The only thing that's going to save democracy is the realization, by a large number of oligarchs, that their fortunes, and their persons, are in danger if the current chaos and corruption continue.
Either that or forcibly reducing those fortunes to manageable levels so they don't have the power to buy elections. That means serious tax increases. The revenue raised will be enough to enforce stronger regulations and provide a UBI. In other words, reverse the "Reagan Revolution" and get back to the New Deal and Great Society - but Newer and Greater.
The folks that would have to vote to raise taxes and stop the funneling of all societies wealth to the 1% are owned by the 1%. A really large popular uprising and general strike might do the trick, but the media is also owned by the 1%. So organizing a popular movement is tricky. This is compounded by the fact that about 30% of the voters are living in an alternate universe created by Fox, etc., and another 30% follow no news sources at all. So I'm afraid it's down to billionaire self interest, or a financial meltdown so big that the prokes are forced to wake up and pay attention. An unfortunate situation.
I had not heard about this. I hope he writes more about it. From where I stand, "stablecoins" and other crypto are just so speculative as not to be worth an "investment." And that's assuming they are legit and not scammers.
Crypto is speculative (a confidence scam) with no other real world use cases other than criminal enterprises (tax evasion, money laundering, black market trafficking). Stable coins are crypto pegged to the USD or some other currency and therefore far less speculative, so their only use cases are criminal enterprises.
Exactly. I have tried without success to convince a friend that she should not own a retirement fund in crypto but she thinks she is "ahead of the curve." At least she didn't put a great deal of money into it.
5 million on No Kings (at least until Erica Chenoweth weighs in)-- but next time we will aim for 12.
The estimate from AltNationalParks is unsourced and implausible, whereas GE Morris has an upper bound of 7 million, and could be as low as 4.2M. It is the biggest single day of protest since Earth Day 1970.
Well, judging by the crowd in NYC - which was quite a bit larger than either April 5 or April 19, I'd say we hit close to 2,000,000 in NYC alone. I don't think AltNationalParks is implausible - they're a group of pretty hardcore professionals. In any case, as you point out, we need to keep going and putting the pressure on. It's up to us.
Crowd estimation is very difficult, especially absent aerial shots covering the whole protest. Even then, people can come and go, so even aerial shots just give a static number. That's why the pros will not have their first hard estimates out for several weeks. See Chenoweth https://bsky.app/profile/chenoweth.bsky.social/post/3lrsii2xalc23 She is a professor with Ash Center at Harvard (https://ash.harvard.edu/) And, unlike AltNPS, they show their work with their academic careers on the line.
Maybe the final figure will be 12 M. At this moment, we are not there. Math is going on as we speak.
I like to think that James Carville’s prediction will be proved right, that the sheer incompetence of President Trumps White House will see a collapse in public approval. You can’t be wrong on so many fundamental issues (climate change, free trade, academic freedom, diversity in the workplace) and expect things to go well…
A day off to refresh is invariably the right thing to do
Take your time. Feel better. However, the best thing we could do for you (and us) is to turn off the noise generators in Washington, who are become more outlandish, destructive and stupid by the minute. I hope your next post doesn’t have to address the US bombing of Iranian nuclear sites.
Thats cool man we know you’ll be back
And we'll all still be here.
And so, alas, will be all the issues mentioned. We all need to pace ourselves. We are running a marathon.
Agreed. We're in it for the long haul. That's ok. I'd like to go to my grave knowing that I participated in >successfully< saving democracy.
And may it be a long time before we go to our graves. :-) It would be nice to enjoy the fruits of our participation.
I'm not so optimistic about my own longevity, but I expect to be around long enough to see light at the end of this dark, nightmarish tunnel.
Nor am I, but it would be nice. :-)
The only thing that's going to save democracy is the realization, by a large number of oligarchs, that their fortunes, and their persons, are in danger if the current chaos and corruption continue.
Either that or forcibly reducing those fortunes to manageable levels so they don't have the power to buy elections. That means serious tax increases. The revenue raised will be enough to enforce stronger regulations and provide a UBI. In other words, reverse the "Reagan Revolution" and get back to the New Deal and Great Society - but Newer and Greater.
