Daily Archives: February 5, 2019

A New Americanism

Why a Nation Needs a National Story
By Jill Lepore – Carl Degler issued a warning: “If we historians fail to provide a nationally defined history, others less critical and less informed will take over the job for us.”

The nation-state was in decline, said the wise men of the time. The world had grown global. Why bother to study the nation?

Francis Fukuyama is a political scientist, not a historian. But his 1989 essay “The End of History?” illustrated Degler’s point. Fascism and communism were dead, Fukuyama announced at the end of the Cold War.

Fukuyama was hardly alone in pronouncing nationalism all but dead. A lot of other people had, too. That’s what worried Degler.

Nation-states, when they form, imagine a past. That, at least in part, accounts for why modern historical writing arose with the nation-state.

But in the 1970s, studying the nation fell out of favor in the American historical profession. Most historians started looking at either smaller or bigger things, investigating the experiences and cultures of social groups or taking the broad vantage promised by global history.

But meanwhile, who was doing the work of providing a legible past and a plausible future—a nation—to the people who lived in the United States? Charlatans, stooges, and tyrants.

The endurance of nationalism proves that there’s never any shortage of blackguards willing to prop up people’s sense of themselves and their destiny with a tissue of myths and prophecies, prejudices and hatreds, or to empty out old rubbish bags full of festering resentments and calls to violence.

When historians abandon the study of the nation, when scholars stop trying to write a common history for a people, nationalism doesn’t die. Instead, it eats liberalism.

Maybe it’s too late to restore a common history, too late for historians to make a difference. But is there any option other than to try to craft a new American history—one that could foster a new Americanism? more>

Updates from Chicago Booth

The safest bank the Fed won’t sanction – A ‘narrow bank’ offers security against financial crises
By John H. Cochrane – One might expect that those in charge of banking policy in the United States would celebrate the concept of a “narrow bank.” A narrow bank takes deposits and invests only in interest-paying reserves at the Fed. A narrow bank cannot fail unless the US Treasury or Federal Reserve fails. A narrow bank cannot lose money on its assets. It cannot suffer a run. If people want their money back, they can all have it, instantly. A narrow bank needs essentially no asset risk regulation, stress tests, or anything else.

A narrow bank would fill an important niche. Right now, individuals can have federally insured bank accounts, but large businesses need to handle amounts of cash far above deposit insurance limits. For that reason, large businesses invest in repurchase agreements, short-term commercial paper, and all the other forms of short-term debt that blew up in the 2008 financial crisis. These assets are safer than bank accounts, but, as we saw, not completely safe.

A narrow bank is completely safe without deposit insurance. And with the option of a narrow bank, the only reason for companies to invest in these other arrangements is to try to harvest a little more interest. Regulators can feel a lot more confident shutting down run-prone alternatives if narrow bank deposits are widely available. more>

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Updates from Ciena

4 critical requirements for the next-gen photonic layer
By Paulina Gomez – Today’s market dynamics are making it harder for network providers to effectively compete in an environment where revenue per bit is declining, and network bandwidth requirements are exploding. In the face of these business challenges, network providers are realizing they must evolve and transform their networks towards a more programmable infrastructure that can scale and respond on demand, to meet changing customer expectations and unpredictable traffic requirements.

While coherent optics are a critical element in enabling a programmable optical infrastructure, alone they are not enough to fulfill operators’ requirements for successful network transformation.

So what else is needed?

The photonic layer is the foundation of this programmable infrastructure, leveraging the latest coherent optical technology to deliver maximum scale at the lowest cost per bit. When examining the requirements of metro and long-haul infrastructure applications, including global data center interconnect (DCI) networks, there is a growing need for an agile, resilient and intelligent photonic layer.

This Reconfigurable Add-Drop Multiplexer (ROADM)-based optical foundation leverages flexible, instrumented photonics and Layer 0 software control to scale the network for maximum capacity at the lowest space, power, and cost per bit. more>

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Why are millennials burned out? Capitalism.

BOOK REVIEW

Kids These Days: Human Capital and the Making of Millennials, Author: Malcolm Harris.

By Sean Illing – What made millennials the way they are? Why are they so burned out? Why are they having fewer kids? Why are they getting married later? Why are they obsessed with efficiency and technology?

His answer, in so many words, is the economy. Millennials, Harris argues, are bearing the brunt of the economic damage wrought by late-20th-century capitalism. All these insecurities — and the material conditions that produced them — have thrown millennials into a state of perpetual panic. If “generations are characterized by crises,” as Harris argues, then ours is the crisis of extreme capitalism.

What Harris focused on is millennials as workers and the changing relationship between labor and capital during the time we all came of age and developed into people. If we want to understand why millennials are the way they are, then we have to look at the increased competition between workers, the increased isolation of workers from each other, the extreme individualism of modern American society, and the widespread problems of debt and economic security facing this generation.

Millennials have been forced to grow up and enter the labor market under these dynamics, and we’ve internalized this drive to produce as much as we can for as little as possible. That means we take on the costs of training ourselves (including student debt), we take on the costs of managing ourselves as freelancers or contract workers, because that’s what capital is looking for.

And because wages are stagnant and exploitation is up, competition among workers is up too. As individuals, the best thing we can do for ourselves is work harder, learn to code, etc. But we’re not individuals, not as far as bosses are concerned. The vast majority of us are (replaceable) workers, and by working harder for less, we’re undermining ourselves as a class. It’s a vicious cycle. more>