If I were reading this kind of stuff in a history book and the next paragraph said “and the revolution started in...” I wouldn’t be surprised. Punishing people for being afraid of a pandemic is not a smart move.
I genuinely believe it will take a failure of an absolute overwhelming magnitude (internet goes completely down and society collapses) for an actual, classic-style revolution.
Regardless; even long short of kicking off a revolution, punishing the populace for being scared is bad politics.
That central thesis is true - WW1 and WW2 were devastating to the economies of the nations involved (many of which didn't survive as ongoing political organizations). He just underestimated the extent to which humanity is irrational, short-sighted, and self-destructive.
If the internet went down, people might not like the silence and their own thoughts.
I initially thought ISPs removed data caps and all those for WFH, but now I think it is part of the effort to keep the society intact.
Once unemployment goes too far past 20% and stays there long enough, we'll see social safety nets fail and serious numbers of folks penniless and dependent on aid for basic survival. That's enough, I think, to precipitate revolution or at least angry people not cooperating, breaking things, making demands, and overwhelming anything the government/police can do to stop it.
It's not just the taxes, or you would see most major cities looking for independence.
those of us who work from home don't have that problem. neither those that are already practicing a range of activities that don't require going outside. like reading, practicing a music instrument, painting, knitting, contributing to FOSS, etc.
we just spend more time on those. everyone else needs to pick up a new hobby.
if your daily routine consists of going to work, and hang out with friends in your free time, then you'll have to completely relearn how to get through the day, pick up new hobbies and find other new meaningful activities.
What people want is financial and health security (which in the US are strongly linked), social interactions and some other liberties like working out and traveling. The actual work aspect mostly benefits the owners of the businesses. And I can see that as a small business owner you'd be exposed to the same pressure for financial security, many times over.
But don't confuse "not wanting to stay at home with nothing to do and no clear idea of whether you'll even have a home in a month" with "wanting to work", it's not helpful in analyzing what's actually happening.
Not everyone has the luxury of a work at home job that allows them to put half of their salary in the bank each month.
I think it's something to applaud, but I'm not sure...
The only people who actually have personal security are the independently wealthy - everyone else lives and dies at the mercy of some greater system, a state or an employer.
What we do want, basically always, is for the "average" person to work. And we want that because if most people aren't working we stop producing enough food and other goods/services and we all suffer for it. That's as true now as ever.
The government handing out money doesn't create food, or tractors, or houses, or nails, or clothing, and so on and so forth. It helps continue the distribution of the goods we do have in the short term, due to how we choose who to give goods to (i.e. selling them to people with money), but without people directly creating goods or indirectly creating value to sell to other people for goods (the other people being in other countries that are still producing goods) we will run out in short order.
Sure.
If we could wave a magic wand and eliminate that waste we obviously should (shutdown or no shutdown), but we can't. Or at least that magic wand probably costs more resources enforcing it than those people consume.
When GP says "minimum economy to maintain our standard of living would necessarily be all of it" I imagine they mean "the minimum portion of our economy that we can choose to restart to maintain our standard of living would necessarily be all of it" - because we don't have the knob to chose to restart only the good parts.
I'm hopeful that the crisis could help unblock the shift towards part-time working and/or ensure that the protections that full-time workers get are extended to part-time and gig-economy workers. Right now there's a regulatory cliff that strongly incentivises people to work at least 30 hours/week at a single job rather than working the most productive hours or combination of jobs, and a business-social norm that prioritises spending 40 hours/week in the office over doing productive work. The former is a knob that we can turn; the latter is not entirely under conscious control, but is one of those things that's likely to shift suddenly once enough pressure has built up.
A king in 1100 would have a different definition from his peasants. There are people living in mud huts today, and others in slums: both would give different answers. 180 years ago you were medically better off not going to the doctor, today I'd count ability to see a doctor as part of reasonable comfort. I know people who think they can't live if their car is more than 3 years old, and people who was excited to afford a 15 year old used car.
The first sentence is not true in the universal generality stated. I know that it's not your main point, and I know that most people don't have the luxury that I do, but I am a teacher and a researcher, and I would absolutely keep doing both no matter how much money I had. (I hope I'll be able to keep teaching; my university's not so big.)
(The only effect of having more money would be that I would replace grant-writing with periodically sending off handsomely calligraphed letters to funding agencies saying "Can't be arsed. Sorry!")
Well, I, for one, would be a janitor and be perfectly happy for the rest of my life - low stress, low pressure. Seems nice.
Fast food workers and retail would be more difficult, just because people would have to treat them like humans, if they didn't need the money from the job to survive. But that's never talked about.
Sometimes those shitty jobs are only shitty because the people you have to interact with make them that way.
In a prior career, I worked full-time retail management. I actually really liked that job, except for all of the shitty people who asserted their authority over me because I needed the job, and they didn't need to see me as a human due to my job.
(1) Most jobs were make-work. Parking everyone up doesn't really matter.
(2) Most jobs add a little bit to society. Shutting everything down substantially reduces the buffer between people and a 1,500AD standard of living.
Which frame a person accepts as more reasonable probably determines how they feel about the shutdowns.
Obviously the only solution is to drop the states of emergency and order people back to work. It's the only possible way out of this quagmire. /s
Second, making (aspects of) contracts unenforceable can be very destructive if it goes too far. A huge amount of society relies on contracts in order to be able to operate; if you destroy that, you can damage society in fairly fundamental ways.
