Fair deal

Moral: Wherein we consider that the big chimera is more shell-game than fair deal.

---

We all know that the basis for an economy to be just is the imperative of the 'fair' deal. Generally, we also include that the deal is 'fair' for all concerned. Now, the reality of near-zero would suggest that those 'concerned' is a much larger set than usually considered so far. Most business deals do not have a proper accounting (to be defined).

For one, the old polluters did not bring the denizens of the earth into their thinking. Too, those at the top, fat cats essentially, play havoc with the common weal with results as we have seen of late. That is, they still got their bonuses even though the majority suffered. There are people working three jobs just to stay afloat; fat cats who think that they work hard need to wake up.

Open challenge: There is no CEO of a large corporation who could stomach the stress, endure the terror of bad managers, perform with any sort of efficacy in the tasks that have been imposed, or even bear the life and the work situation of their workers. The caveat: I have to be involved in seeing that they 'fairly' have the proper experiential event (perhaps, there would be some existential realization on their part at undergoing such -- to wit, embedded boss show of the past summer did suggest some of this) in all the angst raising detail.

For the capitalist who runs around the world trying to extend the number of potential people that he or she can exploit, the 'fair' deal would include what labor needs for survival and for future security. Henry Ford knew that 100 years ago. Consumers need to make money to spend; where the 'hell' is this supposed to come from, folks, if not from wages and earnings?

It is a truism that gains on the pseudo-markets (stock, derivatives, ...) are not 'real' in that for every gain by one (or the few) there is loss by the many (if not the most).

Today, Irving Picard, the righter of the unbalances of the Made-off affair, is quoted in the WSJ as saying that he is after those who made money at the expense of others. Oh? Irving, do you not know that American business has descended to that which is doing other than 'fair' in order to line one's pocket? And, we've allowed this! That is, we as a society have allowed this, forgetting for the moment those politicos who salivate at the thought of money and downright slobber at the touch of the buck to their hand.

And, we did it under the guise that Adam Smith was the Prophet. Give me and him a break, people. Interlopers have taken over the economy of the west (however, defined - we'll get to that). And, China now has inroads to manipulate as they may and will to do so. Perhaps, we'll all learn.

Remarks:

01/20/2013 -- The bad spirit of the thing.

12/22/2012 -- Fair and open actually used in a WSJ article.

10/07/2011 -- Magna Carta, the celebration thereof. We need one of these for business. What would it look like?

Heard, from others, that the Wall Streeters jeer: we cannot help that we are good at what we do, find a job you lazy protesters. Oh, yes, Wall Streeters, you are good at what, exactly? Oh, yes, having defined the shell game, then you keep it running so that monies are sucked out of the pockets of the hapless.

09/21/2011 -- On Wealth and the CEO MVP.

04/03/2011 -- Need to look at some background. Too, tranche and trash.

03/17/2011 -- On the rise of the professional politician (will there ever be the citizen polico? that is, those who do not salivate when a buck is passed beneath the nose) toward robber barony. The M & Ms are apropos. As well, need to bring in Schervish's viewpoint.

10/14/2010 -- Capitalism, as known now, requires an endless supply of suckers.

09/27/2010 -- Capitalism is for the good of us, let's bring that forward.

08/21/2010 -- The new kings are not 'royal' by any means; they're mainly takers (exploiters) extra-ordinaire. We need a Magna Carta, for business (local and global) in which rights of the workers (how else a consumer economy?), and more, are addressed. What would this look like?

07/27/2010 -- The Boston Globe had an interesting op-ed, recently, about these types. Of course, there are several types of best and brightest, including the quants. We'll need to address this topic again using what we know of the new kings. Ah, such confidence when underdetermination reigns.

Modified: 01/20/2013

Mastered by machines

Moral: Wherein we consider that the sirens related to the big chimera just might have the purpose of helping the interlopers to hide the fact that the shell-games are stacked more in their favor, via computation, than we would like to consider.

---

Sorry state of affairs, folks.

We need to thank the USA Today for this look at what has been put on us as a yoke by the best and brightest.

Pure idiocy. All this under the name of a 'market' driven economy. Give me a break (we need to reclaim the lessons from Adam).

Some of the real founders are rolling over in their graves.

