Disruptive Finance

  Posted by Martin Cohen 

It seems like every day, President-elect Trump announces some outrageous new strategy, abandons some long-standing tenet of policy, or upsets long-standing conventions. And that’s of course BEFORE becoming President!

You’d maybe have thought, as a businessman, that he’d appreciate the need for research, consultation, and caution,. But if so, you’d not understand the kind of business circles that Donald Trump moves in. He’s not so much a shopkeeper, in the mold of Britain’s Margaret Thatcher, whose father was called (albeit misleadingly) a corner-store grocer and whose motto was expenditures must match savings – as a financier in the mold of, well, Jordan Belfort  - the wolf of Wall Street.

Trump is part one of a new breed of super-wealthy and totally unscrupulous financiers whose motto is DISRUPTION. I followed the activities of some of  them in the UK, such as Edi Truell, founder and CEO of Disruptive Capital Finance, and the path led eventually to the spreading chaos (and high stock market prices) that is Britain leaving the EU. Where Trump’s plans will go is anyone’s guess – and that’s exactly how he likes it. Because in uncertainly – and upheaval – disruptive financiers make millions.

The film is based on the true story of Belfort - who ultimately came a cropper. But there’s no reason to suppose that possibility is worrying Trump or his circle of friends and advisors – like Britain’s Nigel Farage. To Americans, Farage is the man who persuaded Britons to vote to leave the European Union – but to those who know him better, Farage is a commodities trader whose worked in both London and New York. And Farage’s campaign to get Britain to up-end all its economic and political commitments was supported by a range of other figures from high finance.

Take Richard Tice,. CEO and a partner at Quidnet Capital. and co-chair of Leave.EU the official campaign for ‘Brexit’.

Tice, of course. still insists that leaving the EU can be pulled off without upending the economy. The former head of CLS Holdings Plc, a major property-investment firm, calls it a "very simple process" in which the EU would negotiate a new accord with a separate Britain in one to two years. "I don’t think there’d be any disruption at all." Fellow Brexit campaigners  Crispin Odey, founding partner of Odey Asset Management,  and former Tory party treasurer Peter Cruddas, founder of online trading company CMC Markets, all look to a new order in which financier s are freed from regulation. Do you remember the financial crisis of 2007-8 – the one that almost brought the Western world to collapse? Well, they evidently don’t. Instead their manta is about seizing control of the levers of political power  in order to increase the ability of speculators to make money.

As Vote Leave chief executive Matthew Elliott has said: “Far from the picture of gloom painted by the Government, it is clear the City of London would not only retain its pre-eminence as the world’s most important financial centre, but would also thrive after freeing herself from the EU’s regulatory shackles.”

In both the UK and the US, an influential cadre of super-rich have clear professional reasons for wanting to change the political norms: a dislike for what they regard as overburdensome – and profit-reducing – regulation.
According to one source close to the industry: “I think there’s a genuine conviction they have that all regulation is rubbish.” But, he says, the profit potential from leaving is also a factor: “They love taking a view ... Market dislocation is fine if you’re a hedge fund guy.”

Trump is not so much a reaction to the Obama presidency – as he is to the flood of regulation that followed the 2008 financial crash. And so, to understand what’s coming next ignore all the angry tweets and photo opportunities and instead recall that classic piece of political advice: follow the money. There may be more logic to Trump and his newly assembled band of bankers and financiers’ desire to shake things up than people give him credit for. But it’s the opposite logic to what he claimed to stand for.

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And a poem

one drizzled day
donald and nigel
over buttered egos
and hot crumpet
thought to exchange keys

‘you live in my house
& i in yours donald’
said nigel
‘on the contrary
i in mine you inside’
replied donald


From: the booklet: 45th President Elect, by Ken Sequin

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Disruptive Finance

  Posted by Martin Cohen 

It seems like every day, President-elect Trump announces some outrageous new strategy, abandons some long-standing tenet of policy, or upsets long-standing conventions. And that’s of course BEFORE becoming President!

