Cultural Miscellany

I don't comment on or review every cultural event we go to in our area, but one I should have covered was the Maltz Theatre's spectacular production of A Chorus Line, which has now closed, but had a very successful run. We saw the original 1975 Broadway production and I came away with the same feeling from the Maltz production, one mixed with pathos and joy for the performers, each with their own individual story to tell.  Maltz intelligently used Michael Bennett's innovative choreography, preserving it like a classic ship in a bottle, executed with the same degree of professionalism as in the original show.

Ever since seeing Maltz's very first production in 2004 of the Pulitzer Prize-winning drama by playwright Nilo Cruz, Anna in the Tropics, we've had season's tickets to the Maltz and have watched the Theatre's evolution, walking the tight rope between serious theatre / great musicals and the lighter fare aimed at entertainment-only theatre goers.  The shift towards the latter during one season almost resulted in cancelling our season's tickets, but we've been hanging on, hoping for more productions such as Chorus Line, and looking forward to their forthcoming production of the highly acclaimed Other Desert Cities (hooray, serious theatre!), and their concluding production of The King and I. Any Rodgers and Hammerstein show is worth seeing in my estimation.

No sense "reviewing" their production of A Chorus Line in more detail.  It even captured the attention of Wall Street Journal's Terry Teachout, his first visit to the Maltz and undoubtedly not his last.  I agree wholeheartedly with his comments.

Ironically, the Wall Street Journal also reviewed Dramaworks' production of Harold Pinter's Old Times, Teachout attending the preview performance the night after we saw it -- the performance on which my own review was based.

Interestingly, Teachout has reviewed several Dramaworks' productions, recognizing it as one of the best theatres in South Florida, never disappointing on a professional level, but sometimes disappointing the same "entertainment-only theatre goers" the Maltz sometimes tries to please.   

Unfortunately, our local reviewer, Hap Erstein, who is a damn good writer, walks that same fine line (as does the Maltz) for his readers, praising Old Times on the one hand, but hedging his bets saying "if you need to make an emotional connection with a play’s characters to sustain interest — even for the relatively brief 75 intermissionless minutes — Old Times is probably not for you."  He even goes so far as to turn Dramaworks' mantra of “theater to think about.” to " theater to be confounded by."  To his credit though, he does acknowledge "Dramaworks is committed to exposing its audience to absurdist dramas from around the world. That is a worthy mission."

I rarely touch upon movies here.  We don't see many, cherry picking the best when they come out on DVD (why put up with cell phones, texting, long lines, people talking, the endless previews and selling in the movie theatre merely to say you saw the film immediately upon its release -- does it make the film any better?) but I can't leave this cultural odds and ends entry without mentioning what I think is a Woody Allen masterpiece, Blue Jasmine, and a bravura, Academy Award deserving performance by Cate Blanchett.  Regrettably the sturm und drang over child molestation accusations made by Dylan Farrow might overshadow what Allen (and Blanchett) have achieved in the film, a loose tale about lives of the Bernie Madoff crowd and the little people he destroyed.  In fact, the film is a classic portrayal of the "upstairs" and the "downstairs" people, so skillfully portrayed and exactingly written by Allen -- the despicable rich, the admirable working class!  Much of the success of the film is due to the casting by Juliet Taylor, who has cast all of Allen's films since the mid 1970's.

Cate Blanchett portrays a kind of fragility as "Jasmine" Francis, a Blanche DuBois character,  while her sister's boyfriend, Bobby Cannavale, reminded me of Stanley Kowalski.  The film, indeed, seems to be almost a tribute to A Streetcar Named Desire.  It was strange to see Sally Hawkins playing Ginger, Jasmine's sister, as we have seen her so often playing Anne Elliot in the BBC production of Jane Austen's  Persuasion (a DVD we dutifully watch once a year, it is that good). Hawkins is English and to hear and see her play a bag packer in a San Francisco supermarket was somewhat startling, but a real tribute to how brilliant casting makes all the difference.  Woody Allen gave full attribution to Taylor for so much of his success in a recent open letter to the Hollywood Reporter

Finally, last weekend we attended the yearly American International Fine Art Fair, an eclectic collection ranging from classic art pieces to contemporary ones capturing the comedy of modern absurdism.   