Remarks:

03/16/2015 -- Let them eat cake.

01/13/2012 -- We'll be coherent and thorough as we discuss issues (out of control) related to this theme.

03/17/2011 -- On the rise of the professional politician (will there ever be the citizen polico? that is, those who do not salivate when a buck is passed beneath the nose) toward robber barony. The M & Ms are apropos. As well, need to bring in Schervish's viewpoint.

02/01/2011 -- The chimera shines.

10/07/2010 -- Several principles need to be explored, such as the ergodic one.

08/30/2010 -- The 'chimera' need some attention.

07/27/2010 -- The Boston Globe had an interesting op-ed, recently, about these types. Of course, there are several types of best and brightest, including the quants. We'll need to address this topic again using what we know of the new kings. Ah, such confidence when underdetermination reigns.

07/25/2010 -- Not run into the ground by machines so much as by the antics of those who use the distraction of complexity to cover their malfeasance'd purposes. You see, some always use advances in technology (and knowledge, in general) as a means to obtain gain. Just taking that tact is questionable ethically, but business has adopted the jungle metaphor (albeit, without real foundation for this choice). Hence, some justification for twisting new situations for means of gains probably can be found; Lord knows, too, that some adore those who have massive collections of wealth. Some of those who bought into the one known bad guy (ah, AIG was probably full of wrongful thinking if truth be known), namely Made-off, and his game did so because they were told that they were joining an exclusive and privileged group. The solution will rest on a better foundation that goes beyond gaming and money'd politicos.

07/21/2010 -- That we let systems run wild says a lot about us. That economics requires systems means that issues of control, truth, and related are of utmost interest to any attempt at founding a better basis. We'll get there, folks, by taming several speculative thrusts that were emboldened by theory, game and otherwise.

07/11/2010 -- Every which way that we look, are there not oops?

Modified: 03/16/2015

Early Fathers

Moral: Wherein, post the fireworks, picnics, parades, and such, we consider that the real Founders set the stage for those who are usually thought to be the luminaries deserving of our attention and that those real Founders were not of the 'new king' type.

---

The U.S.A just had the annual celebration, on the 4th of July, of the Declaration of Independence. That is, the occasion of the signing is the focus. We hear about the Founding Fathers and see the portrait of the inking moment. We also are reminded about John Hancock.

Yet, the framework for this event started over a century earlier. We will be touching upon this as it applies to the contexts of the blog. For starters, let us just look at three of the folks who might be characterized as Founding Forefathers. The order is chronological.

• Firstly, we do have the backbone, as an example, whose contributions, through his progeny, were multiple and necessary.
• Secondly, we have the Church of England luminary who argued for church-state separation. He founded Hampton, NH with several leading families after removing himself from the clergy-run state to the south.
• Thirdly, we have Rev John Wise who was characterized by President Coolidge as one of the inspirations behind the Declaration. Through his wife, Abigail Gardner, Rev John was a great-uncle of President John Adams.

This list is by no means complete and will extended. One intent will be to include Founding Foremothers, to boot, which will be the subject of the next list.

--- Post note, added July 4th, 2014 -----

Founders, yes, but forefathers, too. Again, we are looking at three (ggps - great-grand-parents) who, in chronological order of arrival, are considered further. None of these were heavy into the Puritan ethnic mores of the heavy-handed type. The contributions of two of these were 100 years prior to the Declaration of Independence.

Thomas Gardner (d. 1674) - The subject of this blog, we can point to a recent Gardner Beacon issue for further information about his life. We know little of his origins, however his character is known by his children and offspring. 

Stephen Bachiler (d. 1656) - Oxford graduate. Disliked the religious state that was Massachusetts. Being 70, he was not easily subdued, hence we have New Hampshire.  

Rev. John Wise (d. 1725 - of Harvard) - Took on the King's representative, Gov. Andros, in regard to excessive taxation. Too, Andros had the notion that the colonists gave up their rights as English citizens when then left to come to the New World.  

Now, we also need to consider how the Magna Charta concerns itself with requirements that are still unresolved in terms of the life of the average American and of humanity, in general.

