ECONOMY

2:00PM Water Cooler 8/13/2024 | naked capitalism


By Lambert Strether of Corrente

Patient readers, I’ll have more on Politics shortly. Stay tuned! –lambert

Bird Song of the Day

I looked for another species of songbird that mimics, and came up with the Thrasher.

Brown Thrasher, Location, Finger Lakes NF—Interloken Trail/South Velie Pasture, Schuyler, New York, United States.

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In Case You Might Miss…

  1. Transcript of Trump’s X interview.
  2. NIH shuts down its COVID-19 treatment guidelines website for special populations.
  3. Geofence warrants banned by Fifth Circuit.
  4. €16.9 trillion in labour extorted from the Global South by the Global North.

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Politics

“So many of the social reactions that strike us as psychological are in fact a rational management of symbolic capital.” –Pierre Bourdieu, Classification Struggles

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2024

Less than one hundred days to go!

Friday’s RCP Poll Averages:

More Blue on the map. Trump still leads nationally, but some swing states moving toward Kamala. In particular, I’m no insider, but if I were on Team Trump, Georgia’s drop from +3.6 to this week’s +0.6 might cause me to chew my hands. Georgia? Really? Atlanta burbs no longer sitting it out? Can any readers from Georgia clarify?

* * *

The Campaign Trail:

Trump:

“The Donald Trump Interview Transcript” [Bloomberg]. This caught my eye: “Biden is a stupid person. He’s forced Russia and China to get married. They’re married. Then they took in their little cousin, Iran, and then they took in North Korea. They don’t need anybody else. They don’t need anybody else.” • As so often, he’s got a point (though I don’t think Mearsheimer would agree that relationships between states are familial in their configurations. I did see floating by a claim that Trump blamed our NATO expansion for the war in Ukraine, but I can’t it in the transcript. Of course, with Trump, it’s never quite clear what to search on…..

Kamala:

Kamala (D): Personnel is policy:

Kamala (D): “Harris is using Trump’s tactics against him — but will it work?” [Keith Naughton, The Hill]. “There is a difference between Team Harris and Team Trump, and it is that Harris has a competent campaign crew, lets them do their jobs and has the discipline to stick to what’s on the Teleprompter. Trump, in contrast, can’t get out of his own way. While Harris was trying to spin her way out of criticism for not picking Pennsylvania Gov. Josh Shapiro as her running mate, the former president decided to post another unhinged rant. Surprising his campaign staff, Trump called a sudden press conference where he managed to waffle on his pro-life position (the worst thing you can do), keep his inane feud with Georgia Gov. Brian Kemp going, cave on the ABC debate, bristle at questions and generally ignore the major issues voters care about in favor of minutiae. But at least he got some free advertising for his Mar-a-Lago club.” • Ouch! I’m not so sure about Kamala and the staff; she’s had staff problems consistently as VP. We’ll have to see what happens when the honeymoon ends. Of course, with 100 days, practically the entire campaign is a honeymoon. Which I’m sure she’s counting on.

Kennedy:

<– Spook Country

–>

Syndemics

“I am in earnest — I will not equivocate — I will not excuse — I will not retreat a single inch — AND I WILL BE HEARD.” –William Lloyd Garrison

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Covid Resources, United States (National): Transmission (CDC); Wastewater (CDC, Biobot; includes many counties; Wastewater Scan, includes drilldown by zip); Variants (CDC; Walgreens); “Iowa COVID-19 Tracker” (in IA, but national data). “Infection Control, Emergency Management, Safety, and General Thoughts” (especially on hospitalization by city).

Lambert here: Readers, thanks for the collective effort. To update any entry, do feel free to contact me at the address given with the plants. Please put “COVID” in the subject line. Thank you!

