shit as a tactic is OK?
"Do you believe that property is worth more than human lives?" asks the boy.
"Do you believe the police should be allowed to murder people?" asks the girl.
I do not mention that, at this point in the year, there has been only one deadly police shooting in Portland. I do not mention it because, after 15 years of living in Portland, I know the city's fledgling anarchists do not deal in facts, that they instead keep a set of platitudes up those black sleeves.
"We've tried for 20 years to do it another way. It hasn't worked. Nothing changes except with violence," says the boy, who is maybe 22. Then he flips me the bird.
* * *
The dream of the '90s is alive in PortlandSleep till 11, you'll be in heaven
The dream of the '90s is alive in Portland
The dream is alive
—Portlandia
Around the turn of the century, Portland was the new belle on the block, not despoiled like San Francisco or in bed with high tech like Seattle. Oregon was not known nationally for much more than Nike and pinot noir and former Republican Sen. Bob Packwood, but maybe (with the exception of Packwood) that was OK. Maybe the city could debut as a fresh canvas, eco-friendly and affordable, a place to achieve your achievable dreams.
A lot of people were willing to take the chance, including my family. We moved from Los Angeles to Portland in 2004, and for a while, everything seemed on the up. The city in 2009 was, according to The Wall Street Journal, attracting "college-educated, single people between the ages of 25 and 39 at a higher rate than most other cities in the country." New residents built the city they wanted to live in: farm-to-table restaurants and 40 million brewpubs and too many bike paths and aggressively progressive politics. When then–Illinois Sen. Barack Obama swung through on the campaign trail in 2008, more than 75,000 people lined Portland's waterfront to see him.
Portland had entered the national stage. Was it a little bit goofy, a little bit twee? Sure, but also energetic in the way a young city can be, with people cutting what seemed to be genuinely new paths. Would the dudes slinging Korean barbecue out of an old R.V. take it brick-and-mortar? Who knew? Who cared? The dynamism of what-could-be hung in the very air.
Air, it turned out, a lot of people wanted to share. Soon, some who'd come to Portland expecting the city to deliver their dreams grew restless. They couldn't find their footing, or couldn't settle on who they were supposed to be, or both.
"I sometimes think we're the scatterbrained generation," a 26-year-old barista with a degree in anthropology told me for a 2010 article I wrote called "Is Portland the New Neverland?" "You have so many choices, and you know what you end up doing? Nothing. You become the D.J.-fashion-designing-knitting-coffee-maker." (...)
Out of instability, good things nevertheless grew—including Portlandia. The comedy series debuted in 2010 and served up the city at its most parodic, with real-life Mayor Sam Adams playing a bumbling mayoral assistant and restaurant diners demanding the life story of the chicken they were about to eat.
The show riffed on slacktivism and five-hour yoga classes and men whose only "safe space" was Reddit. It was often genuinely funny. Who didn't like to laugh at themselves?
As it turned out, a lot of Portlanders.
by Nancy Rommelmann, Reason | Read more:
Image: Scott Green/©IFC/Everett Collection; Right: Photo, John Rudoff/Sipa/AP Images)
Wednesday, March 24, 2021
Thoughts On The Iraq Invasion
It has now been eighteen years since the Iraq invasion, and I’m still not done raging about it. Nobody should be.
The reason it’s so important to stay enraged about Iraq is because it’s never been addressed or rectified in any real way whatsoever. All the corrupt mechanisms which led to the invasion are still in place and its consequences remain. It isn’t something that happened in the past.
The Iraq invasion feels kind of like if your dad had stood up at the dinner table, cut off your sister’s head in front of everyone, gone right back to eating and never suffered any consequences, and everyone just kind of forgot about it and carried on life like it never happened. The US-centralized empire is full of willful amnesiacs pretending they don’t remember Iraq because it’s currently politically convenient, and we must not let them do this.
No institutional changes were made to ensure that the evils of the Iraq invasion wouldn’t be repeated. It’s one of those big, glaring problems people just decided to pretend is resolved, like racism.
