This is a story about unsolicited photos...

As I browsed through my photo library looking for a suitable image to accompany a boring blog post about economics, instead I noticed that I had a lot of photos that girls had sent me showing me what their preferred method of contraception was. I'm not a psychologist, so I don't really know the significance of them sending me pictures of their contraceptive method.

I really must re-iterate that these pics were sent to me without solicitation. I may have to create a folder to keep all the pictures in, in case I'm browsing through my photos and somebody was to see them.

If anybody's an expert on female psychology, they might want to drop me a line and tell me what it means when a girl sends a guy a picture of her contraceptive pill and/or the plaster when she's had a contraceptive injection/implant.

It's all rather mystifying.

Tags: #sex #relationships

This is a story about being gainfully employed...

Follow your dreams, as long as your dream is punching made-up numbers into a spreadsheet, trapped inside a depressing office with no natural light in the middle of an overcrowded polluted concrete jungle, with a horrible commute every morning and evening.

I started a new job this morning. I'm 1,200 miles from home. I had to take a train, a plane and an automobile to get here.

For a whole month, I wrote. That's a lie... I had some days off. I had to get my stuff from London, I had to get my passport from Manchester and I had some days when I just didn't feel up to writing, but I pretty much spent a month as a writer.

In order to indulge my artistic ambitions, I've had to give up a couple of months when I should really have been job hunting. My writing has also lost me lucrative contracts, when my Twitter/blog has been discovered by bosses. As a hobby, it's been incredibly expensive. As a job, it's been financially ruinous.

A friend of mine had two job options when he graduated: writer or computer programmer. He chose the latter, because the salary was five times as much and he wanted to be able to afford luxuries like food and rent. Another friend had the choice between an electric guitar and a computer. He chose the latter, knowing that it would pave the way for a lucrative career. I too have forgone opportunities to pursue academic interests, because of economic incentives.

In fact, we are strongly economically disincentivised from pursuing art. There can only be a handful of Damien Hirsts in the world, while there are millions of penniless artists.

They say that if you're good at something, you should never do it for free. However, how are you going to ever get good at something unless somebody's going to bankroll you while you're bad at it? Nobody is born with prodigious talent. There are also vast numbers of negative people who'll criticise, tell you that you're going to fail and tell you to give up and do something else. There are vast numbers of people who have a vested interest in seeing you fail - they don't want to see you succeed when they're too much of a gutless, spineless, miserable moaning, pathetic, uninspiring and otherwise wimpy excuse for a human being, to actually ever try to follow their dream or support somebody else in following theirs.

Given that it's rewarding to fuck about with paint or clay, stand in front of people singing or playing an instrument, act, play sports and otherwise pursue the performing and creative arts, one might argue that we're never going to be short of people who want to turn these hobbies into jobs. Wouldn't we all be artists if we could?

Here is the present paradigm: given an oversupply of people who'd like to do something more rewarding than the bullshit McJobs on offer, we have fierce competition for just a few slots. Only those who are prepared to go to extraordinary lengths, or those who are lucky enough to have been born into a family that already possesses wealth and fame, will be able to do a job that's fun rather than fucking awful.

Is capitalism working? Isn't capitalism supposed to reward those who work hard? Isn't the whole reason why capitalism's better than other systems of wealth distribution, because it incentivises hard work? What happens when that's no longer true?

The way I see it, we give up our childhoods to study hard, in the hope of getting better jobs. We give up our prime healthy years so that we can have a good retirement. What happens when the pension system is about to collapse and we can't hang on to the money that we've squirrelled away because our children can't afford houses? What happens when we bust a gut to get top exam grades and go to good universities, but there aren't any jobs and the ones there are wouldn't even allow us to afford the cost of living anyway?

Why are we working so hard? Why are we competing?

The competitive element of capitalism seems to have failed to deliver our most brilliant minds into productive endeavours. All those miserable hours of homework don't seem to be benefitting anybody. All those miserable hours spent in a traffic jam or otherwise in the rat race don't seem to be benefitting anybody. All I see is people chasing a dream that seems to slip ever further out of reach. What the hell are we doing, working so hard so that we might be able to one day stop and catch our breath, except we never can?

What happened to the age of leisure?

Of course, I see the irony and hypocrisy of writing this when I've been lucky enough to enjoy career breaks that have enabled me to write a couple of novels. "When do I get to write my book?" some might ask. Yes. I refer you to my previous question.

Something's gone horribly wrong and the prospect of a comfortable retirement is sailing over the horizon. Extrapolating, the prospect of any dreams being realised is an absolute one-in-a-million shot. As opposed to the buy-now-pay-later bogyman that we're all supposed to be afraid of, it seems to me as if we've sleepwalked into a kind of pay-now-never-get-the-benefit kind of dystopia. I really don't understand why people aren't chucking in the towel on their bullshit jobs and writing that fucking book. Why don't students say no to homework, and enjoy their youth? From what I can see, the stress and anxiety of modern life is ruining the vast majority of people's mental health.

I guess there are going to be growing pains, while we shift from a productivity-based capitalist global economy, back to a kind of life where we value human things like staying near our families, seeing our kids grow up and having what we want and need NOW not LATER. I mean, for fuck's sake we're not asking for much and we don't need much. Since agricultural mechanisation, we've been able to feed vast numbers with very little effort. Only about 1% of the UK's income comes from farming and fishing. WHAT THE ACTUAL FUCK?

So, as I beaver away in an office working Monday to Friday yet again, I wonder how close we are to that day when we all suddenly decide that enough is enough and we really don't need any more exotic and arcane ways of disguising the fact that what we do all day for 'work' is absolute total and utter horse-shit, for most of us. Why can't we all be artists?

Tags: #art #economics #capitalism

This is a story about winos...

If you've ever spent a night in a cheap sleeping bag, you'll know what it's like in the small hours of the morning, when the temperature plummets and you can't get warm - you're frozen to the bone and your body shakes to move your muscles, burning energy to heat your blood, which keeps you awake. All you can think about is how nice it would be to be snug and warm and cosy. A rough night will teach you to appreciate your duvet, blankets, heating boiler or furnace, roaring fire and other sources of warmth, like spooning with your sweetheart.

I've slept on a glacier, and it's horrible how quickly the ice leeches away the heat from any body part that strays off your sleeping mat. Concrete is just the same - without some insulating barrier between you and the floor, the cold seems to rise up and enter you... your lips turn blue and your teeth chatter.

In this city of concrete, brick & cement, limestone and granite, there are far more homeless people than I'm ever used to seeing. I've been homeless and slept rough in London. The UK's capital city is a magnet for those seeking to improve their fortunes, through employment opportunities, begging from rich tourists or simply the high quality narcotics.

"Have you scored?" yells a man behind me, to a man at the other end of the road. It's 9:30am on a Wednesday, and these two beggars look familiar to me. My ten minute walk to the office takes me past almost 15 men, who all congregate along the route between the city's two main railway stations - each with their own 'patch'. Some sit quietly with a paper cup on the pavement in front of them; eyes downcast but intently watching the world go by in their peripheral vision. Some look me square in the eye from several hundred metres away - well aware that I am pretending to not notice them - before timing a polite and muted "spare some change please?" request to perfection... all I can say is "sorry mate". Some linger at an intersection, where they step into my path... "excuse me" they say, and my eyes flick up to meet theirs... they know immediately that the element of surprise has not worked - I saw them before they saw me - and I continue my walk undiverted.