Resources, United States (Local): AK (dashboard); AL (dashboard); AR (dashboard); AZ (dashboard); CA (dashboard; Marin, dashboard; Stanford, wastewater; Oakland, wastewater); CO (dashboard; wastewater); CT (dashboard); DE (dashboard); FL (wastewater); GA (wastewater); HI (dashboard); IA (wastewater reports); ID (dashboard, Boise; dashboard, wastewater, Central Idaho; wastewater, Coeur d’Alene; dashboard, Spokane County); IL (wastewater); IN (dashboard); KS (dashboard; wastewater, Lawrence); KY (dashboard, Louisville); LA (dashboard); MA (wastewater); MD (dashboard); ME (dashboard); MI (wastewater; wastewater); MN (dashboard); MO (wastewater); MS (dashboard); MT (dashboard); NC (dashboard); ND (dashboard; wastewater); NE (dashboard); NH (wastewater); NJ (dashboard); NM (dashboard); NV (dashboard; wastewater, Southern NV); NY (dashboard); OH (dashboard); OK (dashboard); OR (dashboard); PA (dashboard); RI (dashboard); SC (dashboard); SD (dashboard); TN (dashboard); TX (dashboard); UT (wastewater); VA (dashboard); VT (dashboard); WA (dashboard; dashboard); WI (wastewater); WV (wastewater); WY (wastewater).

Resources, Canada (National): Wastewater (Government of Canada).

Resources, Canada (Provincial): ON (wastewater); QC (les eaux usées); BC (wastewater); BC, Vancouver (wastewater).

Hat tips to helpful readers: Alexis, anon (2), Art_DogCT, B24S, CanCyn, ChiGal, Chuck L, Festoonic, FM, FreeMarketApologist (4), Gumbo, hop2it, JB, JEHR, JF, JL Joe, John, JM (10), JustAnotherVolunteer, JW, KatieBird, KF, LL, Michael King, KF, LaRuse, mrsyk, MT, MT_Wild, otisyves, Petal (6), RK (2), RL, RM, Rod, square coats (11), tennesseewaltzer, Tom B., Utah, Bob White (3).

Stay safe out there!

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Maskstravaganza

Conference masking:

Vaccines

“Regarding Prof. Vinay Prasad: An Open Letter to the Administration, Faculty, and Students of University of California San Francisco” [Pandemic Accountability Index]. “One of the very basic facts that any freshman medical student must first internalize is that vaccines are the medical world’s greatest contribution to the public’s health. Many, many years of human life have been wasted, going back to the 1800s, fighting to undermine them and their potential – and we see this sentiment stronger than ever since the beginning of the COVID-19 pandemic in 2020. Combined with the regulatory authority of public health, modern medicine has been able to greatly reduce overall mortality and extend the average human lifespan. Yet, we all see those who openly campaign to crush these gains, and personally profit from doing so via social media revenue and speaking engagement fees.” • Vinay in action:

Elite Maleficence

We gave NIH billions for Long Covid research and they lit it on fire and threw it in the air. Now this:

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TABLE 1: Daily Covid Charts

Lambert here: Worth noting that national Emergency Room admissions are as high as they were in the first wave, in 2020.

LEGEND

1) for charts new today; all others are not updated.

2) For a full-size/full-resolution image, Command-click (MacOS) or right-click (Windows) on the chart thumbnail and “open image in new tab.”

NOTES

[1] (CDC) This week’s wastewater map, with hot spots annotated. Keeps spreading.

[2] (CDC) Last week’s wastewater map.

[3] (CDC Variants) KP.* very popular.

[4] (ER) Worth noting Emergency Department use is now on a par with the first wave, in 2020.

[5] (Hospitalization: NY) Going down. Doesn’t need to be a permanent thing, of course. (The New York city area has form; in 2020, as the home of two international airports (JFK and EWR) it was an important entry point for the virus into the country (and from thence up the Hudson River valley, as the rich sought to escape, and then around the country through air travel.)

[6] (Hospitalization: CDC). The visualization suppresses what is, in percentage terms, a significant increase.

[7] (Walgreens) Fiddling and diddling.

[8] (Cleveland) Jumping.

[9] (Travelers: Positivity) Up. Those sh*theads at CDC have changed the chart so that it doesn’t even run back to 1/21/23, as it used to, but now starts 1/1/24. There’s also no way to adjust the time range. CDC really doesn’t want you to be able to take a historical view of the pandemic, or compare one surge to another. In an any case, that’s why the shape of the curve has changed.

[10] (Travelers: Variants) It’s rumored that there’s a new variant in China, XDV.1, but it’s not showing up here.

