Profiteering of A Corporate Nature That REALLY Hurt Taxpayers and Society

Evil Geniuses

[Please note: The word “Featured” on the left side above was NOT inserted by this blogger, but apparently was inserted by WordPress, and it cannot be removed. NO post in this blog is sponsored.]

The Book of the Week is “Evil Geniuses, The Unmaking of America, A Recent History” by Kurt Andersen, published in 2020. In this large, redundant volume, the author described how wealth inequality in the United States has been increasing at an alarming rate in the last forty years, as evil geniuses– economic royalists and self-made empire-builders (who take advantage of existing resources and infrastructure)– have rigged the system to compound their spoils and re-distribute it among themselves in a self-serving cycle.

Lots of research has shown that financial inequality in society actually hinders economic growth in developed nations. In connection therewith, in 2014, the OECD conducted a United States study that showed a 20% slowdown in economic growth since the 1980’s.

The author argued that the year 1980 was the turning point at which America’s hegemony started to decline. Both the Republic and Democratic parties’ elitists (other evil geniuses in addition to the above-mentioned) actually hurt America’s ability to remain economically dominant in the world. They brainwashed a significant number of ordinary Americans into:

believing that government is the enemy;
agreeing to tax cuts for the rich (also called “trickle down” economics);
favoring excessive deregulation; and
bashing unions

because such actions would make everyone wealthy!

The author cited ample evidence that the above actions do NOT make everyone wealthy.

The author contended that conservative Republican 1964 presidential candidate Barry Goldwater paved the way for Ronald Reagan’s wrong-headed economic agenda (described above).

Politics cannot be divorced from economics. This is a simple idea that has been hardly ever EXPLICITLY SAID in historical, political and economic literature read by ordinary Americans, through centuries. The author calls this the “political economy” and former president Bill Clinton had the line, “It’s the economy, stupid.”

Politics involves the making, monitoring, changing, and enforcing of society’s laws. The evil geniuses in the legal field who helped perpetrate the insidious brainwashing of the American masses, actually conveyed the following attitude in writing and speaking:

“So if you happen to think it’s a good idea for judicial decisions to also consider fairness or moral justice, or other values or versions of social happiness that can’t be reduced to simple metrics of efficiency,

Law and Economics [a body of legal theory from Robert Bork and his fellow Chicago School libertarians] says you’re a fool.”

That is how the 1980’s saw the American legal system start to focus on efficiency– favoring profiteers. The author argued that old men who are resistant to change are the conspirators of the current state of affairs. Well, SOMEone’s got to be oppressed.

Another indication that Americans’ attitude was becoming even more inclined toward rule-breaking greed and showing off wealth, could be heard in a 1980’s SUV TV commercial, which featured a visual of a white, 40ish male driving. The voice-over says, “It doesn’t just say you’ve arrived; it says you got there any way you darn well pleased.”

The author cited evidence that taxing the rich would be the largest factor in more evenly distributing wealth. The first Trump administration passed a tax cut for the rich that gave rise to the “…largest percentage reduction in tax revenues of any developed country on earth.” This was BEFORE COVID. And “…the federal debt increased by $1.5 trillion more than it had in Obama’s final three years.”

Nonetheless, the most hurtful president ever was George W. Bush, whose unconscionable greed and unmitigated hubris led to the crashing of the American economy and the commencement of two wars that enriched him and his cronies.

LBJ and Nixon were two other war-criminal presidents. Their war policies, too, wasted an excessive amount of taxpayer dollars on needless deaths and ruined lives. At the same time, they tried not to foul their own nest. They attempted to maintain this country’s economic dominance in the world, and salve their own consciences by funding domestic social programs. LBJ did some profiteering, but not nearly as much as Trump.

Trump is an angry, vengeful old president who, at the end of his career, is hurting not only his own political party, but also ordinary Americans. His excessive financial criminality has incalculably hurt society as a whole.

In 2018, Trump said NAFTA was the “worst trade deal ever made.” But in 2025, after all his bluster, the trade deals he’s going to make with Mexico and Canada, are going to be largely similar to NAFTA’s, all over again! And through his spokespeople who draft the words spoken by his deepfake image, he will take full credit for “great, great trade deals.”