How do I know that it's a man who slept rough in that doorway, and he was probably an alcoholic and/or a heroin addict? If one wishes to be pedantic, I don't.

Speaking frankly, a woman who sleeps rough is is at risk of becoming a rape victim at some point. Another unspeakable and unpalatable truth is that a woman in the grips of addiction is not going to spend her nights having her body illegally violently sexually violated against her will, when she could spend that time turning tricks - there are an insatiable number of punters for blowjobs and sex - to pay for just enough heroin and crack to numb the pain of another shitty day of human existence.

What I say is not sexism, prejudiced or anything other than the situation as it stands in the UK - sadly, there are enough rapists out there to make sleeping on the streets a dangerous thing for a woman to do, so our local government will ensure that they are not complicit in any acts of rape or sexual assault that get perpetrated on the streets, though their negligent inaction.

A single man with an alcohol and/or drug problem is not considered to be vulnerable enough to be housed by the local government. In fact, the alcoholics and addicts who line the busy thoroughfares of this bustling city, are viewed as a liability with regards to giving them money and a place to live. "They'll only spend it on drink and drugs" completely misses the point about cause and effect, but statistically it's proven to be mostly correct. Council houses (a.k.a. social housing) and apartments have been turned into absolute shitholes by so many men in the past, that the local authority treats their homeless adult single male population like a plague of modern-day lepers.

Thus, I can make an educated guess that this almost entirely unused fire exit doorway, was where a man laid his head to rest last night. He was probably a heroin addict, but this means nothing - whether it's a symptom or the cause of his destitution is a non sequitur, because homelessness and addiction are intractable. It is as if we ask "which came first? the eggshell or the egg yolk?" without considering the ridiculous notion of having one without the other, and completely ignoring the chicken.

The United Kingdom was flooded with cheap alcohol during the boom years of the 1980s, when the British pound sterling was strong versus the French franc, and enterprising men and women set off across the English Channel to bring back vast quantities of wine. France grew grapes and fermented them in a country that was predominantly rural and agricultural. England, by comparison with our nearest neighbour, has dense areas of population clustering around factories, coal mines, steel mills, dockyards and other organs that were necessitated for the functioning of an empire, as well as the defence of the realm.

Heroin's quality and availability once fluctuated wildly in the UK. The fields of opium-yielding poppies flourish in Afghanistan and Thailand, but the trade routes - the Silk Road - were at the mercy of incredible geopolitical forces. Now, thanks to the intervention of the USA and the UK in illegal foreign wars and 'regime' toppling, the supply of high-quality cheap narcotics has never been in more rude health.

If you think a homeless heroin addict single man is a fool and a failure, you are wrong; completely wrong. If you think in terms of 'bang for your buck' a £10 bag of heroin is going to get you a lot more fucked up than £10 of alcohol. If you think that injecting drugs is insane, you haven't considered the insanity of putting something you've paid your hard-earned money for, into your acidic stomach, where nearly 1/3rd of it will be destroyed. The rational thing to do is to put 100% of your intoxicant directly into your bloodstream.

If we followed the logic of the homeless man, we would all have a canula in one of our veins, and we would pay £1 for pure ethanol to be squirted into our bodies from a syringe, whereupon we would be immediately intoxicated to the point of near-blackout.

-

Before we go any further, I should make it clear that I am not advocating injecting drugs - or drug abuse of any kind - nor have I ever injected any drugs, or had another person inject me with narcotics.

-

If one wishes to consider the desperate plight of an addict or alcoholic, one only needs to think about the period when many homeless men would drink methylated spirits. Methanol differs from ethanol chemically, but methylated spirits - known colloquially as meths - has been deliberately poisoned by manufacturers, in an effort to discourage human consumption, without success. I can buy 5 litres of meths - roughly the same volume as 7 bottles of wine - for around £10, but to drink it would kill me. Out of desperation to avoid delirium tremens, which can cause seizures and death, alcoholics will drink small amounts of meths to self-medicate for their physical dependence on alcohol, despite the fact that it will cause them to go blind.

The war on drugs and the war on terror have now created a reliable supply chain, whereby the most powerful narcotics on the planet are available at unsurpassed purity and at rock-bottom prices, as never before witnessed in human history.

Competitive free-market economics has given rise to a swathe of pharmaceutical giants, vying to innovate with new medications that are 'better' than anything seen before, in a race for profits. Fentanyl and carfentanil were born into this world in the 1960s and 1970s, respectively. Carfentanil is so potent, that an aerosol mist of it could be used as a weapon of mass destruction. Although the Russian government does not officially acknowledge it, carfentanil has been used in a terrorist hostage situation - pumped into a building as a gas - resulting in the deaths of 125 innocent civilians in a single incident, from opiate overdose.

The rise and rise of the zero-hours contract McJob and a hopeless future for unskilled labourers, in the face of global capitalism, has created insecurity and the total destruction of the prospect of happy and contented family life for a scandalous number of men. While pram-faced mothers, with gold hoop earrings and their hair held back tightly in a scrunchie, will be prioritised for social housing, our entire welfare system discourages work and parental bonds. Economically, a single mother is better off than one who stays with the father of her children. Dads have been made redundant by cheap Far-Eastern labour. People respond to incentives, and so we have created a generation of children from broken homes. We have created an unacknowledged mountainous scrap-heap of homeless single male drug addicts, in a society that has no better use for them, other than to let them rot.

We are all familiar with the concept of supply and demand, but there is also something intrinsic in our genetic programming that makes us seek out value for money. It seems obvious that given the choice of intoxicants, I would select 1 gram of carfentanil instead of 1 gram of morphine. An amount of carfentanil the same size as a grain of salt is enough to kill me by overdose - carfentanil is better value for money, being about 10,000 times more potent than morphine.

The opium smokers became morphine addicts, then diacetylmorphine (heroin) addicts, then fentanyl addicts and now carfentanil addicts. The subsection of the population who have abandoned hope are always driven to seek the strongest mind-altering substance that they can obtain, for the money which they beg (panhandle), borrow or steal in order to support their 'habit' each day.

1 kilogram of carfentanil could kill the entire population of the United Kingdom. Carfentanil is produced in bulk quantities in the Far-East, where - ironically - all the manufacturing and mining jobs have gone, leaving vast numbers of men economically redundant.

In this city where I now live, the capitalists drove the cloth-making industry into a race to the bottom, negatively affecting the prosperity of nations such as India, which has over a billion inhabitants. It seems apt that the 'payback' for this global suicide pact should be so publicly conspicuous. Homelessness and addiction are openly on display, as symptoms of a world that is sick with an illness that's called capitalism; vulgar greed and hoarding of wealth.

I am full of sorrow that so many of my fellow citizens are left bewildered as to what happened to their once-great nation, and seek solace in all the wrong places. To help even one man (#frank) exhausted my economic reserves. All I have left is the power to spread word to more people than I could ever manage to speak to individually, using the power and freedom of the Internet. I preach to the converted, so often, but to stop and speak to the abandoned men - each in their 'patch' - is impossible in the face of a capitalists waving a fistfuls of dollars in front of a sea of hungry people.

All I can say to my readers who own computers, smartphones and Internet connections - you have a golden ticket that the man who slept on the cardboard in the doorway last night, does not have. He's viewed as trash, just the same as the remnants of his existence left behind when he awoke and moved elsewhere this morning.

Tags: #homeless #frank #addiction #drugs #alcohol

This is a story about unsolicited pics...