For Ann's delectation, sprinkled here and there are magnificent pieces of antique  jewelry to be admired and as for me, rare books, a potpourri of interesting cultural experiences, all on one manageable floor of the Palm Beach Convention Center.  We went with friends Harry and Susan, and I thought this a touching photograph of our wives walking hand-in-hand in City Place, on our way to the Fair from lunch.

In my fantasy life, the one where we win the lottery (and I don't mean merely a $1 million one  -- a lot more is needed to haul some of the exhibit home, including a new penthouse apartment overlooking the intracoastal and ocean -- you have to put the stash someplace appropriate), I'd snap up some of my favorites from the show.

First, as one "needs" something to view the water and the boating activities from the new penthouse; clearly an obligatory purchase would be the Kollmorgen U.S. 20 x 120 Battleship Binoculars for a mere $110,000.

It's a modern penthouse so it would be nice to have something very contemporary such as David Datuna's Eye to Eye Marilyn which will set you back $180,000

Offsetting the modern, we have to add one of Edouard-Léon Cortès' paintings, his style so unusual, the light crying out from the city of Paris in the late 19th century in Après la Pluie, St Denis, Paris for $165,000

Although no price was mentioned, an oil on linen, Sweet Dream of Vermilion Chamber by Zhao Kailin caught our eye as well, the colors perfect for our new penthouse wall.

Finally, putting some real life perspective on fantasies of penthouses, expensive art, were the Robben Island Sketches by Nelson Mandela.  Perhaps seeing his work, reading his words, and knowing what he endured and achieved was the best wakeup call from the fantasy.  His work, priceless.

 

Anecdotal Headlines Redux

One of the advantages of writing a blog is to be able to understand what I was thinking (or not thinking) at a certain point in time.  It can be satisfying, or amusing, or downright embarrassing looking back. We are all adrift in an ocean of information, the seas fomenting more than ever, that affecting our perception of the horizon, when we can see it at all.  Sometimes, the headlines of the Wall Street Journal seem to cry out a general national Zeitgeist and this weekend's edition was such a moment.  I've noted this phenomenon before, first on Wednesday, December 10, 2008, Anecdotal Headline Annotations, which I prefaced with a sentence that could exactly apply to the most recent edition, three and a half years later: If I was handed a copy of today’s Wall Street Journal only a couple of years ago, I would have thought the headlines were a forecast of an ethical and economic Armageddon. How otherwise does one interpret the following captions, from just one day’s newspaper?  

 

Then, a little more than two years ago, Friday, April 9, 2010, I posted another such moment, Anecdotal Headlines, writing at the time: ...while the Dow basks in the glow of massive liquidity injections in a low interest rate environment, approaching 11,000 as I write this, and investment bankers are rewarding themselves with record bonuses, the economy swims on against the tide of high unemployment (much higher than reported), kicking the state/municipal finance crisis down the road, and rising foreclosures

Usually, extreme headlines happen at inflection points.  Certainly the Dec. 2008 posting was one as far as the stock market is concerned (the Dow bottoming three months later), but the April 2010 posting was during the market's ascent. However, the so called "market" seems to be disconnected from the economy and jobs and whatever recovery there has been of Main Street mostly has been induced by the Federal Reserve and other government stimuli.  Some like to finger point, believing that recent deficit spending is the cause of our economic malaise.  I don't like deficit spending any more than they, but it is overly simplistic to think that if we ran our government like a responsible family, sitting around the ole' kitchen table, budgeting our expenses, tightening our belts, all will be OK.  Running a country is not like running a household, and without the stimulus, who knows where we would be today. 

