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Begin with an Individual

Today is the birthdate of Francis Scott Key Fitzgerald, born in 1896, whom I have always held in dear affection and esteem.

Here’s an excerpt from The Rich Boy (1926), which has that quote that is so well-known, and by which we may feel we know him well and may well even believe he knows us, as well as so many other things. Thanks, Francis:

There are no types, no plurals. There is a rich boy, and this is his and not his brothers’ story. All my life I have lived among his brothers but this one has been my friend. Besides, if I wrote about his brothers I should have to begin by attacking all the lies that the poor have told about the rich and the rich have told about themselves — such a wild structure they have erected that when we pick up a book about the rich, some instinct prepares us for unreality. Even the intelligent and impassioned reporters of life have made the country of the rich as unreal as fairy-land.

Let me tell you about the very rich. They are different from you and me. They possess and enjoy early, and it does something to them, makes them soft where we are hard, and cynical where we are trustful, in a way that, unless you were born rich, it is very difficult to understand. They think, deep in their hearts, that they are better than we are because we had to discover the compensations and refuges of life for ourselves. Even when they enter deep into our world or sink below us, they still think that they are better than we are. They are different. The only way I can describe young Anson Hunter is to approach him as if he were a foreigner and cling stubbornly to my point of view. If I accept his for a moment I am lost — I have nothing to show but a preposterous movie.

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Meanwhile

Back on the clean energy front – which is all across the world, just not within the borders of its remaining superpower®:

Also, bonus track: the proper pronunciation of TanZAHNia.

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Forever changing

the climate.

It seems that potential new Shale oilfields in Argentina, Russia and Algeria also hold giant reserves of expensive, hard-to-get, difficult-to-refine, sludge to pout in our gas tanks.

Analysis by IHS published on Tuesday morning suggests fields including the Vaca Muerta of Argentine, the Bazhenov shale of Siberia and the Silurian shales of north Africa could produce more than the Bakken shale of North Dakota and the Eagle Ford of Texas.

However, the research group’s findings also show that costs for extracting “tight oil” reserves, held in shales and other challenging rocks, are significantly higher in other countries than in North America, suggesting they will need a higher oil price to be commercially viable.

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The origins of social protest

On this Labor Day, an ode to utilizing art to raise social consciousness. It is odd, though perhaps fitting, that Hugo’s Les Miserables is best known today as a musical. Upton Sinclair included it in his 1915 Anthology of Social Protest. From its debut, the book that is still one of the half-dozen greatest novels in the world struck a tone of moral redemption and social revolution that resonated with the common populace, with a literary style that appealed to intellectuals. It is a rare instance of the joined interests of working people with the aristocracy – one we would do well to remember and hopefully one of the reasons, beyond the singing, that it lives on today. Here’s Hugo’s author preface:

SO long as there shall exist, by reason of law and custom, a social condemnation, which, in the face of civilization, artificially creates hells on earth, and complicates a destiny that is divine, with human fatality; so long as the three problems of the age—the degradation of man by poverty, the ruin of women by starvation, and the dwarfing of childhood by physical and spiritual night—are not solved; so long as, in certain regions, social asphyxia shall be possible; in other words, and from a yet more extended point of view, so long as ignorance and misery remain on earth, books like this cannot be useless.

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End-game memorandum

I was reading a reaction/review to something awful recently, I think it was the new Doritos Loco Taco or something, and one of the commenters said it was “Evil, but amazing.” I can’t help but think of that in relation to this story about a confidential memo regarding the global financial system and the nominal governments in its employ:

The year was 1997. US Treasury Secretary Robert Rubin was pushing hard to de-regulate banks. That required, first, repeal of the Glass-Steagall Act to dismantle the barrier between commercial banks and investment banks. It was like replacing bank vaults with roulette wheels.

Second, the banks wanted the right to play a new high-risk game: “derivatives trading”. JP Morgan alone would soon carry $88 trillion of these pseudo-securities on its books as “assets”.

Deputy Treasury Secretary Summers (soon to replace Rubin as Secretary) body-blocked any attempt to control derivatives.

But what was the use of turning US banks into derivatives casinos if money would flee to nations with safer banking laws?

The answer conceived by the Big Bank Five: eliminate controls on banks in every nation on the planet — in one single move. It was as brilliant as it was insanely dangerous.

How could they pull off this mad caper? The bankers’ and Summers’ game was to use the Financial Services Agreement (or FSA), an abstruse and benign addendum to the international trade agreements policed by the World Trade Organisation.

Until the bankers began their play, the WTO agreements dealt simply with trade in goods – that is, my cars for your bananas. The new rules devised by Summers and the banks would force all nations to accept trade in “bads” – toxic assets like financial derivatives.

Until the bankers’ re-draft of the FSA, each nation controlled and chartered the banks within their own borders. The new rules of the game would force every nation to open their markets to Citibank, JP Morgan and their derivatives “products”.

And all 156 nations in the WTO would have to smash down their own Glass-Steagall divisions between commercial savings banks and the investment banks that gamble with derivatives.

The job of turning the FSA into the bankers’ battering ram was given to Geithner, who was named Ambassador to the World Trade Organisation.

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Frickin’ Fracking

Via Juan Cole, Michael Klare at Tomdispatch on The Third Carbon Age:

When it comes to energy and economics in the climate-change era, nothing is what it seems.  Most of us believe (or want to believe) that the second carbon era, the Age of Oil, will soon be superseded by the Age of Renewables, just as oil had long since superseded the Age of Coal.  President Obama offered exactly this vision in a much-praised June address on climate change.  True, fossil fuels will be needed a little bit longer, he indicated, but soon enough they will be overtaken by renewable forms of energy.

Many other experts share this view, assuring us that increased reliance on “clean” natural gas combined with expanded investments in wind and solar power will permit a smooth transition to a green energy future in which humanity will no longer be pouring carbon dioxide and other greenhouse gases into the atmosphere.  All this sounds promising indeed.  There is only one fly in the ointment: it is not, in fact, the path we are presently headed down.  The energy industry is not investing in any significant way in renewables.  Instead, it is pouring its historic profits into new fossil-fuel projects, mainly involving the exploitation of what are called “unconventional” oil and gas reserves.

The result is indisputable: humanity is not entering a period that will be dominated by renewables.  Instead, it is pioneering the third great carbon era, the Age of Unconventional Oil and Gas.

That we are embarking on a new carbon era is increasingly evident and should unnerve us all. Hydro-fracking — the use of high-pressure water columns to shatter underground shale formations and liberate the oil and natural gas supplies trapped within them — is being undertaken in ever more regions of the United States and in a growing number of foreign countries.  In the meantime, the exploitation of carbon-dirty heavy oil and tar sands formations is accelerating in Canada, Venezuela, and elsewhere.

It’s true that ever more wind farms and solar arrays are being built, but here’s the kicker: investment in unconventional fossil-fuel extraction and distribution is now expected to outpace spending on renewables by a ratio of at least three-to-one in the decades ahead.

Read the rest at the link.

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12 Years Ago Today

Via Pierce, an ignominious anniversary of malfeasance. Everything that we have done to ourselves, and the world, in the time since to combat the catastrophic act it permitted is the legacy of this encompassing act of petulance.

That he won re-election after this was known is a tribute to treachery and deceit, not to mention an overwhelming fear of same-sex marriage and the depravity to stoke it.

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A Great American

James Arthur Baldwin, born today in 1924. He hit the jackpot all right, and handed the winnings directly over to us.