I'm kind of an asexual being, which is unusual for somebody with bipolar disorder. Of course, I have my moments of madness, where I'm convinced that I'm irresistible to the opposite sex, but it's life experiences that have inflated my ego. With a seemingly unending stream of positive examples that I can draw upon, there is no pin to prick my ballooning self-confidence and self-assured manner. Similar to irritating arrogant idiotic cocaine-snorting men - puffed up with grandiose notions of my own importance - I exude something that draws susceptible creatures in, like attracting moths to a flame.

It is with some guilt and worry that I search my conscience to see if I have become a sociopathic narcissistic conman, out to take advantage of anybody who's ensnared in a web of self-delusion that I have not acknowledged until now. Perhaps, I have lied to myself so successfully, that I believe my own bullshit. I've adopted a strategy of unrelenting introspection and examination of the morality of my behaviour, accompanied by complete heart-on-sleeve emotional openness and vulnerability. However, I must admit that making myself vulnerable appears to have the opposite effect to that which the most masculine of men would imagine - that of bringing out protective instincts and something feminine in women who no longer need protecting from wolves and sabre-tooth tigers... not that I ever believed in such patriarchal fables anyway.

Am I a feminist? Absolutely no way. I prefer boobs that have spent their life supported by a brasier, so that their youthful protestations against the force of gravity have been assisted. I like long hair, not short; I like skirts, not trousers & dungarees; I like giggles & heart-melting eyelash batting, not being told I'm guilty for all the sins of those who share a Y chromosome.

Every female friend of mine reports the phenomenon of receiving - via the medium of electronic communication channels - pictures of the erect male member from somebody with whom they have engaged in the preliminary stages of the courtship ritual. Not a single woman I can name has found this either desirable or sexually arousing, but yet the practice seems to continue unabated. Perhaps these men would have better luck on Grindr, with those of their own gender.

I'm a passive observer. It's as if by having my sexuality neutered by stress and chemicals, I'm able to see the bizarre nature of human behaviour in the same way that you would impassively and objectively view a BBC television documentary about the mating of birds or bees.

When I was younger, I couldn't imagine being in the navy or on some kind of seagoing vessel, oil rig or working another kind of job where I would be away from the steady supply of sex, on demand. It was unthinkable to me that hundreds of men might be confined inside a metal hull, surrounded by seawater and lashed by the waves - for weeks or even months at a time - without the comfort of kissing, spooning and the joy of pure unadulterated fucking.

Even today, as my virility declines, I am still insistent on proximate co-location with any prospective sweetheart, despite the fact I'm lonely and single.

It's probably true that free high-quality pornography, streamed over the Internet for instant gratification of any sexual peccadillo that takes one's fancy, has contributed to a world where every male fantasy is fulfilled - rule 34, which states that porn exists for everything you could possibly imagine, and more that you can never un-see.

What a world we currently live in, where sex tourism is openly discussed without shame, despite it being a form of slavery. Craigslist advertises rooms that are available to young women 'rent free' - the payment being made in kind, not in cash. Webcams and stripping become irresistibly attractive income sources for female students looking to fund their education.

We have become culturally indoctrinated by a myopic and ill-educated worship of money - fiat currency - where we obsess over salaries, bank balances, the cash in our pockets and the value of our homes and other assets. We worry about pension funds and funding our kids through college/university. Yet, we are not smart enough to perceive our own obsession over the ridiculously abstract concept as exchanging pieces of paper with numbers written on them, all day long. The entire globe has been perverted by 'wealth' into a place where girls and women are preyed upon by lecherous disgusting old men. I hope you're happy, with the 'value' of your stock portfolio, while your daughter parades herself in front of an unthinkable number of horny tossers, masturbating furiously... your obsession with 'money' made this happen.

Who am I to talk about such things, when I've been so close to ground zero? There's an easy answer to that - I'm the guy who's well read in economics as well as having first-hand experience of every aspect of banking... I know what money actually is. There really is a magic money tree - the stuff just gets invented out of nothingness.

I have no right to talk about moral bankruptcy when I'm a white male, living in the developed world and after enjoying a life that so many people dream of having - it's a terrible hypocrisy. I glamourise and glorify things that are truly atrocious, don't I?

Perhaps I will be vilified after my death, like those who profited from the more conspicuous forms of slavery and human trafficking of the past. My only defence is that I did not choose the time or place of my birth, nor my parents or my gender - this defence is fairly watertight until when, exactly? At what point do we become culpable for our part in some global conspiracy to enslave the vast majority of humanity? At what stage in life do we accept responsibility for our conscience, our decisions and our moral compass?

This is why I write: when I am dead you will have a corpse, but you will not have the contents of my mind. I'm uploading myself into the cloud, so that you may judge both my inner and my outer self.

You could be the world's expert on human anatomy, but the fatty tissues of my brain would be virtually indistinguishable between my cadaver and any other.

These corporeal vessels which we temporarily inhabit tell us nothing about our minds and our personalities, although I cannot deny that I sometimes receive a sexual thrill when I see a woman's nipple.

"Send nudes" is the precursor to 'Netflix and chill', so I'm told.

Tags: #sex

This is a story about the precariat...

Here I am, in psychiatric hospital with underpants on my head and pencils up my nose. I think you will agree that this makes me perfectly qualified to run the country.

Having a manifesto is something that we associate with nutters who commit mass murder. The end justifies the means, in the minds of people consumed by their political ideologies.

Admitting to having political ambitions is laughable for an ordinary British citizen. The route into politics is through namedropping, brown-nosing and suffering the bullying & infighting of the dominant political parties, as you rise through the ranks. Going into politics is not about campaigning on a manifesto which comprises your deeply held political beliefs. Going into politics is not about a commoner being elected to the House of Commons. There's no room for the riff raff in politics and you're going to need wealthy donors to back you. You'd have to be stark raving mad to think you could get into politics as a representative of the constituents in your local area.

Politics is a career; it's not about improving the lives of your fellow citizens. There's no room for anybody who hasn't made politics their specialism. An interest in government is a fetish for three-line whips.

Political office is granted in recognition of a complete lack of empathy for the proles that a prospective MP has spent their whole life exploiting. Our ministers should be selected from a pool of wealthy elites, who have no concept of life without a trust fund and the advantages of nepotism. The benches of parliament should reflect the people who helped win those seats: the wealthy donors.

Pretending that political parties are given an equal campaigning platform, and that we don't have a two party system, is a hilarious prank that's being played on the electorate. Who could possibly compete with the big two parties, who hoover up so much political donation money? If you're looking to buy yourself a peerage, are you going to waste your hard-earned cash on a party that stands no chance of winning a majority? What a joke!

The top three manifesto promises of the Tories are: plutocracy, plutocracy and plutocracy. Crush the proles. Smash their unions. Keep them insecure and divided. Oh, what a glorious thing, to see the landed gentry literally lording it over the riff raff.

Posh little girls and posh little boys grow up dreaming about the day when they'll get to destroy the welfare state and lower the living standards of ordinary people. "On yer bike!" the jumped up little twits shouted when they were youngsters, and now they're ushering in the Britain they always wanted: where the only fucking job you can get is being a Deliveroo takeaway food bicycle delivery rider.

We don't want anybody getting into politics, who has any idea what life's like for the vast majority of British citizens. We need people who live and breathe the Westminster bubble, to think about real issues, like where they're going skiing this year with their barrister chums.