His threats are causing a panic that certain sectors of the American economy will crash. Even the threat of a soft economy will deter some illegal immigrants from coming to this country. Given financial cycles, it is likely that some people will be hurting financially in the next few years. Trump is using a scorched earth strategy on his way out of office in order to be able to brag that HE reduced the number of illegal immigrants who are coming here. He will brainwash his base into believing that the economic downturn was all Biden’s fault!

Anyway, the author also commented that the internet changed American culture in accelerating the automation of the exchange of information, obsolescing a humungous number of jobs. Machine-learning is also making the job situation even worse. It could be said that the internet is the “new television” for the Millennial and Z Generations. However, there are major differences in the ways television changed American culture, and the ways the internet has changed it.

Television was a passive entertainment / infotainment / education source that, for most Americans, was consumed at home only, in one’s leisure time; perhaps on average, most students and workers (there were many more of those then than now) watched three to four hours a day, at no extra charge (except for electricity)– for the lifespan of the set. Then came recording of shows, but also cable TV– whose costs are many times higher for shows and sports games that used to be free.

The internet is an interactive source, and can be accessed globally, 24/7. So the younger generations are wasting so, so, so much more time obsessing over politics, than did the older generations. People have been bamboozled into paying big bucks to purchase electronic toys on which to subscribe to the internet, for which they have to pay even more!

So the amounts of time and money most Americans are spending on the internet are infinitely higher than that of television (and movies, and reading books, magazines, and newspapers). The early years of the internet (up to the single-digit 2000’s) brought emotional comfort to Americans. They flocked to websites that featured relatable, entertaining user-contributions with few or no ads that interrupted their viewing pleasure.

Once the entrepreneurial dot-commers mastered monetization and propagandizing, users became victims of their mind-control techniques. Arguably, the cultural transition from television to the internet has been economically and psychologically regressive for most Americans.

Anyway, read the book to learn much more about the depressing developments in politics, economics and culture that will eventually lead to the collapse of American civilization.

Pardon Party – BONUS POST

It’s not hard to see where the brain-dead president-elect is going.

Here’s a song on it.

PARDON PARTY

sung to the tune of “Garden Party” with apologies to the Estate of Ricky Nelson and whomever else the rights may concern.

Trump’s planning a pardon party, to RE-lease his old friends.
A chance to exchange political favors, and bury wrongs again.
After his inauguration, he’ll clear all their names.
They won’t have to face prison.
Things’ll stay the same.

And that’s THE Right now.
Trump learned his lesson well.
You KNOW he’ll pardon his current base.
And he’ll, try to pardon himself.

People’ll come from miles around.
All his cronies’ll be there.
Trump’ll bring more corruption.
There’s impunity in the air.

And over in the courts,
much to no one’s surprise,
the judges will hide their quid pro quos,
doubling down on lies.

And that’s THE Right now.
Trump learned his lesson well.
You KNOW he’ll pardon his current base.
And he’ll, try to pardon himself.

He’ll play them all the old songs,
access is why they’ll come.
Everyone knows he’s brain-dead.
On their plans, they’re staying mum.

Trump’s appointing his favorite sycophants.
They belong to him.
He knows the regulators won’t do their jobs,
but just be willfully dim.

And that’s THE Right now.
Trump learned his lesson well.
You KNOW he’ll pardon his current base.
And he’ll, try to pardon himself.

Trump will open a Pandora’s box,
at the border and on trade,
playing Fox viewers while his profiteers,
will have it made.

Taxpayers-lose at this pardon party.
The donors make the bucks.
If you don’t see this political fact,
we’ll never get out of Trump’s muck.

And that’s THE Right now.
Trump learned his lesson well.
You KNOW he’ll pardon his current base.
And he’ll, try to pardon himself.

Confessions of A Wall Street Analyst

The Book of the Week is “Confessions of a Wall Street Analyst, A True Story of Inside Information and Corruption in the Stock Market” By Dan Reingold with Jennifer Reingold, published in 2006.

The author happened to become a telecommunications-industry stock analyst, hopping from one big-name investment bank to another. This, at the start of about two decades of an excessively deregulated, gravy train of greed on Wall Street: the early 1990’s. He described his job as requiring lots of reading and writing, and as having long, long hours. He got to travel around the world to meet his contacts, and gossip with industry competitors. The compensation he collected for doing so was obscene.

The U.S. government had just acted on a wave of anti-trust sentiment, so competitors were scrambling to game the situation. Telephones were going wireless, while their service providers were merging like crazy.

