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Economics is Not a Science

The latest issue of eflux Journal published an interesting article by Franco Berardi Bifo, who is part of the Italian Autonomia Movement, and is actively engaged as a writer, media theorist, and media activist, with the title The Future After the End of the Economy.
He has written his latest book After the Future in 2010, which he himself defines to be “about the cultural collapse of the most important mythology of capitalist modernity: that of “the future” and its associated myths of energy, expansion, and growth.”

Under the deepening of the current crisis and “what actually happened in the summer of 2011—the extraordinary crash of global financial capitalism and the beginning of the European insurrection that exploded in London, Athens, and Rome in December 2010 and then grew massive in England during the four nights of rage in August, and which I expect to spread everywhere in the coming months—this has pushed me to write something more. ..”

I just quote one excellent paragraph here and advise you to follow the link above to read the entire article on eflux.

Finance is an effect of the virtualization of reality acting on the psycho-cognitive sphere of the economy. But at the same time, finance is an effect of the deterritorialization of wealth. It is not easy to identify financial capitalists as individual persons, just as finance is not the monetary counterpart of a certain number of physical goods. Rather, it is an effect of language. It is the transversal function of immaterialization and the performative action of indexicality—statistics, figures, indexes, fears, and expectations are not linguistic representations of some economic referent that can be found somewhere in the physical world, as signifiers referring to a signified. They are performative acts of speech producing immediate effects in the very instant of their enunciation.

The Meltdown

Al Jazeera English has started a very interesting and insightful series on the meltdown of the financial markets which started in 2007 - calling it themselves a four-part investigation into a world of greed and recklessness that led to financial collapse. .. worth watching!

In the first episode of Meltdown, we hear about four men who brought down the global economy: a billionaire mortgage-seller who fooled millions; a high-rolling banker with a fatal weakness; a ferocious Wall Street predator; and the power behind the throne.

The crash of September 2008 brought the largest bankruptcies in world history, pushing more than 30 million people into unemployment and bringing many countries to the edge of insolvency. Wall Street turned back the clock to 1929.

But how did it all go so wrong?

Lack of government regulation; easy lending in the US housing market meant anyone could qualify for a home loan with no government regulations in place.

Also, London was competing with New York as the banking capital of the world. Gordon Brown, the British finance minister at the time, introduced ‘light touch regulation’ - giving bankers a free hand in the marketplace.

All this, and with key players making the wrong financial decisions, saw the world’s biggest financial collapse. (link)

All the Devils are here

Sorry, I basically don’t know why the embed link from The Daily show site does not work - please follow this link:

Daily Show with Jon Stewart: Exclusive - Bethany McLean & Joe Nocera Extended Interview

In this complete, unedited interview, Bethany McLean and Joe Nocera say Wall Street is already onto the next thing that will blow up the financial system.

The Stock is Rising

Though this project and blog is over and generally closed since quite a while, I would like to mention this latest project and development to overcome the financial crisis, which was at its peak when we first started this blog and became our core theme.

Taking place in Frankfurt a. Main today:

THE STOCK IS RISING !

The Stock Is Rising! Join the crusade and help us levitate the Old Frankfurt Stock Exchange to drive out evil spirits.
On September 21st, 2010, between 15:00 and 17:35 (3 PM and 5.35 PM), you can take part in the live event in front of the building at Börsenplatz in downtown Frankfurt.
Or you can contribute in front of your computer through our communal online-meditation - starting now.

Today is the day !!!!

see for mediaspace_09 details >>>>> Mediaspace WIKI

see general Filmwinter Program >>>>> 22. Stuttgarter Filmwinter

see mediaspace_09 Program >>>>> mediaspace_09

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Global Downturn ‘Is an Earthquake, not a Tremor’

The recently mentioned Spiegel series brings now an interview with former World Bank President James Wolfensohn, who talks about the global financial crisis and his hope that Barack Obama will be the right president to lead the US out of recession.

SPIEGEL: Mr. Wolfensohn, you are known to be an advocate of socially responsible capitalism. How do you view the Wall Street community these days?

