Recessions fears 1, climate concerns 0

If you’re scoring at home, (and who’s not?) getting off the buying merry go round is proving to be incredibly difficult – even with ever-present reminders of plague, drought, and the cost of everything cross-referenced with the need to exercise and eat better, the joys of being outdoors and seeing people again. It’s all so confusing, especially when the answers are RIGHT there. You’re so close, Brigette:

As gas and food prices climb, Brigette Engler, an artist based in New York City, said she’s driving to her second home upstate less often and cutting back on eating out.

“Twenty dollars seems extravagant at this point for lunch,” she said.

And before you start, no one mentioned anything about anything being easy. But that doesn’t mean everything has to be intentionally more difficult to understand, i.e., predicated on a growing economy and not spooking ‘investor confidence.’ JFC… what does any of that even mean? Please subscribe to my newsletter, Which Word to Italicize:

How people spend their money is shifting as the economy slows and inflation pushes prices higher everywhere including gas stations, grocery stores and luxury retail shops. The housing market, for example, is already feeling the pinch. Other industries have long been considered recession proof and may even be enjoying a bump as people start going out again after hunkering down during the pandemic.

Still, shoppers everywhere are feeling pressured. In May, an inflation metric that tracks prices on a wide range of goods and services jumped 8.6% from a year ago, the biggest jump since 1981. Consumers’ optimism about their finances and the overall economy sentiment fell to 50.2% in June, its lowest recorded level, according to the University of Michigan’s monthly index.

That’s from the same article and I don’t mean to single out CNBC. Just listen Marketplace or any business/economic news and the dissonance is a cacophony (Ed. ?). Unemployment is bad, but a tight labor market rattles the Dow. Prices at the pump have drivers worried about filling up, but what’s the real price of fuel? Hint: Europeans already know. Sure there’s a macro-micro disconnect. But the larger disconnect is the one we keep shoring up: individual actions of millions, propped up and egged on by the corporate and government altars to the status quo, heating up the planet beyond what it can support.

Whether or not we need more reminders of the need to change how we live, more are on the way.

Image: Merry-Go-Round Photograph by Jurgen Lorenzen

Ruffling the kleptocracy

In other news – just started a subscription to the FT and wow, there ARE other stories out there. Boring, significant. Anyway, the U.S. is about to ban anonymous shell companies:

The Biden administration’s focus on corruption and money laundering may so far have attracted less notice than its other big policy decisions. But it is the most meaningful manifestation of the US president’s argument that making the economy work for ordinary Americans is intimately connected to US national security and foreign policy interests.

There are many reasons to cheer this turn in policy. First, it is an all-too-rare example of relative bipartisanship in a deeply polarised country. Days before the January 6 attack on the Capitol, the Corporate Transparency Act was passed by overwhelming majorities of the US Congress as part of the annual defence spending authorisation bill. This law will, when implemented, in effect ban anonymous shell companies in the US — a favoured conduit for the world’s corrupt to launder dirty money, as Yellen referred to in her remarks.

Second, the administration means it seriously. The Treasury has issued an implementation rule for the shell company ban. Too often, in the US or elsewhere, good laws on paper have been dead letters in practice, because of loopholes or a failure to put enough resources and political support behind enforcement. This time looks different.

So weird, and not to get/stay meta all the time, but this story even hits the mythical ‘bipartisan’ note somehow, and yet still never rises to the level of the local news. Sure, it was drowned out by a coup attempt, but as the article points out, corrupted government institutions are the very things that abet anti-democratic movements. So, striking back at corruption also strikes a blow in support of liberal democracy. Sounds so quaint, but that’s where we are.

Image: Nicobar spindle shell, typically not itself a threat to democracy.

Abundance of scarcity

That’s where we are now, or one of the places, so sayeth Matt Levine:

Basically it is easy, using blockchain technology, to create scarce claims. You could I suppose use this technology to create scarce claims to scarce resources: You could put, like, housing deeds or shares of corporate ownership or cargo-container manifests on the blockchain. This would — people have argued for years — have benefits in terms of efficiency and legibility and tradability. It would create value by improving the processes by which real-world assets are transferred and allocated. Classic financial-services stuff. Nobody talks that much about this anymore.