This situation went from being “we are staying inside to defeat the virus” to now “we refuse to stay inside (reopen) because that lets those evil democrats (Republicans) win, and I won’t ever allow that”.
[1] https://www.theatlantic.com/health/archive/2020/04/why-georg...
Texas is still gaining new cases and deaths at a high rate. Our curve is not flattening. And yet with one eye on the unemployment coffers, Governor Abbott is overriding the same local decision-makers he deferred to just weeks ago, and forcing business to re-open. Hair salons open tomorrow, while four of the six days of May so far have set new records for new COVID-19 cases.
Everyone I know who works retail jobs would rather be home. Some of them are being forced back, some have never been able to stop working. None of them are happy about it.
https://www.nytimes.com/2020/04/22/opinion/coronavirus-prote...
I dunno how much history you’ve read, but the rich cynically exploiting the masses to direct their anger away from themselves and towards their enemies or other scapegoats is hardly a novel development.
If anything, UBI encouraging more people to not work can only make it worse.
The whole premise of UBI is that there's such a surplus that the only sane thing to do with it is to distribute it. There is now no surplus, and indeed credible threats of shortages. Therefore, it is only logical that the rest of the argument is now invalid. Hopefully, only temporarily.
Giving people a social floor so they’re not going to be out on the street or dead while we work on those is a necessary and proven effective mitigation tactic, however.
You can't solve these shortages with UBI, or indeed, any amount of money. There is no "social floor" if the economy doesn't function. The whole premise of UBI is broken here.
Yes. It is absolutely possible for you to go to the grocery store and for there to be nothing there. Millions of people have had this experience and you are not immune to it. The warning shots are already being fired. Take them seriously.
I actually don't expect it to progress to this point, but it'll because the people who actually understand this stuff opened up even over the objections of the HN gestalt. TBH even the HN gestalt ought to be getting more shaken then it seems to be; there's been an awful lot of big layoffs in our core going on, you'd think at some point there'd be a bit more concern about indefinite lockdowns. The gestalt is acting a great deal more secure than the evidence available to it justifies. I suppose we have the way the question of what should and should not be opened up going from a scientific/public health question to a political question to thank.
Everyone recognizes that some work is still necessary, which is why these bans make exclusions for "essential" work; so that we can continue to produce an adequate supply of essential goods.
The current discontent is not about supply shortages; it is about the segments of the population who are having difficulty accessing those supplies.
There is also the issue of rent/mortgage, which is closer to an issue of financial bookkeeping that real supply concerns (although, medium term, maintaince becomes an issue)
[0] More precisely, made the work that they would be doing illegal.
Things would be far more spartan with more of the population on UBI in a shutdown but they would be alive and their "self support" would be an outsized negative externality compared to what they generate.
The rich cynically exploiting the masses is definitely a known thing. But the right response to that can't be ignoring the masses.
Again, not a new phenomena in American politics and life.
That's the only way I can really parse your statement.
What would it take for you to believe that a large fraction of people genuinely do not want the policies you support?
What do you think it would take for you to realize this?
I'm sure you could easily find some willing to write an op-ed in favor of reopening soon. You'd have a hell of a time getting it published in the NYTimes, of course.
For that matter, if you grew up in rural Michigan, why are you asserting that everyone agrees with social democrat policies?
You may not agree with that perspective, but it is held by quite a few people.
Powell has printed $6T, and the DXY has gone nowhere but up, along with the SPY and the QQQ and the DJIA.
Every single Thursday, we report more job losses than expected, and the market screams higher.
As much as we'd like to think there will be consequences to printing money, the evidence is in that there won't be, either in currency value or market confidence. MMT has proven itself correct.
Long term however you are very very wrong
Further the Stock market is not a good indicator of economic health, never has been. Stock market is largely irrational
Every other country on the planet wants to hold it.
For the USD where you have excess capital imports which aren't offset by corresponding goods, materials or services exports (e.g. the USA buys products from China then China gives the money earned back to the USA in exchange for treasury bills) then what does it mean for China to cash out?
>> We would be the richest country in the world by far
Confusingly, as a nation you wouldn't be richer or poorer and a persons buying power wouldn't change much. This is a long way to say that printing money isn't the right lever to pull to make everyone richer.
>> poverty would be solved
Poverty is only partly a money supply issue, you'd need to fix the other problems that cause poverty too otherwise you'd have limited effect.
Funds Available for Bond Repurchases: $1,000,000,000,000
And just like that a trillion dollars!
For the record, I agree with the gist of your message. It seems a little too easy to conjure up magical money out of thin air.
Assuming you go over the logistics of what's the best way to actually hand in money to people: through tax rebates? through an envelope sent by the Post Office? through citizens' bank accounts? (then how do you handle the non-banked population?) etc etc the powers that be still have to decide what criteria should they use to send said money: according to one's needs? what are those needs? according to one's contribution to society? but then who decides about another person's real contribution to society?
All these questions were first asked at least 200 years ago (I'd say starting with the French Revolution, maybe even with with the Levellers in the ~1640s), questions for which we haven't found any reasonable and definitive answer so far and we'll probably never will.
that causal chain limits how much money can be printed without adverse effects (and at the extreme, economic and political collapse). if we generate ~$1T/mo of value, printing a couple billion extra here or there gets drowned out in the estimation error of the size of our value creation. we print an extra $1T/mo and we have start to have serious problems.
so money is not limitless. it's bounded by our collective product.
It’s stunning that these propaganda narratives work in the face of countries like South Korea and Taiwan, where the response has been safely and thoroughly managed. But American exceptionalism is truly a force to behold.