The day after Obama won his second term the markets took a bit of a tumble. The Dow dipped below 13,000 for the first time in a few months. US Congressional gridlock and the ongoing crisis in Europe are mostly to blame. What is more interesting, even if it's unsurprising, is the rush to bonds- US government bonds to be exact. Indeed, the yield on ten-year treasury notes dipped as low as it has since May. Even with our ratings downgrade (which no one now cares about in the slightest) and huge debt, it is cheaper than ever for us to borrow money. We are still the safest piggy bank out there.
With the "fiscal cliff" of expiring tax cuts and automatic spending cuts looming, the spirit of compromise is being sprayed into the air like a bottle of Glade mountain berry. Democrats are fond of saying we need a "balanced" approach to reducing the deficit. Nominally this means some tax increases along with spending cuts. Republicans are now, apparently, open to some sort…
I just finished Leigh Phillip’s left defense of humanity, “Austerity Ecology And The Collapse-Porn Addicts.” I think it’s important to frame it that way, as one of the main point he makes (and I fully agree) is that the earth doesn’t need us to survive. What we should focus on is our species. And not just surviving, but prospering, even conquering (I know people don’t like that word, but we ought not be scared of power). Phillips goes through every argument that I grew up with, from green austerity to that overpopulation nonsense, and convincingly does away with them. (I read Derrick Jensen was I was younger and had completely spaced out how truly terrible his arguments are. Embarrassingly bad. When I tried John Bellamy Foster I luckily found him too dense to get through. Just like George Ciccariello-Maher is a caricature of your “edgy” left wing professor, Foster is a caricature of what a Marxist is, tough to understand but you should know what he’s saying is super important!)
Given the “resistance” has grounded itself in moralism, it’s perfect Oprah Winfrey is the latest hope. She has trash politics, but gave a speech that sounded wonderful but would have only really mattered before #metoo had “startup” potential. Oprah Winfrey is a retired billionaire in charge of a media empire. She surely could have revealed that Weinstein was a predator, an open secret within Hollywood, without losing her livelihood. Instead she was giving him kisses on another one of those fancy Trump ads. Do we still wonder why calling Trump a hypocrite isn’t the devastating political argument many liberals imagine it to be?