Stumbling and Mumbling: When to distrust elites

Whom should we trust: elites or the people? I’m in two minds here.

On the one hand, on the issues of immigration and Brexit, I’m with the elites.

But in other respects, I’m on the side of the people. I’ve repeatedly arguedfor worker democracy against managerialism, and have consistently pointed out the shortcomings of professional fund managers. And I’ve pointed out that popular opinion – as measured by ratios (pdf) of consumer spending to asset prices – can do a better job of forecasting future economic conditions than professional forecasters can manage.

So, am I just confused?

-Cbris Dillow

Source: Stumbling and Mumbling: When to distrust elites

I think he’s spot on, and that we’re running away screaming from the ground we need to occupy.

Trumped both ways: ‘Snake Oil’ or ‘Business as Usual’ –

Donald Trump gives voice to many Americans who know that they are getting bamboozled. Yet here is the ultimate hustler, the very type who does so much of the bamboozling. Trust me, he says. Hillary Clinton gives voice to many who appreciate how dangerous her opponent could be. Trust me, she too says, while offering a steady stream of reasons why people cannot. Sure we all have our flaws, but among 320 million Americans, could two not be found with flaws that reveal an underlying integrity?

How is anyone to believe that either candidate will deal with the deeply-rooted problems of America today: income disparities, the legal corruption of political donations, a warming globe that needs to be cooled, crony capitalism that has harmed so much of the American middle class? Add to this the ultimate problem: an uncanny tendency to deal with all these fires by repeatedly pouring oil on them.
-Henry Mintzberg & John Breitner



Why we think Bernie Sanders is the best choice for president: panel | Opinion | The Guardian

Bernie Sanders offers the possibility of a better political future, the kind of world I’ve been contemplating since the Black Lives Matter movement began. That’s appealing to me. I am not so naive as to think a Sanders presidency will solve everything or even much at all. But I am tired of being told I cannot imagine a better world.
Steven W. Thrasher

Markets in the next system – The Next System Project

It wasn’t until hundreds of years after Marco Polo’s travels that the dramatic transformation of the system of production began—and in a curious place. Wood demonstrates that the capitalist “laws of motion” did not emerge in urban commercial centers, as is normally supposed, but in the countryside. Specifically, the English countryside. English landholding was inordinately concentrated, so “an unusually large proportion of land was worked not by peasant-proprietors but by tenants,” as Wood explains. For most of the feudal age, English tenancies were “Freehold leases,” with rents fixed by a legal or customary standard, but by the sixteenth century, a growing number were “Copyhold leases,” auctioned by landlords to the highest bidder, their rental value set at whatever the market would bear. The more competition there was in the market for rental land, the more notice landlords and their surveyors began to take of the “value above the oulde Rentes” that could be extracted through this market. And so England underwent great waves of land enclosure, separating the masses from direct access to the means of their own subsistence

-Jesse A. Myerson

 Source: Markets in the next system – The Next System Project

This needs reading.