It's difficult to talk about the UK at the moment because, and it's hard to give this enough emphasis, IT'S AN ENORMOUS CLUSTER-FUCK AND EVERYTHING IS AWFUL.

To give you some idea, Truss is currently less popular than Putin and is the least popular PM the UK has ever had (in the years that we measured).

There's a bill going through tonight about fracking. But it's been turned into a confidence motion on Liz Truss, and it has full hard /// three line whip, slips withdrawn. (basically, members of the Conservative Party have been instructed to vote in accordance with their party's wishes, and not doing so is serious, and can lead to the MP effectively being expelled from their party.) And the three line whip is against their 2019 manifesto pledge.

Normally, we'd expect to see MPs rebelling against this. Certainly, at the moment, a bunch of them are in the mood to do so.

There's an additional complication here though - a bunch of MPs have sent in letters of no confidence, and that could trigger Yet Another Leadership Race (they've already met the threshold, but they've raised the bar to be half the party needs to send the letters because lol who cares about rules). But, if an MP is expelled their letter no longer counts. So a bunch of MPs are openly saying they're only voting for this fracking bill because they think Truss is hopeless and needs to go.

https://twitter.com/BethRigby/status/1582672374369226753

https://twitter.com/IanDunt/status/1582762437954375680

Also, Suella Braverman (who managed to be a crueller home secretary than any who've been before her which is remarkable considering the list of utterly hateful cunts who've had the job) was sacked / resigned today.

So, if there's not much talk here from people in the UK it's because nothing makes any sense and everything's changing every day.

I was reading this text from the Washington Post (sorry for the maybe paywall):

https://www.washingtonpost.com/opinions/2022/10/06/xi-jinping-crackdown-china-economy-change/

The opinion asserts that in response to liberalization of Chinese life, driven by capitalistic economic growth, is the reason that Xi Pinjing "cracked down in every sphere imaginable — attacking the private sector, humiliating billionaires, reviving Communist ideology, purging the party of corrupt officials and ramping up nationalism (mostly anti-Western) in both word and deed."

My conspiratorial brain latched on to the humiliating billionaires line, and started thinking about a between the lines message along the lines that billionaires are good and should not be humiliated, a subtle warning-response to the progressive grumblings here in the U.S. that a failure to support capitalism will result in totalitarianism.

Then I started thinking about the questions, are billionaires good for society? I had always held the position that a billionaire is a market failure (in my econ 101 understanding of the term), much like pollution. It is improper hoarding and unfair leveraging of capital into disproportionate and un-earned degree of pesonal privilege.

It is certainly a by-product of euro-american capitalism, whereby the desires and welfare of the many are trodden on by those with the ability to fight and to shape the regulatory machine meant to protect the interests of the common-wealth.

I see a few possibilities. One, is that my understanding of economics is wrong, and producing as many billionaires as possible is the ultimate goal of capitalism and in fact good for everyone, even in theory.

Two, it is indeed as I suspect, a market failure. And the failure here is one of degree, it is not, in fact problematic to have some individuals with significantly greater wealth among us, and is, in fact, beneficial overall, but to have some with so much more than the rest of us (wealth inequaility) is a result of getting in the way of a clean functioning marketplace.

Three, economic theory is working as described, and economic theory/activity is an insufficient foundation for the maintenance and success of a whole society, and we need to find a way to constrain it to its own sphere, so that it provides us with what we need to be healthy and happy, but no more.

I turn to the bright minds of tildes: am I looking at this right?