Rated
Nov 01
•
1 review
•
culture, politics
• pajamasmedia.com
From the page: "One of problems economists should study is what happens when the overall truth content of a servitized economy declines. Whereas the “truth” of a ton of steel is the steel itself, what is the truth of a bundled subprime mortgage? What is the truth content of a credit default swap? Perhaps we don’t know, and this circumstance has directly led to the current economic crisis. The financial meltdown is from a certain point of view, a pure crisis of information. What we don’t know (or better yet what we do know but ain’t so) is hurting us. The market has either temporarily lost its ability to properly value assets; or more disturbingly we are simply unwilling, like the ATP vis a vis Andre Agassi, to value the assets because to recognize the truth would be catastrophic for business in our servitized world. Perhaps the real psychological purpose of the various government stimulus packages is simply to suggest that we don’t need to know the truth. It’s government’s way of saying that when we don’t like market signals then bureaucracies can set it aside; that with enough printed money we can avoid looking at ourselves in the economic mirror and forestall bankruptcies indefinitely. The music can be kept playing forever if only we wish for it hard enough.
The problem is that we can never be wholly free of the truth.
The words “and ye shall know the truth, and the truth shall make you free” are often used in a moral sense. But they can be used in the entirely secular meaning of the need to be free of bad information. Bad information destroys. We need to be free of bad information. Perhaps the underlying reason for the large and seemingly growing crisis in the Western World is that its truth reserves — the percentage of its information store that actually corresponds to reality — have fallen below a critical level and its institutions are attempting to cover the deficit by frantically printing more lies. Maybe the reason why finance, politics, news, real estate and environmental services are in dire such straits is that they among the service industries have the biggest portfolio of defective information. And it’s killing them. While there may be a tendency in the service economy to increase the amount of spin for short term gain in the long run survival depends on its minimization. We have to know where we are, if we are to avoid getting lost.
The way to the truth is to take the shortest path back to reality. Carmen Collins, the mother of the dead BBC employee, intuitively believed that her daughter might have fared better if she had chosen a simpler career. What drives that sense is the same reason behind the apparent wholesomeness of grassroots political movements and untutored pundits like Joe the Plumber in contrast to the artificiality of the MSM. The outsiders have not yet been firewalled from reality in the way that the mandarins of the BBC and the politicians in Washington have been. The Tea Party world is still that of genuinely funny things — not the sour mordancy of Letterman; it is still one of basic fears and simple joys, of aching feet and a welcome ice-cream soda at the end of the day. Some people spend their whole lives trying to get away from it; to forget the memory of people sitting around a sunny porch eating peanuts, to try with various expensive unguents to wash the smell of new-mown grass and two stroke gasoline fumes from their hair. That is what “success” all too often means in certain circles. That and a line of white powder across a table. In the end they may arrive at a palace of chrome and glass, all cold air and ice at some dizzying height above the world. But they must always remember, or forget at their peril, that it is all upborne by truth and human love."