- ALTERNATIVELY -

I know what it's like to claim benefits, be homeless, suffer mental illness and have to navigate an under-funded National Health Service. I know how digital transformation will affect every aspect of the world around us, and I've worked in education, retail, defence, financial services, security, transport, housing & construction and a host of other sectors too. 

I've studied the dismal science - economics - as well as starting several profitable businesses. I have in-depth knowledge of almost every tax we have: from income tax to capital gains tax; from Value-Added Tax (VAT) to corporation tax; from import duties to stamp duty. I understand trade deficits, fractional reserve banking, financial instruments and the national debt.

With a background in science and technology, I have a big-picture view that broadly encompasses every aspect of modern life. This is not stuff I've read about and only understand theoretically: I'm a practitioner and I have real-world hands-on experience. I have a worldview that starts in the subatomic realm of particle physics and finishes in the intergalactic universe of cosmology, with a geopolitical overview of terrestrial matters somewhere in-between those two extremes.

I'm not a specialist. I have no desire to study the minutiae of anything, like a stamp collector or a train spotter would, but instead I've gathered knowledge of how all the different component parts fit together. It's no co-incidence that I've been able to write game of life type software simulations: computer models.

Anybody involved in politics would benefit from being a generalist not a specialist. When all you've got is a hammer, everything looks like a nail. It's impossible to reconcile the competing views of thousands of specialists, because they all have a very narrow worldview. It's all very well being an expert in your field, but where's the balance?

If I was going to pick a bunch of people to run the country, they would be the fiction writers and the computer game designers. Without an enticing vision of the future, reactionary forces will drag us back into the dark ages. Without a working virtual world, how are you ever going to test your ideas, without your mistakes inflicting untold misery on real people?

As a prerequisite for becoming a minister, you should be able to build a thriving happy metropolis in Sim City and complete a game of Civilization through cultural influence, not war. If you're a failure in those virtual worlds how can you think you're even remotely qualified to wreak havoc on the lives of the electorate? We wouldn't turn you loose on the roads without a driving license.

All minsters and their children should attend state school and be treated by the National Health Service: you've gotta eat your own dog food. There should be a means test, that excludes wealthy families, trust fund babies and any nepotism: only a single generation of any family may enter into politics.

In fact, some of those who govern should be selected randomly, like jury service. Wanting to exercise any kind of power over your peers should be an automatic disqualification. The House of Commons should be balanced out with ordinary people, who have no interest in politics per se: it's the civic duty of every British citizen to muzzle the dangerous megalomaniacs.

Housing, transport, education, healthcare and a host of other essential services, are public services and as such, they should never be profitable. The state should have a monopoly on the things our citizens need. To allow a private firm to profit from our population's needs is a crime. The private sector is welcome to compete in the world of wants, but not needs. Simple economic theory will tell you that prices have upwardly inflationary pressure on things that you have to have: are you going to skip getting cured of that deadly disease, because it's too expensive?

Do you want to live in a world of zero-hours contract McJobs, insane house prices, stress, long hours, insecurity and indentured servitude, for the benefit of big business? That's what you're getting when you allow the country to be run by commercial interests.

We need to smash the plutocracy. We need to have dignity in labour. We need to be united, not divided by those who tell us that we're easily replaced and make us crawl over broken glass for a few mouldy crumbs. Inequality and the arrogance of the elites has reached unsustainable levels. We can't afford the rich any more.

If you think these are just the immature words of a bleeding-heart liberal who never grew up, and I don't understand the complexities of the world, I think you're being a mouthpiece of the elites when you say that it's not as simple as just dividing the wealth. It's easy to be an intellectual snob, because you believe you're destined for greatness. Just because it's not you, going with your cap in your hand to the mill owner to ask for a bowl of gruel, you could easily fall from grace at any moment. Just because you can't imagine what it's like to be poor and struggling, doesn't mean that it couldn't happen to the likes of you. Your fancy education and your expertise won't save you, when the working classes rise in anger and strike down the bourgeois rentier parasite class.

The irony of me writing this, while sipping champagne and looking out over the River Thames and the London skyline, from the balcony of my luxurious home, is not lost on me. The working-class heroes and self-made millionaires can be some of the most awful people. There's absolutely nothing humbling about rising up through the ranks and being successful; quite the opposite in fact.

I write as somebody who's been incredibly fortunate - getting propelled into a life of privilege and wealth - only to lose it all and have to rebuild from scratch. I write as somebody who knows that there's a fast track, as well as how hard it is to overcome prejudice and adversity. I write as somebody who can have delusions of grandeur as much as a sense of worthlessness. I know I'm flawed and I know I can fail, as much as I know how to succeed.

Worshipping power and status has led to layers of sycophantic courtiers, each one existing only to polish the egos of old men. Do you really want your whole country run, just so some exploitative megalomaniacs can be called Sir or Lord? Do you really think anybody deserves your respect, when they preside over the destruction of living standards in an epidemic of mental health issues, caused by the stressful modern life they created?

A central tenet of my desire for political influence, is my first-hand experience of depression, misery, exhaustion, stress and anxiety, which is an intolerable situation, created unnecessarily by unrestricted free-market capitalism. Are these the pillars that you want our working world built on? Should British citizens suffer as much as they do, just to have a crust of bread, a roof over their head and the hope of one day being able to pass on the suffering to the next generation? My answer is: no.

I don't necessarily believe that the state should own the means of production, but the workers should benefit most from the fruits of their labour. Wealth needs to be distributed, not concentrated in a few idle hands. Trickle down economics is a terrible lie.

I think that without social reform, eventually people will put down their tools and violently protest at their exploitation.

Obviously, I'm just a maniac up on my soapbox, shouting absolute nonsense, but who do you believe more: the wealthy elitist who tells you that everything's fine, or the person who's suffering at the hands of those elites?

Tags: #politics

This is a story about referees...

Here's me travelling to work by boat during the tube strike. But why do you even have to go to work anyway? Why do we need the fancy towers of glass, steel and concrete? Why do we need to move millions of people away from their homes and into the cities every day? Why do we need to inflict untold agony on a huge proportion of humanity, just so we can keep some office chairs warm?

Imagine the global economy to be a game of football: the defenders are the police, army and healthcare professionals; the midfielders are the builders, farmers and fishermen; the attackers are the engineers and scientists. So, who's the referee?

The banks are the referee: they're the ones keeping score.

Banks are simply supposed to keep a tally - a balance - of who's winning the game. That's it. Nothing more, nothing less. You can play football without a referee, but it's supposed to be a fairer game if you have somebody impartial to be in charge of the match, running it according to the rules and without cheating.

Why the hell would over 80% of our economy be given to the people keeping score?

If you think about it, most of what goes on at head office is administration. Administration never put food on the table or a roof over anybody's head. Administration is an unnecessary overhead, not a business in its own right.

For sure, administration is hard and complex, but that doesn't mean it's valuable. Just because you've been to business school and got your Masters in Business Administration (MBA) doesn't mean you know fuck all about building a profitable business that adds value to humanity. In fact, you probably got a bit confused and you started to think that administration is the same as business.

If you don't pay your taxes, the government will shut you down. If you don't follow the trading laws, your business is going to get big fines and may be forced to cease trading. However, following the regulations isn't actually the same as running a business.

It's easy to believe that because your business is well administered, your book-keeping is well done and your taxes are all paid, that you're doing a great job. In fact, that's utter horse-shit. What does your business actually do?

So much money is wasted building fancy head offices and filling them full of administrative drones. One office block I worked in actually had a worm farm in the basement in order to eat all the useless paper that was generated by the bean counters.