The author detailed the changes in the industry, including how it became corrupted by the usual suspects– greedy Wall Street workers. These included analysts and the departments that trade securities on behalf of their clients and their employers’ compliance departments who looked the other way on the LAWS against analysts’ getting inside information from the said departments.

For example, if the banking arm told an analyst that a certain company was a takeover target before information in connection therewith was publicly disclosed, the analyst could write a report recommending that his employer’s clients (which ranged from huge pension funds to little investors and everyone in between) buy its stock. That is one kind of insider trading.

In the mid to late 1990’s, the author witnessed various episodes in which one particular analyst at a competing big-name investment bank was manipulating the system. There was circumstantial evidence that he was receiving inside information on the stocks he was touting. Later on, one telecommunications company turned out to be not just “cooking the books” but scorching them. The resulting mess turned out to be the largest accounting-fraud scandal to that date.

These and other Wall Street shenanigans (that were bunched together in the course of a decade!) resulted in the usual harm to society and more excessive wealth for the wealthy; more specifically:

The perpetrators (the offending workers and their employers) got a “slap on the wrist” in the form of chump-change fines from regulators, while collecting excessively large fees for servicing the merger transactions and advising their clients on what to trade when– while admitting no wrongdoing;
The mergers resulted in massive layoffs of working-class people;
Taxpayers paid for the salaries of the regulators who bragged about how great they were in catching and punishing the few white-collar criminals they did nab; and
Unsurprisingly, the author retired before he got nabbed but he claimed his employment contract contained no pay-for-performance provision with regard to his employer’s investment-banking revenues.

Anyway, read the book to learn a boatload more about Wall Street’s goings-on in telecommunications from the 1990’s into the single-digit 2000’s, and the author’s career.

The Crash of Flight 3804

The Book of the Week is “The Crash of Flight 3804, A Lost Spy, A Daughter’s Quest, and the Deadly Politics of the Great Game for Oil” by Charlotte Dennett, published in 2020. In this fact-filled, chronologically disorganized volume, the author (a journalist, not a historian) elaborated on the actions that specific nations took, despite their announced motives, in trying to gain access to fossil fuels around several, but not all, energy-rich regions of the world.

The author described in great detail, certain historical events (perhaps those from sources to which she had easy access), and omitted or provided scant coverage on a huge number of others that were equally important. The book’s subhead should have specified, “…Deadly Politics of the Great Game for Oil and Gas around the Middle East, Mediterranean Sea, and Central Asia.”

The author could not possibly comprehensively cover the global history of fossil-fuels exploration in this one book. For, she also recounted her investigation into her father’s death, beginning in 1975. He was supposedly employed by an oil company, but was killed in a plane crash in 1947. He was actually working for the predecessor to the CIA.

Dennett wrote that in the 1800’s, budding empires sought to control the railroad industry, then in its infancy, in order to travel to faraway, uncharted or unclaimed territories sooner than otherwise. Most Americans have always been clueless as to the secret-goings-on of alleged religious movements that are part of America’s foreign-policy initiatives. Such operations aren’t covered in the media, except for kidnappings or murders. Through the decades, beginning in the twentieth century, spies acting on half of governments or international corporations, have masqueraded as missionaries around the world.

In the United States especially, think tanks produce reports that turn into propaganda campaigns that get leaked to the media. The “news” stories include calls to action, whose ulterior motive is helping America meet its energy needs. By the way, the Qatari publication, al-Jazeera is funded (possibly indirectly) by the United States, subject to the whims of the diplomatic community.

In the 1990’s, building oil pipelines in Central Asia became all the rage. Actually. After secretly supporting the Taliban in Afghanistan, in August 1998, the United States changed its tune because Osama Bin Laden masterminded the bomb-attacks on the United States embassies in Nairobi and Tanzania. Bin Laden was incensed that Saudi Arabia was friendly with the United States. But how else was America supposed to meet its energy needs?

According to the author,”neoliberals” believe in providing economic aid to developing nations in order to bribe them to stop acting in ways that empower them, such as making WMD’s, or drilling for oil and gas in their own territories to meet their own energy needs. So when the United States’ neoliberals send aid, they are actually giving recipients fish instead of teaching them to fish. They rely on loans from the IMF and the World Bank, so unsurprisingly, they can’t break their cycle of dictatorship.

According to the author, “neocons” believe in providing military-related aid, and imposing their culture on the peoples in developing nations. As is well known, in the 1990’s and again in the single-digit 2000’s, the United States sent its troops into Iraq to maintain its access to and grab additional oil, and produce economic devastation while claiming to bring democracy to Iraq.