You’d maybe have thought, as a businessman, that he’d appreciate the need for research, consultation, and caution,. But if so, you’d not understand the kind of business circles that Donald Trump moves in. He’s not so much a shopkeeper, in the mold of Britain’s Margaret Thatcher, whose father was called (albeit misleadingly) a corner-store grocer and whose motto was expenditures must match savings – as a financier in the mold of, well, Jordan Belfort - the wolf of Wall Street.

Trump is part one of a new breed of super-wealthy and totally unscrupulous financiers whose motto is DISRUPTION. I followed the activities of some of them in the UK, such as Edi Truell, founder and CEO of Disruptive Capital Finance, and the path led eventually to the spreading chaos (and high stock market prices) that is Britain leaving the EU. Where Trump’s plans will go is anyone’s guess – and that’s exactly how he likes it. Because in uncertainly – and upheaval – disruptive financiers make millions.

The film is based on the true story of Belfort - who ultimately came a cropper. But there’s no reason to suppose that possibility is worrying Trump or his circle of friends and advisors – like Britain’s Nigel Farage. To Americans, Farage is the man who persuaded Britons to vote to leave the European Union – but to those who know him better, Farage is a commodities trader whose worked in both London and New York. And Farage’s campaign to get Britain to up-end all its economic and political commitments was supported by a range of other figures from high finance.

Take Richard Tice, CEO and a partner at Quidnet Capital. and co-chair of Leave.EU the official campaign for ‘Brexit’.

Tice, of course. still insists that leaving the EU can be pulled off without upending the economy. The former head of CLS Holdings Plc, a major property-investment firm, calls it a "very simple process" in which the EU would negotiate a new accord with a separate Britain in one to two years. "I don’t think there’d be any disruption at all." Fellow Brexit campaigners Crispin Odey, founding partner of Odey Asset Management, and former Tory party treasurer Peter Cruddas, founder of online trading company CMC Markets, all look to a new order in which financier s are freed from regulation. Do you remember the financial crisis of 2007-8 – the one that almost brought the Western world to collapse? Well, they evidently don’t. Instead their manta is about seizing control of the levers of political power in order to increase the ability of speculators to make money.

As Vote Leave chief executive Matthew Elliott has said: “Far from the picture of gloom painted by the Government, it is clear the City of London would not only retain its pre-eminence as the world’s most important financial centre, but would also thrive after freeing herself from the EU’s regulatory shackles.”

In both the UK and the US, an influential cadre of super-rich have clear professional reasons for wanting to change the political norms: a dislike for what they regard as overburdensome – and profit-reducing – regulation.

According to one source close to the industry: “I think there’s a genuine conviction they have that all regulation is rubbish.” But, he says, the profit potential from leaving is also a factor: “They love taking a view ... Market dislocation is fine if you’re a hedge fund guy.”

Trump is not so much a reaction to the Obama presidency – as he is to the flood of regulation that followed the 2008 financial crash. And so, to understand what’s coming next ignore all the angry tweets and photo opportunities and instead recall that classic piece of political advice: follow the money. There may be more logic to Trump and his newly assembled band of bankers and financiers’ desire to shake things up than people give him credit for. But it’s the opposite logic to what he claimed to stand for.

---

And a poem

one drizzled day
donald and nigel
over buttered egos
and hot crumpet
thought to exchange keys

‘you live in my house
& i in yours donald’
said nigel
‘on the contrary
i in mine you inside’
replied donald


From: the booklet: 45th President Elect, by Ken Sequin

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Is Violence Therapeutic?

Posted by Bohdana Kurylo

In his book, The Wretched of the Earth, the theorist of colonialism Frantz Fanon provides an unprecedented legitimation of violence – passing beyond mere self-defence or the removal of an oppressive social system. Violence becomes a necessary therapy to address the ‘systemised negation of the other’. Yet to what extent is violence really therapeutic? There seems to be a fine line between its utility and its harm.

Fanon offered three major reasons as to why violence is crucial for resistance:

• Violence may be a liberating force. From his observations of the behaviour of the colonisers, he concluded that the oppressed are not considered to be of equal human value. In contexts where one party possesses a clear dominance over another, universal values, such as justice or equality, apply only to the more powerful. Within this context, nonviolence is not an option, since it simply sustains the violence of the oppressors, whether physical or mental. The struggle, for the oppressed, is only a distraction from the concrete demands of emancipation.