Remarks:

01/31/2019 -- Lots has changed in these nine years. We will be summarizing them. One context: 400 or so, for one. We're building an example portal at TGSoc.org. Coverage is broad: 10th year, Content vs configuration, Culture/history/technology, and more.

06/14/2014 -- Cognitive elitism. Will be getting back to this.

02/11/2012 -- Example of the senselessness of the ca-pital-sino give to us by the best-and-brightest.

09/19/2011 -- Not Foremothers yet, but we're getting there.

06/29/2011 -- See Gardner's Beacon for continuation on the theme.

08/21/2010 -- Some who came here were of royal descent (this characterization used to honour the heritage and yet to acknowledge that the traditions did not continue here). It would be interesting to see what overlap there is between those who take/accumulate and a royal heritage (that is, it's in the genes). However, there may be many who held to the ideals associated with the undertakings here and who live simply (meaning, they have no role in the current messes which are directly attributable to several malefactor's ones).

Modified: 01/31/2019

Perelman's lesson

Moral: Wherein we consider that there are those for whom the sirens, related to the big chimera, have no hold. These are the 'real' kings (as opposed to the interlopers who are ruining everyone's world) who allow us to hope that we can develop the real backbone of the economy which is necessary for our future and that of our progeny.

---

In this day, when the www allows unconscionable exposures to the trivial, via means like twitter, we have a phenomenon like Grigori Perelman to ponder. Not only did he do work for the ages, his sense of justice is remarkable.

As said before, monkeyed up mathematics, abetted by the computer, has wrecked havoc through things like 'quant' views that are rampantly being imposed everywhere.

Yes, folks, we have allowed a type of idiocy to be superposition'd over ourselves in a mode that is accelerating quickly. Characterizing this, for the means of understanding and for the purpose of managing (that is, growing up beyond the diaper'd (yes, many CEOs and their ilk) set), seems (ought?) to be a topmost priority.

Remarks:

05/08/2013 -- We'll get back to the topic of misuse but, for now, consider this. If there is such effort and resource needs for proofs (CACM April, 2014 - we'll get back to this more fully), how can the cowboys be comfortable with the spawning systems willy-nilly upon the hapless populace? Oh, of course, money as the motivation (and principle means of measurement). God help us.

04/20/2011 -- Simple living (see Remarks 04/15/2011 - game theory), as opposed to greediness.

04/04/2011 -- Need to look at some background.

03/17/2011 -- On the rise of the professional politician (will there ever be the citizen polico? that is, those who do not salivate when a buck is passed beneath the nose) toward robber barony. The M & Ms are apropos. As well, need to bring in Schervish's viewpoint.

01/03/2011 -- Ah yes, now there are demands. The question remains: what growth other than the pockets of these types?

12/05/2010 -- Raj Patel has the proper grasp on the 'financial madness' that is threatening us.

08/30/2020 -- Can't blame Ben for liking Jackson Hole. But, those driving our money systems need to take a vow of simple living.

07/02/2010 -- Remember, our bane: politicos, and some economists, are those who salivate when a buck is passed beneath their noses. Let me have 10 Grigoris, and we would put the proper foundation beneath the economic reality.

Modified: 05/08/2014

The new kings

Moral: Wherein we consider that the sirens related to the big chimera do not have hold on all minds and that there is work related to the real backbone of the economy which is both refreshing to behold and necessary for our future.

----

Since so much effort and resource goes into the daily gaming, as the continual onslaught from all media reminds us, one might consider succumbing to the notion that "capital is king" or some such nonsense.

Well, from time to time, we ought to be reminded that not all economics is oriented to that which results in accumulations of most by the few and in the impoverishment of the many. A recent New Yorker article on Professor Duflo was one such reminder.

The focus is development economics. And, I might add, development of people for more than just making them available to be exploited by the new kings.

Who are this new royalty? Those in power in the multi-national companies who are the supposed epitome of capitalism. Kings in the past were geographically local and were a focal point for power and control. That is, the realm was framed upon portions of the planet and had an emphasis that was political in nature.

The new kings are not tied to any country, have now the global internet as a resource, and enrich a few (even if shareholders are included, their take pales when compared to that grabbed by the stars of the show - CEOs and their ilk).

