These Nuns Didn’t Occupy Wall Street…They Bought It

There are other ways to Occupy Wall Street, you know. As owners in the boardroom. I’ve shared thoughts along these lines by folks like John Bogle, founder of the Vanguard Group of Investment Companies. He argues, and pretty convincingly, that the problem for a long time now is that a heretical form of capitalism, managers capitalism, has risen to prominence. [Read more...]

Harry S. Truman, Mammon, and Déjà Vu, All Over Again

 

My favorite Old Testament book is Ecclesiastes. The inspired writer goes by the name of Qoheleth, which means “teacher” or “preacher.” I like Qoheleth because he has seen it all, and he isn’t afraid to tell us that we aren’t as great as we think we are. You may recall that he is the one who reported that “there is nothing new under the sun.” [Read more...]

“Occupy Wall Street” Insider’s Perspective: Mammon Is Very Concerned

Yesterday, along with Stephen Colbert, I had a little fun with the Occupy Wall Street protests. Enjoying Colbert’s humor by no means throws me in with the camp of the “unconcerned” who perhaps think these protests are a complete waste of time. [Read more...]

Che Guevara Occupies Wall Street!

Che what?! Whew! That’s just Stephen Colbert, doing that thing he does so well. I was worried there for a second. [Read more...]

A Brief U.S. History of Corporate Whining

Heh. Before you get your dander up, turn red in the face trying to scare me with the facts of the imminent demise of all that is right and true about the American Way, I’ve got one word for Corporate America: quitcherbellyachin’.

And Wall Street firms: Don’t even think about lowering executive compensation or bonuses. That’s unconscionable. Instead, lay off the cannon fodder, make the remaining folks count paper clips, drink smaller cups of coffee, and stop using their company provided cell phones (and stuff like that) first.

And one more thing (or close to a dozen),

Warren Quote
Created by: Online MBA Programs

That is all.

Update: Thoughts on the Economy, Catholic and Not.

Hey Gen-X: Be Rebels…Slow Down…Have Kids…Stick it to the Man

It’s the Catholic thing to do. Or you can keep doing what you’ve been doing, as the survey below reports, and continue on the treadmill to oblivion.

Study Finds Gen-X Overlooked in the Workplace

A new study by the Center for Work-Life Policy finds that despite being the smallest generation (46 million), Generation X might be “the most critical generation of all” for employers.

Gen Xers are of an age (33 to 46 years old) that should put them at the prime of their lives and careers, stepping into leadership roles and starting families. However, a recent study, titled “The X Factor: Tapping into the Strengths of the 33- to 46-Year-Old Generation,” reveals that due to challenges and circumstances out of their control, Gen Xers are taking a different life path.

That’s it…we’ll get them to plead “it’s out of my control” and before they realize it, their “prime years” will be gone ( and be all ours). Bawahahahahahahahahahahaha!

The study found a large number of Gen Xers are choosing not to have children. Their extreme work schedules (nearly a third of high earning Gen Xers work 60+ hours a week), strong career ambition, the current economic challenges, as well as changing mores, and life choices are all factors that contribute to their high level of childlessness compared to other generations.

Looks like we got ‘em right where we want ‘em. Keep working harder kids…that’s the answer! Besides, no babies and no diapers equals no little league games, no soccer, no ballet recitals to attend. This way, you can just keep grinding away for Mammon and the man. 60 hour work weeks can become 70 hour work weeks.

Gen X, born between 1965 and 1978, might be called the “wrong place, wrong time” generation, says the Center for Work-Life Policy. They were hit by an economic triple whammy: college-related debt, multiple boom and bust cycles (including the 1987 stock market crash, occurring just as Gen X entered the work force), and the housing slump. As a result, Gen X is the first generation not to match their parents’ living standards.

And they just might not ever…if they stick to our evil plan. Snicker, snicker.

While these economic woes have impacted most generations, they have hit Gen X the hardest in their work lives, the study found. Due to their own financial concerns, Boomers (grrrrrrr) are not retiring and are choosing instead to work an average of nine years longer than anticipated. This delays Gen X’s career progression, resulting in their feeling stalled in their careers and dissatisfied with their rate of advancement.

Heh. And perhaps we can convince them that it is more important to save for retirement, and worship at the altar of the almighty $$$ than it is to tend to their souls. Cackle, cackle.

Go read the rest here. Like I say in the title, continue to play the game to the world’s music and Gen-X will go down in flames (and so will the “Millenials” and all of us). Go the other way, dare I say it, the Catholic way, and you won’t. And even if you still crash, you’ll have at least lived your life to the fullest.

For what doth it profit a man, if he gain the whole world, and suffer the loss of his own soul? Or what exchange shall a man give for his soul?

Exactly! The girls can tell you,

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And the boys too,

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All together now,

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A Message on Mortgage Debt from the World

Just a quick note to parish finance committees from Joe Six-Pack, Catholic layman (in the world, but not of the world). The chart above shows the interest rate on the 10-Year U.S. Treasury Note from 1962 until the present. See the dot on the chart in July 2001? That is just for your reference.  The 10 Year Treasury is a bench mark for mortgage rates. If at all possible, it’s probably a great time to refinance parish debt. Or your own mortgage if you can (and haven’t already).

That is all.

Because Mammon Hates The Idea of the Jubilee, and Hopes You’ve Forgotten It

Who’s the fairest of the all? Mammon!