• Violence may be a cleansing force. It rids the oppressed of their inferiority complex. Fanon claimed that the belief that emancipation must be achieved by force originates intuitively among the oppressed. He observed that, through generations, the oppressed internalise the tag of worthlessness. Anger at their powerlessness eats them from the inside, begging for an outlet. Violence becomes psychologically desirable, as it proves to the oppressed that they are as powerful and as capable as the oppressor. It forces respect – but more importantly, it gives the oppressed a sense of self-respect. By cleansing them of their inferiority complex, violence reinstates them as human beings.

• Violence may be a productive force. On a grander scale, Fanon saw violence as the means of creating a new world. Through violence, a new humanity can be achieved. Violence is instrumental in raising collective consciousness and building solidarity in the struggle for freedom. This creative characteristic of violence could bring a new political reality that comprised the creation of new values.

Ends justify means for Fanon, who accepts even absolute violence for the purposes of liberation and regeneration. Although he built on the specific case of colonial oppression, his ideas can be applied to violence against any regime in which a group’s rights are severely and systematically violated, whether there be cultural, gender, or economic oppression.

The Irish Republican Army (IRA) often referred to Fanon to justify its terrorist violence. One may recall how the partition of Ireland was followed by social, political, and economic discrimination against the Catholic population of Northern Ireland. The attempts of the British government to suppress the IRA by force only reinforced the need to find an outlet for the accumulated frustration and internalised violence. Indeed, Fanon himself claimed that terrorism may be an ‘unfortunate necessity’ to counter the retaliation of a regime after the initial revolt of the oppressed.

Nevertheless, to the extent that the violence of the IRA can be explained by Fanon, this case also disproves Fanon. In particular, the IRA experience disproves the justification of the use of violence as the only means of creating a new culture of politics. Lasting for more than thirty years, the Northern Ireland conflict shows that violence often leads to stalemate, and is unable to deliver the desired results.

The eventual willingness of the British government to recognise the legitimacy of the insurgents’ demands, however limited, offered more possibilities for creating a new culture of politics than continued bloodshed. After all, the fact that Algeria is still torn apart by violence today illustrates that the efficacy of violence in the short term can be mistaken for its efficacy in general. The danger is that the means may overwhelm the ends. Thus Fanon’s belief that, after a period of confrontation, the door would eventually be open for a modern and peaceful society seems unrealistic.

Most importantly, Fanon failed to see that reusing the methods of the oppressor is antagonistic to the idea of creating new values. For Fanon, violence signals the point of no return to the dehumanised past. Yet he was vague as to how a capitulation to anger can help establish a new humanity, for there is nothing new about the use of violence to achieve one’s aims. In fact, is it not merely an imitation of the enemy? A new system of values is rotten from the inside if it is founded on mimicking the perpetrator’s actions.

Poetry: The Name Card

The Name Card

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 A poem by Chengde Chen 

Attending a conference,
you receive some name cards.
Sorting through them, you care about
not the name, but the title,
which is the weight of the card.

From it, you assess the function,
estimating the time and place
for any possible uses.
If there is no direct application,
indirect values are explored.
For instance, to refer it to a friend –
there may be a potential return
of some kind in future…

To imagine a relationship from a card
is unlike fantasizing sex from pornography,
which is, more or less, poetic.
The most non-poetic essence
of imagination
is to have interests deduced
from symbols!

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Chengde Chen is the author of Five Themes of Today: philosophical poems. Readers can find out more about Chengde and his poems here

Picture Post #19 The Pillars of Creation

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'Because things don’t appear to be the known thing; they aren’t what they seemed to be neither will they become what they might appear to become.'

Posted by Keith Tidman

Picture Credit: Hubble Space Telescope (NASA)

A dynamically ‘living universe’ with its own DNA captured by the Hubble space telescope. The image opens a window onto the cosmos, to wistfully wonder about reality.

Among the iconic images of space captured by the Hubble space telescope is this Eagle Nebula’s ‘Pillars of Creation’—revealing the majesty and immensity of space. The image opens a window onto the cosmos, for us to wistfully wonder about the what, how, and (especially) why of reality.


