Defined by Work

Today is Labor Day in the USofA and Canada.  You may be off at the State Fair or taking one last long summer day up at the cabin on the lake. Few people will read this in the middle of the last day of summer routine.

But that’s fine.  This might be better on the Tuesday after Labor Day.

Today we celebrate the workers of this continent and celebrate work itself.  We do this largely by loafing, by taking a day off to not work.  It’s not that everyone needs a break.  The idea is that we should all spend a day contemplating how much we are defined by what we do and how important the efforts are innovations of millions of people are to each other’s lives.

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Labor Creates All Weath

Labor Day is a celebration of American work. It sometimes seems like an anachronism, a holdover from a day long gone when people worked in factories and churned out widgets with mechanical precision.  That image often comes to people in dirty sepia tones like a faded old photograph of grandpa at his bench.  Yet those days were more than grime and hard work, they were times when the US was at the height of its power around the world.  No matter how you want to look at what we celebrate on Labor Day, scorn or longing, hard work went strong arm and arm with the power of this nation.

The accelerated decline of manufacturing in the last decade shows how our current unemployment problem has a lot to do with the simple fact that we stopped making stuff.  It’s not a big leap to see that our power and prestige has gone away with those jobs.

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Opportunity Cost

You can’t have your cake and eat it, too.  It’s a silly old saying with a huge dollop of folk wisdom hidden in the middle of it.  But money spent is sometimes more than just money gone – in an integrated world it’s a choice to make one connection when another one might have been a better choice.

Rather than just measure how much money is going in and out, it might be better to understand what we could buy with the same money.  The technical term for this is “Opportunity Cost”, or what we give up by making the choices we do.

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Ben Bernanke

The economy, as a great big thing, is mysterious.  The lives of millions of people connect into one big system that has its own ways apart from any one of them.  But there are people who have positions of power and influence, those whose job it is to keep it all keepin’ on.

Chief among them is the Chief, Ben Bernanke.  Who is this guy?

More people every day are asking that question.  The press, for its part, gave his introduction a long time ago – and rarely go back over the same ground.  That’s a shame because now we have a track record to examine.

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Connections, Revisited

The clock goes off at a pre-set time, maybe launching a radio station that fills the air with familiar patter and music that you’ve come to rely on. You wander to the bathroom where the tap has hot water waiting and you can start your day on a schedule.  If you timed it right there’s time for a cup of coffee from Colombia, maybe a banana from Costa Rica or a swallow of orange juice from Brazil.  You might have some processed food taken from a box and reheated in a Chinese made appliance.

These are the systems you’ve come to rely on – as much as the systems have come to rely on you to be part of them.

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