We are going to hear a lot about the economy, everything being Obama's fault (note now that gas prices have fallen in the last few weeks we no longer hear about his being responsible for those) but another benefit (there are not many) of writing this blog is some of the documentation it provides. The Monday, September 22, 2008 entry, This Fundamental is Whining  is worth revisiting in this regard. Senator Phil Gramm, who had then become a lead economic adviser for McCain’s presidential run, called us (the American public) "a bunch of whiners," saying the only economic problem we have is a "mental recession."  Well we now know that this little "mental recession" was real, could have been a depression (who knows, it still might become one), and it was set in motion long before Obama took office.  Nonetheless, at the time McCain was already blaming Obama for the economy, saying “We've heard a lot of words from Senator Obama over the course of this campaign…But maybe just this once he could spare us the lectures, and admit to his own poor judgment in contributing to these problems. The crisis on Wall Street started in the Washington culture of lobbying and influence peddling, and he was right square in the middle of it."  Obama was to blame even before he became president!  And today, we not only have the residual effects of our own economic problems baked into the cake, there is also the exogenous factor of Europe's slow-motion economic collapse -- something we have no direct ability to control, even if we could agree on anything.  Then, there is the sun-setting of the Bush tax cuts, a fiscal cliff that desperately needs our malfunctioning government to agree on something. What are the chances?

Unfortunately, presidential elections do focus on how people feel at the time, and while we were feeling lousy in 2008 and "hope" was a mantra we eagerly seized, now we will be asked to "hope" some more, or rely on the magic wand of a private equity bailout specialist, Mitt Romney.  It is a nice fantasy (the magic wand), and as the Federal Reserve may be running out of its own magic bullets, the economy and the leading economic indicators will dictate the election, no matter how much tinder the Super Pacs throw on the campaign fires. 

The headlines of today are not much different in tone than those that preceded them, two years ago, and almost four years ago. Two of my favorites from 2010 are: Greek Bond Crisis Spreads and  Fed Chiefs Hint at Low Rates Possibly Into 2011.  Where is Yogi Berra when you need him? "It's deja vu all over again."  But he might have got it wrong with,  "The future ain't what it used to be."

So, how are we to divine our economic and moral future from today's headlines (presented in the order as they appear, just from the first section of the Wall Street Journal June 2/3 2012)?.....

Grim Job Report Sinks Markets

Feeble hiring by U.S. employers in May roiled markets and dimmed the already-cloudy outlook for an economy that appears to be following Europe and Asia into a slowdown

As Costs Soar, Taxpayers Target Pensions of Cops and Firefighters

Edwards Jury Saw Guilt, but Lack of Proof

State Takes Fresh Crack at Mortgages

Fannie Mae and Freddie Mac will participate in a Nevada program to cut loan balances for certain homeowners who are current on their mortgages but owe more than their houses are worth in what could be a model for other hard-hit states.

Big Scandal for Small Town

Sunland Park, N.M. sees Mayor-elect indicted amid host of lurid allegations.

Sen. Kirk Of Illinois Pushed Coin Bills

Sen. Mark Kirk of Illinois pushed for legislation authorizing a collectible coin that generated $2.5 million for an organization that had hired a firm that employed his former girlfriend to lobby for the bill, according to people involved in the matter.

Campaign's Focus Turns to Grim Data

Friday's weaker-than-expected jobs report quickly became the central focus of the presidential campaign, with President Barack Obama seeking to mitigate the political fallout and presumptive Republican nominee Mitt Romney trying to seize on the disappointing numbers.

Fed is Sure to Step Up Debate on More Stimulus

Friday's dismal jobs report is sure to sharpen a debate at the Federal Reserve about whether to take new actions to spur economic growth, but it likely doesn't settle it.

Euro-Zone Reports Deepen Gloom

Block sets record in number of Jobless as manufacturing activity falls; figures highlight widening North-South divide.

Asia Weakness Heightens Fears of Contagion

Manufacturing activity in China and across a wide swath of Asia slowed in May, heightening fears that the turmoil in Western economies is dragging down one of the few remaining engines of global growth.

Brazil Loses Steam As World Slows

Brazil grew at its slowest pace in more than two years during the first quarter as weak industrial production and a weakening global picture undermined Latin America's largest economy.

Cyprus Is Close to a Request for Bailout

Cyprus looks increasingly set to become the fourth euro-zone country to seek financial aid under Europe's temporary bailout fund, as early as this month, as it scrambles to protect its banking system from Greece's widening financial crisis that is threatening to engulf its tiny island neighbor.