The image shows the pillars’ cosmic dust clouds, referred to as ‘elephant trunks’—revealing a universe that, like our species, undergoes evolution. One thought that intrudes is whether such an immense universe is shared by other ‘gifted’ species, scattered throughout. By extension, Hubble’s images make one wonder whether our universe is unique, or one of many—undergoing the ‘creative destruction’ of these pillars.

Does the image evoke a sense of relative peace—like our own speck in our galaxy’s outer spirals? Or a universe more typically characterised by the distantly familiar roiling, boiling violence—expressing itself in the paradoxical simultaneity of creation and destruction?

The ‘Pillars of Creation’ are—were—some 7,000 light-years away! They may even no longer exist; due to the time that light takes to get to Hubble. An ironic twist of fate, given the name. The ‘shape’ of the universe’s content is thus transitory – like our own bodies, as time elapses and we react to the environment.

For some, the ‘Pillars of Creation’—their church-like spires—inspire thoughts of divine creation. Alternatively, evidence suggests our universe rests in science. Where ‘nothingness’ isn’t possible and ‘something’—a universe—is the default.

God: An Existential Proof

Posted by Thomas Scarborough

Ernest Hemingway has one of his characters say, 'The world breaks everyone.' In crafting this now famous line, did he hand us a new proof for the existence of God?

It all rests on the way we are motivated, and the changes our motivations undergo in the course of a lifetime.

What is it that motivates me to plant a garden (and to plant it thus), to embark on a career, or to go to war? Today there is little disagreement that, basically, I am motivated when I hold up the world in my head to the world itself. Where then I find a difference between the two, I am motivated to act. It is, writes neuropsychologist Richard Gregory, the encounter with the 'unexpected' that motivates me.

Now consider that, in one’s early years, one's motivations are fresh and new. The world in one’s head seems to offer one high hopes, pleasant dreams, a good view of humanity, and enthusiasm to spare. Yet as one progresses through life, 'the world breaks everyone'. It breaks them, not so much through the hardships it brings to bear on the body—if this should matter at all—but because of the way in which it assails the mind and emotions.

Disillusionment sets in. And this, presumably, means coming to see things for the way they are. As we grow and mature, we come to see that the world is a place where hopes wither, dreams die, good turns to bad, and our energies are sapped. We become jaded, tired, and disinterested. 'My hopes were all dead,' Charlotte Brontë has one of her characters say. 'I looked on my cherished wishes, yesterday so blooming and glowing. They lay stark, chill, livid corpses that could never revive.'

With no world now to hold up to the world, because we have finally seen the world for what it is, we lose our motivation—ultimately all motivation—because motivation is the 'unexpected'.

And so we lose the ability to live. Ernest Hemingway had no motivation to go on. He famously shot himself with a double-barrel shotgun. It is 'the very good,' he wrote, 'and the very gentle and the very brave' who go first. As for the rest—they, too, shall be found.

What then to do, when we are broken? How may a person restore any motivation at all, when they have come to see the world as it is?

It needs to be something beyond this world—and though we here 'appeal to consequences'—the argument that it must be so—indeed it must be so. We cannot go on with a view of this world which is born of the world itself. Small wonder, then, that it is central to religious thinking that 'whether we live, we live unto the Lord, and whether we die, we die unto the Lord'. We continue to strive—but we strive for something which is other-worldly.

There may be another, logical possibility. If not something beyond this world, then we need an interventionist God who through his being there, changes our expectations—a God who reaches down into our reality—a God who acts in this world. The world is not, therefore, all that I expect it to be. This, too, is a dominant religious theme: 'For by you I have run through a troop,' writes David. 'By my God have I leaped over a wall.' He could turn the tables, through his God.

What then is that motivation which lies beyond this world? What then are the interventions of God? This would seem to lie beyond the bounds of philosophy, and in the realm of theology.

Paradoxically, if we accept the 'God option' as the basis of all true motivation, then this would seem to be the option of deepest disillusionment—at the very same time as it offers us the greatest hope. One has no need for a new and fundamentally different motivation, in God, unless the world in one’s head is no longer found to be worth holding up to the world.