Thanks to globalization and the Internet, the world now knows who the major neoliberal and neocon offenders are. It’s not just the United States.

The author made inflammatory but factual statements about Israel. The reader would think she would fear getting smeared as “unpatriotic” and / or be the victim of retaliation from numerous people who have a vested interest in defending Israel.

As is extremely well-known, the least criticism of Israel (even if there is ample evidence the statements are true) elicits a knee-jerk, emotionally charged accusation of antisemitism from the Israel-defenders. Sure, there is plenty of hatred against Jews, but not all of the accusations of antisemitism are true.

One other propaganda-related issue: from 2022 into 2024, in America, media stories smeared gas-powered stove / oven units, arguing they were hazardous to one’s health. Could it be they were actually hazardous to the health of the strategic interests of the United States, in connection with the access-to-natural-gas-related mess in Syria of recent decades?

Anyway, read the book to learn (and become more cynical by the minute) about: a few different oil and gas pipelines whose actual construction was stalled; the secondary motive of the drafters of the Balfour Declaration (the first of course, was to establish a Jewish homeland; hint: in 1918, the U.S. figured out what the British were really doing in Palestine); why America arms and finances Saudi Arabia and Israel more than all of its other allies; why Gaza is such a valuable piece of real property; numerous rounds of “Curious things will happen when there’s dishonor among thieves” and other violence-inducing shenanigans plaguing certain energy-rich regions of the world.

The Trading Game

The Book of the Week is “The Trading Game, A Confession” by Gary Stevenson, published in 2024. This blogger highly encourages the reader to peruse the entire “Wall Street” and Economics categories of this blog in order to gain a better understanding of financial matters and economics.

In March 2007, the 1987-born author began working on the Fixed Income Trading Floor at the Short Term Interest Rates Trading Desk in the Foreign Exchange section of Citibank in its London branch. He had grown up in a tough, poor neighborhood in East London. He beat the odds for someone of his demographic group, considering the fierce competition in both getting accepted to a prestigious university and getting a job in currency trading.

Stevenson nurtured an aspiration to make lots of money. Fortunately, his talent and hard work in mathematics allowed him to score high on standardized exams. He attended the London School of Economics where he rubbed shoulders with mostly male, wealthy elitists whose fathers gave them a leg up in life, and whose futures were almost guaranteed to be bright. At school, when he won a game involving hypothetical securities trading, Stevenson’s life turned around. For, he won an internship which turned into a career.

After a few lucky breaks and bold moves on his part, the author was just hitting his stride in work-experience when he happened to be at the right place at the right time to earn extremely large financial gains from a triple-whammy disaster. In March of 2011, about twenty thousand people died in Japan due to an earthquake, tsunami and nuclear meltdown of three power plants. Amidst the resulting financial turmoil and previous turmoil of the 2008 worldwide financial crises, Stevenson made a percentage of the millions upon millions of dollars he earned in currency trading for Citibank.

Stevenson alone in his department had been correct in gaming the situation. Everyone else had been wrong and they lost money. Nevertheless, he was still emotionally troubled. He bore two major similarities with Alan Turing– another genius: social dysfunctionality, and indifference to how he looked and what he wore.

Stevenson was one of the proverbial three kinds of people (geniuses in the minority)– the kind who knew what was happening and made things happen. The vast majority account for the other two kinds of people– brainwashed, unwashed masses who watched what was happening, and then still wondered what happened.

In the early 2010’s, the author came to the realization that there would NEVER be economic recovery of any financially-struggling countries in the European Union while the Swiss National Bank kept interest rates at or below zero. The other traders in his department optimistically kept repeating that interest rates HAD to rise sooner or later, because they had bet wrong.

But, the tiny percentage of the super-wealthy, super-powerful people of the world sought to maintain the then-status quo, because it made THEM even richer, and the poor, poorer, as the cliche goes. The income inequality of the world would eventually result in a slave-based economy (as existed in ancient times) all over again.

Read the book to learn much more of Stevenson’s personal and professional life, and his times. As is well known, the United States is one of the major economic superpowers of the world, and its politics are part and parcel of that. Here’s a little ditty on its momentary political situation.

LET THE BEST TEAM WIN

sung to the tune of “Let the River Run” with apologies to Carly Simon, BMG Gold Songs C’est Music and Tcf Music Pub Inc.

