So nearly the entire banking system of the Western capitalist world has been to a greater or lesser degree nationalised since I last wrote. That's a pretty substantial move.
You could argue that it validates Marx, suggesting the move towards the state as the monopolistic force of capitalism is underway. Most MArxists argue the opposite, that this is the state supporting its rich; redirecting the wealth of the state for the benefit of the wealthy like some neo-feudalist robber barons.
Personally, I think the logic of capitalism dictates this move, as banking is the cornerstone of the system. However, it's bizarre that I haven't seen any forward looking analysis of where these steps take us in the long-term. It seems pretty obvious that if countries bail out banks, then the only solid investment that isn't meaningless becomes the bonds that nations issue to fund their bailouts. This in turn leads to further disinvestment from other corporations, including banks. So it's either a vicious circle or, if I get more detailed about the hypotheses, it is in fact a feedback loop. The inevitable result of this will become questioning the liquidity of nations. At some point, the interest on multi-trillion dollar debts becomes os prohibitive that nations become effectively bankrupt. With it, the rest of the financial system will collapse. Iceland is guinea-pigging this theory, and they're being left out there to hang because frankly Iceland is neither important nor dangerous enough to mattter. But what if the next country going under is Germany or the UK?
SInce the beginning of September too, Obama has moved very close to closing out the deal, as they say, in the US. 19 days to go, and everyone who wants him to win - which is about 95% of the world's population - is holding their breath and hoping some nasty disappointment isn't going to happen on November 4th. That Americans can't be *that* stupid, ye gods no. McCain has fought a nearly flawless campaign for Obama, making a complete arse of himself at every turn and throwing away any semblance of a chance. Presumably he's been paid to chuck it, as nobody could be quite so impressiveley incompetent and mean it. But nobody got rich overestimating the American voter, so we'' hold our breath and see.
I'm also going to hold my breath adn see what happens with the writing. I've sent the first bit off looking for an agent. I don't expect immediate success; in fact, I don't really expect anything, as this whole thing is outside my experience, I'm not really sure what can or might happen. But it is the next thing to do, and I can write, so sooner or later this will lead to more interesting times.
If I'm really lucky, I might lose my job soon. Sure, that sounds weird in light of the total collapse of capitalism, but I think that's still a ways down the road. The bailout will work for the few decades - hopefully our kids will wise up before that too hits the big ol' Swanee. No, the great thing of a payoff and hit the road would be to give me time to write, to put me on the consultancy path with a safety net, to let me spend more time with the kids. It's just a perfect situation if it comes together. And I'm pretty confident this time that the gig's up. I suspect most of TW4's activities will be moving to IPC. (And this isn't insider information - I'm just making a guess and starting wild rumours. If anybody actually read this blog, I could get in trouble ;-)
That'll do for now. By the way, that photo isn't doctored, it's from the end of the 3rd debate last night.
