Asset Class not in Session

Exotic financial instruments. Linking ‘investors’ and funding to projects to weave profits out of insurance or management strategies designed to ease or hasten climate adaptation… doesn’t actually work:

That’s because of the nature of the underlying “asset.” Sure, in theory, you could securitize the construction of a seawall and capture returns via fees from wealthy coastal dwellers or local councils. But seawalls are not widgets. Each has to be uniquely designed for a specific location and its conditions. There are few economies of scale.

There’s also no established norm about how the costs of climate adaptation projects should be shared among those who are being protected. Will enough residents willingly pay for our theoretical seawall, either directly or via their taxes? Who’s being protected, and at whose expense? Structures that protect one stretch of beach can often create problems further along the coastline.

Adaptation doesn’t fall into a neat category. It can mean investing in infrastructure or designing programs to protect nature. It can involve constructing big sea walls, but it can also be about retaining trees on city streets, or ensuring access to clean drinking water. Right now these measures are too small to interest big pension funds and asset managers. A report by UNEP and others found only about two dozen projects larger than $25 million over the last few years.

Important to separate the reality that climate measures are necessary, and will necessarily save money down the road, from the notion that they represent just another opportunity to build a new revenue stream. The article wisely links climate to justice, and as much as it pains many Americans, there is no way around that. It has been true for even longer than it’s been evident – and it’s been evident for a very long time: people cannot live without justice. Racial. Climate. Economic. These are non-negotiable bonds, in the common parlance. We will do it for its own sake, because it benefits people. THAT’s the return. Clean up the rentier class soiling the revenue stream, the water will run clearly.

Image: Photograph: Emory Kristof/National Geographic/Getty Images

Don’t Look at This

Years ago, I worked construction. Mainly residential stuff but several projects were connected to renovations of a downtown business. The address had(has) a courtyard with large steel gates and several times we had to do some welding on said gates in proximity to pedestrians passing on the sidewalk. During these occasions, we would station one of the guitar players laborers next to the action with a sign telling curious passersby something like, ‘Welding, Don’t look!’ Invariably, said passers would look directly at the sparkling blinding arc.

Nutso Trumpers have spooked politicians in D.C. today, saying they were returning for Trump’s inauguration and return to power. Trump himself has still been saying he won the election and is the real Preznit. Meanwhile, the government has done not so much about anything that happened on 1/6. Dallying about legislative fixes, allowing elected hucksters to read fantasies into the record, hold-up nominations, water down bills and glad-hand insurrectionists.

They are traitors. They broke more than norms. Come out smoking. Grab Hawley by the scruff of his IV neck and let him know his Jeff Davis-abetting will not be tolerated starting last Tuesday. Push the new Voting Rights Act. Put Harriet Tubman on the 20. Make DC and PR states. Get. In. Their. Faces.
The whole shebang remains on the cliff edge. Don’t look.

More than a feeling

Brooklyn: A Personal Memoir
With the Lost Photographs of David Attie
by Truman Capote
Let this be the last election in which Republicans are allowed to vote against people voting. To win office, you must be required to win more votes, rather than suppress or decrease the number of voters. The only way to be prepared to govern – not reinforce your advantages, not reward your nests or feather your friends, however the saying goes. Unfettered capitalism has done more to undermine capitalist systems than an army of Engelses and a brigade of Marxes. Speaking of whom, To the Finland Station:

“To the Finland Station” is different. The structure is simple: the decline of the bourgeois revolutionary tradition after the French Revolution, as Wilson sees it reflected in the writings of Jules Michelet, Ernest Renan, Hippolyte Taine, and Anatole France; the emergence of revolutionary socialism, seen through the writings of Saint-Simon, the communitarians Charles Fourier and Robert Owen, and Marx and Engels; the triumph of Communism, illustrated by the careers of Lenin and Trotsky. There are things Wilson minimized that would have complicated this narrative: the persistence of a non-Communist socialist ideal in Western Europe; the liberal tradition in Russian politics (to which Nabokov’s father belonged); the success and failure of the Mensheviks, of whom Wilson did not make much. And, of course, if the book were being written now, the vicious side of Marxist and Leninist thought, mostly a subtext in Wilson’s account, would guide the narrative, and the story would touch down in Siberia or Berlin rather than at the Finland Station.