The new kings are about acquisition: more capital, more glory, ... A recent Supreme Court ruling giving them an unlimited political voice reinforces the company as person myth and leads us to the situation where the largest bank account holder can then bully the rest of the populace.

The new kings are more about entrapment of the work force and customers into continual enslavement than development. The new kings move work to where they can most exploit (colonization). The new kings, and their thinking, have led the supposedly developed nations to a standstill where the developed ones are to buy only (from whence the means? unfathomable debt?) and to sit idly while savings diminish (thanks, Big Ben, saver sacker that you are) to nothing (oh, wait, we could go beyond zero to a negative interest).

We can be thankful that there are people who work on the issues related to economic development, yet the underlying threat is that the main effect will be more resources who can then be seen as fodder for those who are wont to exploit.

Remarks:

07/25/2015 -- We're about six weeks after the June look back at 800 years ago (Magna Carta). Too, though, poster boys have popped out of the woodwork, including Zweig.

07/31/2013 -- Ben cannot unwind or taper down; he has too many Doves. We'll have to get back to the king thing (yes, the divine rights of the CEO) and dampening of these types by a new outlook (Magna-Carta'ísh).

03/25/2013 -- The Atlantic had an article about King Abdullah II. Now, he is an example of a doer, from several angles. What I liked when I read it was that while being educated in Massachusetts, he bussed tables. What that means for those who don't know is clean up dirty dishes and such. When I, as a young man, was in the US Army, we had still had KP duty which included such types of things. Another task that ought to be tried once by everyone: cleaning the grease pit.

01/13/2012 -- We'll go more into why the need for the Magna Charta, this year.

09/21/2011 -- On Wealth and the CEO MVP.

05/09/2011 -- This needs to be look at in terms of doers.

01/03/2011 -- Ah yes, now there are demands. The question remains: what growth other than the pockets of these types?

09/25/2010 -- Capitalism was defined within a classist's framework. We can improve on that.

08/21/2010 -- The new kings are not 'royal' by any means; they're mainly takers (exploiters) extra-ordinaire. We need a Magna Carta, for business (local and global) in which rights of the workers (how else a consumer economy?), and more, are addressed. What would this look like?

07/27/2010 -- The Boston Globe had an interesting op-ed, recently, about these types. Of course, there are several types of best and brightest, including the quants. We'll need to address this topic again using what we know of the new kings. Ah, such confidence when underdetermination reigns.

07/21/2010 -- That we let systems run wild says a lot about us. That economics requires systems means that issues of control, truth, and related are of utmost interest to any attempt at founding a better basis. We'll get there, folks, by taming several speculative thrusts that were emboldened by theory, game and otherwise.

07/21/2010 -- Kings of the past had the peerage, in societies that allowed such. Some of these new kings do not have such, with ineffective Boards in some cases. Of interest to this work will be a new look at what roles the peerage had in the US and what this might mean to an improved economic basis.

07/10/2010 -- The machines rule (actually systems going wild). Perhaps, we'll learn from the China experiment.

07/06/2010 -- The real Founders are turning over in their graves.

07/02/2010 -- There are real kings.

06/17/2010 -- Need to collect discussions on development. Trickle down says that letting the big guys grow lifts the waters (hah!). More like the fat arses displace (and, perhaps, squash). What is needed is sustainability (even DAVOS talked this in 2010) that allows the most to reach some sort of potential (unlike the current in which about all is held by the few whilst the rest (most) hold nickles and dimes) .

06/16/2010 --In the past, we had only one king per geographic locale, with numerous henchmen (plus the bullies, would-be kings, that they are). Now, we have a growing set of kings (how many royal arses can we all kiss?) of this ephemeral type (that is, not kings to us in our daily lives, yet they have more than a delusion - just count the benes - boundless inflows of bucks and more). These kings reign in a realm that encompasses an increasingly enervated workforce (which appears to them to be infinite given colonization). Again, the questions arises: whence the means to found a proper economy which does have a large component in the equation, called the consumer? Somehow, we need to get these new kings roped in.

Is the answer a computational framework that replaces these hunks of idiocy with something that we can all appreciate? CEO apps?