[11] Deaths low, but positivity up.

[12] Deaths low, ED up.

Stats Watch

Small Business Optimism: “United States NFIB Business Optimism Index” [Trading Economics]. “The NFIB Small Business Optimism Index in the US rose to 93.7 in July of 2024 from 91.5 in the previous month, the highest since February of 2022, when the Russian invasion of Ukraine triggered commodity supply shocks and inflationary pressures across major global economies. Still, it marked the 31st consecutive reading below the 50-year average of 98.”

Inflation: “United States Producer Prices” [Trading Economics]. “Producer Prices in the United States increased to 144.67 points in July from 144.53 points in June of 2024. Producer Prices in the United States averaged 117.22 points from 2009 until 2024, reaching an all time high of 144.67 points in July of 2024….”

* * *

Tech: “Inside Worldcoin’s Orb Factory, Audacious and Absurd Defender of Humanity” [Bloomberg]. “[Alex Blania is] the chief executive officer of Tools for Humanity Corp., which uses the Orb as part of an identity verification and cryptocurrency system called Worldcoin. His company, based in San Francisco and Erlangen, Germany, is the ne plus ultra object of Silicon Valley yearning. OpenAI CEO Sam Altman, who started Tools for Humanity and recruited Blania, is a major financial backer, along with Tiger Global Management, Fifty Years, Khosla Ventures, Andreessen Horowitz and dozens of other investors who’ve contributed more than $250 million to, as the company’s website says, ‘ensure a more just economic system.’ To achieve that not-so-modest goal, Tools for Humanity wants to create a global identity system for humans… [T]his is where Orb comes in. It takes images of people’s irises under the supervision of a human Orb associate and grants them a unique World ID, which certifies that a real person belongs to a string of characters the machine generates.” • It’s all fun and games until Tools for Humanity’s servers get hacked, and I have to go out on the secondary market for a new iris. It would be Altman.

Tech: “Federal Appeals Court Finds Geofence Warrants Are ‘Categorically’ Unconstitutional” [Electronic Frontier Foundation]. “In a major decision on Friday, the federal Fifth Circuit Court of Appeals held that geofence warrants are ‘categorically prohibited by the Fourth Amendment.’ Closely following arguments EFF has made in a number of cases, the court found that geofence warrants constitute the sort of ‘general, exploratory rummaging’ that the drafters of the Fourth Amendment intended to outlaw. EFF applauds this decision because it is essential that every person feels like they can simply take their cell phone out into the world without the fear that they might end up a criminal suspect because their location data was swept up in open-ended digital dragnet.”

Manufacturing: “Boeing Is the Canary in the Trickle-Down Coal Mines” [Civic Skunk Works]. From April, still germane: “The most tragic thing about all of this is that Boeing had more than enough money to invest in a strong union workforce that hewed to the multiple safety redundancies that the company used to bake into its manufacturing process. It could have spent enough money to ensure that every plane with the Boeing name printed on its side was perfectly safe — the same way Boeing had ensured that rock-solid safety record for 70 years before the company began cutting corners — and still turned a profit. How do I know this? Because over just the last ten years, Boeing has returned some $59 billion dollars in profit to shareholders, in the form of $20 billion in dividends and the rest in stock buybacks. That’s tens of billions of dollars that used to go to wages, benefits, and safety precautions that the company instead chose to hand off to investors with no strings attached. All Boeing got in return for those offloaded profits was an artificially high stock price that didn’t reflect the increasingly poor quality of the product the company was selling.” • G good round-up. The author locates the problem in neoliberalism. I’m unsure but it seems to me the problem is capitalism proper (perhaps neoliberalism has simply removed a veil from our eyes).

* * *

Today’s Fear & Greed Index: 24 Exreme Fear (previous close: 23 Extreme Fear) [CNN]. One week ago: 23 (Extreme Fear). (0 is Extreme Fear; 100 is Extreme Greed). Last updated Aug 13 at 1:21:45 PM ET.