Japan Gives Warning on Yen

The Japanese government went on high alert against the newly rising yen Friday, trying to scare off global investors with multiple threats of intervention in currency markets, but stopping short of direct action to drive the yen down.

Fiction as Non-Fiction

There are readers who devour mostly fiction and there are those who mostly read non-fiction.  Although I enjoy the occasional non-fiction work, mostly biographies, and, even then, tend to read biographies of writers or musicians, I happily settle down with a novel as my window to the world.  My non-fiction friends tell me I am wasting my time as they lecture about their newest insight into what makes the world tick, or how politics is evolving, and what history really means, from whatever non-fiction work they are reading at the time. 

Except for unassailable facts, what occurred and when, fiction and non-fiction can be topsy-turvy, with fiction being closer to the truth.  Most of my daily "non-fiction" consumption is reading the New York Times and the Wall Street Journal, with an occasional Washington Post article for good measure. The WSJ has always had a conservative bent, even more so now that Murdoch's empire has annexed the newspaper and of course the NYT has a more liberal bias.  What the two newspapers have in common, though, is that they are well written.  However, it is amusing how they might look at the same issue, particularly when it comes to politics.  And they have become more polarized during the last four years as we've skirted a near economic depression and our government has moved to a state of immobilization.  That polarization has been further amplified in the media of radio and TV, and has become exponential on the Internet.  People seem to line up to read or view whatever seems to fit their belief system, a form of cognitive dissonance.  So much for so-called "non-fiction."

But writers of fiction and drama drill down to an inner world of their characters, trying to make sense of life from within.  Other artists, those in the performing or visual arts are doing the same, perhaps more abstractly.  What these authors and artists have to say about our world  matter as much as the journalists and non-fiction writers, perhaps more so.  The writers of non-fiction are filtering information even though it is purported to be fact.  The filters of fiction are more intangible leaving the reader not necessarily with neat conclusions, but frequently only with questions.  One has to actually think, something becoming more alien in our sound bite, "facetweet" cyber world.

So I find it fascinating when writers are asked to comment, directly, not through their fiction, about the state of the world.  The P.E.N. (poets, playwrights, essayists, editors, and novelists) American Center is hosting a World VoicesFestival  beginning today and A. O. Scott, a critic for The New York Times asked Margaret Atwood from Canada, E.L. Doctorow from the United States, and Martin Amis from Britain "to consider the question of America and its role in global political culture." 

Margaret Attwood writes a playful parable by trying to explain the state of American culture and politics to a group of visiting Martians, Hello, Martians. Let Moby-Dick Explain.  She uses two well known short stories of Nathaniel Hawthorne "The Maypole of Merry Mount," and "Young Goodman Brown" to make the point that the bickering over individual freedom vs. the rights of the group and the American quest of finding satanic elements in the enemy du jour is deeply ingrained in the American soul (witch hunting then, and "right now it’s mostly ‘terrorism,’ though in some quarters it’s ‘liberalism’ or even ‘evil-green-dragon environmentalism.’ ”) 

The Martians are TV and Internet savvy.  They come to their own conclusions about the US: "Though American cultural hegemony is slipping, we perceive: newly rich countries such as India and Brazil have developed their own mass media. Also, America’s promise of democracy and egalitarianism — the mainstay of its cultural capital, widely understood — is being squandered."

Attwood urges them to read Moby Dick, which they do in an instant (Martians are very bright) but  "then they consulted translate.google.com™ for an expression that would best convey their reaction. 'Holy crap!' " --- coming to the conclusion that the novel was a predictive metaphor for the very state of America today (check the link for details).  In short, to understand America, one must look to its literature.

In contrast to Attwood's playful but insightful piece, E.L. Doctorow writes a scathing prescriptive "primer," Unexceptionalism: A Primer  

This is a four phase process (we've gone through the first three and are in the process of completing the final phase argues Doctorow) "to achieve unexceptionalism, the political ideal that would render the United States indistinguishable from the impoverished, traditionally undemocratic, brutal or catatonic countries of the world...."

