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By Philip Pilkington, a journalist and writer living in Dublin, Ireland
We live at a strange moment in history. Everything has changed. The old ideologies have been disgraced and the old institutions lie in ruins. But the mainstream media and educational institutions have not yet come to terms with this. They continue to frame everything within the old ideas and narratives.
The result is confusion on a mass scale. Perhaps the key word that sums up our historical moment is ‘uncertainty’. Today there is uncertainty everywhere; from the employment prospects of the young to the medias feeble attempts to come to terms with our new reality. In short, it has become very difficult to get a good understanding of what the hell is going on right now.
The problem is that the old ideologies run deep – very deep. From the foulest propagandistic op-ed ‘discussing’ budget deficits right up to the latest winner of the Nobel Prize for economics, all these institutions and media cast a hazy veil over our reality.
In order to properly pierce this veil one must engage it on any number of levels. One must be able to both pinpoint vulgar propaganda and have a cursory understanding of debates from within the obscure depths of finance and economics; one must be able to properly track and contextualise current events and understand the often malignant powers pulling the strings.
I put to you, the reader, that Yves Smith’s Naked Capitalism blog is perhaps the most effective means to see behind this veil in existence today.
Naked Capitalism is a strange creature, to be sure. A short essay on flaws in a particular slice of macroeconomic theory might run next to the latest weapons being used by riot police at an #OWS demonstration. While this may appear strange at first it is, in fact, simply comprehensive. Because, although it may not appear so at first sight, these seemingly disparate phenomena are intimately related: they are both marks of a power structure in crisis.
Of course, such comprehensiveness requires a readership able and willing to engage. And Naked Capitalism has nothing if not a committed and intelligent readership; a varied readership constantly engaged in debate. (Indeed, some people have commented to me that they enjoy the debate Naked Capitalism generates as much as they do the posts).
From a personal perspective Naked Capitalism offers me a platform to publish pieces that I would almost certainly not be able to publish elsewhere. Newspaper editors would seek to dumb them down while academic editors would seek to jargon them up. Yves does neither. Her ‘hands off’ approach is every writer’s dream. Which is not to say that she does not give feedback – she does; but it is never excessive and it is always open.
With its grand scope, its unique readership and its fine editor Naked Capitalism is a rare bird indeed. But it is clearly not as commodifiable as other media outlets or publications. No one, after all, ever made a fortune by attacking the powerful and the privileged.
Yves has abandoned the murky halls of big finance and shares her expertise with you. The financial media reports regularly on the handsome sums that even junior people in the major firms make, as well as the lawyers and other facilitators in a largely criminogenic environment. So you are getting her skills (and her fierce dedication) at a considerable discount from the market would bear.
You, readers, know well what you get from this site. And I can assure you that Yves works hard – too hard – to bring it to you. So, I ask you – nay, I implore you – to support Yves and support Naked Capitalism by donating whatever you can afford and think appropriate.
16 comments
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“I put to you, the reader, that Yves Smith’s Naked Capitalism blog is perhaps the most effective means to see behind this veil in existence today.”
i absolutely agree. i do not need it put to me as a reader, for this is why i do read nc first thing every morning, like many others. thank you philip pilkington for taking the time to delineate the uniqueness of nc and the exceptional character of its author/editor. she is indeed rara avis in terris.
Watching the clip of Yves asking Larry Summers why banking is not a utility was priceless.
I missed that. Would you please post a link?
She linked to it in her “met first target” post. http://www.nakedcapitalism.com/2011/04/your-humble-blogger-asked-larry-summers-a-question-he-did-not-like.html
Thanks for the reminder of that post.
It just occurred to me that the video clip hitting a douche like Summers with such a probing question could be aptly titled “Summers-Yves” as in…
http://summerseve.com/vcare/cleansing-wash
Oh, wow… very punny.
Done. Glad to do it and wish I could kick in more.
Millions for defense but not a cent for tribute, or swipe fees for that matter.
Already donated a bit but the moment i actually – hopefully – make money on short positions etc, or otherwise am able to afford it, a much bigger amount shall follow…
This site rocks in a major way.
Loved the uncertainty bit. Thank you for echoing my favorite quote of all time from Dr. Richard Feynman: “I would rather live with uncertainty than with answers that are wrong.” It was part of an interview in which he described the difficulty in really, really knowing something.
I heard it over 20 years ago and still think it is one of the most profound quotes ever.
Every time I get convinced that I REALLY know something, I have learned to remind myself of the humbling words “that we are merely chimpanzees in pants.” It’s taken me a long lifetime to learn that certainty is a dead end — and if someone is REALLY certain that they are RIGHT, you can bet on them being wrong. Life, the Universe, and everything is pretty complicated (thank you Douglas Adams)– the answer may be 42, but we have yet to ask the proper questions.
Thanks Mr Pilkington for another useful posting and presenting us with useful questions!.
Philip,
I usually tell you your context is wrong or other sort of challenge to your thinking. With respect to the value of Naked Capitalism led by Yves, I can only thank you for your posting and add my expression of gratitude as well.
Here is to making our uncertainties more comfortable for more of us.
I think you mean, “Here is to making us more comfortable with our uncertanties.”.
Well said, and agree 100%.
This section is key. This is why the problems feel so complex and why the 10 word soundbite or slogan the media demands of OWS just won’t cut it. Cognitive science demonstrates over and over that one of the worst ways to solve a problem is to propose solutions before you’ve fully considered the problem. This is what the occupations must do and why it’s key to involve as much of the population as possible. Once the problems are understood the solution becomes obvious.
Yves is the La Pasionaria of the econoblogosphere. And she’s asking for so much less in the way of sacrifice than the original La Pasionaria did.
Watching the short clip where Larry The Enforcer makes a pompously evasive attempt to answer Yves’ question was like watching a bad scene from a theatre of the absurd production! How can we forget (self-confessed “failed” ideologue of ‘free markets’) Greenspan, Rubin and Timmy Geithner asking Larry to “bark” at Brooksley Born back in 1998 because she dared, as head of the CFTC, to expose the dangers of the hidden derivatives casninos on Wall Street with her Concepts paper. Ms Born resigned in disgust and Clinton gave these short-panted intellects free reign to destroy the economy. Why was Larry rewarded with a White House ‘economics advisor’ job rather than be disgraced by his fellow-economists the way he was disgraced for his Harvard “Girls can’t do Math” antics?
Could it be that we all now have embraced a criminogenic media environment and are slowly suffocating ourselves as this excellent article by Mr Philip Pilkington seems to suggest? The lunatics are, at last, in charge of the Asylum, eh? And the Greek tragedy now being played in that country is the direct result of these pseudo-economists’ criminally myopic ideology. Time to return to sanity–with Naked Capitalism’s help, of course!!!
Thank you.