There’s this weird implicit default assumption among the political/media class that US government agencies have earned back the trust they lost with Iraq, despite their having made no changes whatsoever to prevent another Iraq-like horror from reoccurring, or even so much as apologizing. The reason nobody responsible for the Iraq invasion suffered any consequences for the great evil they inflicted upon the world is because the western empire had no intention of changing and has every intention of repeating such evils. The lies and killing continue unabated.
No changes were made after the Iraq invasion to keep the US government from deceiving Americans into war. No new laws were made, no policies changed; no one was even fired. And indeed, the government did deceive Americans into war again: the Libya and Syria interventions were both based on lies. It’s happened since, and it will happen again unless the murderous US war machine is stopped.
Don’t take life advice from people who are miserable. Don’t take career advice from people whose careers aren’t where you want to be. Don’t take creative advice from people who don’t create things. Don’t take foreign policy advice from people who supported the Iraq invasion. (...)
So much establishment loyalism ultimately boils down to an entirely faith-based and unquestioned belief that the corrupt, depraved power establishment which facilitated the Iraq war completely evaporated as soon as George W Bush and Tony Blair left office. There is literally no reason to believe this besides it feeling more psychologically comfortable to believe it.
It’s essential to keep in mind that western propaganda hasn’t gotten less advanced since the Iraq invasion, it has gotten more advanced. The Russiagate psyop and the smear campaigns against Assange and Corbyn make this abundantly clear. You need to be more critical of western narratives than with Iraq, not less.
Manipulating public thought at mass scale is a science. Scientific fields don’t magically become less sophisticated over time, they become more sophisticated. Every time they run a new mass-scale manipulation, whether it succeeds or fails, they learn from it. And they evolve. (...)
Supporting the Vietnam war was dumb. Supporting the Iraq invasion after being lied to about Vietnam was an order of magnitude dumber. Supporting any US war agendas after being lied to about Iraq is an order of magnitude even dumber than that.
by Caitlin Johnstone, Medium | Read more:
Image: misplaced
The reason it’s so important to stay enraged about Iraq is because it’s never been addressed or rectified in any real way whatsoever. All the corrupt mechanisms which led to the invasion are still in place and its consequences remain. It isn’t something that happened in the past.
The Iraq invasion feels kind of like if your dad had stood up at the dinner table, cut off your sister’s head in front of everyone, gone right back to eating and never suffered any consequences, and everyone just kind of forgot about it and carried on life like it never happened. The US-centralized empire is full of willful amnesiacs pretending they don’t remember Iraq because it’s currently politically convenient, and we must not let them do this.
There’s this weird implicit default assumption among the political/media class that US government agencies have earned back the trust they lost with Iraq, despite their having made no changes whatsoever to prevent another Iraq-like horror from reoccurring, or even so much as apologizing. The reason nobody responsible for the Iraq invasion suffered any consequences for the great evil they inflicted upon the world is because the western empire had no intention of changing and has every intention of repeating such evils. The lies and killing continue unabated.
No changes were made after the Iraq invasion to keep the US government from deceiving Americans into war. No new laws were made, no policies changed; no one was even fired. And indeed, the government did deceive Americans into war again: the Libya and Syria interventions were both based on lies. It’s happened since, and it will happen again unless the murderous US war machine is stopped.
Don’t take life advice from people who are miserable. Don’t take career advice from people whose careers aren’t where you want to be. Don’t take creative advice from people who don’t create things. Don’t take foreign policy advice from people who supported the Iraq invasion. (...)
So much establishment loyalism ultimately boils down to an entirely faith-based and unquestioned belief that the corrupt, depraved power establishment which facilitated the Iraq war completely evaporated as soon as George W Bush and Tony Blair left office. There is literally no reason to believe this besides it feeling more psychologically comfortable to believe it.
It’s essential to keep in mind that western propaganda hasn’t gotten less advanced since the Iraq invasion, it has gotten more advanced. The Russiagate psyop and the smear campaigns against Assange and Corbyn make this abundantly clear. You need to be more critical of western narratives than with Iraq, not less.
Manipulating public thought at mass scale is a science. Scientific fields don’t magically become less sophisticated over time, they become more sophisticated. Every time they run a new mass-scale manipulation, whether it succeeds or fails, they learn from it. And they evolve. (...)