Modified 07/25/2015

Harvard, ..., II

Moral: Wherein we consider that even the best-and-brightest (big endowments) can get lured into playing the games offered by the sirens of technologically driven business; there are many of these games, but the big chimera (many faceted demon of our own design - Rick, of course) is a huge one. That shell games get out of control, now and then, is a lesson that does not seem to stick (no, the little people suffer and pay, always). No wonder the backbone of the economy breaks under such nonsense.

--

There is much to look at. However, we will review this paper, at some point: Educational Endowments and the Financial Crisis: Social Costs and Systemic Risks in the Shadow Banking System 2010 (PDF at tellus.org). In the meantime, a few thoughts are collected.

In terms of disclosure, all this will lead to the following: discussions of near zero and its necessity.

The biggest brains are no better than the lowliest worker. That emphasis has gone so heavily into out-housing (use of this does not imply the inability to see the reality of our inter-connected and global world) results, in part, from a seemingly endless set of new exploitees always around the bend.

Too, talents not related to numeracy are essential to the planet's future; yes, techies, innumeracy is not idiocy. How can the numerant (those with numeracy) be allowed to innovate financially without oversight?

The Gulf spill might be a perfect metaphor. We can exploit only so far; at some point, real costs have to be considered. Oh yes, the current state of affairs shows just how easy it is to fall into a debt, and enslave the future, pattern.

Was it Harvard that led us on the path of short-vision'd and, ravage the landscape, business (Cat and mouse)? Well, can it dig back into its roots, those prior to the ingestion of the secularist potion, and develop a coherent non-secular stance that is so sorely needed by the world for a peaceful and productive future?

Suggestion: where is the notion of ethics ever brought into the minds of those who are going to lead the future? Ought not this be more prominent, period by period, throughout the educational experience? Can ethics even be absorbed by one who is reinforced in elitist thinking?

Divine right of the endowed (pun, of course, for best-and-brightest)?

Earlier posts that are related to the theme under development. Not picking on Harvard. BUT, you Crimson guys and gals, you were the first on this side of the pond which, then, brings especial responsibility.

• Harvard, value and quality I -- from whence will come the multi-faceted minds that we need and the training that will raise the worldview?
• Gravy train -- that is, will raise above the notion of massive taking?
• Gray areas -- and, will not try to exploit situations or potential exploitees?

• Win and lose -- success breed hubris; failure causes whining.
• Hedge Funds -- they say that money talks or that money has it privileges. Evidently, one of these is to make your own rules.
• Lessons to be learned -- gosh, the problem? Who's the daddy!
• Oops and more oops -- stumbling going on everywhere, almost densely.

• Cars and quality -- wonderful metaphor for the current economic mess.
• Roles for schools -- more than merely funneling out takers on a massive scale.
• Swarm proof -- even the brightest are under the laws of nature (more full use than normal).

Remarks:

01/23/2013 -- Things are looking up: Read free or die.

10/16/2011 -- Harvard is 375 this year. That, one might say, will precipitate a closer look, soon.

05/17/2011 -- Hedge funds need some of our attention.

04/20/2011 -- Simple living (see Remarks 04/15/2011 - game theory), as opposed to greediness.

04/12/2011 -- Now, we hear that Harvard wants Bernie to teach ethics to the best and brightest! It is obvious that he ought to be a case study and a specimen of what not to do. That is, analyze him to the core. His motivations would be included. The biggest lesson? How we have dumbed down ourselves in order to make the system, and its artifacts (see comments on hive mentality), work.

04/04/2011 -- Boston U's opinion.

02/24/2011 -- People matter.

01/19/2011 -- For the most, things are dire, not by necessity.

07/02/2010 -- Anyone at Harvard with the sense of justice like Perelman's?

06/01/2010 -- Some young MBAs want to get their reputation, or that of their discipline, out of the crapper. Nice. An oath is one theme.

Modified: 05/08/2014

Out of control

Moral: Wherein we consider that the big chimera has many underlying problems. That is, the shell game gets out of control, now and then. No wonder the backbone of the economy breaks under such nonsense.

-------------

Or, as Mean Street says, the computers get to 'making ugly, messy love' while our money hangs in the balance. You see, the computers are driving the economy due to its increasing roles, and there will be side-effects not unlike we will continue to see with cars.

That requires a new type of thinking, folks.