 

Have you been getting tired of all the Debt Crises du jour stories? Back in April, I did a little tongue-in-cheek post about Mammon, and how even if we actually worshipped him, we would do so in a manner that would put us at risk. And in terms of debt forgiveness, Mammon, would prefer we bring back debtor prisons, rather than ever forgive debt.

Would you be surprised to learn that debt was destroyed routinely back in the day? Doing so helped civilization grow and prosper, because healthy credit markets helped civilizations grow and prosper too. Today I’d like to share a little historical snippet regarding debt from the good old days. The thoughts belong to a fellow named David Graeber, an anthropology professor at Goldsmiths, University of London. He is the author of the book Debt: The First 5,000 Years. This is from a post at the Wall Street Journal’s “Speakeasy” blog,

Contrary to popular belief, credit has been the predominant form of money in world history. In ancient Mesopotamia, elaborate credit systems predated coinage by thousands of years. Periods in which people assume that money really “is” gold and silver, let alone use cash in most everyday transactions, are more the exception than the rule. Ancient empires, for instance, used coins mainly to pay soldiers, and when those empires dissolved in the early Middle Ages, society didn’t really “revert to barter,” as its often believed, but returned to elaborate credit systems—denominated in Roman (and then Carolingian) currency that no longer actually physically existed.

The remarkable thing was that they were able to maintain these credit systems despite the lack of any reliable state authorities willing or able to enforce contracts. How did they do it? Two ways: but both involved insisting that there were values that were more important than mere money.

The first was the cult of personal honor. In most parts of the world, in the Middle Ages (Europe was only a partial exception), merchants had to develop reputations for scrupulous integrity—not just always paying their debts, but forgiving others’ debts if they were in difficulties, and being generally pillars of their communities. Merchants could be trusted with money because they convinced others that they didn’t think money was the most important thing. As a result, “credit,” “honor,” and “decency” became the same thing—an identification which passed into ordinary life as well. As a result in England, where probably 95% of all transactions in a Medieval village were on credit, and decent people tended to avoid the courts, people still speak of “village worthies,” or “men of no account.”

The apogee of this system though was the world of Medieval Islam, where checks were already in wide use by 1000 AD, and letters of credit could travel from Mali to Malaysia, all without any state enforcement whatsoever. In Melaka, the great Indian Ocean entrepôt, merchants from as far a way as Ethiopia or Korea notoriously avoided written contracts, preferring to seal deals “with a handshake and a glance at heaven.” If there were problems, they were referred to sharia courts with no power to have miscreants arrested or imprisoned, but with the power to destroy a merchant’s reputation, and therefore, credit-worthiness, if he were to refuse to abide by their rulings.

This latter brings us to the second factor: the existence of some sort of overarching institutions, larger than states, usually religious in nature, that ensured that credit systems didn’t fly completely out of hand. For much of human history, the great social evil—the thing that everyone feared would lead to the utter breakdown of society—was the debt crisis. The masses of the poor would become indebted to the rich, they would lose their flocks and fields, begin selling family members into peonage and slavery, leading either to mass flight, uprisings, or a society so polarized that the majority were effectively (sometimes literally) reduced to slaves. In periods where economic transactions were conducted largely through cash, there are many parts of the world where this actually began to happen.

Periods dominated by credit money, where everyone recognized that money was just a promise, a social arrangement, almost invariably involve some kind of mechanism to protect debtors. Mesopotamian kings used to rely on their cosmic ability to recreate society to declare clean slates, erase all debts, and simply start over. In ancient Judea this was institutionalized in the seventh-year Jubilee. In the Middle Ages, Christian and Islamic bans on usury and debt peonage, far from being impediments to trade, were actually what made most trade possible, since they ensured ordinary people were not entirely impoverished, and had the means to purchase the merchants’ wares, and because those religious systems became the foundation for networks of honor and trust.

That was my bold highlight. Religious systems the foundation for networks of honor and trust? Imagine that! You can find the entire post here, and his book where they sell books or in your local library. Therein Graebel writes,

It seems to me that we are long overdue for some kind of Biblical-style Jubilee: one that would affect both international debt and consumer debt. It would be salutary not just because it would relieve so much genuine human suffering, but also because it would be our way of reminding ourselves that money is not ineffable, that paying one’s debts is not the essence of morality, that all these things are human arrangements and that if democracy is to mean anything, it is the ability to all to agree to arrange things in a different way.”

I think the Jubilee year was every 50th year, actually, but mechanisms for debt destruction may be an idea that needs to be brushed off if we intend to hold Mammon at bay. Food for thought.

Thoughts on the Economy: Catholic, and Not

Ok, class. Today’s lesson is on a little thing called “regression to the mean.” That’s a fancy way of saying that when something gets out of whack, you know, like when one thing shoots for the stars while everything else is holding steady, see, well, it will move back to where it belongs. And usually suddenly. Like a bursting bubble, which by now everyone with a pulse and a 401k is familiar with. Right? [Read more...]

Christian Thoughts On Private Property: What Ayn Rand Missed, Part II

Still in my library, I found the following selection on the subject of private property, and of “the state,” in Life of Leo XIII And the History Of His Pontificate. Ayn Rand missed this book as well as Pope Leo XIII’s encyclical Rerum Novarum. Perhaps this is just a case of too much writing and too little research. That’s what I think anyway. Of course, she was a novelist, so facts weren’t necessary (head-slap). [Read more...]


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