But we don’t read “To the Finland Station” as a book about the Russian Revolution anymore. What draws us now is the subtitle: “A Study in the Writing and Acting of History.” History is the true subject of Wilson’s book, and what he evokes is what it felt like to believe—as Vico and Michelet, Fourier and Saint-Simon, Hegel and Marx, Lenin and Trotsky all believed—that history holds the key to the meaning of life. The evocation is successful because when Wilson began writing “To the Finland Station” he believed in history, too. He thought that history had a design, and that the Depression was an event fully comprehensible within the context of that design: it was the long-predicted collapse of the capitalist order. “To the Finland Station” is valuable as a window on the nineteenth century, but it is also a poignant artifact of the nineteen-thirties, a time when many people thought that history was something you could get on the right side or the wrong side of. It was an idea indistinguishable from faith, and Marx was one of its prophets.

It’s a dirty foul that American school kids don’t learn about Jules Michelet. We must get beyond this aversion to learning about certain histories, be it socialism or the 1619 project, whatever. The less you know, well, the less you know and suddenly another Trump falls off the turnip truck yesterday and the corporate types get summoned to the cut of his jib, obscuring the more accurate assessments, ‘something just ain’t right with that boy.’

Image by David Attie, 1959, from the NYRB

What does Bruised Red mean?

More ridiculous by the day, wasted time, wasted lockdown, wasted lives for reasons unexplained. People are not human resources.

Stuffed in a new thing:

He didn’t mean to use the word enemy, but now that he had, it was difficult to take back. What’s worse is that he was less confused than ever. Sides had been taken and _____ knew, like people always know, what side they are actually on. The more dangerous slide waited at the very beginning of every turn, steeper for those shod with the wrong footing or none at all, quick decisions about direction that appeared at first correctable were only so because of the misplaced training. Maybe the training had all been designed, at the turn away from classical disciplines, to produce this very result, but choosing that cynicism inferred a luxury it had also already eliminated. The speed and efficiency were proportional to the devastation. People completely bought into how fast everything was happening even though nothing outside of them had changed. Nothing beyond their own habits and consumptions against missing out, losing something nonexistent, closing an opportunity – ideas that had long been propagated on the under-educated.

Requiescat in pace, John Lewis. The great man.

June 4, 1989

crowds on a green football pitch

A very weird time, compared to now. Both in its strange surreality at the time, and within the context of the even more bizarre and dangerous fascism of today, the protest and massacres of hundreds during the student-led movement at Tiananmen Square in 1989 are a haunted monument to breakdown.
The Chinese state de-legitimized itself with the actions of the People’s Liberation Army on that day and the days that followed. It was only for the people to forget and become accustomed to the new stance of the state, and begin to defend it against further incursive protest. Fortunately, even with all of their successful efforts along so many economic fronts, the state has performed woefully in the fight against memory.

Many millions of Americans watched in awe at the courage of the protestors in the square, their wonderful, makeshift Lady Liberty, and then in horror as the square was cleared. Did we understand the source of the bravery of the individuals, the solemn esteem, honor and homage they presented to some of our very own institutions and well-noted principles in yearning for their own? We allowed ourselves to be flattered, perhaps even extended pre-virtual hand of support, of course otherwise held harmless. The protestors are right! How dare the Army? How dare the government kill its own people!

Having fetishized liberty and freedom practically of all meaning, what remains of our ability to reject, to fight oppression and coercion, to remember? We know what we are seeing this week. Can we recognize it?

