trial of the pyx

Bad-mouthing the US economy and fiscal policy was more enjoyable when the state of the rest of the world was pretty much on the same level, and similar underlying challenges looked to be insurmountable for recovery. A global economic downturn, implosion promised to be just that—global, altering the landscape and brining about change. And while there may be still systemic problems plaguing trade, corporate favouritism and influence, misguided consumption, and any number of confidence-tricks and market-flipping, it seems a lot of the prophets of gloom are very quick to take back their criticism of capitalism and its fully articulated cachet of accessories. It is mostly a hollow business. Before someone was clever and shrewd enough to convince kingdoms that they could mortgage their debts for cash (bonds) and investors were dull enough to buy it, financing was all done with real assets and the backers exacted political capital, grace-and-favour, instead of just moribund obligations.

No extra money was minted because of the risk of inflation and devaluation. Presently, however, there is a situation, a collusion, wherein all these things are possible: influence is trafficked with the debt and quantitative easing is another lever to pull in many markets. Talk of the deficit can be a charged and a malleable topic. In its unprocessed form, the US federal deficit is simply the ratio of government income versus outlays, and though arguable, when people discuss the deficit, they are really talking about the US economy, which are really separate things. Though unsustainable in the long term or as a permanent state, a negative balance of payments can promote tangible improvements for the public and not solely for corporate welfare. A budget shortfall has not yet been turned into an investment instrument the way bonds have, except in the sense of bailout-pie, but it can be for the public good, nonetheless, and government exists only to serve its people. Other governments, whose agendas are not quite so beholden to special-interest, polarizing messages and commercial sooth-sayers, do not dismiss running deficits but approach the matter with more measured responses. As long as someone is buying, it is a sovereign prerogative to allow spending to outstrip receipts for the sake of providing for its citizens. The debate becomes charged when the comparison, talk of the economy in general, is lost to household economics and sacrifices are presented in the same way as a balanced checkbook. Symbolic cutbacks because of unflinching focus on a single economic indicator will accomplish little and probably result in more acute pain.

auswanderlust

Senior leadership in France recently announced-- joining a public chorus of others, the UK, Germany and Australia-- the failure of multiculturalism (multi-culti, as the Germans say). It’s a grim pronouncement to make, but it is possible that concessions and accommodations have been proffered in ways that have erred in many circumstances on the side of neutrality in efforts to please everyone, which usually, inevitably, please no one.

Still, no one should throw up their hands in frustration and failure and repair to austere assimilation, quotas, or worse yet intolerance. What policies and practices might work better I don’t know. Such a series of declarations of malfunction, however, may betray a secondary, self-interested motive for Western governments’ ringing support for the budding reform movements in North Africa. For everyone’s sakes, fostering real development and support for improvement make opportunities more viable in these countries and make it possible for individuals and families to thrive without having to leave their homelands. Economic considerations are not the only driving-factors for immigration, but countries able to retain their domestic treasure and talent with the invitation to stay on are better positioned for growth and continued advances. Domestic tranquility, however, should never be an excuse to erect barriers and rescind the truly valuable elements of diversity and cultural exchanges.

renaissance or day of days

With less than three weeks of revolt, the Egyptian people have managed to overcome three decades of rule that smacked of tyranny and despotic under-achievement.  This is a monumental first step.  Though for many the joy and relief was also a fair mix of shock and surprise, to find that there was an alternative to the powers and the treatment that they had nearly become inured to.  Blossoming freedom and democracy, and not the sort foisted on people by some calvary on the charge, is a rare and precious thing, to be nurtured carefully.  The people have begun to remove the obstacles to their self-determination, and with awareness and support all around, I am sure that they will continue on the right path.

zagazig

There is a monumental battle of the wills happening in Egypt. There is also the creeping, crassest of attitudes circulating among a minority of casual observers, a fatigue, like the weariness that exculpated some people's consciences over natural disasters and other unseemly catastrophes. I have a lot of sympathy for the struggle and for the dangling disappointment and hope.

This standoff could go on and on.  Moreover, events like these really illustrate journalistic integrity, slacking vigilance or otherwise. The protest grounds are not necessarily over-crowded with the press, but those who are there are doing a good job and blurring the distinction between the aloofness of reporting and being in and of the moment, which along with citizen-journalism, transfixes the scene and admonishes us of the stakes and what is at issue. The bigger dilemma seems often bringing the reporting to the audience, and though there are virtually unlimited vehicles of delivery, it astounds me how much the media, the visible advertising space, shunts what's in depth off to the side, or when it is not even available in competitive formats. I understand such prime real estate is at a premium, but there is a demand for good coverage and due exposure. Further, events like this--maybe significantly and for the first time, also are very telling of who is in the know and who is brokering power. Predictions and speculation have been proved to be just that. Mostly, no one likes to claim influence-peddling or king-making in media res, but one is accustomed to attributing such abilities or at least intelligence, prescience to certain powers, despite proof of dwindling capital.