Class Warfare

“Making earthly paradise” [Times Literary Supplement]. This caught my eye: “Morriss was born into a prosperous family, its wealth derived from his father’s holding of valuable mining shares.” But: “Morris fell helplessly in love with Jane Burden, the teenage daughter of an Oxford ostler, whom he met at a theatre. This was more than a matter of picking up a pretty girl and enjoying a brief fling, common enough among young men of Morris’s class and generation. Jane was a young woman of haunting beauty and considerable intelligence. Morris’s commitment turned out to be lifelong; Jane’s less so. They married in 1859 (no member of his disapproving family attended the wedding) and set about making a life together. The choices available to the young couple were not altogether straightforward. Although Jane was resolute in leaving her working-class roots behind, she embarked on her marriage with little serious education or social experience, and was clearly not equipped to become a conventional middle-class wife. A novel way of living must be constructed, which could only be managed in a radically new house. Morris had apprenticed himself to G. E. Street, a gothic revivalist architect then based in Oxford, where he met Philip Webb, who shared his medievalist ambitions. Morris, who quickly abandoned the idea of becoming an architect, commissioned a house from Webb with a view to designing the decoration himself. It was a turning point. ‘Red House’, near Bexleyheath in Kent, was to become a ‘Palace of Art’ (the phrase came from Tennyson) – a unified design where furniture and decoration would combine with architectural details to forge a new paradigm for daily life. Morris was not greatly interested in decorating grand public buildings, though he would make an exception for churches. Throughout his career he focused on household settings.” • Hence the wallpaper:

Makes me think of the British riots….

Zeitgeist Watch

“The 376 Most-Cited Contemporary Authors in the Stanford Encyclopedia of Philosophy” [The Splintered Mind]. From the entry: ” Lewis held that the best theory of modality posited concrete possible worlds. A proposition is possible if and only if it is true at one of these worlds. Lewis defended this view in his most significant book, On the Plurality of Worlds.” • I would swear there was a David Lewis episode from the In Our Time podcast — or at least an episode of a “many worlds hypothesis” philosopher 00 but I scrolled back to 2018 and couldn’t find it.

“Jack Karlson, man behind iconic ‘succulent Chinese meal’ meme, dies aged 82” [Independent]. • Quite a character. But imagine being remembered for a meme!

Class Warfare

“Unequal exchange of labour in the world economy” [Nature]. The Abstract: “Researchers have argued that wealthy nations rely on a large net appropriation of labour and resources from the rest of the world through unequal exchange in international trade and global commodity chains. Here we assess this empirically by measuring flows of embodied labour in the world economy from 1995–2021, accounting for skill levels, sectors and wages. We find that, in 2021, the economies of the global North net-appropriated 826 billion hours of embodied labour from the global South, across all skill levels and sectors. The wage value of this net-appropriated labour was equivalent to €16.9 trillion in Northern prices, accounting for skill level. This appropriation roughly doubles the labour that is available for Northern consumption but drains the South of productive capacity that could be used instead for local human needs and development. Unequal exchange is understood to be driven in part by systematic wage inequalities. We find Southern wages are 87–95% lower than Northern wages for work of equal skill. While Southern workers contribute 90% of the labour that powers the world economy, they receive only 21% of global income.” • Interesting to see this calculated in terms of labor power (time).

Sage advice:

News of the Wired

“Is Running a More Efficient Way to Travel Than Walking?” [JoeHX Blog]. “Conclusion? Slow walks are the most efficient. But if you have to run, about a 7 minute mile is the most efficient.” •¨Good. I like to amble.

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Contact information for plants: Readers, feel free to contact me at lambert [UNDERSCORE] strether [DOT] corrente [AT] yahoo [DOT] com, to (a) find out how to send me a check if you are allergic to PayPal and (b) to find out how to send me images of plants. Vegetables are fine! Fungi, lichen, and coral are deemed to be honorary plants! If you want your handle to appear as a credit, please place it at the start of your mail in parentheses: (thus). Otherwise, I will anonymize by using your initials. See the previous Water Cooler (with plant) here. From Carla:

Carla writes: “Re: the peony discussion on 7/16/24, here’s a bloom from my Japanese tree peony, 35 years old & still hanging in there. The petals look like a cross between tissue paper and silk, and the fragrance is heavenly!”

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