The folks that would have to vote to raise taxes and stop the funneling of all societies wealth to the 1% are owned by the 1%. A really large popular uprising and general strike might do the trick, but the media is also owned by the 1%. So organizing a popular movement is tricky. This is compounded by the fact that about 30% of the voters are living in an alternate universe created by Fox, etc., and another 30% follow no news sources at all. So I'm afraid it's down to billionaire self interest, or a financial meltdown so big that the prokes are forced to wake up and pay attention. An unfortunate situation.
Guard the precious Krugman resource!
You've been almost superhuman. Thanks for sharing your work/insights! I'm looking forward to your next post.
Sweet dreams Paul
These are tense times.. relax and recharge..you’ve earned it… 🙌🏻💆♂️
Good for you! Your productivity is incredible. If you don’t pace yourself you will burn out. Maybe every day is too much.
Glad you will take care of yourself. We need you for the long haul.
Rest up Paul.
America's best economist deserves a rest
“the disgraceful connivance” is becoming collusion with the enemy. Before long a new generation of quislings will be upon us.
I had not heard about this. I hope he writes more about it. From where I stand, "stablecoins" and other crypto are just so speculative as not to be worth an "investment." And that's assuming they are legit and not scammers.
Crypto is speculative (a confidence scam) with no other real world use cases other than criminal enterprises (tax evasion, money laundering, black market trafficking). Stable coins are crypto pegged to the USD or some other currency and therefore far less speculative, so their only use cases are criminal enterprises.
Exactly. I have tried without success to convince a friend that she should not own a retirement fund in crypto but she thinks she is "ahead of the curve." At least she didn't put a great deal of money into it.
Well said
Bite your tongue! We're not done yet!
It's a great reminder of the imperative that we continue to Rise! Resist! ✊✊✊
We are definitely not dead, unfortunately there are many who are rolling over.
True, but 12,000,000 of us didn't roll over on June 14 - and that's just the tip of the iceberg.
5 million on No Kings (at least until Erica Chenoweth weighs in)-- but next time we will aim for 12.
The estimate from AltNationalParks is unsourced and implausible, whereas GE Morris has an upper bound of 7 million, and could be as low as 4.2M. It is the biggest single day of protest since Earth Day 1970.
Well, judging by the crowd in NYC - which was quite a bit larger than either April 5 or April 19, I'd say we hit close to 2,000,000 in NYC alone. I don't think AltNationalParks is implausible - they're a group of pretty hardcore professionals. In any case, as you point out, we need to keep going and putting the pressure on. It's up to us.
Even AltNPS isn't claiming their estimate is correct. See bsky.app/profile/altnps.bsky.social/post/3lrv6rngmnk2w
Crowd estimation is very difficult, especially absent aerial shots covering the whole protest. Even then, people can come and go, so even aerial shots just give a static number. That's why the pros will not have their first hard estimates out for several weeks. See Chenoweth https://bsky.app/profile/chenoweth.bsky.social/post/3lrsii2xalc23 She is a professor with Ash Center at Harvard (https://ash.harvard.edu/) And, unlike AltNPS, they show their work with their academic careers on the line.
Maybe the final figure will be 12 M. At this moment, we are not there. Math is going on as we speak.
That's cool. Have a rest, enjoy a walk in the shade. Live is precious
Enjoy the day ! ✌️
Absolutely! Cuddle up with your kitty and forget this sad little country for now.
Enjoy!
Wow - you deserve a break!
I like to think that James Carville’s prediction will be proved right, that the sheer incompetence of President Trumps White House will see a collapse in public approval. You can’t be wrong on so many fundamental issues (climate change, free trade, academic freedom, diversity in the workplace) and expect things to go well…
A day off to refresh is invariably the right thing to do
Take your time. Feel better. However, the best thing we could do for you (and us) is to turn off the noise generators in Washington, who are become more outlandish, destructive and stupid by the minute. I hope your next post doesn’t have to address the US bombing of Iranian nuclear sites.