Supporting the Vietnam war was dumb. Supporting the Iraq invasion after being lied to about Vietnam was an order of magnitude dumber. Supporting any US war agendas after being lied to about Iraq is an order of magnitude even dumber than that.
by Caitlin Johnstone, Medium | Read more:
Image: misplaced
It's All Just Displacement
Things are bad folks:
Life in the “content” industry already sucks. A small handful of people make bank while the vast majority hustle relentlessly just to hold on to the meager pay they already receive. There are staff writers at big-name publications who produce thousands of words every week and who make less than $40,000 a year for their trouble. There are permanent employees of highly prestigious newspapers and magazines who don’t receive health insurance. Venues close all the time. Mourning another huge round of layoffs is a regular bonding experience for people in the industry. Writers have to constantly job hop just to try and grind out an extra $1,500 a year, making their whole lives permanent job interviews where they can’t risk offending their potential bosses and peers. Many of them dream of selling that book to save themselves financially, not seeming to understand that book advances have fallen 40% in 10 years - median figure now $6,080 - and that the odds of actually making back even that meager advance are slim, meaning most authors are making less than minimum wage from their books when you do the math. They have to tweet constantly for the good of their careers, or so they believe, which amounts to hundreds of hours of unpaid work a year. Their publications increasingly strong arm them into churning out pathetic pop-culture ephemera like listicles about the outfits on Wandavision. They live in fear of being the one to lose out when the next layoffs come and the game of media musical chairs spins up once again. (...)
I want media workers to have higher pay and better benefits and more job security and powerful unions. In part because if they did they’d be more independent and media desperately needs more independence.
But how do things get better in that way? Only through real self-criticism (which Twitter makes impossible) and by asking hard questions. Questions like one that has not been credibly confronted a single time in this entire media meltdown: why are so many people subscribing to Substacks? What is the traditional media not providing that they’re seeking elsewhere? Why have half a million people signed up as paying subscribers of various Substack newsletters, if the establishment media is providing the diversity of viewpoints that is an absolute market requirement in a country with a vast diversity of opinions? You can try to make an adult determination about that question, to better understand what media is missing, or you can read this and write some shitty joke tweet while your industry burns to the ground around you. It’s your call.
Substack might fold tomorrow, but someone else would sell independent media; there’s a market. Substack might kick me and the rest of the unclean off of their platforms tomorrow, but other critics of social justice politics would pop up here; there’s a market. Establishment media’s takeover by this strange brand of academic identity politics might grow even more powerful, if that’s even possible, but dissenters will find a place to sell alternative opinion; there’s a market. What there might not be much of a market for anymore is, well, you - college educated, urban, upwardly striving if not economically improving, woke, ironic, and selling that wokeness and that irony as your only product. Because you flooded the market. Everyone in your entire industry is selling the exact same thing, tired sarcastic jokes and bleating righteousness about injustices they don’t suffer under themselves, and it’s not good in basic economic terms if you’re selling the same thing as everyone else. You add that on to structural problems within your business model and your utter subservience to a Silicon Valley that increasingly hates you, well…. I get why you’re mad. And I get that you don’t like me. But I’m not what you’re mad about. Not really.
In the span of a decade or so, essentially all professional media not explicitly branded as conservative has been taken over by a school of politics that emerged from humanities departments at elite universities and began colonizing the college educated through social media. Those politics are obscure, they are confusing, they are socially and culturally extreme, they are expressed in a bizarre vocabulary, they are deeply alienating to many, and they are very unpopular by any definition. The vast majority of the country is not woke, including the vast majority of women and people of color. How could it possibly be healthy for the entire media industry to be captured by any single niche political movement, let alone one that nobody likes? Why does no one in media seem willing to have an honest, uncomfortable conversation about the near-total takeover of their industry by a fringe ideology?