Do we really need all these people doing bullshit jobs? Do we really need all these records and processes? Is it really helping humanity? Is it making anybody happier?

Today, London was paralysed by a tube strike, but what's the fucking point of those miserable journeys into the office anyway? What got done today? What wouldn't get done if nobody turned up? Would the world end? Would people go hungry or not have a place to live?

"But what about money? What about mortgages?"

Fuck those things.

There are plenty of resources. There's plenty of land to build houses and grow food. There are plenty of rivers and reservoirs. There's plenty of wind and solar energy to be harvested. Fuck sitting at a desk shuffling paper around. Fuck kowtowing to some bean counters.

You've been mortgaged. The reason why you have to do a pointless bullshit job that adds no value to humanity, is because the natural world is being destroyed to create more phallic towers of concrete, full of administrative drones, to add some more fucking zeros onto the digital bank balance of a small-penised oligarch. Does that sound like a useful endeavour to you? Is that how you want to say you spent your life?

It maddens me that we have to get up early in the morning in the middle of winter and struggle to get to 'work' on overcrowded commuter trains, because our bullshit economy worships the referees; the bean counters. The banks are supposed to grease the wheels of commerce, not hoover up all the fucking wealth.

It disgusts me that the lawyers, accountants, bankers and other financial service leeches are wallowing in cash, doing precisely fuck all of any value, and mandating that humanity has to commute across the country twice a day in order to shuffle paper around a desk and move digital money in increasingly pointless complex ways.

In financial markets, we talk about 'naked' positions. That is to say, the trading of a financial product with no need to do so except to try and make a quick buck in the global casino. Futures contracts were invented so that a farmer could sell his corn before it was harvested, in order to buy a combine harvester, and so that the corn flake factory knew exactly what the cost of their raw materials would be. Futures contracts were NOT invented so that some wanker who flies a desk could make an easy buck without so much as breaking a sweat.

The whole fucking system has gone berserk. Money is supposed to be exchangeable for labour or scarce goods, but instead money's just casino chips that have no use outside the global financial markets. We're all paying a heavy human price for our financial services, accounting, legal and administrative world, where we've ended up toiling over ever-growing mountains of worthless paper, instead of trying to build a better life for ourselves and future generations.

What the fuck are we doing, when our most brilliant minds go off to work in head offices, doing administrative and accounting type jobs, writing legal contracts, banking and other kinds of referee type bullshit? What the fuck are we doing, running a football match with 22 referees and a kid with two left feet who can't kick a ball?

Referees don't make a football match. Head offices don't make an economy.

Tags: #capitalism #banking #economics

This is a story about changing beliefs...

Imagine being marooned on a rock in the middle of a vast ocean that's so deadly to life that you couldn't survive for more than a few seconds if you fell in. The ocean is lifeless and has no utility: it can't be purified or harnessed to generate energy. The rock has a fragile ecosystem that keeps you alive, but there is a relentless wind that threatens to blow away all the life-giving nutrients at any moment. You don't know how you got there, why you're there, or how the hell you're going to get off the rock if it can no longer keep you alive.

Welcome to the world according to science.

Isn't it much nicer to imagine an anthropocentric world, where some kind of paradise was created by an imaginary sky monster, just for us. Imagine there's some invisible guiding hand, making things happen, always with us Earthlings in mind. Imagine there's an all-seeing eye that only gives a shit about one particular species on one particular planet. Imagine that this universe isn't all there is: there's also some kind of afterlife. There... that's much more comforting, isn't it?

You could say that scientists believe in nothing. They don't think we were put on Earth for a reason: it's just a cosmic accident. Energy condensed into matter; quarks combined into protons and neutrons, which were fused into atomic nucleii; atoms bonded into molecules and reacted to create amino acids and proteins; the primordial soup created life, through pure chance. There's no reason for us to be here, except that given enough time - 14 billion years ought to do it - life as we know it becomes inevitable, given the laws of physics laid down at the birth of the universe.

When you start to study cosmology, you get some perspective on just how insignificant we are. When you start to deal with things on a cosmological scale, the numbers boggle your mind. There aren't even rulers that can measure the distances between objects in the night sky, because space and time are warped by matter and energy. Things are so far away, and we only have a tiny planet to move around on, so it's not like we can triangulate the position of anything. Everything in the universe appears to be just a point in space to us: the twinkling dots of light in the night sky.

If you think about time and evolution, you begin to see the staggering number of living creatures that died - our ancestors - so that we could be alive today in our current form. Take a look at an ear: it's a fucking weird looking thing, isn't it? Why the hell would it look like that? I can't tell you, but I know that I can take a shower without getting water in my ear canal, which is pretty awesome for listening out for any approaching sabre-tooth tigers while I'm washing myself.

Then, what about consciousness? Why is it that you are you? Why were you were born at the exact moment you were born? Why are you alive, right now, and not a hundred years ago, or a few thousand years ago?

So far as you know, you're the only you. Everybody else is somebody else. You've got your own unique set of experiences. You've got your own unique set of senses, and your own consciousness processing the sight, sound, smell, touch and taste of everything around you.

Ultimately, we can reach the conclusion that each universe is actually tailored to a single individual. The reason why there are lots of other people around who look very much like you is an inevitable consequence of the universal laws of physics. If I tweak the numbers one teeny tiny bit, we might get an almost identical universe, but there's a different person whose mind is "the one" that is truly conscious.

You feel pretty conscious, don't you? You feel like you've got free will and memories and you're seeing the world, right now, for what it is. But, that's only in your own universe. In your universe, I have no free will or consciousness: my world is dictated by your actions. In your universe, I'm not deciding to write these words... I'm not even aware of what I'm doing, even though I think I am.

The test is this: what would happen if you killed yourself?

Right now, there are about 7 billion people in the world. If I was to kill myself, 7 billion people would agree that I was dead and buried. 7 billion people would say that I just killed myself. But what about me? What about my opinion?

Here's how it goes: I get a gun, aim it at my head and pull the trigger. Guns are pretty reliable these days, so lets say I have only a one in a million chance of surviving a point-blank gunshot wound to the head. This is my free will, right? I make the decision to commit suicide, because I'm a conscious being with free will and that's my prerogative to do so.

So, what happens if the gun misfires? What happens if I put the gun down, pick up a different gun and that one misfires too? What happens if I pick up a machine gun, aim it at my head, pull the trigger and it just goes click-click-click-click-click as it keeps misfiring?

Essentially, if you take our very best scientific theories and follow them to their inevitable conclusion, this is what is predicted. If you keep asking "why?" over and over again, until you get to the deepest possible understanding of the universe as we observe it, you will conclude - from reproducible experiment - that the world is influenced by us, as observers. Our very consciousness is inseparable from reality and the laws of physics.

It's quite possible to answer the question "why are we here?" with the answer: so you can ask that question.

That might sound like begging the question, but it's actually perfectly logical.

Without consciousness, the examination of the world around us is not possible. Arguably, without being conscious of the existence of the universe, does the universe really exist?

Taking this reasoning a stage further, you can start to argue whether anybody in the universe in which you inhabit has ever truly been conscious. The evidence would suggest that they haven't, given that they are not able to experience the universe as you do: they are not able to answer the quantum suicide paradox, so they are unable to prove or disprove the reality in which they inhabit.