Image: Hongkongers remember Tiananmen dead in Victoria Park, June 4, 2020

Wasn’t Just Orwell

Bertolt Brecht:

Under Ni-En’s [Stalin’s] leadership industry was being constructed without exploiters and agriculture collectively organized in Su [the Soviet Union]. But the associations [parties] outside Su decayed. It was not the members who elected the secretaries, but the secretaries who elected the members. The political line was decreed by Su and the secretaries paid by Su. When mistakes were made, those who pointed them out were punished, but those who committed them remained in office. Thus they were soon no longer the best, merely the most compliant… Those in authority in Su no longer learned any facts, because the secretaries no longer reported anything that might not be welcome.

Me-ti, the Book of Twists and Turns.

Not the Same as it Ever Was

Things shutting down, a leadership vacuum and sports leading the way to a quieter next few weeks brings up a lot of possibilities that fall on the interesting/frightening continuum. What will be the new normal that follows this different normal?

Virtually every activity that entails or facilitates in-person human interaction seems to be in the midst of a total meltdown as the coronavirus outbreak erases Americans’ desire to travel. The NBA, NHL, and MLB have suspended their seasons. Austin’s South by Southwest canceled this year’s festival and laid off a third of its staff. Amtrak says bookings are down 50 percent and cancelations are up 300 percent; its CEO is asking workers to take unpaid time off. Hotels in San Francisco are experiencing vacancy rates between 70 and 80 percent. Broadway goes dark on Thursday night. The CEOs of Southwest and JetBlue have both compared the impact of COVID-19 on air travel to 9/11. (That was before President Donald Trump banned air travel from Europe on Wednesday night.) Universities, now emptying their campuses, have never tried online learning on this scale. White-collar companies like Amazon, Apple, and the New York Times (and Slate!) are asking employees to work from home for the foreseeable future.

But what happens after the coronavirus?

In some ways, the answer is: all the old normal stuff. The pandemic will take lives and throttle economies and scuttle routines, but it will pass. Americans will never stop going to basketball games. They won’t stop going on vacation. They’ll meet to do business. No decentralizing technology so far—not telegrams, not telephones, not television, and not the internet—has dented that human desire to shake hands, despite technologists’ predictions to the contrary.

Yet there are real reasons to think that things will not revert to the way they were last week. Small disruptions create small societal shifts; big ones change things for good. The O.J. Simpson trial helped tank the popularity of daytime soap operas. The New York transit strike of 1980 is credited with prompting several long-term changes in the city, including bus and bike lanes, dollar vans, and women wearing sneakers to work. The 1918 flu pandemic prompted the development of national health care in Europe.

It seems like a good time to wonder: do you have stuff to Read? Write? Paint? Plant? Play?

Work on other stuff, or just yourself. Rest, and stay healthy. Think about what ‘different’ might be like, how it could be better.

Squamish Nation not squeamish on blending indigeneity and urban design

Clunky title, but this story on the re-development of one of Canada’s smallest First Nations reserves mixes boldness with vision for Vancouver that is easy to romanticize but more nearly resembles a living model for cities going forward.

Few First Nations reserves in Canada are found so centrally in urban areas, and this unique location has given the Squamish Nation a chance to explode local city-building norms. Construction begins in 2021, and at more than 500 units per acre, Senakw’s density will reach Hong Kong levels – a fact that is only allowed because Senakw exists not on city land, but on reserve land, which is technically federal.

Another striking feature is that only 10% of apartments will include parking, unlike the city’s rules that mandate one parking space per unit. The buildings will also forgo the podium-and-tower design that’s become a hallmark of “Vancouverism” in favour of slender high-rises maximising public space. The buildings could be up to 56 storeys tall, towering above the low-rise neighbourhoods nearby.

But beyond even the serious density considerations, there is the language slight of hand that gets at something far more pernicious:

“In the early history of Vancouver, and colonial cities generally, there is this opposition assumed between the civilization cities are imagined to represent, and the imagined savageness of Indigenous people,” [Stanger-Ross] says. 