by Freddie de Boer, FdB | Read more:
Image: uncredited
Life in the “content” industry already sucks. A small handful of people make bank while the vast majority hustle relentlessly just to hold on to the meager pay they already receive. There are staff writers at big-name publications who produce thousands of words every week and who make less than $40,000 a year for their trouble. There are permanent employees of highly prestigious newspapers and magazines who don’t receive health insurance. Venues close all the time. Mourning another huge round of layoffs is a regular bonding experience for people in the industry. Writers have to constantly job hop just to try and grind out an extra $1,500 a year, making their whole lives permanent job interviews where they can’t risk offending their potential bosses and peers. Many of them dream of selling that book to save themselves financially, not seeming to understand that book advances have fallen 40% in 10 years - median figure now $6,080 - and that the odds of actually making back even that meager advance are slim, meaning most authors are making less than minimum wage from their books when you do the math. They have to tweet constantly for the good of their careers, or so they believe, which amounts to hundreds of hours of unpaid work a year. Their publications increasingly strong arm them into churning out pathetic pop-culture ephemera like listicles about the outfits on Wandavision. They live in fear of being the one to lose out when the next layoffs come and the game of media musical chairs spins up once again. (...)
But how do things get better in that way? Only through real self-criticism (which Twitter makes impossible) and by asking hard questions. Questions like one that has not been credibly confronted a single time in this entire media meltdown: why are so many people subscribing to Substacks? What is the traditional media not providing that they’re seeking elsewhere? Why have half a million people signed up as paying subscribers of various Substack newsletters, if the establishment media is providing the diversity of viewpoints that is an absolute market requirement in a country with a vast diversity of opinions? You can try to make an adult determination about that question, to better understand what media is missing, or you can read this and write some shitty joke tweet while your industry burns to the ground around you. It’s your call.
Substack might fold tomorrow, but someone else would sell independent media; there’s a market. Substack might kick me and the rest of the unclean off of their platforms tomorrow, but other critics of social justice politics would pop up here; there’s a market. Establishment media’s takeover by this strange brand of academic identity politics might grow even more powerful, if that’s even possible, but dissenters will find a place to sell alternative opinion; there’s a market. What there might not be much of a market for anymore is, well, you - college educated, urban, upwardly striving if not economically improving, woke, ironic, and selling that wokeness and that irony as your only product. Because you flooded the market. Everyone in your entire industry is selling the exact same thing, tired sarcastic jokes and bleating righteousness about injustices they don’t suffer under themselves, and it’s not good in basic economic terms if you’re selling the same thing as everyone else. You add that on to structural problems within your business model and your utter subservience to a Silicon Valley that increasingly hates you, well…. I get why you’re mad. And I get that you don’t like me. But I’m not what you’re mad about. Not really.
In the span of a decade or so, essentially all professional media not explicitly branded as conservative has been taken over by a school of politics that emerged from humanities departments at elite universities and began colonizing the college educated through social media. Those politics are obscure, they are confusing, they are socially and culturally extreme, they are expressed in a bizarre vocabulary, they are deeply alienating to many, and they are very unpopular by any definition. The vast majority of the country is not woke, including the vast majority of women and people of color. How could it possibly be healthy for the entire media industry to be captured by any single niche political movement, let alone one that nobody likes? Why does no one in media seem willing to have an honest, uncomfortable conversation about the near-total takeover of their industry by a fringe ideology?
by Freddie de Boer, FdB | Read more:
Image: uncredited
[ed. Quite a rant, whether you care about the current Substack wars or not. Basically, Substack (publishing platform) is subsidizing some writers for a year (with big salaries) to get them to migrate to their platform. After that, payments are structured according to a subscription model (maybe with some other incentives, I'm not sure). The issue seems to be who gets selected for subsidizing, and how it affects the 'objective media/broad range of viewpoints' narrative. And that's probably all you need to know.]
Tuesday, March 23, 2021
Novel Defense Tactic
In a motion to dismiss a complaint by the large US-based voting machine company Dominion, lawyers for Sidney Powell argued that elaborate conspiracies she laid out on television and radio last November while simultaneously suing to overturn election results in four states constituted legally protected first amendment speech.
“No reasonable person would conclude that the statements were truly statements of fact,” argued lawyers for Powell, a former federal prosecutor from Texas who caught Trump’s attention through her involvement in the defense of his former national security adviser Michael Flynn.
Powell falsely stated on television and in legal briefs that Dominion machines ran on technology that could switch votes away from Trump, technology she said had been invented in Venezuela to help steal elections for the late Hugo Chávez.
Those lies were built on empty claims that apparently originated in anonymous comments on a pro-Trump blog, only to be amplified on a global scale by Trump himself in a 12 November tweet in which he wrote in part “REPORT: DOMINION DELETED 2.7 MILLION TRUMP VOTES NATIONWIDE.”