You and you alone are truly conscious, and everybody else is just an inevitability of the laws of the universe: entropy will destroy anything so ordered and sophisticated as a conscious being like you, but once you get one (you) it's inevitable that there will be billions of knock-off copies that didn't quite make the grade in your universe.

Ultimately, you are immortal and you will witness the end of the universe. It's the only logical reason why you were born when you were born.

"But what about all those people who die before me?" I hear you ask.

Well, they were never really conscious. I'm sure that in their own universes, which were nearly identical to yours, they were perfectly conscious, but the one universe in which you live, is made just for you: you're going to witness the death of everything and everybody, even if you try to kill yourself.

Taking this a stage further, we then wander into the territory of the theological.

What about heaven and hell?

If you're immortal, how do you think the world's going to be shaped by your actions?

Once you realise you're immortal, are you going to be naughty or are you going to be nice?

How's anybody going to stop you doing anything you want, if they can't kill you? You might as well be a thief; you might as well rape and murder; you might as well take anything you want and enslave all of humanity. As you rape and pillage, the world will become scorched and barren: Hell on Earth.

Alternatively, you could live virtuously, impart your wisdom and not abuse the discovery of your immortality. You could influence the people of the world to look after their home planet and try to preserve it beyond the longevity of their mortal lives. Over time, the world will become a place where everybody benefits from the generation before them, and it becomes received wisdom that it's better to co-operate and act with restraint, rather than act selfishly: Heaven on Earth.

Thus, we have arrived at a scientific reason for morality, as well as the negative consequences for 'sinning'. Science has drawn the same ultimate conclusions as religion: don't be a dick.

The chances are our species will wipe itself out before we are able to terraform nearby planets. The idea we're all going to fuck off to Mars on one of Elon Musk's SpaceX rockets, is actually just a massive excuse to continue raping and pillaging. The billionaires think that they've got an escape capsule, so there's no reason to rein in the corporate excesses and end the inequality that's destroying the planet.

Scientifically and through historical study of past civilisations, we're utterly fucked. The pursuit of pacifism, debt forgiveness, abolishment of usury and the creation of a fair and equal global society, has been completely abandoned in favour of rape and pillage. Capitalism must inevitably lead to the destruction of the natural world, overpopulation and enslavement of the developing nations, in order to fulfil its insatiable demand for unnatural growth. Things can't grow forever on a planet of finite resources: the laws of physics say that we can't just magic all our problems away.

We're acting like a blackjack player who's got a score of 20 but asking for another card, hoping to get an ace. Chances are, we're going to bust.

I really don't want a Tesla electric car: I'd rather not have to go to my bullshit made-up job. I really don't want a rocket ride to Mars: I'd rather people in Africa had some bicycles. I really don't want a NutriBullet food blender: I'd rather we abolished economic policies that leave nations starving, while others waste vast quantities of food. I really don't want an iPhone 8: I'd rather not have wars over mineral resources needed to make throwaway electronic gadgets. I really don't want private schools and top universities: I'd rather educate young women so they can make smart family planning decisions.

Just remember where the fuck you are: you're floating on a rock in the vacuum of space, with an incredibly thin layer of atmosphere just clinging to the surface because of the extremely weak force of gravity. The only reason the air isn't blown away into space - leaving you suffocating - is because planet Earth has an iron core which generates a magnetic field, diverting away the solar wind. Only 29% of the planet is land, and the rest is salty water you can't drink or use to water the crops. Have some fucking humility.

"But I'm some hot-shot CEO of a massive global corporation"

Yeah, right buddy. Try counting your money while holding your breath.

"But Elon Musk is going to fly me to Mars"

Yeah, and what are you going to do when you get there, you fucktard? There's no breathable atmosphere. There's no fertile soil.

"Scientists and engineers will find a way"

You mean the guys and girls who are telling you that the climate is fucked?

"God will guide us"

Good luck with that.

Tags: #economics #capitalism #politics #physics

This is a story about the pecking order...

Respect my authority. I did well in school and I've risen up the chain of command. I have stripes on my epaulettes and letters after my name. I've got a fancy job title and I'm very well paid. Don't-you-know-who-I-am and I'm oh-so-superior to the likes of you. Back in your place, underling. Get back in line.

Our systems of population control breed subservience. Why don't the workers rise up and seize the means of production?

"I'm not good with numbers"

"I've got no interest in politics"

"I just keep my head down and do what I'm told"

Could there be anything more degrading than having your fellow human beings sitting in judgement over you? Who are they to say "yay" or "nay" on the question of your utility? How dare they decide your fate!

Job insecurity keeps wages down, because workers develop a misplaced sense of gratitude for their income. In hard economic terms, workers get a terrible deal: they do all the work and they only see a tiny fraction of the profit. Why on earth would they do that?

"You're easily replaced"

Yes. While I dislike people who attempt to make themselves into key-man dependencies and build little fiefdoms of complexity to make themselves indispensable, I also think that the commodification of human beings is one of the most awful things that's happening in the modern world.

What happened to the artisan; the craftsman?

Small is beautiful, in a way. Think back to a time when each village had a butcher, a baker and a candlestick maker. There was the blacksmith, the miller, the cobbler, the tailor, the farrier, the thatcher. There were apprentices aplenty and sons followed in their father's footsteps.

Of course, it's easy to bring up infant mortality and the large number of women who died during childbirth. Infections and treatable diseases used to be fatal. In the past, manual labour, poor diet and poor healthcare, meant that life expectancy was much lower. People were superstitious and afraid of death and disease. Nobody went skydiving.

Now, nobody has any place. We live with terrible insecurity. We could lose our jobs and have our homes repossessed at any moment. If your job becomes redundant due to ever-advancing technological changes and globalisation, you're unlikely to be able to afford to retrain. Besides, how would you ever even compete with all the people who are already trained and vying for the few available jobs?

What's the purpose of anything? What meaning is there to anything?

It was pretty clear why you got up at the crack of dawn to light the fire in the ovens: because if you didn't, people wouldn't have any bread and they'd be pissed off about that. In the village, everybody would be like "no fucking bread" and "yeah, I know. Shit isn't it!"

Now, why did you work hard at school, go to university, battle through those job interviews and kiss arses as you squirmed your way up the greasy pole; the career ladder? So you can punch numbers into a spreadsheet and give powerpoint presentations? So you can go to meetings and sit on cramped commuter trains? So you can eat pre-packaged sandwiches at your desk, getting crumbs all over the keyboard? Why the fuck are you even alive? What's the point of your existence?

If you're trying to get a fancier car so you can impress your friends and neighbours, or if you're trying to get a pay rise and a promotion, so you can 'win' and brag about how rich and successful you are, then perhaps you've found your purpose. Perhaps status symbols and meaningless job titles are the answer to the big question: why are we here?

What happens when it all goes bang and the whole fucking mess comes tumbling down? What happens when you realise you wasted your whole fucking life? You can't eat university diplomas or bonds or banknotes. You can't keep a house warm with supply chain statistics or flow diagrams. You can't live in an insurance certificate or legal contract. You can't clothe yourself with tax returns, essays, dissertations or theses.

Our world has divided into two camps: the celebrities and the nobodies; the powerful and the powerless; the rich and the poor; the smart and the stupid; the valuable and the valueless.

Did you ever notice how anybody who's anybody is rich, famous, powerful, smart and incredibly valuable to humanity, and everybody else is a worthless nobody who can go to hell? "Everybody else" accounts for 99% of the world's population, by the way.

