Welcome, everyone! Today, we’re launching an enduring fundraiser that remains as relevant as ever. Although Larry Summers has become less prominent, having recognized that his controversial past has rendered him unsuitable for high-level economic positions—especially after being turned down by Team Biden in 2020—he continues to wield influence. In November 2023, Summers joined the board of OpenAI and has voiced his opinions on academic matters, such as criticizing Harvard for its handling of anti-Semitism and attempting to engage in the Trump campaign aimed at preserving Harvard’s independence.
However, let’s be clear: we are still short of our fundraising goals. Our overarching aim has been to secure funding for more original reporting. This year, we face a larger target due to enthusiastic reader feedback wishing to sustain our new Coffee Break and Sunday movie features. Historically, those timeslots were funded by donations directly to Lambert. Thus, contributing to these new activities should align with the amounts our donors have collectively offered over the years.
If you haven’t yet donated, or if you need to replenish your contributions for previous Water Cooler discussions, please visit the Tip Jar and lend your support!
Mark Ames’ enduring piece, written for our inaugural fundraiser fourteen years ago, serves as a crucial warning about the rise of neoliberalism. It underscores why those who advocate for strengthening social safety nets and a fairer income distribution must pay attention to the intricate dynamics of finance and economics. Ames highlights a key reason for the Left’s lack of power: its followers have historically viewed finance as dirty and unworthy of study. For instance, individuals in asset management are twice as likely to become billionaires as those in the tech sector.
This article is our equivalent of beloved holiday classics like The Grinch Who Stole Christmas or It’s a Wonderful Life, though Ames’ work takes a decidedly unsentimental approach.
In the spirit of the early holiday season, we invite you to leave something nice in our stocking, so to speak, at the Tip Jar!
By Mark Ames, author of Going Postal: Rage, Murder and Rebellion from Reagan’s Workplaces to Clinton’s Columbine.
If you’ve been a reader of Naked Capitalism for any length of time without contributing, you’ve been benefiting immensely without giving back. Naked Capitalism is a unique platform that enriches your understanding, particularly in Yves’ area of expertise—finance.
Due to unfortunate historical circumstances, the American Left has spent two generations overlooking finance as an area of importance, a legacy of the hippie movement which dismissed finance as beneath them. This hasty retreat allowed the other side to monopolize finance, business, economics, and ultimately, political power. Turning away from financial matters was akin to a hitchhiker returning a weapon to the Manson Family. A memorable line from Charles Portis’s anti-hippie novel, Dog of the South, captures this mindset:
He would always boast that he had no head for figures and couldn’t do things with his hands, slyly hinting at his supposed superiority.
This aversion extended to Labor, as the hippies distanced themselves from it, seeing it as incompatible with their cultural ideals. Consequently, the Left finds itself today grappling with the ramifications of this long-standing negligence—powerlessness and political sidelining.
This is why Yves Smith’s insights are crucial for anyone concerned about the troubling trajectory of our country. In 2008, the Left found itself blindsided by the financial collapse, despite being adept at critiquing social justice issues. This lack of understanding was paralyzing, both politically and intellectually. The financial lexicon felt foreign to many—unless, of course, they were followers of Yves Smith’s blog.
Historically, this was not the case.
In the 1930s, the Left was deeply intertwined with economics and labor, wielding significant political power. They understood labor and ideology far better than today’s Left, which struggles merely to counter the harmful narratives from the Right. We are just beginning to grasp how intellectually stunted we have become due to decades of neglect and the pressing need to catch up.
This is why Yves Smith’s Naked Capitalism is an invaluable resource for the 99% in the challenging times ahead. She serves as both analyst and educator, possessing a rare talent for making complex financial topics accessible and engaging. The financial elite have long concealed their harmful ideas behind impenetrable prose, but Yves manages to deliver financial insights with the urgency and emotion they require.
Naked Capitalism functions as our online institution for learning about finance, politics, and ideology. Rather than perpetuating a system that turns gullible youths into indebted cogs for Wall Street, it offers free, exceptional, and essential content that enhances our understanding and equips us for potential rebellion against the financial elite. Notably, your contributions won’t find their way into the pockets of overpaid analysts.
This segues back to my earlier point about fundraising—nothing motivates like a bit of guilt! As seen in late-night charity commercials, the aim is to evoke emotion. Imagine a three-legged dog appearing on screen, while a somber voice urges you to help save it from a tragic fate. And though such appeals may not resonate with our audience, filled with economists and rational thinkers, we all recognize the importance of the education Naked Capitalism provides. The other side is undoubtedly aware of the threat posed by a more educated and politically engaged populace.
The oligarchy has spent decades working to “defund the Left,” and their efforts have been remarkably effective. This doesn’t merely mean cutting funds to the ineffectual Democratic Party; it entails undermining anything that challenges the 1%’s wealth and power.
One of their significant triumphs, whether intentional or incidental, has been the degradation of journalism—shrinking it to a point where its integrity can be easily compromised. It’s increasingly difficult to make a living as a journalist, especially in a media landscape that is reluctant to challenge power. A recent ProPublica study revealed that, in 1980, there were roughly three journalists for every PR professional. By 2008, that ratio had flipped, resulting in three PR professionals for every journalist—a decline that has worsened.
This is the nature of an oligarchy. I witnessed a similar pattern in 1990s Russia: When Boris Yeltsin rose to power, the country was home to an incredibly brave and diverse journalistic landscape. However, as Yeltsin embraced oligarchs to secure his election victory in 1996, they gradually took control of media outlets and eliminated dissent. By the time Vladimir Putin took power, many of the leading journalists had abandoned their posts for public relations or political roles. The oligarchs dismantled Russian journalism; Putin merely eliminated the remaining pockets of resistance.
To avoid a similar fate here, we must support the best resources we still possess. Working without compensation is unsustainable.
There are several ways to contribute. The first is through our blog, specifically at the Tip Jar, where you can use PayPal with your debit or credit card. We also accept checks (or multiple post-dated checks) made out to Aurora Advisors Incorporated, sent to:
Aurora Advisors Incorporated
PO Box 110105
Brooklyn NY 11211-0105
We kindly ask you to send an email to yves@nakedcapitalism.com with the subject line “Check is in the mail,” listing the amount in the message to help us keep track of donations.
So please, consider supporting Naked Capitalism today. Whether it’s a small amount or a larger contribution, every bit helps. Your support is more than just a donation; it’s a declaration for a different kind of dialogue, a more equitable society, and a refreshed culture.
Who knows? Perhaps we’ll find a way to send Larry Summers off on a space journey, orbiting Uranus for eternity. Yves, could we finance that?