Given that the streeters, such as golden sacks, seem to deal with 'truth derivatives' (see cartoon) of their own liking, upon what can we build trust required for a market economy? It seems obvious that ill-begotten gains are the norm as how can large bonuses be so usual without some sort of fiddling?

---

On another note, where does the money go? That is, when things roll downward. Today, many lost, yet others gained. That's called near-zero, folks.

Some argue that we can move away from near-zero, with upbeat outlooks, and such. Yet, there has to be a certain amount of accounting (and accountability) and auditing that stands up to scrutiny. That we're fiat'd in terms of money (aerated by the FED, in other words) sets the stage for all the bad stuff from the beginning.

Yet, even in the gold years, there were issues, as Big Ben can tell us.

It may be that the only way out of the muck is with computer systems and a proper playing field. Somehow, we need to get insights from improvements in engineering, such as cyber-physical notions, involved.

Smith and Samuelson would probably agree.

Remarks:

06/11/2015 -- Computers? Out of control, in more ways than one. Adam rolls over (again and again and ...).

12/22/2014 -- Nice to see the WSJ article use "sandboxed" in relation to the absence of "predict or control" within the context of computation (in a sense, we are already out of control very much in need of an economic sandbox). The issues raised in the article are central to truth engineering's core focus.

08/23/2013 -- Another example. Jon has it right: high-frequency to blame. Of course, there are several reasons for the market being out of control.

06/11/2013 -- CDOs and tranching, once again.

05/30/2013 -- We're being driven by systems and developers into a type of hell.

03/15/2012 -- Okay, might have used incomputability in discussing quants (see post on Alan M. Turing) but stand by the context, the issues, and the need for resolutions. Wake up, quants (you, too, Ben).

02/11/2012 -- Example of the senselessness of the ca-pital-sino give to us by the best-and-brightest. 

01/13/2012 -- We'll be coherent and thorough as we discuss issues (out of control) related to this theme. 

05/17/2011 -- Golden sacks (leftmost mug of the rogue table), by Rolling Stone and Daily Ticker.

03/22/2011 -- It's spring, and the garble uses gambling metaphors.

11/21/2010 -- Three years ago, it was said: Computational foci raise miraculous need. Still applies.

11/02/2010 -- Over a year later, the message is the same, except some changes have occurred. But Big Ben continues in his ways. Of real note is that the jobless rate is high; out-housing really set up for that. Also, we need to re-look at that learned from the 'vons' guys, Ludwig and Friedrich. See Near Zero.

10/07/2010 -- Several principles need to be explored, such as the ergodic one.

05/25/2010 -- Who will (or can) lead out of the morass?

05/14/2010 -- Oh yes, smartest guys in the economy.

05/14/2010 -- NYT's opinion points toward algorithms which nowadays seem to have a panache that seems to need some scrutiny.

05/13/2010 -- Some of the 'out of control' is intentionally inserted, as that helps some make money. See Time article from 12 years ago in which it is suggested that a lot of 'high' finance is motivated by attempts to circumvent accounting rules. As a reminder, folks, the issue of 'moral hazard' consists of this: playing with other peoples' money (many of which are moms and pops just trying to survive their later years), not handling risk properly (hubris of mathematical prowess), taking off the top (privatization of the profits), expecting bailouts from the general populace (socialization of gain) when things go awry, gloating about being right (again, hubris, but this time it's probably male egotism). It's been said here before: we need people running finance who do not salivate when a buck is passed beneath their nose. Now, that set would not be exclusively female.

05/10/2010 -- Commentary, and cartoon, via USA Today is right on.

05/07/2010 -- Another opinion on the influence of computers in the market.

05/07/2010 -- As said before, politocos seem to be those who salivate at the sight of a buck. I should add that the thought of the buck might cause the glands to activate, too. Especially, it seems, according to this report, that it's worse than I could have imagined. Why expect more from these people? That ethics might come into politics approaches zero in likelihood?

05/07/2010 -- Basically, the whole model stinks and is very unstable. How did we get to where our lives are dependent upon this type of thinking? And, this is how 'capital' ought to be handled? On no. Have to consider that Grasso was right. Like they say, right message, wrong messenger.

Modified: 06/11/2015