Who wants to read the autobiography of Ahmad who sits behind the counter at my local dry cleaner? He must be pretty stupid if he's not powerful or rich. He's not famous so he can't have any value. He knows his place, which is about the only good thing we can say about him, right?

Modern society has led to city living because of economies of scale. It makes sense to have a multi-billion dollar mass transit system in a city, to make it easy for everybody to get to work efficiently. It makes sense to build all the high-rise head offices that can hold thousands of people, in one place. The net result is urban solitude and anonymity. Nobody knows who their neighbours are. Nobody knows who the local shopkeepers are. Nobody knows anybody, except the rich famous people who are the only ones with any value: they're indispensable.

One face is the same as another. Two workers who've held the same job title are interchangeable. Hire and fire. Who gives a fuck... human lives are cheap. Make the balloon go higher by chucking more bodies onto the fire.

We are running our economy by the numbers: we're wedded to our spreadsheets and all we care about is that this month's numbers are bigger than last month's numbers. Growth! Growth! Growth! More! More! More!

The top tier - our rulers, our managers, our executives - look at the graphs: are they going up? Who gives a fuck what's going on at the bottom. The tip of the iceberg is in charge of the rest.

You're drowning and freezing cold in the icy depths. You're part of that huge mass of ice beneath the surface, but you'd better not try and climb out of the water or else you'll topple the whole system and plunge the tiny tip into the depths... and nobody wants that, do they?

Chances are that you could do a better job than those in charge, because the country couldn't get much worse: inequality is a disgrace, poverty is rife, depression and suicide rates are skyrocketing, life is miserable and there are few prospects.

We're supposed to be ruled over by a house of commons: ordinary people from all walks of life. In fact, career politicians and massive political parties supported by wealthy donors & commercial interests, completely dominate the political landscape. We live in a plutocracy, as evidenced by the fact that the rich are getting richer and the poor are getting poorer.

I count the middle class in the 'poor' bracket.

Of course, it seems ridiculous to suggest that well paid educated professional people in the middle class are poor - they have the best jobs, high quality housing and disposable income - but within a generation or two, the middle class are going to be utterly fucked. Skyrocketing house prices just don't work: they will erode your wealth, because you want somewhere for your kids and grandkids to live, don't you? Unless you live in a castle big enough for all future generations of your family, you're going to need some affordable housing at some point.

University tuition fees and the cost of student accommodation, comes on top of the private school fees you paid in order to get your little darlings the straight-A grades they needed to get onto the few degree courses that might lead to an actual job. A job doing fucking what exactly?

OK, so your silver-spooned little shits got themselves a degree and a professional qualification in law or accountancy or something, but you're going to have to fork out £100k+ to get them onto the housing ladder. Your terribly bright and brilliant kids now need a place to live near their job - London and the South-East - which means top dollar house prices.

Wealth has been hoarded by the baby-boomers who were gifted it by good luck and the inflation that eroded their debts relative to their incomes. The baby-boomers are now having to fork out all that filthy lucre in order to support their children and grandkids. There just aren't any well paid jobs that allow our special snowflake millennials to support themselves financially, no matter how hard they work.

So, the only group who have a place are the ones at the top of the pile: the ones who already control more wealth than they could ever spend in a hundred lifetimes, and who can easily generate some more because they already have the money, the fame and the power to make a success out of whatever the fuck they want to do. I mean, Paris Hilton is a DJ now, for fuck's sake: she presses the play button on a CD player and people pay to see that fucking shit.

All in all, why bother? Why the struggle? Why the stress? Why the anxiety and and the insecurity and the hideousness of battling over the crumbs from the cake?

We're all fighting with each other at the bottom, like crabs in a bucket, pulling down anybody who tries to escape.

Just stay in your place though. Don't complain. I'm sure those in charge know best.

Tags: #politics #capitalism #economics

This is a story about parasites...

Everybody has to work, right? There's a social contract that we implicitly signed up for when our parents had sex on our behalf. In return for our parents' selfless act of having unprotected sex, we agreed - before we were born - to a life of wage slavery and paying bills.

The other way of looking at things is to ask what would happen if you didn't work.

A big hole in the ground was dug to make the foundations of your house, where you live. You dug that hole, right? What about the concrete that was used to fill the foundations? I presume you slaked the lime to make the mortar and you dug the aggregates to make the mix that was poured into the hole you dug. I mean, that's only logical.

Bricks were laid to make the walls of your house. I presume you collected the clay, shaped it into bricks and baked them in a kiln that you made. That's only logical.

Joists and beams were needed to make the floors you walk on and the roof that keeps you dry. I presume you chopped down those trees and milled them into the straight timbers that were needed. That's only logical.

Slates were hung to make your roof able to divert rain into your guttering. I presume you quarried those slates. That's only logical.

Nails were forged to join the wood. I presume you collected the iron ore and blacksmithed the nails. That's only logical.

Sand was melted in a furnace at incredibly hot temperatures to make the glass that glazes your windows. I presume you gathered that sand and kept the fires burning in order to make those panes of glass that adorn your house. I mean, that's only logical.

Meat, vegetables, kernels, pulses, herbs, salt, oils and other condiments were combined to make delicious meals to keep you going while you were doing all that hard work. I presume you farmed the edible things to make those meals. You harvested the corn, milled the flour and baked the bread. That's only logical.

Water was raised from the underground aquifers. I presume you dug the wells and winched up the buckets of water. That's only logical.

How are you doing so far? You can say that everything you've benefitted from has been a product of your own hard labour, right? You can show directly how your contribution to society means that you deserve your slice of the pie, of course. That's only logical.

"Actually, I'm much more important than that."

Right, let's test that hypothesis.

What do you actually do?

"I go to meetings in a big fancy office."

Alright. Let's go.

Coffee beans were picked, dried and roasted. The coffee was ground and infused in boling water. I presume you were there in South America, harvesting the crop. I presume you roasted your beans and ground them yourself. That's only logical.

Spreadsheet software was crafted from binary ones and zeros. Microsoft Excel was created from nothing, using computer programming. I presume you wrote Excel. That's only logical.

Companies were incorporated with memorandums and articles of association. Laws were made. Everything was written down on paper. Paper was made from wood pulp. Ink is made from pigments and dyes. I presume you made the paper and the ink, and you wrote down all the laws that govern your company. That's only logical.

Cotton was picked. Thread was made. Thread was woven into garments. Fancy shirts and suits of clothes were made so that the people in the offices could look powerful and important at their meetings, sipping coffee and putting made-up numbers into spreadsheets. You made all those things. That's only logical.

How are you doing now? Are you with me so far?

"You just don't understand. I paid for all those things."

Oh you PAID did you? Let's see how that stands up to cross-examination.

Gold was panned or mined out of the ground. Gold was melted down into bars and coins that were assay marked to vouch for purity and weight. I presume you were down in the mines with your pickaxe, or in the river bed with your panning bowl, plucking gold nuggets out of the ground. I mean, that's only logical.

Banknotes were printed and coins were minted. Banks held ledgers and reserves. Payments were recorded. I presume you made the currency that was hard to counterfeit. I presume you created the payment systems that were hard to defraud. That's only logical.

How about now? Keeping up?

"For fuck's sake. You just don't get it. I did my job and I got my salary. That's how I paid for my house and my food."

Oh, right. I get it now. What exactly did you do for your job? What exactly was your contribution?

Tags: #capitalism #economics #career

This is a story about a fictitious bear and an imaginary bull...