The ways that the terms ‘urban areas’, ‘cities’, and even abstractions like ‘density’ have been co-opted as code words for racist politicking is maybe coming full-circle. Hopeful, I know. But good work, First Nations folk. Right racists depend on decent people being too nice, too squeamish, plus the ever-present lack of temerity to call out, punch back, or in this case, build up. Re-take the words, then re-make the savage cities with civilizing force of architecture.

Akrasia for you

The merest coincidence with the Labor Day interruption, but a turn to British politics, courtesy of the great Fintan O’Toole. He lays bare a striking (sorry – this is not the time!) aspect of Brexit and especially the loathsome Boris Johnson, as smarter than he is playing – but for the sake of, well, you will believe it:

[T]his raises the two central questions about Johnson—does he believe any of his own claims, and do his followers in turn believe him? In both cases, the answer is yes, but only in the highly qualified way that an actor inhabits his role and an audience knowingly accepts the pretense. Johnson’s appeal lies precisely in the creation of a comic persona that evades the distinction between reality and performance.

The Greek philosophers found akrasia mysterious—why would people knowingly do the wrong thing? But Johnson knows the answer: they do so, in England at least, because knowingness is essential to being included. You have to be “in on the joke”—and Johnson has shown just how far some English people will go in order not to look like they are not getting it. The anthropologist Kate Fox, in her classic study Watching the English, suggested that a crucial rule of the national discourse is what she called The Importance of Not Being Earnest: “At the most basic level, an underlying rule in all English conversation is the proscription of ‘earnestness.’” Johnson has played on this to perfection—he knows that millions of his compatriots would rather go along with his outrageous fabrications than be accused of the ultimate sin of taking things too seriously.

“Boris being Boris” (the phrase that has long been used to excuse him) is an act, a turn, a traveling show. Johnson’s father, Stanley, was fired from his job at the World Bank in 1968 when he submitted a satiric proposal for a $100 million loan to Egypt to build three new pyramids and a sphinx. But the son cultivated in England an audience more receptive to the half-comic, half-convincing notion that the EU might be just such an absurdist enterprise.

Do you know any people like this? They would rather make fun of something than think or reckon seriously with ramifications or consequences. How boring! Nihilists to the core, though I prefer the more direct soubriquet – assholes.

And yes, yes you do know some, unfortunately, probably more than a few.

The new Feather-Knocker-Over-er, from Ronco!

Well knock us over with a…

The “shareholder comes first” has for years been the mantra of the Business Roundtable, a group that represents the most powerful CEOs in America and their thinking.

The group’s new principles on the role of a corporation released Monday imply a foundational shift, putting shareholders on more equal footing with others who have an interest in a corporation to some degree — including workers, suppliers, customers and, essentially, society at large.

“We know that many Americans are struggling. Too often hard work is not rewarded, and not enough is being done for workers to adjust to the rapid pace of change in the economy. If companies fail to recognize that the success of our system is dependent on inclusive long-term growth, many will raise legitimate questions about the role of large employers in our society,” the statement reads.

First, let’s think about presenting this as “news” ( it grows increasingly difficult to choose which word gets ironi-quoted)? Not just news but it was above the fold – meat space term for the top story on the site, as though the NYT (WAPO and others) wanted to make sure it was very definitely seen and just as likely unread, per their habits. Great placement! Either it’s meant for the shallow consumption of millions or the verification by the 65 to 85 people who mean the most to them. Theories welcome.

Unusually, I’m not a pitchfork sharpener. But let’s at least be a little skeptical about this gambit. CEO’s are now worried about this? I wonder why? Hong Kong, maybe. Hmmm, let’s think about that, broaden the context of what they’re saying because this may well be being introduced to lead exactly nowhere, as in See, We Talked About That Once. Kind of like a window of purses at Barney’s. Isn’t that nice?

But Hong Kong – complicated (why?). Scary (for whom?). 2047, huh. Interesting. Those people got born and are here now. But look over here – robot cars! Greenland?! What a goob!