an introduction to fiat money (pdf) by Steve Randy Waldman:* - "Self-reinforcing bootstrap dynamics hold as strongly for a king's token as it would for any other thing, but much more stably so, since the king can reinforce and assure the stability of his token so long as he retains the political capacity to coerce or persuade payment of tax." (via) [more inside]
The three party system - "There are three major political forces in contemporary politics in developed countries: tribalism, neoliberalism and leftism (defined in more detail below). Until recently, the party system involved competition between different versions of neoliberalism. Since the Global Financial Crisis, neoliberals have remained in power almost everywhere, but can no longer command the electoral support needed to marginalise both tribalists and leftists at the same time. So, we are seeing the emergence of a three-party system, which is inherently unstable because of the Condorcet problem and for other reasons." [more inside]
Obama’s stimulus has been an astonishing, and unrecognized, success, details Michael Grunwald in Slate. [more inside]
“We shall have a man in the White House who will feel as responsible for American civilization as he does for American power and prosperity.”
"It was no accident that arts funding was once again brought to national attention with the exhibit Hide/Seek: Difference and Desire in American Portraiture. Since the 80s, the enemies of the NEA have not been those with differences of opinion about what art should be supported or how. Instead they oppose any support at all for art of any kind." Hide/Seek, Culture Wars and the History of the NEA (NSFW, art)
Quit Lying About Roosevelt! "Amity Shlaes, the GOP's Great Depression philosopher-queen, couldn't be more dangerously wrong." [Via]
Great achievements in American socialism: A slide show of two dozen excellent things the federal government bought with your money.