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TagEconomics

credit and debt

David Bentley Hart:

The Law not only prohibited interest on loans, but mandated that every seventh year should be a Sabbatical, a shmita, a fallow year, during which debts between Israelites were to be remitted; and then went even further in imposing the Sabbath of Sabbath-Years, the Year of Jubilee, in which all debts were excused and all slaves granted their liberty, so that everyone might begin again, as it were, with a clear ledger. In this way, the difference between creditors and debtors could be (at least, for a time) erased, and a kind of equitable balance restored. At the same time, needless to say, the unremitting denunciation of those who exploit the poor or ignore their plight is a radiant leitmotif running through the proclamations of the prophets of Israel (Isa 3:13-15; 5:8; 10:1-2; Jer 5:27-28: Amos 4:1; etc.).

So it should be unsurprising to learn that a very great many of Christ’s teachings concerned debtors and creditors, and the legal coercion of the former by the latter, and the need for debt relief; but somehow we do find it surprising—when, of course, we notice. As a rule, however, it is rare that we do notice, in part because we often fail to recognize the social and legal practices to which his parables and moral exhortations so often referred, and in part because our traditions have so successfully “spiritualized” the texts—both through translation and through habits of interpretation—that the economic and political provocations they contain are scarcely imaginable to us at all.

a Communist and a Tory

Clive Wilmer on Ruskin:

This Toryism, comparable to that of Swift and Johnson and Coleridge, is based on a belief in hierarchy, established order and obedience to inherited authority. He detested both liberty and equality, blaming them, more than privilege, for the injustices he condemned. Only those who held power by right, as he saw it, could be moved by a sense of duty to serve and protect the weak. This is a side of Ruskin that is likely to confuse and even repel the modern reader, in particular the radical who finds his apparent socialism attractive. But in the nineteenth century political attitudes were not so neatly shared out between left and right as they are — or seem to be — today. Modern capitalist economics were then thought progressive, being associated with the expansion of personal liberty. A radical liberal like John Stuart Mill, who championed democracy and the extension of personal rights and liberties, was also an advocate of doctrines which can be blamed for the degradations of the workhouse (Utilitarianism) and the extremes of Victorian poverty (laissez-faire). By contrast, Shaftesbury and Wilberforce, famous respectively for the Factory Acts and the abolition of slavery, were high Tories. State intervention in the economy and social welfare policies belonged to the right, for the right believed in the duty of government to govern — to secure social order and administer justice impartially.

No political label quite fits Ruskin’s politics. Though he detested the Liberals, he was far from being a supporter of the Conservatives. His ‘Toryism’ was such that it could, in his own lifetime, inspire the socialism of William Morris and the founders of the Labour Party; and when he called himself a ‘conservative’, he usually meant a preserver of the environment — what we should call a ‘conservationist’. The truth is that, despite an exceptional consistency of view, throughout his life, on most matters of principle, his specific opinions changed and developed as he grew older. His attitudes to war and imperialism and the rights of women, for instance, oscillate wildly between reaction and radicalism; and he in effect concedes the ambiguity of his position when, in Fors Clavigera, he calls himself, with conscious irony, both a Communist and a Tory.

hurt the people first

Among the many takes I’ve read on yesterday’s ESPN layoffs, the most incisive, I think, is this one from Tom Ley:

And so today’s layoffs seem to follow a kind of logic: If ESPN is bleeding money from subscriber losses, they need to offset the damage by making cuts elsewhere in the company. That doesn’t, though, really follow, mathematically. Look at the people who have been laid off today. Sure, it’s possible that veterans like McManus and Stark and Ed Werder were carrying hefty salaries, but no amount of fired reporters and columnists is going to put even the tiniest dent in ESPN’s rights fees. Add up all the salaries of the people who lost their jobs today, and how much of a single Monday Night Football broadcast does it buy? Ten minutes? Fifteen?

So, then, what was the point? The memo released this morning by ESPN president John Skipper is instructive. It was hollow and buzzword-laden in the precise way that is meant to speak to Disney investors who want to be assured that ESPN is still capable of “navigating changes in technology and fan behavior in order to continue to deliver quality, breakthrough content.” That’s what today appears to have been really about—assuring Disney stakeholders that ESPN is taking things very seriously and is prepared to keep itself lean and competitive. Don’t think too much about how we’re going to continue to pay rights fees with sustained subscriber loss! We’re making cuts! We have a handle on things!

I was still thinking about that post when, this morning, I read Annalee Newitz’s report on the people employed by Google and Leapforce to rate Google’s algorithms. I say “employed by Google and Leapforce,” but the situation is actually more complicated than that: all of the work the raters do is for Google, but they are officially employees only of Leapforce — which has just cut all of the raters working full-time back to 26 hours per week max, in order to avoid having to meet certain expensive conditions laid down by Federal law. Though it’s Google who benefits — and openly admits to benefitting — from these people’s work, Google won’t take them on as employees, even though paying them directly for their work, even at full-time salaries with full benefits, would be less than a drop taken from Google’s fiscal bucket.

Thus we see ESPN/Disney and Leapforce/Google operating on what has become one of the most fundamental rules of our current economic system: When things go badly, hurt the people first.

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