Instead, people like to use blockchain technology to create scarce claims to abundant, or infinite, resources. There is absolutely no shortage of JPEGs, they are infinitely reproducible more or less for free, but that means — or meant — that you couldn’t become a millionaire by having good taste in JPEGs. But now people can create a unique non-fungible token representing ownership of a JPEG and use it as a status symbol or a speculative asset. Nobody will pay you for a number in your computer’s memory, but people will pay you for a scarce number in your computer’s memory.

Stop shaking your head – it’ll hurt your neck. Or just wait.

Theoretical normal person: If you could do a thing that wasn’t just bad for but ruinous to your country’s political system – but it was very good for your profits, would you do it?
Our actual media: Do what?

Such is our national media paralyzed on the question of how to cover Biden, how to normalize authoritarian white nationalism and get Trump back. Ratings are down and they’re in a bad way, which means they’ll gladly put us [all] in a worse one to keep the eyeballs rolling in and the clicks coming.

It’s really something.

Renewable satire

In a coming-of-age development (and maybe only into adolescence… but still) There’s now a satirical renewable energy ‘news’ site. Sustainably called The Sunion:

In a synthetic discovery broadly compared to the work of Galloway and Leach, NREL investigators tracing energy and capital flows between renewable energy systems, those systems’ project finance assumptions via primary-contracted-offtakers, the primary clients of those offtakers, and, in turn, the primary consumers of those offtakers, have discovered a previously uncharacterized, enclosed, and self-sustaining sunlight-to electricity-to-money-to bros-to-data-to-grift/crypto-to-porn-to-bros-to money-to light-to-electricity ecosystem that is nearly self sustaining without external reference or input and which may soon overtake photosynthesis and geotechnical processes in terms of overall magnitude of energy transfer in Earth’s biosphere.

Sure, why not? I guess it had to happen. Plenty to poke holes in about the way(s) we’re going about all of this, especially all the financialization through-the-looking-glass you’re actually at-an-Arby’s-drivethrough of it all. Bring it.

EPA nixes ‘grandfathering’

Reporters and editors don’t especially like big, boring problems – they can be difficult to explain, taking up a lot of words and lacking dramatic photos and illustrations. So kudos to Slate for pulling out this new EPA rule nugget that actually matters – a lot.

But the new methane rule goes beyond merely undoing the damage of the Trump years. The proposal is broader than its Obama-era predecessors, and once finalized, will apply to hundreds of thousands of previously unregulated emission sources, like wells, storage tanks, and compressor stations. That is because unlike the prior standards, Biden’s rule will cover equipment of all ages. EPA thus avoids a key conceptual error that has undercut agency initiatives for over five decades under administrations of both parties: The old rules regulated only new facilities, while exempting older ones from emission limits. In contrast, Biden’s rule covers new and old emitters alike.

And methane, the primary ingredient in natural gas, is a big problem. The gas has a startlingly powerful greenhouse effect when released directly into the atmosphere, trapping 86 times more heat over a 20-year period than an equivalent amount of carbon dioxide. As a result, while methane accounts for only 16 percent of global greenhouse gas emissions, it is responsible for almost a third of current, human-caused warming. And here in the United States, oil and gas installations are the largest industrial source of methane, due both to leaks and intentional venting during the production process.

The Obama administration recognized the need to reduce methane emissions from the oil and gas sector back in 2016 and crafted regulations to do so. But those restrictions applied only to equipment constructed in 2015 or later, leaving the vast majority of the sector’s sources and emissions uncontrolled.

This story was troublingly familiar. Regulating new sources of pollution strictly and existing sources laxly or not at all is known as “grandfathering.” The EPA has engaged in the practice before, with disastrous results. Indeed, we wrote an entire book about the terrible consequences of exempting existing power plants from 1970s emission limits on soot- and smog-forming pollutants.

On the subject of other troublesome old mistakes, the EPA had no comment about toxic emissions emanating from all the crazy uncles still out there. Sources say they continue to study the issue.