Citing lost business and reputational damage, Dominion filed a $1.3bn defamation lawsuit against Powell and her colleague on Trump’s legal team, Rudy Giuliani. A Dominion employee separately sued the Trump campaign after receiving death threats.
Thousands of Trump supporters stormed the US Capitol on 6 January in an effort to stop the certification of an election they considered invalid, killing a police officer in violent clashes in which four others died.
But lawyers for Powell argued her false statements about election fraud in the months preceding the Capitol insurrection were unmistakably not presented as true facts.
“It was clear to reasonable persons that Powell’s claims were her opinions and legal theories on a matter of utmost public concern,” her legal motion says. “Those members of the public who were interested in the controversy were free to, and did, review that evidence and reached their own conclusions – or awaited resolution of the matter by the courts before making up their minds.”
The filing brought expressions of disbelief from Trump critics.
“No reasonable person would conclude that the statements were truly statements of fact,” argued lawyers for Powell, a former federal prosecutor from Texas who caught Trump’s attention through her involvement in the defense of his former national security adviser Michael Flynn.
Those lies were built on empty claims that apparently originated in anonymous comments on a pro-Trump blog, only to be amplified on a global scale by Trump himself in a 12 November tweet in which he wrote in part “REPORT: DOMINION DELETED 2.7 MILLION TRUMP VOTES NATIONWIDE.”
Citing lost business and reputational damage, Dominion filed a $1.3bn defamation lawsuit against Powell and her colleague on Trump’s legal team, Rudy Giuliani. A Dominion employee separately sued the Trump campaign after receiving death threats.
Thousands of Trump supporters stormed the US Capitol on 6 January in an effort to stop the certification of an election they considered invalid, killing a police officer in violent clashes in which four others died.
But lawyers for Powell argued her false statements about election fraud in the months preceding the Capitol insurrection were unmistakably not presented as true facts.
“It was clear to reasonable persons that Powell’s claims were her opinions and legal theories on a matter of utmost public concern,” her legal motion says. “Those members of the public who were interested in the controversy were free to, and did, review that evidence and reached their own conclusions – or awaited resolution of the matter by the courts before making up their minds.”
The filing brought expressions of disbelief from Trump critics.
by Tom McCarthy, The Guardian | Read more:
Image:
[ed. Pleading insanity would be a more believable defense.]
Market Manias Galore, But Long-Term Interest Rates Smell a Rat
Everyone can see what’s going on: speculative manias everywhere. This includes the most worthless delisted stocks of companies that had no activity for years that suddenly surged several hundred percent in hours, driven by pump-and-dump schemes in the social media, before re-collapsing.
And it goes all the way via real estate, junk bonds, the most-shorted stocks, cryptos, and well, sneakers, to the newest thingy, so-called NFTs, or non-fungible tokens, that are now being hyped to high heaven.
But facing these manias are long-term US Treasury bonds and high-grade corporate bonds that have been getting crushed for months – as their yields have surged. (...)
The Fed has been unanimous in accepting and even welcoming the rise in long-term interest rates as a sign of economic growth and rising expectations of inflation – as long as it remains “orderly,” and doesn’t veer into “disorderly” markets, as Jerome Powell emphasized.
And Secretary of the Treasury Janet Yellen has chimed in, also welcoming rising long-term bond yields as a sign of economic growth and rising inflation expectations.
The Fed sees these manias too. While it cannot admit to seeing them, and while it can never say that it would let the steam out of them, it is letting long-term yields rise because that is a form of tightening, and it will take some steam out of the manias. And letting long-term yields rise is a prelude to tapering its bond purchases, which is a prelude to raising its short-term interest rates.
So, there is the latest craze, the non-thing called “NFT” – the non-fungible token. Which means it is unique. It is unique like every dollar bill is unique because every dollar bill has a unique serial number. Every car is unique because it has a unique VIN number. Serial numbers have been around forever.
But now new hype has broken out about non-fungible tokens because these are essentially serial numbers combined with digital entities, such as a PDF file or a video clip, and instead of being in a database somewhere, the code is part of a blockchain, usually the Ethereum blockchain.