Here is one of America's leading novelists, works such as Ragtime, World's Fair, Billy Bathgate, and Homer & Langley, who is plainly disgusted at the direction of the country.  His "primer" is clearly an invective borne out of the same sense of powerlessness and frustration many feel.

Finally, the UK's Martin Amis weighs in with Marty and Nick Jr. Go to America about when he first visited America as a child with his family in 1958, (he and his brother wanting their names to "sound American" hence, "Marty" and "Nick, Jr.")  I like to read what visitors have to say about their impressions of America and once got caught up in Charles Dickens' first trip to America, incorporating some of his "American Notes" in my 2005 edited collection, New York to Boston; Travels in the 1840's

Amis' family came because his father was a visiting professor at Princeton.  Martin Amis says "We came from Swansea, in South Wales. This was a city of such ethnic homogeneity that I was already stealing cash and smoking the odd cigarette before I met — or even saw — a person with black skin." 

Some people would like to think that we live in a post-racial era but Amis reminds us of the entrenched racism, not only when he lived in America as a child (when he returned to the UK in 1967 his father wrote a poem about Nashville which ends But in the South, nothing now or ever. / For black and white, no future. / None. Not here.) but now as well, concluding with a reference to the Trayvon Martin case, with a cynical twist at the end, "Leave aside, for now, that masterpiece of legislation, Stand Your Ground (which pits the word of a killer against that of his eternally wordless victim), and answer this question. Is it possible, in 2012, to confess to the pursuit and murder of an unarmed white 17-year-old without automatically getting arrested? Ease my troubled mind, and tell me yes."

I wrote about the Trayvon Martin tragedy soon after it occurred.  Mine wasn't a race to judgment, but that is what the conservative press would have you believe is happening. A man is indeed innocent until proven guilty, Amen to that I say.  But who speaks for the "eternally wordless victim" as Martin Amis so forcefully posits? 

We live in volatile times and need to listen to our creative writers.

Yuan to Wings

Two interesting and related stories in the Wall Street Journal today.

Item #1 The Senate voted Monday to move ahead with a bill that would punish China for keeping the value of its currency low, drawing a harsh response from Beijing, which said the measure would severely hurt trade ties.

Item #2 The biggest chunk of Yum's [owner of restaurant chains including KFC, Taco Bell and Pizza Hut] operating profit now comes from China.

Are we sure we want a trade war with China, a country holding a sizable portion of US debt? Imagine putting a tariff on the Colonel's finger lickin' good wings? Perhaps there should just be a conversion rate of Yuan to wings and bypass the US dollar? Are the Chinese sure they really want to eat that stuff? Maybe a CIA plot?

Seems our major export now is "US Culture" -- our movies, our fast food and soft drinks, our way of life -- while the rest of the world manufactures everything else we need.

















Photo courtesy of Daily Times, Lahore Pakistan

All the News That's Feigned to Print

The Rupert Murdoch owned Wall Street Journal reported yesterday that the Rupert Murdoch owned HarperCollins Publishers will sponsor a 10-day book tour by their author, Sara Palin, who is a contributor to the Rupert Murdoch owned Fox News.

The occasion is the publication of her book "America by Heart: Reflections on Family, Faith, and Flag," a follow-up to her best-selling "Going Rogue." In addition to those credentials for her inevitable run for the Presidency, Ms. Palin is also the star of her own reality TV show, "Sarah Palin's Alaska." Her daughter Bristol is indirectly campaigning by her appearance on "Dancing With the Stars," another prime time "reality" media production.

In addition to those qualifications, Ms. Palin has a bachelor's degree in communications, having attended a number of colleges in the pursuit of that degree, was a TV newscaster, and served as a mayor of a town of some five thousand people and for a couple of years as governor of Alaska with a population about the size of El Paso, Texas. She resigned her governorship to pursue her interests in self-promotion.

Besides having Rupert Murdoch's News Corp empire as a backer, she owes her political career to John McCain who brought her to the national stage in a desperate act to carry the 2008 presidential election.