To explain how a speculative bubble bursts is very easy indeed. Investors are like a herd of cattle. They are not rational actors. When a critical mass of investors become spooked and start selling off their investments, this creates a market with more sellers than buyers, which means the asking price for financial instruments has to be lower to attract more buyers. Pretty soon, there is a stampede, as all the investors try to 'cash in' their investments and take their profits or minimise their losses. The asking price drops lower and lower, and buyers simply wait, knowing that the ever growing crowd of panicked sellers will underbid each other in a desperate attempt to offload their devaluing assets.

Anyway, that's so simple and obvious that it doesn't warrant further discussion. What I want to write about is what causes a speculative bubble in the first place.

We could look at historical examples, like the tulip mania during the Dutch Golden Age, with tulip bulb prices peaking in 1637, before crashing spectacularly. The Madness of Crowds explains the crash, but not the initial price bubble, in any satisfactory way for the modern financial markets.

To understand your average investor in publicly listed companies on the major stock exchanges, you only need to understand two human characteristics: greed and laziness.

The greed part is simple. Any of your friends who have reached a point of economic prosperity where they have disposable income are likely to have 'invested' some of their wealth. It's highly unlikely that they made angel investments in small startup companies where they knew the founders, the business model and understood the domain in which the embryonic enterprise operated. Instead, they thought they could make a quick buck by buying shares in a major corporation.

The laziness part is slightly more complex. The lazy divide into two groups. The speculative private investor looking to make a quick buck isn't interested in doing any actual work in order to earn their extra wealth. One phonecall to your stockbroker, having read a stock tip in your preferred newspaper does not count as an investment of labour, and so it is clear that these investors are lazy.

The second group are institutional investment managers: the people who look after pension funds. Now, you can ignore profit:equity (PE) ratios, yields, earnings per share (EPS), turnover and EBITDAs (Earnings Before Interest, Tax, Depreciation and Amortisation). You can ignore the philosophy of Warren Buffet, who is an active shareholder. The pension fund manager is passive and invests for one reason and one reason alone: the market capitalisation of the public company has reached a certain threshold. That is to say, the market values a public company above a certain amount of money.

To understand market cap, let's take Apple Inc. as an example. We take the number of Apple shares that are issued (5.4 billion at time of writing) and multiply that by the share price ($118 at time of writing) and we arrive at a market capitalisation of $637 billion. That is to say, if you had a spare $637 billion in your bank account, you could buy Apple outright^*: every single share. You would be the sole shareholder of Apple, which is the biggest company in the world, by market capitalisation.

Now, Apple might have absolutely dog shit products lined up for the next 10 years. The CEO, Tim Cook could be an absolute moron who's going to run the company into the ground. The institutional investment manager doesn't give two hoots. They're going to buy Apple stock simply because it's highly valued. In fact, they're going to buy ALL the highly valued companies, above a certain market capitalisation.

In the UK, we have a kind of football league, with the premier league being the FTSE100 and then the league below being the FTSE250. As the market caps change, companies drop in and out of these 'leagues'. Consequently, investment managers will buy the new entrants and sell the ones that drop out. Easy as pie, right?

The laziness that drives all this is retirement. People saving for retirement are too lazy to make their own investments that ensure the value of their pension is not eroded by inflation, so they get an investment manager to 'track' the value of an index like the FTSE100, which generally outperforms inflation, over a long period of time. That makes sense, right? Money invested in the 'best' companies, should outperform money that's just sitting in the bank earning interest.

Furthermore, when people come to retire, they want their pension pot to be managed for income not for growth, but they're still too lazy to shop around to make sure that the yield or dividends that they are receiving on their pot of money give them the best possible income, while also protecting their capital.

In essence, the biggest part of our economy is driven by greedy lazy people. Instead of the industrious and ingenious entrepreneurs finding it easy to borrow money or sell a share of their company in order to raise the capital they need to grow, the sad reality is that almost all of the wealth in the developed world is ploughed into corporate behemoths that have already extracted all their value from the public, in order to keep people who have nearly reached the end of their lives in the manner to which they have become accustomed to.

Yes, that's right. By the time a company comes to the point where it floats on a stock exchange, it has peaked. It's time for the original founders, angel investors, venture capitalists, private equity and other shareholders to now cash in and fleece the public by offering their shares in an Initial Public Offering (IPO). Because the company has reached a certain 'valuation' (as decided by market sentiment and the bullshit written by the underwriting investment bank in the prospectus) then it has to be bought by the institutional investors, because it is highly likely to have a market cap that will put it straight into the FTSE100 or FTSE250. The companies with the smallest market cap in the FTSE250 are around £400m; for comparison Twitter floated with a market cap of $30,000m, which is 75 times more.

Let's take a hypothetical example. If I was to build a company with a turnover of approximately £20m per month, or £240m per year, then one might say that it could be valued using a rough multiplier of 2x turnover at £500m. That would easily be enough to make for an attractive IPO, because the market cap is going to attract all the institutional investors who have to buy FTSE250 companies. In effect, the IPO is underwritten by the pension tracker funds.

Therefore, greedy lazy people buy dog shit stock, it appreciates in value because of market sentiment - "ooh the price is going up, let's buy more" - and the fact that public companies can use their shares to acquire other companies (growth through acquisition) until they have a dominant market position (some may say monopoly, ahem!).

Growth through acquisition is not really growth. If I have 100% of the shares in company A, and 0% of the shares in company B, and then I use 49% of my shares and a bit of cash to acquire company B, such that I now own 51% of company A and 51% of company B, no new value has been created. There may be cost savings, there may be benefits from anticompetitive practices, but really all I'm doing is increasing the market cap of the parent company, hoping to move from the FTSE250 to the FTSE100, where a whole load more pension funds will have to buy shares for their index trackers.

The same deal goes on in the US, where companies are trying to IPO at a certain valuation in order to get into the Dow Jones or the NASDAQ, such that the US tracker funds will have to invest. The public - mostly pensioners - get fleeced.

So, in conclusion, the cause of a speculative bubble is actually institutional. Because the pension funds are so massive and they are passive investors, using index tracker funds, there is an immense amount of fake value created by mergers and acquisitions, as growth by acquisition carries such huge rewards. This starves the companies - who are truly growing and innovating - of much needed investment capital, stifling the economy and instead creating corporate giants who are too big to fail.

Eventually, the central banks and the rest of the money multiplying machine reaches the limit of how much the value of dinosaur institutions can be artificially inflated. These dinosaurs move at glacial pace and stifle change and competition. The lack of efficiency of markets to deliver capital to those companies who have true growth potential, undermines the economy for years, until finally things reach breaking point.

Overvalued companies, market disruption by venture-capital backed challengers, the faltering of capital gain and the end of effortless profits, are the things that spook the lazy, greedy investors. So, then begins the market crash.

The dying behemoths are dangerous animals. For example, the 'too big to fail' banks were able to hold the world's largest economies to ransom, with the threat of unimaginable disruption to our systems of payment and borrowing that underpin so many mortgages, overdrafts, credit cards, car loans and how we get and spend our wages each month.

For now, the status quo persists, because the idea of smoothly transitioning to truly free and competitive markets is beyond comprehension, such is the web of complexity that has been created by supranational organisations that have swallowed so many competitors around the globe.

Until we move to active investment rather than passive investment, we will always have the cycles of boom & bust.

Tags: #economics #capitalism

* - You couldn't actually buy all Apple's shares for $118 each, because the very process of buying up all the available stock for sale would drive up the price. I merely offer a simplified example.