[Spoken: We’re all on edge,
waiting for the savior,
gaping with alarm
at the immature behavior.]

Let the best team win.
Let’s all peaceFULly watch the changes.
Come the new, new Washington.

Brilliant ideas rise.
The media lies, about, and smears them.
And celebs get themselves in your face.

It’s asking for the taking,
blaming, deep-faking.
Oh, Americans are aching.
We’re all on edge,
waiting for the savior,
gaping with alarm
at the immature behavior.

Through the hate and all.
It’s who we are:
Place a trail of desire
on the White House lawn.

It’s asking for the taking.
Just hold on now.
Democratic convention will be a show
you’ve never even seen in political history.

Oh, Americans are aching.
We’re all on edge,
waiting for the savior,
gaping with alarm
at the immature behavior.

It’s asking for the taking,
blaming, deep-faking.
Oh, Americans are aching.
We’re all on edge,
waiting for the savior,
gaping with alarm
at the immature behavior.

Let the best team win.
Let’s all peaceFULly watch the changes [watch the changes]
Come the new, new Washington.

The Rascal King

“He had a stake in leaving basic problems unsolved, the better to manipulate the frustration that meant votes to him.”

-written of James Curley– the Massachusetts politician who labeled the state’s Democratic convention as “crooked” when he wasn’t nominated for governor in June 1934.

The Book of the Week is “The Rascal King, The Life and Times of James Michael Curley (1874-1958), An Epic of Urban Politics and Irish America” by Jack Beatty, published in 1992.

In November 1874, Curley was born into a poverty-stricken family in Boston. He made politics his career. By 1884, organized crime among politicians had become excessive. A good-government group called the Mugwumps sought to return ethical behavior to politics. In Massachusetts they voted for Grover Cleveland rather than James G. Blaine. The former was the presidential candidate with the less dishonest reputation.

Additionally, Massachusetts copied the British in introducing a civil service system by which government workers were hired based on test scores, rather than patronage from politicians. However, the tests were (deliberately given) in the English language– not understood well by immigrants.

In 1902, Curley co-founded a men’s political club with his fellow Irish Catholics that competed with the previous local Party boss’s. They knew all the tricks for winning elections.

One trick consisted of camping out all night at the polling place so that the next day, election day, he and his cronies could get their candidates listed first on the ballot, where immigrant voters would be more likely to check their names. So, third-party candidates would do well to remind all voters repeatedly not to be trigger-happy– to scroll down on the ballot to see the names of candidates for whom they really want to vote.

A reelection trick his administration pulled was to mail cards bearing the alleged signatures of competing candidates of Curley, to voters in a district where numerous voters were to vote against him. Those cards listed the wrong polling location.

In 1914, Curley was elected mayor of Boston. He soon began living high on the hog, despite his low government pay. For instance, his mansion was renovated by sweetheart contractors. He traveled internationally on cruises for long stretches to the West Indies and Europe. In connection therewith, taxpayers paid for his and his family’s luxury transportation.

Curley claimed he was a victim of discrimination against Irish Catholics when his political rivals accused him of corruption. But, unsurprisingly, he was a hypocrite, as he encouraged scapegoating when it was politically expedient for himself.

In the 1930’s, Massachusetts’ Finance Commission investigated Curley for financial crimes. He had become such a powerful Party boss by then, he was able to fire troublesome members of the commission, and replace them with his allies. He did the same with the State Tax Appeal Board.

Curley’s two major accomplishments in his state consisted of creating (patronage) jobs, and beginning construction projects. However, starting with the Great Depression, Massachusetts began losing manufacturing jobs in textiles and shoes.

In June 1947, in one last desperate attempt to beg for the mercy of the court at a sentencing hearing for the criminal case against him, Curley’s lawyers recited a laundry list of medical problems from which Curley suffered. He was a very sick old man at age 72. But he ran for office again and again, anyway.

The author remarked that into the twentieth century, local politicians were able to get votes by handing out patronage jobs and financial assistance. But when the federal government began to administer programs to help the disadvantaged and senior citizens– such as Medicaid, Medicare and Social Security– local officeholders lost that power. The Reagan Era’s cuts to federal entitlements saw the local political bosses regain some of their power. That is one reason low-level politicians are fighting so hard against national healthcare!

Read the book to learn much, much more about Curley’s antics and adventures in various capacities during his long, long political career.