Can this "rogue" politician continue to skillfully manipulate public opinion by charisma alone and a friend in high places? And will she continue to supply News Corp with all the fodder necessary for higher ratings, greater circulation and therefore more advertising and sales? A nice symbiotic partnership? You Betcha'

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Anecdotal Headlines

I haven’t done this in awhile, in fact not since December 2008 as the Dow was rushing towards its low during this recession – that is to highlight some of the headlines from the Wall Street Journal, anecdotal evidence of where the economy and the market might be heading. Back then we were in the thick of it, virtually every headline pointing to fraud, bailouts, bankruptcies, and rising unemployment.

Today, while the Dow basks in the glow of massive liquidity injections in a low interest rate environment, approaching 11,000 as I write this, and investment bankers are rewarding themselves with record bonuses, the economy swims on against the tide of high unemployment (much higher than reported), kicking the state/municipal finance crisis down the road, and rising foreclosures. (We still wait on the consequences of future resets of adjustable rate mortgages.) No one really has an idea of how this will resolve. The CNBC cheerleaders are on the side of a continuing rising market, while there is no shortage of Armageddon forecasters who advise buying gold and farmland and head for cover. No forecaster I, but we seem to be moving from headlining the symptoms, and are getting more to the heart of the matter. It’s interesting that “Fed Chiefs Hint at Low Rates Possibly Into 2011” can be juxtaposed to “Mortgage Rates Hit 8-Month High of 5.21%,” perhaps an indication that the government has less control over the outcome than it did when this crisis began. From today’s Wall Street Journal:

Foreclosures Hit Rich and Famous
Houses with loans of $5 million or more will likely see a sharp rise in foreclosures this year, according to a RealtyTrac study.

Greek Bond Crisis Spreads
Concern over a potential liquidity shortage at Greece's private-sector banks fueled a sharp selloff in Greek debt and equity markets

States Skip Pension Payments, Delay Day of Reckoning
The deferrals come as pension experts say the funds need the money more than ever

Jobless Claims Rise Unexpectedly

Cash Crunch Will Force Governments to Do Less

Fed Chiefs Hint at Low Rates Possibly Into 2011

Los Angeles Faces Threat of Insolvency
Dispute Between Municipal Utility and City Council Over Electricity Rates Deepens Fiscal Crisis; Bond Rating Cut

Big Banks Move to Mask Risk Levels
Quarter-End Loan Figures Sit 42% Below Peak, Then Rise as New Period Progresses; SEC Review

Mortgage Rates Hit 8-Month High of 5.21%




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You Get What You Pay For

Malcolm Gladwell’s “Priced to Sell; Is Free the Future?” in the recent issue of the New Yorker brings up fascinating issues, ones I dealt with my entire career – should “information” be “free.” Part of his article is a critique of Chris Anderson’s new book, Free: The Future of a Radical Price,”which argues that given the inexorable downward price pressure in technology, there is an inevitability that the content itself will become free. Anderson suggests that musicians learn to make their money “through touring, [and] merchandise sales” and newspaper writer retool to become coaches to unpaid writers who will work “for non-monetary rewards.” Fame, crumbs?

No doubt the newspaper industry is under siege, and is probably the most threatened during this Great Recession. But Gladwell’s scathing dissection of the YouTube “business model” points the way to the inevitability of two universes, a subscription model such as the successful Wall Street Journal, one that offers a level of professionalism or specialization people are willing to pay for and then the free one like YouTube, a commodity aimed at a mass market, supported either by advertising or by the provider being satisfied by cornering market share/eyeballs (Google in the case of YouTube).

The New York Times had attempted a subscription model for its Op-Ed Columnists, miscalculating that this is the unique value of the Times. That value, though, as with the Washington Post, is its gestalt and by charging for a part of the paper and not all is to devalue the sum total of its parts. Pay per view is not feasible but dedicated followers will pay for access to such well established icons.

Similarly, newspapers that do not have a national standing, have an opportunity to expand their coverage of local issues – to create the specialization needed to buttress their own brands. Of course, content is not the only issue, it is the subscription model itself. Giving print subscribers nearly free access to the on line version is one approach, particularly as technology such as the iPad become ubiquitous. The pricing of an online version (only) is the more critical issue for these publications, and that will be dependent on their own distinctive market position. The devil is in the details, but Gladwell’s article is a good reading.

