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Economics and commerce, all built from scratch.

Jobs War

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There are many ways to create jobs.  The 2008 stimulus created some jobs directly at the local level at a cost of around $115k each, or an 18 year payback.  We can also simply wait for the “Recovery” that is supposed to occur and hope it all turns out well.  There are also steps that can be taken to transform the economy and speed up restructuring.

All of this would be minimal and possibly wasted according to Jim Clifton, the CEO of Gallup.  His book “The Coming Jobs War” (which came out last September) outlines how good, meaningful jobs are going to be scarce around the world – and subject to intense competition at all levels.  His proposal is not expensive or even likely to be controversial, but it does require new attention and care from everyone.  It also requires very dynamic leadership, an even scarcer commodity.

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Speculation and Certainty

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There have been many stories in the news about the rising price of gasoline.  This was to be expected, given that it is the kind of story that people can relate to easily.  It’s the point where ordinary people meet a dark and strange part of the global marketplace, commodities futures.

The increase in these stories was predicted in Barataria, but that was an easy call.  The potential for this to not go the Republicans’ way was also obvious.  But this could be even more devastating as groups like Better Markets get the message out that unreasonable speculation is the real cause of the recent price spike.  It has the potential to very much change domestic politics completely.

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Slow Swift Action

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Iran stands today isolated like no nation before, at least since electronic banking became the standard.  They have been cut off from Swift, the Society for Worldwide Interbank Financial Telecommunication, so money can’t enter or leave the nation except that which is carried over the border manually.  This came in response to their failure to allow an inspection of their nuclear program.

How Iran came to be contained so tightly and so quickly may set a new precedent for dealing with rogue nations.  But the process for doing this is not what most people would ever expect.

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Leaving Goldman

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“I knew it was time to leave when I realized I could no longer look students in the eye and tell them what a great place this was to work.”  So says Greg Smith, until today the head Goldman Sachs’ equity derivatives business in Europe, the Middle East and Africa.  This relatively young man who was working his way to the top very quickly simply walked off, leaving behind a scathing resignation letter – that he sent to the New York Times.

You can read the entire piece here, and it’s worth the time.  There isn’t anything particularly new in it for those of us who have been watching Goldman for years, but the details are chilling all the same.  They may be what gets the world moving toward correcting the problems that are not just at Goldman, not by a longshot.

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Punk Economics

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Dave Barry was a kid when the Soviet craft sputnik was launched, sending out a “bleep” through low orbit all around the world.  His teacher intoned to the math class that, “From now on, you kids are going to have to learn a lot more about math and science.”  Barry added, “As if it was all our fault.”

People around the world are going to have to learn a lot more about economics and banking.  This time, however, it really is our own fault.  If we’re going to get some control over our lives in something like a democracy we better get moving.  Movements like “Occupy Everything!” are a start, but there has to be a lot more attention and education.  Fortunately, we have people like David McWilliams and his “Punk Economics” to help – teaching what’s going on with more than a little fun.

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