Climate in the Weather Space

F*x news is preparing to channel (sorry!) the weather forecasting and reporting sphere when it launches a round-the-clock weather streaming service next week. Potential problems with this seems quite obvious and the WAPO is only so successful in getting network executives to talk about how (and whether) the service will cover climate change in the context of extreme weather events:

For Fox, which has seen sponsors inch away from its more polarizing political content, weather offers a potential way to hook viewers without turning away advertisers, analysts say. But questions linger as to how the streaming service will cover climate change, given Fox News’s history of questioning the seriousness of climate change and how much humans contribute to it. Asked in September whether human activity played a role in recent extreme weather, contributing Fox News meteorologist Joe Bastardi said that “at the very least, you can’t tell what CO2 is doing.”
A landmark U.N. climate report published in August details “unequivocal” evidence that human activity is warming the planet by emitting heat-trapping gases, primarily carbon dioxide.
Fox Weather declined a request for an interview with one of its executives but has indicated that it will treat climate science more seriously in its new endeavor. Echoing recent remarks from Fox News Media chief executive Suzanne Scott, Sharri Berg, the longtime Fox executive now heading Fox Weather told Variety, “If you’re asking about climate change, climate change is part of our lives. It’s how we live. It’s not going to be ignored,” adding, “we will be reporting facts.”

Okay, so… what are they? Wait – show, don’t tell, remember? But this might be the most revealing aspect of their devious plan:

But, she added, Fox Weather will be courting controversy however it covers climate change. If the service reports accurately on climate science, it could alienate core Fox News viewers, who have been primed to question it, Fisher said.
“There is a line that they are going to have to walk to keep advertisers feeling like their brand is safe there but not going too far away from their base,” she said. “If something major happens, like a hurricane or a heat wave, all eyes are going to be looking to them to see how they are characterizing it.”

Reassuring bullsh*t and attacking liberals in the face of climate catastrophes will not be helpful. So this venture will either be truthful and short-lived, or profitable and very harmful. Teach the controversy all you want, but – there’s no whether.

Image: Thomas Hart Benton, Spring Storm, 1958. Tempura on board.

Call Them What They Are

Pass the COVID-19 relief bill without Republicans, show and tell (over and over) the public how important the bill was, make republican candidates whine about in the mid-terms.

Merrick Garland ftw. His shameless interlocutors on the R/Q/T side are on halfway down the path to defending white supremacy, contradictory examples of the concept though they, and all defenders thereof, may be. Let them go all the way or turn back on their own.

And Neera Tanden, at least she punches up and at times sideways. Count this blog and its owner as objectively #pro-aggressivewomen:

There is no polite way to capture what Republicans in power have done and continue to do. Tanden can be fairly accused of many things, but she cannot be accused of being soft on the party that just gave us four years of Trump’s misrule, culminating in the attack on the US Capitol last month. With regard to Republicans, at least, she has consistently told the truth, and it’s very revealing that telling the truth is the one thing she’s done that’s a dealbreaker for a majority of the Senate.


Video – the early word from Hurley/Watt/Boone

Who’s the sucker?

Or, in the case of facebook, if you can’t tell what the product is – it’s you:

Facebook is the prime online, global incubator of racist, quasi-fascist propaganda, conspiracy theories, state-run psyops and agit-prop operations, even in at least one case actual state-backed programs of population transfer and arguable genocide. But to really understand the problem with Facebook we need to understand the structural roots of that problem, how much of it is baked into the core architecture of the site and its very business model. Indeed much of it is inherent in the core strategies of the post-2000, second wave Internet tech companies that now dominate our information space and economy.

Facebook is an ingenious engine for information and ideational manipulation. Good old fashioned advertising does that to a degree. But Facebook is much more powerful, adaptive and efficient. That’s what all the algorithms do. That’s why it makes so much money. This is the error with people who say the fact that people do bad things with Facebook is no different from people doing bad things with phones. Facebook isn’t just a ‘dumb’ communications system. It’s not really a platform in the original sense of the word. (The analogy for that is web hosting.) Facebook is designed to do specific things. It’s an engine to understand people’s minds and then manipulate their thinking. Those tools are refined for revenue making but can be used for many other purposes. That makes it ripe for misuse and bad acting.

As Josh says, fB is in the middle of another round of bad publicity and they deserve every bit of it. Obviously also another meaning of being green, but we CAN learn, get older and [a bit] wiser.

And speaking of TPM and green, find some good media you trust and pay for it. Support it. Help it exist. TPM is a good one that I’ve read for many years now. But don’t believe me, go check it out for yourself. Hit ’em up.

Image via.