Political Economy

Chase Down

Chill Political Economy

Startup founder convicted of defrauding JPMorgan Chase of $175M by faking firm’s success.

I see no problem here. Many more people should defraud JPMorgan Chase.

Apart from any law broken, it’s the buying firm’s responsibility to conduct adequate due diligence. JPMorgan’s audit of the books seems to have been, “Welp, looks good to me.” That wouldn’t mitigate the actual fraud in the eyes of the law, but were I the judge I’d just laugh at JPM and sentence Charlie to time served and let her keep the money1.

  1. Yes, I realize the judge cannot do that in reality.

DOGE Gone

Chill Evil, Political Economy, Politics

I’ve been planning for Social Security not to exist when I retire and looks like DOGE might make that happen. Glad I started planning for that more than 20 years ago.

Poverty rate is gonna jump and elderly are gonna be dying in the streets. But we all knew it was coming. Well, the smart ones did. The rich absolutely despise Social Security and covet that money. It was only a matter of time before they stole it all.

Superior

Chill Clowns, Political Economy, Politics

That’s right. She doesn’t understand it because it makes no sense. But people always want to feel that they’re better than someone else, even if the average contractor or construction worker should have more solidarity with the waitress in the café than the billionaire being a clown on TV.

But everyone in America sees themselves as a temporarily-embarrassed millionaire so class solidarity isn’t much of a thing.

He Found the Self-Destruct Button

Chill Evil, Political Economy, Politics

I thought the idea absurd in 2015-2016 that Trump might be a Russian agent, or least on their payroll. Now I think it’s probably substantially true.

Has a country so large ever destroyed itself so quickly? Maybe Germany in the lead-up to WWII, but even that was slower if I’ve read my history correctly.

Ludic

Chill Clowns, Political Economy, Politics

He is right. Even all the liberals chanting “Death to America” who firmly side with Hamas terrorists will miss Pax Americana and the liberal global order that rode on its back when that stability and peace is gone.

It’s going to be a wild few decades. That said, all orders collapse eventually. All systems have built-in frailties and weaknesses. The post-WWII arrangement is no different. It lasted longer than it likely should have after the end of the Cold War.

Rarely, though, has a system imploded in such a preventable and ludicrously tragicomic manner.

In Recess

Chill Political Economy

Should be a bit higher. And we’re going the opposite direction.

Unfortunately, partially due to that and the uncertainly around the government being destroyed, a recession is baked in, Great Recession II is extremely likely and depression chance is about 50/50 now. If Social Security checks are disrupted for more than a month, depression chance is 90%.