Archive for August, 2012
by Dmitry Orlov
At 78 pages of scholarly, somewhat jargon-laden prose, Trade-Off: Financial System Supply-Chain Cross-Contagion by David Korowicz is not quick reading, nor is it light reading, but it is important reading. It puts a lot of definition to the concept of cascaded failure, in which financial collapse inexorably leads to political and economic collapse with no possibilities for arresting this process or even altering its course. This may seem like a terribly pessimistic message, and, indeed, it is hard to imagine that it would provoke a cheerful reaction in any sane person. But for those who feel that it is important to understand what is unfolding, Korowicz offers a large dose of realism. Still, a fair warning is called for: “Abandon all optimism all ye who enter here!”
Gore Vidal loved America in the way the best of the founders did. Indeed, he seemed at times, to be the last of their number—a fierce defender of the purest, most revolutionary of ideals at a time when the contemporary political class prattled on about constitutional principles they neither understood nor valued.