ENDNOTE: From the 1920’s into the 1930’s, some Americans suffered through administrations of at least two elected officeholders who became despots of an entire state: Huey Long of Louisiana, and James Curley of Massachusetts. As of 2020, a formerly elected candidate (Donald Trump) is attempting to become an all-powerful leader over the entire country (and the world).

But– unlike past leaders, Trump has yet to be fully punished for his numerous misdeeds, wasn’t shamed into resigning, and will never be shamed into behaving better. Fortunately, the nation’s economy is doing well enough so that he can’t blame a Great Depression on his successor.

The nation may have economically benefited from all this political fighting, as so many Americans in politics, the law courts, the media and the entertainment industry owe their jobs to it! Secondly, Trump began his political career late in life, during which aging is taking its toll on the functioning of his brain. Enough said.

Outrageous Acts / The Fifth Risk

Since nonfiction books on discrimination and software are all political these days, here’s a double post, although admittedly, the connection between them is tenuous.

[One sidenote: Trump has recently stolen yet another Reaganism but put a new twist on it. Trump used the word “bloodbath.” Reagan said during the Vietnam-Era anti-war protests, “If it takes a bloodbath, let’s get it over with.”]

The first Book of the Week is “Outrageous Acts and Everyday Rebellions” by Gloria Steinem, published in 1983. This volume consisted of a compilation of the author’s columns on discrimination, politics and her personal life.

In a summer 1969 column, Steinem wrote of “Feminist Realization”– when American women became aware of how deeply political their position was. She volunteered to help with the presidential campaigns of Adlai Stevenson in 1952 and George McGovern in 1968, but because she was a female, their personnel cut her down. She refrained from working on important matters, lest people spread the rumor that she was sleeping with the candidate.

In October 1968, Nixon remarked, “Well, I had my staff count up all the issues I’ve made statements on, and it came to one hundred and sixty-seven issues. Of course, Hubert [Humphrey]’s been on both sides of every question, so he has twice as many.”

In 1972, in Steinem’s eyes, unlike Richard Nixon– McGovern inspired hope. Nixon therefore not only lacked charisma, but spurred emotional trouble and anger against McGovern.

Read the book to learn much more about the tenor of the times for Steinem and other American females, when the Women’s Movement began to really gather steam.

The second Book of the Week is “The Fifth Risk” by Michael Lewis, published 2018.

In this short volume, the author wrote about how software has been revolutionizing various areas of Americans’ lives by assessing risk. It used to be called “Big Data” but it’s now called AI. The author stuck to a few subjects in which analysts processed scads and scads of data that were public, for instance, to contain dangerous nuclear waste, make farming more efficient, and warn people about life-threatening weather conditions.

However, the government argues that all that number-crunching of personal data (by which Big Brother is violating the Fourth Amendment of the U.S. Constitution) is the cost of keeping Americans safe.

Anyway, at the time of the book’s writing, the author wrote that people in hazmat suits at the nine nuclear facilities (which closed in 1987) called Hanford in the state of Washington, were still continuing to clean up the substances that cause cancer, birth-defects and genetic-disorders: strontium 90, uranium, plutonium, chromium, tritium, cesium, carbon tetrachloride, and iodine 129, among others. These substances account for two-thirds of all the toxic waste contained in toxic-waste sties in the United States.

In 2017, a profit-seeking organization called AccuWeather was trying to get taxpayers to pay again to get their weather updates. They were already paying for public information provided by the government-owned National Weather Service. AccuWeather dispensed that public information to its own paying customers.

Read the book to learn more about how AI is doing great things in a few select areas.

Weed, Inc.

[Please note: The word “Featured” on the left side above was NOT inserted by this blogger, but apparently was inserted by WordPress, and it cannot be removed. NO post in this blog is sponsored.]

The Book of the Week is “Weed, Inc., The Truth About THC, the Pot Lobby, and the Commercial Marijuana Industry” by Ben Cort, published in 2017.

In this short volume, the author cleared up many misconceptions about marijuana. He defined “marijuana” (aka “weed”) as the whole plant. The mind-altering substance in marijuana is abbreviated THC. The medicinal substance in marijuana is abbreviated CBD.

In November 2012, the state government of Colorado passed Amendment 64, allowing an “anything goes” mentality in connection with marijuana. In America, it was time for another round of: too many greedy, power-hungry stakeholders (Goliaths who win the battle– profiteers in the form of lobbyists, THC sellers and politicians), and too few informed, politically active people (Davids– who see through the propaganda). The author provided suggestions on how to regulate Colorado’s THC industry. But at the book’s writing in 2017, it was too late, and he was way too idealistic.