And how do you get everyone to talk about NFTs and spread the stuff all over the front pages of the big papers, and how do you get it to show up on TV news and on Google, Facebook, Twitter, various discussion bords, and what not?
You create a big hoopla deal that blows everyone’s socks off, and you do that systematically, and you get one of the biggest art auction houses in the world, Christie’s, to help you promote this non-thing, and voila.
It was masterfully done by some crypto hype mongers. And a crypto hype monger that goes by the handle of Metakovan, whose legal name Christie’s refused to disclose, bought a digital collage created by an artist who goes by Beeple – and the work of art is a PDF file combined with a fancy serial number, and the whole thing is an NFT.
Metakovan paid $69.3 million in ETH, the cryptocurrency on Ethereum, for the PDF file after a two-week online auction whose purpose was to drive up the price and create a sensation. And it worked.
NFTs can be anything digital. People have turned video clips on YouTube and Tweets into NFTs and sold them and traded them, and prices of these digital files have soared.
Obviously, since it’s digital, you can still endlessly copy the video clip, a tweet, or the $69-million PDF file, and you can download it, and share it a million times, for free.
You can copy a Picasso too, but it’s either a photograph of a real Picasso, or a painted fake of a real Picasso. And they’re physically different from the real Picasso. Alas, the digital copies of videos and PDF files are exactly the same as the original, and that $69-million PDF can be copied a million times.
I mean, it’s great to support living artists. The more the better. But a tweet that has been around for years? Or video clips that have been around for years? So now we have an inexplicable speculative mania in NFTs.
Then there’s bitcoin and the many thousands of other cryptos that have cropped up, whose prices soar to unimaginable highs on nothing but hype, with their combined valuations now approaching $2 trillion. This is serious money. Some of these positions are leveraged, in various ways, from buying cryptos on credit cards or with the proceeds from cash-out mortgage refis, to institutional borrowing against cryptos, such as by hedge funds.
And there are the SPACs. These Special Purpose Acquisition Companies are blank-check outfits that go public with no operations and no employees and no nothing, and people who buy these shares to fund the SPAC hope that the SPAC will acquire some startup over the next 18 months. Everyone is doing SPACs now and selling them to the public – star athletes, Hollywood celebrities, rappers, former politicians, including the former Speaker of the House….
It boils down to this: if you’re not doing your own SPAC, you’re no one. (...)
There’s Tesla, a small automaker with a market capitalization that is worth more than that of the biggest automakers in the world combined. The Tesla mania has been going on for years.
There are the other EV stocks, or anything related to EVs, often tiny companies with nearly no revenues, that suddenly and inexplicably skyrocket. The auto industry is a brutal industry with two decades of no growth in unit sales in the US and the rest of the developed world. Automakers have relied on price increases and China to get their revenues up. EVs are precisely in that space, and now all legacy automakers are making them. And yet there has been a mania in EV stocks. And it even pulled along the legacy automakers stocks. (...)
Then there’s the current mania in real estate, where people buy houses sight-unseen by bidding over asking price, and home prices have skyrocketed across the nation, with double-digit year-over-year increases. In some areas, year-over-year gains clocked in at 20% or more.
And there’s the mania in junk bonds, the riskiest end of the bond market. Junk bond prices have skyrocketed, thereby pushing yields down to record lows. The peak was likely in mid-February, and prices have edged lower since then, and yields have come up, but are still very low.
These manias have a few things in common:
by Wolf Richter, Wolf Street | Read more:
And it goes all the way via real estate, junk bonds, the most-shorted stocks, cryptos, and well, sneakers, to the newest thingy, so-called NFTs, or non-fungible tokens, that are now being hyped to high heaven.
But facing these manias are long-term US Treasury bonds and high-grade corporate bonds that have been getting crushed for months – as their yields have surged. (...)
The Fed has been unanimous in accepting and even welcoming the rise in long-term interest rates as a sign of economic growth and rising expectations of inflation – as long as it remains “orderly,” and doesn’t veer into “disorderly” markets, as Jerome Powell emphasized.
And Secretary of the Treasury Janet Yellen has chimed in, also welcoming rising long-term bond yields as a sign of economic growth and rising inflation expectations.