Swimming against the deflationary tide

There was a small, unobtrusive article in today’s Wall Street Journal: “A Deflated Fed Battles to Keep Prices Up”

Here are the bullet points:

* “In March the consumer-price index slipped 0.4% below its year-earlier level, the first decline in over 50 years”

* “It is hard to imagine [consumers] returning to their spendthrift ways anytime soon”

* “Falling prices would make it tougher for borrowers to pay off debt, leading to even more defaults and even tougher lending standards”

* To fight back… “the Fed could buy the Treasuries issued to finance such moves. In practice, that is like printing money and handing it out to households, and it is pretty much what is happening now.”

* “When the fight is between falling prices and the Fed, it is hard to predict which will prevail.”

Add to this mix, 30-day T-Bills now yield nearly zero (0.02%). Soon, one may have to pay the Treasury to hold short-term deposits, but nonetheless if deflation persists or worsens, equities and bonds will not be able to compete with cash. Everyone is expecting inflation as a consequence of government spending, but prolonged deflation would be a Black Swan with potentially serious consequences. Gold fell more than $13 an ounce today, below a technical support level, another indication that inflation may not be the main worry.

Anecdotal Headline Annotations

If I was handed a copy of today’s Wall Street Journal only a couple of years ago, I would have thought the headlines were a forecast of an ethical and economic Armageddon. How otherwise does one interpret the following captions, from just one day’s newspaper?

Governor Jailed in Alleged Crime Spree
In Illinois, Blagojevich Is Accused of Seeking to Sell Obama’s Senate Seat; Five-Year Corruption Probe

AIG Faces $10 Billion In Losses On Trades

The Stock Picker’s Defeat
The Fallen; Bill Miller. The declining fortunes of leading business figures. Second in a series.

Hard Times for Parmigiano Makers Have Italy Ponying Up the Cheddar
Government Tries a Bailout, ‘Just as There Was for Banks,’ to Help Struggling Producers

Fannie, Freddie Executives Knew of Risks

Restaurant Jobs, Like Tips, Shrink
Big US Employer Traditionally Has Served as a Fallback for Jobless, Immigrants

Panel to Criticize Handling of Bailout

Specifics of Stimulus Take Shape
Democratic Leaders Resist Growing Push for a Package Larger Than $500 Billion

Rangel’s Problems Dog Democrats

Pressure Mounts on Merkel for Bigger Fiscal Boost

Drop in Japan Tool Orders Exposes Global Spending Cutbacks

Developing Countries Feel Slump

Auto Bailout Moves Closer; Senate Battle Next Hurdle

China Urges Its Airlines to Curb Plane Orders

Pirate Attacks Keep Law Firm Buzzing

Sony to Cut 8,000 Jobs, Close Factories
Electronics Giant’s Turnaround Effort Undermined by Slumping Demand, Holiday Discounts

Resorts Feel Chill From Recession
Businesses and Consumers Curb Travel Plans; ‘AIG Effect’ Helps Create New Tone

GM Sees Sales Plunge in Brazil

NFL to Cut Jobs in Face of Recession

New York Times Holds Talks With Lenders

Safety Trumps Yield in Bill Sales
Investors Scoop Up 0% Short-Term Notes

Fed Weighs Selling Own Line Of Debt

Securities Firms Claw Back at Failed Bets

Some Commodities Investors Find Another Way to Lose Money

Reddy Ice Executives Gain On Prearranged Trading Plans

Tycoon’s Fall Is a Warning for Europe
Sanahuja Patriarch Loses Control of Metrovacesa; the Perils of Heavy Debt

Families Cut Back on Day Care As Costs – and Worries – Rise

These headlines are pretty much in order as they appear and although they are selective, there are no offsetting, positive ones. Perhaps that is merely a tendency towards yellow journalism to sell papers. But no wonder we all live in a state of anxiety without any real explanation as to how we have arrived at this point (although many commentators are adept to spinning plausible stories with the advantage of hindsight) and, certainly, without understanding how the forces behind these stories might play out in the future.