The Goliaths reassure the masses that the new laws are gonna be great (via oversimplified, evidence-free, misleading, political talking-points)– bring in lots of revenue to the state, and expand everyone’s freedoms! The author listed examples of the Goliaths’ utterances and counter-arguments, respectively (this is not a comprehensive list):

“It’s just a plant.” but poppies are just a plant– which serve as the raw material for opium and heroin.
“It’s safer than alcohol.” but “safer” is a misused, overused word in rationalizations justifying all kinds of dangerous situations: drugs, the financial markets, transportation, etc. The correct description should be “less risky.”
“Traffic fatalities in Colorado are down.” There is no bright-line blood-THC measurement-amount that is illegal for the few drivers who are tested for THC. It’s a cumbersome process to do testing in the first place. It’s a whole bureaucratic production in which a drug recognition expert must be called to the scene to rule whether to do the blood test.
“Look at all the tax dollars!” For 2015, the total taxes collected on THC activities was one half of one percent of Colorado’s total budget.

Frequently, the sound bites on medical topics in the media are gross distortions (aka propaganda) of a situation, because they omit inconvenient facts. In one situation (one data point in the statistics) in the 2010’s, a young child had significantly fewer seizures when she ingested a CBD solution in oil. A medical doctor went on a major cable network and disseminated the misleading message that “Weed cures seizures. Hurray!” No mention of side effects or possible long-term harm or costs or whether the doctor was paid to say what he was saying, or of any details.

Predictably, in Colorado, weed shops, or dispensaries (that sell extremely-concentrated THC-containing baked goods, candy and sweet beverages) sprung up in poor neighborhoods.

As is well known, matters came to a head on crack-cocaine in the 1990’s, meth in the single-digit 2000’s, and opioids in the 2010’s. Unsurprisingly– to people in-the-know: THC is the newest drug craze which– when the harm in connection therewith reaches critical mass– will result in lawsuits and bad publicity for the industry; it will end up just like the “opioid crisis.” The harm includes not only addicts galore, but also– due to the all-cash nature of the industry in Colorado specifically– robberies and other street crimes, money laundering and other financial crimes.

Read the book to learn much more hard data on THC, the author’s suggestions for sane regulation of marijuana and THC, the nature of marijuana laws that certain states have already passed, his personal experience with addiction and why it is so hard to kick an addiction (hint: “… and he was surrounded by stores, advertisements, the culture of gratification and abuse, and the sheer smell of it [weed].”).

Pity the Billionaire

[Please note: The word “Featured” on the left side above was NOT inserted by this blogger, but apparently was inserted by WordPress, and it cannot be removed. NO post in this blog is sponsored.]

“It is as though the frightening news of recent years has driven them into a defensiveness so extreme that they feel they must either deify the system that failed or lose it altogether.”

No, not the Republican Party in connection with Donald Trump.

The Republican Party in connection with Republican voters’ gullibility in believing the Right’s propaganda machine that rationalized away Wall Street’s unmitigated hubris and unconscionable greed amid the subprime mortgage crisis of 2008-2009. As is well known, the rich were made richer and poor, poorer in the second half of the single-digit 2000’s. The GOP’s clever aftermath-messaging led to big wins for them in the 2010 midterm elections.

The Book of the Week is “Pity the Billionaire, The Hard-Times Swindle and the Unlikely Comeback of the Right” by Thomas Frank, published in 2012. This short volume described how the political group called the Tea Party (“TP”), a subset of the GOP, whipped an alarmingly high number of Republican voters into a hysterical rage against the Obama administration’s handling of bailouts of financial institutions and foreclosed-upon ex-homeowners.

It appeared to be counterintuitive, that the TP raged against bailouts for bankers, brokers and lenders. After all, taxpayers were forced to reward these greedy perpetrators of the economic disaster. Through flawed reasoning, though, the TP propagandized that capitalism should be free of any and all economic intervention from the government, whether in the form of regulation or assistance. They pretended to be an enemy of big business, screaming “Socialism!!!” at the government’s every move. They did this because the resulting continued excessive deregulation would make Republicans wealthier and more powerful, and each trait would feed on the other ad infinitum. As ought to be well known– politics cannot be divorced from economics.

