Aging, Savings and "Crashed"

Reading "Crashed" raises questions about interest rates and the amount of capital in the world.

I'm sure it's been observed before, but the world is getting older.  Japan and the US are examples, but China's another one.  I'll be foolish and apply my own experience to the rest of the world.  The older I get the more I save, partly because it's more important to have security for the future and partly because my desires are less.  Or in other words, I'm more set in my ways.

Extrapolate that pattern world wide and maybe we have more savings, more capital than investment opportunities and thus lower interest rates. 

The Problem of Gig Workers, Farm Workers

Strikes me that the infamous "gig workers" and farm workers share some problems, though their situations are different. (Before I proceed, apparently there's at least confusion or  doubt over how significant the sign economy is.)

As I understand gig workers, they may be working for larger companies, like Uber or Lyft, or for smaller ones.  Farm workers, except in the case of the large fruit and vegetable outfits, are usually working for smaller employers.

In both cases, the worker is unlikely to get fringe benefits--health and disability insurance, minimum wage protection, etc.  The problem for farmers is the paperwork burden.  The problem for the workers is the power situation--almost impossible to organize.

I wonder if a state-mandated broker setup might work. 

On Reading Adam Tooze's "Crashed"

I'm currently reading Adam Tooze's "Crashed, How a Decade of Financial Crises Changed the World". The Amazon blurb is:"An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review."

That's the aspect of the book I'd highlight--I've read Bernanke, Paulson, and Geithner's books on the crisis, but they give a US -centric view of the Great Recession and its aftermath.  So Tooze provides a more complete picture. 

He's not a great stylist, and I was disappointed by the Introduction, but he does the narrative well, and the book grows on you.  Some of the discussions are over my head.  Lots of the financial details go by too fast for me to deeply understand, but I get enough out of it.  Tooze is critical of decisions made by many of the leaders,  but I think fairly so. I recommend it.

But all that's not why I'm moved to post about it.

Tooze reminds me of the turmoil and tension of those days, the uncertainty over how things would turn out.  And that brings me back to today, and our current President.

Bottom line: we should thank our stars and stripes that Obama was president then and not Trump.  It's impossible to imagine the damage he would have done.

On the other hand, the existence of the crisis and perhaps the mistakes made in handling it and the aftermath might well have been a necessary condition for Trump's victory in 2016.  A question to consider in the future.

Boundaries Are Important, as Are Perspectives

From the Foothill Agrarian blog:

"From a predation perspective, our lambing season comes at a time when the coyotes and mountain lions don’t have many dietary options. From a dog’s perspective, lambing season offers all sorts of gastronomic and maternal delights. Our dogs love to clean up afterbirth! We’ve had young female dogs that decided they should care for newborn lambs - their maternal instincts drive them to steal lambs from the ewes. Both predilections can create problems. Ideally, we need a dog that is attentive but respectful of lambing ewes. We need a dog that gives a ewe her space while lambing, but that keeps the predators at bay."

Super Delegates and 2020

Seems as if the Democrats change their rules for nominating much more often than the Republicans.

Back in the 50's the nomination was a combination of primaries and favorite sons and smoke-filled rooms.  The 1968 convention with the Mississippi controversy over seating the black Democratic delegation resulted in changing to dominance by primaries.  Then in the early 80's the pendulum swung back by creating the super-delegates to provide more "adult" guidance to the party.  Now, after 2016, the pendulum has swung again towards primaries.

It's interesting to me, as a supporter of Amy Klobuchar, to note she does a lot better in accumulating endorsements from party figures than she has done in polling.  That leads me to speculate that the switch away from super delegates may wind up depriving her of the nomination.

How Some on the Right Befoul Our History

The Post had a collection of short pieces (2-3 paragraphs) today from different writers entitled Nine Things to Celebrate This Fourth of July.

Hugh Hewitt arouses my ire by excerpting and linking to an old essay on the "Price They Paid", recounting the sacrifices made by the signers of the Declaration.  I'm mad because it's been debunked  (in 2005) by snopes.com.  Some of the facts are correct, but the interpretation is off.  The signers didn't suffer because they signed the Declaration as the essay claims; they suffered because the Revolution was a time of danger and hardship.

The essay represents to me the sort of right wing mythologizing which undermines patriotism and the value of history.  It's popular because anyone who reads it says OMG and feels awestruck.  But it's not true. 

Democrat Predictions

I see Nate Silver predicting Biden, Warren and Harris as equally likely to win the nomination, with Sanders behind them.  Jonathan Berrnstein doesn't think Sanders is that likely.

As of today I'd take the field against those four, but I'd be willing to lose my money.

Stretching History

From a Dylan Mathews interview with Edgar Villaneuva on his book on the dominance of whites in philanthropy:

"Many families and many institutions that have amassed wealth have done so on the backs of people of color and indigenous people. One example I often share is my first job in philanthropy was in North Carolina, and it was all tobacco money. My office was on a plantation.
The R.J. Reynolds family had amassed all this wealth through the tobacco industry. Clearly, slave labor was a major part of that and helped to build this family’s fortune.  [Emphasis added.] There are multiple Reynolds foundations that now exist. I think that [money] should be given in a way that sort of centers and prioritizes giving in communities of color that helped amass that wealth.

The only problem with the statement is this: R.J. Reynolds was, according to wikipedia, born in 1850 and formed his company in 1875. 

It's sloppy work and tends to cast doubt on the book.

Soybeans and the Trade War

From an ERS report on the soybean trade among Brazil, China, and the US.

https://farmpolicynews.illinois.edu/2019/06/ers-report-interdependence-of-china-united-states-and-brazil-in-soybean-trade/

Space Is Getting Crowded

Technology Review counts up the upcoming Mars missions. I'm aware of EU and US missions in the past, but who knew these nations would go to Mars:

• Russia!
• China!!
• UAE!!!