I Feel Better When

Far Nearer by Jamie XX.

Why Greece Must Leave The Eurozone

The Article: Greece must default and quit the euro. The real debate is how by Costas Lapavitsas in the Guardian.

The Text: Greece is facing an economic and social disaster, the result of its so-called rescue by the “troika” of the EU, the International Monetary Fund and the European Central Bank. Greece must change course to avoid a grim future for its people: it must default on its debt and exit the eurozone.

Consider first the scale of the crisis. After contracting in 2009 and 2010, GDP fell by a further 7.3% in the second quarter of 2011. Unemployment is approaching 900,000 and is projected to exceed 1.2 million, in a population of 11 million. These are figures reminiscent of the Great Depression of the 1930s.

The causes clearly lie with the programme of the troika. In early 2010 Greece was effectively bankrupt. In its wisdom, the troika imposed policies of severe austerity and deregulation consistent with the neoliberal ideology of the EU. Quite predictably, demand collapsed and banking credit became scarce, with the result that the core of the Greek economy was crushed.

The social implications have been catastrophic. Entire communities have been devastated by unemployment, losing the means to live as well as the norms, customs and respect of regular work. Barter has appeared among the poor and the not so poor. Medical services in working-class areas are running low on basic provisions. Schools and transport are disintegrating. People are abandoning cities to return to agriculture, a sure sign of social retrogression.

As the recession deepened, the programme failed to meet even its own targets. The budget deficit for 2011 is on course for 10% of GDP, when the target was slightly above 7%. The debt-to-GDP ratio could reach 200% in 2013, up from 115% in 2009. But the troika has refused to acknowledge failure and in early September blackmailed Greece: take further austerity measures or there will be no more lending. The government has buckled, introducing the equivalent of a heavy poll tax on property. A further meeting with the troika was scheduled for today, following which there would be mass layoffs of civil servants, further wage and pension cuts, still higher indirect taxes, and so on.

These measures are also likely to fail: they will intensify the recession and be opposed politically. George Papandreou’s government is isolated, and the ruling party has lost any ability to generate grassroots support. The official opposition, New Democracy, has been critical of troika policies, hoping to make electoral gains. The parties of the left have already called for open defiance and non-payment.

In practice Greece is on the brink of defaulting and abandoning the euro. This is the harsh reality, though none of the major parties is prepared to acknowledge it. The tragedy is that Greece now has a far weaker economy than in 2010. It is likely, therefore, that there will be major economic and social upheaval with unpredictable outcomes.

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Elizabeth Warren On The Public Good, Capitalism, & The Social Contract

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That Shit Cray

Niggas in Paris by Jay-Z and Kanye West off of Watch the Throne.

Rethinking College In America

The Article: Is it time to kill the liberal arts degree? by Kim Brooks at Salon.

The Text: Every year or two, my husband, an academic advisor at a prestigious Midwestern university, gets a call from a student’s parent. Mr. or Mrs. So-and-so’s son is a sophomore now and still insistent on majoring in film studies, anthropology, Southeast Asian comparative literature or, god forbid … English. These dalliances in the humanities were fine and good when little Johnny was a freshman, but isn’t it time now that he wake up and start thinking seriously about what, one or two or three years down the line, he’s actually going to do?

My husband, loyal first and foremost to his students’ intellectual development, and also an unwavering believer in the inherent value of a liberal arts education, tells me about these conversations with an air of indignation. He wonders, “Aren’t these parents aware of what they signed their kid up for when they decided to let him come get a liberal arts degree instead of going to welding school?” Also, he says, “The most aimless students are often the last ones you want to force into a career path. I do sort of hate to enable this prolonged adolescence, but I also don’t want to aid and abet the miseries of years lost to a misguided professional choice.”

Now, I love my husband. Lately, however, I find myself wincing when he recounts these stories.

“Well,” I sometimes say, “what are they going to do?”

The answer, at least according to a recent article in the New York Times, is rather bleak. Employment rates for college graduates have declined steeply in the last two years, and perhaps even more disheartening, those who find jobs are more likely to be steaming lattes or walking dogs than doing anything even peripherally related to their college curriculum. While the scale and severity of this post-graduation letdown may be an unavoidable consequence of an awful recession, I do wonder if all those lofty institutions of higher learning, with their noble-sounding mission statements and soft-focused brochure photos of campus greens, may be glossing over the serious, at-times-crippling obstacles a B.A. holder must overcome to achieve professional and financial stability. I’m not asking if a college education has inherent value, if it makes students more thoughtful, more informed, more enlightened and critical-minded human beings. These are all interesting questions that don’t pay the rent. What I’m asking is far more banal and far more pressing. What I’m asking is: Why do even the best colleges fail so often at preparing kids for the world?

When I earned my diploma from the University of Virginia in the spring of 2000, it never occurred to me before my senior year to worry too seriously about my post-graduation prospects. Indeed, most of my professors, advisors and mentors reinforced this complacency. I was smart, they told me. I’d spent four years at a rigorous institution honing my writing, research and critical-thinking skills. I’d written an impressive senior thesis, gathered recommendations from professors, completed summer internships in various journalistic endeavors. They had no doubt at all that I would land on my feet. And I did (kind of), about a decade after graduating.

In the interim, I floundered. I worked as a restaurant hostess and tutored English-as-a-second-language without a formal work visa. I mooched off friends and boyfriends and slept on couches. One dreary night in San Francisco, I went on an interview to tend bar at a strip club, but left demoralized when I realized I’d have to walk around in stilettos. I went back to school to complete the pre-medical requirements I’d shunned the first time through, then, a week into physics, I applied to nursing school, then withdrew from that program after a month when I realized nursing would be an environment where my habit of spacing out might actually kill someone. I landed a $12-an-hour job as a paralegal at an asbestos-related litigation firm. I got an MFA in fiction.

Depending on how you look at it, I either spent a long time finding myself, or wasted seven years. And while all these efforts hardly add up to a tragedy (largely because I had the luxury of supportive parents willing to supplement my income for a time), I do have to admit feeling disillusioned as I moved from one gig to another, feeling as though my undergraduate education, far from preparing me for any kind of meaningful and remunerative work, had in some ways deprepared me, nurturing my natural strengths and predilections — writing, reading, analysis — and sweeping my weaknesses in organization, pragmatic problem-solving, decision-making under the proverbial rug.

Of course, there are certainly plenty of B.A. holders out there who, wielding the magic combination of competency, credentials and luck, are able to land themselves a respectable, entry-level job that requires neither name tag nor apron. But for every person I know who parlayed a degree in English or anthropology into a career-track gig, I know two others who weren’t so lucky, who, in that awful, post-college year or two or three or four, unemployed and uninsured and uncommitted to any particular field, racked up credit card debt or got married to the wrong person or went to law school for no particular reason or made one of a dozen other time- and money-wasting mistakes.

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