The TP was really pushing for 100% pure, capitalistic Libertarianism. Under the “you have two cows” scenario (look this up on the Web): you can do with the cows whatever you wish, whenever, wherever. Also, remove: ALL regulation from all aspects of American life, taxation and social safety nets. And to make the situation truly American, throw firearms into the mix and see what happens. Absent rule-of-law, sanity and civility, the resulting ruthlessness would evolve into (judging from the federal-level administrations’ gyrations of the most recent thirty years) a dictatorial kleptocracy (sort of like Zaire (aka Congo) in the 1980’s), and then anarchy, not unlike… Somalia (?)

Fortunately, a sufficient number of Americans– despite most politicians’ cronyism with big-money donors– clung to the country’s democratic underpinnings (reasonable regulation, taxation with representation, and social safety nets) to weather the storm. The author harshly criticized Obama and his Democratic party for not punishing the morally bankrupt financiers and enforcing the law in helping the bankrupted borrowers. It is possible the president felt it was worth selling his soul to those big-money donors; he wouldn’t have been reelected otherwise and wouldn’t have been able to accomplish more of his agenda. His Democratic party, too, was too nice to get down in the gutter and use the GOP’s sleazy propaganda techniques.

Anyway, read the book to learn of how the pronouncements of the TP and Glen Beck and the contents of Ayn Rand’s novel Atlas Shrugged influenced numerous voters in 2010, and other reasons the nation’s political history unfolded the way it did in the early 2000’s.

Exorbitant Privilege

[Please note: The word “Featured” on the left side above was NOT inserted by this blogger, but apparently was inserted by WordPress, and it cannot be removed. NO post in this blog is sponsored.]

The Book of the Week is “Exorbitant Privilege, The Rise and Fall of the Dollar and the Future of the International Monetary System” by Barry Eichengreen, published in 2011.

“Often these individuals had little professional training, there being no meaningful federal or in some cases, even state licensing requirements.”

No, the above refers to neither tax preparers nor life coaches.

The author was referring to the bandwagon-jumpers who worked for lenders taking advantage of the excessive deregulation that resulted in the 2008 subprime mortgage crisis in America.

The author listed some factors favoring, and some disfavoring the American dollar’s ability to maintain its global power as a currency and store of value. However, one major factor the author completely neglected to mention (a glaring omission) was that of cryptocurrencies.

Anyway, Brooksley Born, head of the Commodities Futures Trading Commission, raised the alarm in the late 1990’s on the excessive deregulation that was to lead to the subprime crisis. She deserves more of a historical footnote than she has since received, because sadly, greedy alpha males are better propagandists than prescient, conscientious public-officials such as she.

The author contended that one major reason the American dollar will continue to maintain its dominance in the world, is that other industrialized nations can’t agree on what financial instrument should replace the American dollar as a stabilizer of the world’s other currencies. The greenback has compiled a longer history of trustworthiness, value-consistency, related liquidity-maintenance, and other benefits, in connection with transactions and international trade balances, more than any other instrument. China’s policy of keeping its central banks’ foreign-reserves balance a secret, reduces China’s currency’s trustworthiness.

The powerful U.S. government backs up its currency through treasury bonds and bills, while a (sometimes contentious) collective of European countries (not one government) must agree on how to act when a monetary crisis rears its ugly head. It stands to reason that disagreement or indecision leads to uncertainty, which leads to instability, and a possible worsening or hastening of, the collapse of modern civilization.

The aforementioned are just a few reasons why 54 countries pegged their currency’s values to the American dollar, while 27 pegged theirs to the euro, as of 2009. As is well known, the George W. Bush administration did a number on the U.S. economy, as “… tax cuts and unfunded spending increases [on two extremely expensive wars and a Medicare drug benefit] pushed the budget from surplus in 2000 to a structural deficit of 4 percent of GDP in 2007-2008.” The next two years saw the American government’s debt explosion at its worst.

The author outlined several possible (yet raucously controversial) ways to keep the American dollar globally powerful, through cost-cutting:

In a period of non-war– less defense-spending;

Reforming healthcare;

Raising the retirement age– less pension spending;

Liberalizing immigration policy — helps fund Social Security going forward; and

Increasing taxes of all kinds.

Read the book to learn a lot more about how the American dollar has fallen in stature in recent decades, and about other geopolitical international: monetary, financial and economic issues; explained for laypeople.