The Law is the true embodiment
Of everything that's excellent.
It has no kind of fault or flaw,
And I, my Lords, embody the Law.
--The Lord Chancellor, Iolanthe, Gilbert and Sullivan
We can look at the foreclosure crisis as the pre-emininent law enforcement crisis of our time: Elite impunity for crimes committed and still being committed by lenders and servicers (“banksters”) on a massive scale. We can also look the foreclosure crsis as an issue of jurisprudence, where a revolutionary oligarchy seeks to change the nature of law itself.
The claim of Austrian school economists that "there is no macroeconomics" because the political-economic system at the macro level is explainable in terms of the aggregated attributes and activities of political-economic agents at the micro-level of that system is false, silly, and ignores the findings of many other sciences! That's because macro-level behavior includes structural and holistic properties of these systems that are not explainable by individual level phenomena or aggregations of them. Read below the fold...
One of the major bastions of the new financial and corporate oligarchies that have emerged and entrenched themselves the past four or five decades is an international financial system that has usurped many of the powers of the sovereign nation state. Ironically, many nation states are in fact mere tools in the hands of these new oligarchies. These nation states function as tax havens, and there is an interesting new book on the subject, Treasure Islands: Tax Havens and the Men who Stole the World by Nicholas Shaxson. It has been reviewed by David Runciman in the London Review of Books. Read below the fold...
And a heavily padded resume.
The more I learn about this, the more offended I become and the more opposed I am to the thought of handing Caroline Kennedy a senate seat as if it were her birthright.
We are told by those who know (and whose word should not be questioned) that she deserves this position because of critical and unique qualities that only she possesses -- prestige, name-recognition, respect, and fundraising prowess -- not to mention the beneficence of Teddy Kennedy. We are to believe that the patina of Camelot will somehow arrest the ambition and needs of ninety-nine other senators in deference to the interests of New York. Read below the fold...