The Fed sees these manias too. While it cannot admit to seeing them, and while it can never say that it would let the steam out of them, it is letting long-term yields rise because that is a form of tightening, and it will take some steam out of the manias. And letting long-term yields rise is a prelude to tapering its bond purchases, which is a prelude to raising its short-term interest rates.
So, there is the latest craze, the non-thing called “NFT” – the non-fungible token. Which means it is unique. It is unique like every dollar bill is unique because every dollar bill has a unique serial number. Every car is unique because it has a unique VIN number. Serial numbers have been around forever.
But now new hype has broken out about non-fungible tokens because these are essentially serial numbers combined with digital entities, such as a PDF file or a video clip, and instead of being in a database somewhere, the code is part of a blockchain, usually the Ethereum blockchain.
And how do you get everyone to talk about NFTs and spread the stuff all over the front pages of the big papers, and how do you get it to show up on TV news and on Google, Facebook, Twitter, various discussion bords, and what not?
You create a big hoopla deal that blows everyone’s socks off, and you do that systematically, and you get one of the biggest art auction houses in the world, Christie’s, to help you promote this non-thing, and voila.
It was masterfully done by some crypto hype mongers. And a crypto hype monger that goes by the handle of Metakovan, whose legal name Christie’s refused to disclose, bought a digital collage created by an artist who goes by Beeple – and the work of art is a PDF file combined with a fancy serial number, and the whole thing is an NFT.
Metakovan paid $69.3 million in ETH, the cryptocurrency on Ethereum, for the PDF file after a two-week online auction whose purpose was to drive up the price and create a sensation. And it worked.
NFTs can be anything digital. People have turned video clips on YouTube and Tweets into NFTs and sold them and traded them, and prices of these digital files have soared.
Obviously, since it’s digital, you can still endlessly copy the video clip, a tweet, or the $69-million PDF file, and you can download it, and share it a million times, for free.
You can copy a Picasso too, but it’s either a photograph of a real Picasso, or a painted fake of a real Picasso. And they’re physically different from the real Picasso. Alas, the digital copies of videos and PDF files are exactly the same as the original, and that $69-million PDF can be copied a million times.
I mean, it’s great to support living artists. The more the better. But a tweet that has been around for years? Or video clips that have been around for years? So now we have an inexplicable speculative mania in NFTs.
Then there’s bitcoin and the many thousands of other cryptos that have cropped up, whose prices soar to unimaginable highs on nothing but hype, with their combined valuations now approaching $2 trillion. This is serious money. Some of these positions are leveraged, in various ways, from buying cryptos on credit cards or with the proceeds from cash-out mortgage refis, to institutional borrowing against cryptos, such as by hedge funds.
And there are the SPACs. These Special Purpose Acquisition Companies are blank-check outfits that go public with no operations and no employees and no nothing, and people who buy these shares to fund the SPAC hope that the SPAC will acquire some startup over the next 18 months. Everyone is doing SPACs now and selling them to the public – star athletes, Hollywood celebrities, rappers, former politicians, including the former Speaker of the House….
It boils down to this: if you’re not doing your own SPAC, you’re no one. (...)
There’s Tesla, a small automaker with a market capitalization that is worth more than that of the biggest automakers in the world combined. The Tesla mania has been going on for years.
There are the other EV stocks, or anything related to EVs, often tiny companies with nearly no revenues, that suddenly and inexplicably skyrocket. The auto industry is a brutal industry with two decades of no growth in unit sales in the US and the rest of the developed world. Automakers have relied on price increases and China to get their revenues up. EVs are precisely in that space, and now all legacy automakers are making them. And yet there has been a mania in EV stocks. And it even pulled along the legacy automakers stocks. (...)
Then there’s the current mania in real estate, where people buy houses sight-unseen by bidding over asking price, and home prices have skyrocketed across the nation, with double-digit year-over-year increases. In some areas, year-over-year gains clocked in at 20% or more.
And there’s the mania in junk bonds, the riskiest end of the bond market. Junk bond prices have skyrocketed, thereby pushing yields down to record lows. The peak was likely in mid-February, and prices have edged lower since then, and yields have come up, but are still very low.
These manias have a few things in common:
by Wolf Richter, Wolf Street | Read more:
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