Theory and practice

I used to believe the bankruptcy of the Federal Deposit Insurance Corporation would have substantial implications. The FDIC officially ran out of money last Friday when they shuttered the usual handful of banks. When they close another handful this Friday — conveniently out of the media’s not-so-watchful eye — they’ll have exactly nothing with which to back up the deposits. Since backing up deposits in failed banks is the FDIC’s entire mission, this should cause the financial system to fail overnight. The FDIC claims to be working magic to solve this problem, but they’re simply trying to gloss over a monumental problem, as even the Wall Street Journal seems to notice.

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Illegitimi non carborundum

I love the Socratic aspect of academia, and it’s the part I do best. I supervise nine independent-study projects this semester, with a total of ten students. Most of them have spent a weekend at the mud hut, or soon will. Indeed, I’m just back from the mud hut, where I spent the weekend with one of the students, the poet in resident at the renowned University of Arizona Poetry Center. He called the trip “transformative.” I meet regularly with all the students, probing and pushing until they do more and better work than any of us thought possible. Ditto for the small, hard-working herd of graduate students I advised and mentored during two wonderful decades.

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The prototypical disaster

The Financial Times gives us comprehensive coverage of the “disaster” in Davos even as unrest breaks out throughout the industrialized world (e.g., France and England, but not yet in the U.S., likely because we still have food at the grocery store, water coming out the taps, and American Idol on the television). As we descend further into the abyss of the industrial economy’s unwinding, we can expect widespread rioting to spread further, finding its way to the U.S. within the year. Considering this backdrop, it’s informative to glimpse into history at similar events. Since we’ve before never witnessed the end of industrialized civilization, I’m turning to a fictional account.

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Launching a Lifeboat

Living in two worlds is great in theory. But having to choose one world over the other is very, very difficult, especially when the choice runs counter to the status quo.
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