After World War II, the German government devised another, noninflationary way of getting rid of its public debt: a monetary reform that divided the value of old debts by a hundred, coupled with a system of extremely high levies on the holders of large assets, so as to compensate for the losses to small and medium asset holders; the largest fortunes were assessed at up to 50 percent of their asset value. Germany adopted this reform in 1952, and it remained in force until the 1980s.

When we hear Germans speaking on the subject of economics today and saying how absolutely essential it is for Greece to repay its debt down to the last euro, these events seem very far in the past … It‘s often the way of things: history’s major players have a short memory, especially when it works to their advantage. I think we should resist this historical amnesia, however. It’s worth recalling that the problem of public debt has been dealt with in different ways over the course of history; there’s no right way.

—Thomas Piketty, Nature, Culture, and Inequality, (London: Scribe, 2024), 68.

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there can be no resolution to the global warming crisis, no possible reconciliation between man and nature, without a drastic reduction in inequality and without a new economic system that is radically different from the current capitalist one. In describing this system, I refer to “a participatory, democratic, and ecological socialism,” but other terms could clearly be devised—and no doubt will be.

—Thomas Piketty, Nature, Culture, and Inequality, (London: Scribe, 2024), 5.

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Morning Dew


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Hyperpolitics in command

Anton Jäger, New Left Review:

Trump the hyperpolitician is a consequence of this elite disarticulation, providing agency absent a stabilizing structural frame.

What Trump catalyses, of course, is more incoherence, as the contemporary condition of Europe shows. Here, a set of pre-existing geopolitical and economic dependencies makes elite fracture and cross-class bloc failure far more disabling than in the us. Mainstream parties still hold power in Europe’s three largest countries, but their situation is precarious and—a sign of the hyperpolitical mood of the electorates—their leaders are deeply disliked. In Germany, Merz leads a directionless, ill-tempered coalition which collectively won only 45 per cent of the vote; his personal rating is on –64. Though Germany is the de facto leader of the eu bloc, its ruling elites cannot muster enough cohesion and popular backing to relaunch their own export industries against Chinese competition and American energy pressure, let alone craft a continental strategy.

Ω Ω Ω

This lack of vertical backing for European rulers is in part explained by their inability to unite capitalist fractions behind a coherent strategy to recharge their stagnant economies, trapped between the diktats of the bond markets, a faltering Energiewende, regulatory burdens of the eu’s ‘compliance capitalism’, the growing weight of social care for the elderly, failing public infrastructure, unbeatably cheap Chinese manufacturing and the crippling, self-inflicted gas-price shock resulting from their culpable failure to structure and support a diplomatic answer to the Ukraine–Russia question. Instead of directly grappling with these problems, Europe’s governing classes are issuing a call to arms against Russia and greedily tallying the martial stock of poor war-torn Ukraine for the inventory of a future eu army.

In their switch to intense Ukrainophilia—having long disdained the country as a troublesome peripheral mendicant in need of harsh neo-imperial financial discipline: viz., the 2013 eu–Ukraine association agreement—otherwise bureaucratic figures like Merz and Starmer launch into the mode of hyperpolitics, their energy and enthusiasm delinked from material and political reality. Despite patent lack of popular support, their eagerness for military spending swings from aircraft carriers and fighter jets to the best possible intercontinental ballistic missiles, like an oligarch’s mistress comparing handbags or earrings.

Ω Ω Ω

Instead of negotiating a lasting peace with Russia that would respect Ukraine’s self‑determination, the eu debate revolves—behind closed doors—around what credit system its member states should use to arm against their great continental neighbour. Accompanying this are sly attempts by each to stay in the Pentagon’s good books with logistics and supply for the Trump–Netanyahu war of aggression against Iran, while posturing about a rules-based international order.

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The dollar’s staying power

Ho-fung Hung, New Left Review:

Thus, just when the US global military umbrella – the longstanding foundation of dollar hegemony – is showing signs of weakening, the CCP’s party-state is inadvertently prolonging the dollar’s dominance. Short of profound financial reform in China, the current stalemate, in which the world remains reluctantly trapped within the dollar system, is likely to persist. It is ironic that as US-China rivalry intensifies, China’s control over its economy has become a key factor in the staying power of the American empire.

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The dombra

Wikipedia:

The dombra, also known as the dombyra (Kazakh: домбыра, dombyraPersian: دمبوره, dambūra), is a long-necked, plucked lute used in the traditional music of the KazakhsHazarasUzbeksTajiksNogaisBashkirs and Tatars, and the principal national instrument of Kazakhstan.[1][2] Together with the bowed fiddle qyl-qobyz, it is one of the two most widely recognised symbols of Kazakh musical culture.[3]

Until reading this I could not have named a single symbol of Kazakh musical culture.

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Morning Dew


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Twilight for The Enlightenment

Text of the ruling: here.

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Ridicule

Guardian:

‘Ridiculous’ for US to maintain current Nato support, Trump warns ahead of alliance summit

President says Washington’s relationship with Nato is ‘not reciprocal’ and ‘they were not there for us’ in Iran war

The US president has repeatedly lashed out at European allies over their response to the war in Iran, as several countries restricted the use of bases for American forces.

“response to the war in Iran”? 🤔 The United States and Israel have been bombing Iran, dropping mines, attacking Iran with missiles, threatening Iran with invasion. The Guardian’s phrasing sounds so neutral here, as if the US were a concerned bystander.

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July 3, 1988

Wikipedia:

Iran Air Flight 655 was a scheduled passenger flight from Tehran to Dubai via Bandar Abbas, that was shot down on 3 July 1988 by an SM-2MR surface-to-air missile fired from USS Vincennes, a guided missile cruiser of the United States Navy. The aircraft, an Airbus A300, was destroyed and all 290 people on board, including 66 children, were killed.[1]

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