Wolfensohn: Well, I think the Wall Street community is preoccupied by survival. We’re having a downturn of unprecedented proportions, and so it’s not surprising that issues of global social responsibility are pushed to the back. That doesn’t mean that it is correct and it doesn’t mean that we are still not better off in this country than in many other countries.
(continue reading)

Call: Securitisation, Risk and Governance: Understanding Uncertainty in the Age of Finance

First Workshop

Securitisation, Risk and Governance: Understanding Uncertainty in the Age of Finance

City University London, 6-7 May 2009

Confirmed participants: Anastasia Nesvetailova (City), Michael Dillon (Lancaster), Peter Burgess (PRIO), Urs Stäheli (Basel), Marieke de Goede (Amsterdam), Oliver Kessler (Bielefeld), Luis Lobo-Guerrero (Keele), Leonard Seabrooke (Copenhagen), Johnna Montgomerie (Manchester), Samuel Knafo (Sussex) TBC: Michael Pettis (Peking), Paul Langley (Northumbria), Rob Aitken (Alberta), Karel Williams (Manchester)

The global financial crisis of 2007-2008 - the first crisis of the securitisation era - has shown a new face of contemporary finance. While financial securitisation has been heralded by orthodox economists as a celebrated model of risk optimisation, the spectacular turn from risk absorber to risk amplifier in the global crisis raises significant questions about financial innovation, practices of risk-trading and existing modes of regulation and governance.

The mere scope and impact of the global financial crisis exemplifies the need for a new interdisciplinary understanding of securitisation. This workshop aims to stimulate a fruitful dialogue to explore the relationship of finance and security. It is the first of three, to be held at City University London, the University of Amsterdam and the International Peace Research Institute, Oslo (PRIO) during 2009-2010. Contributions are welcome from the fields of (Critical) Security Studies/ International Relations, International Political Economy, International Law, Financial Economics, Accounting, Human Geography, Social Studies of Finance/ Economic Sociology and Literature.

Some of the questions the workshop seeks to address include: How do existing theories of securitisation conceptualise risk and uncertainty? What is ‘security’ in the context of the financial system? How do financial and other conceptualisations of security interact? What is the role of securitisation as provider of (in)security? What effect does securitisation have on financial risk-taking?

We invite submissions that address the above questions, and the following sub-themes:

- Financial security, risk and uncertainty
- The role of credit derivatives and leverage
- Systemic security and liquidity
- Financial calculation and security
- Performative/ governmental analyses of financial security
- Trust, reflexivity and governance

Abstracts of 200-300 words should be sent to Nina Boy (nina@prio.no) by 22 February 2009. We will select contributions by 8 March 2009. Paper drafts should be submitted by 12 April 2009. Work in progress is welcome.

The maelstrom

German magazine ‘Der Spiegel’ started an ongoing series on the global downturn which summarizes some of the facts especially in figures. As well it does not any longer put too much surprise on the global interconnectedness of affairs - so it might be worth to be follow up:

THE INTERNATIONAL DOWNTURN
In the Globalized Crisis, Everyone Shares the Pain

The upheaval in the financial markets has sent shock waves around the globe. Economies in North America, Europe and Asia are closely connected — for better or for worse. But now the threat of a new protectionism is taking shape.

Editor’s Note: This feature is part of a SPIEGEL series that will continue all week on how the economic downturn is affecting people and companies around the world. No other downturn in history has pulled as many of the world’s economies. The current crisis is hitting migrant laborers in China, automobile workers in Detroit, Russians oligarchs and even strong traditional German firms like the chemical giant BASF.

Not A Black Swan

Quoting from Nassim Taleb’s ‘The Black Swan‘:

Globalization creates interlocking fragility, while reducing volatility and giving the appearance of stability. In other words it creates devastating Black Swans. We have never lived before under the threat of a global collapse. Financial Institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks – when one fails, they all fall. The increased concentration among banks seems to have the effect of making financial crises less likely, but when they happen they are more global in scale and hit us very hard. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur ….I shiver at the thought.

The author is commenting on his own website: “Nassim Nicholas Taleb: The Black Swan: The Impact of the Highly Improbable (April 2007)

For the last 12 years, I have been telling anyone who would listen to me that we are taking huge risks and massive exposure to rare events. I isolated some areas in which people make bogus claims –epistemologically unsound. The Black Swan is a philosophy book (epistemology, philosophy of history & philosophy of science), but I used banks as a particularly worrisome case of epistemic arrogance –and the use of “science” to measure the risk of rare events, making society dependent on very spurious measurements. To me a banking crisis –worse than what we have ever seen — was unavoidable and NOT A BLACK SWAN, just as a drunk and incompetent pilot would eventually crash the plane.”

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