February 14, 2011
The Romantics argued that at the core of being there is an authentic self that is pure in nature, although corruptible by society. What made the Romantic era unique within the context of the evolutionary history of empathic consciousness is the great stress placed on what Rousseau, and later Wordsworth and Whitman, called the “Sentiment of Being.”
1755 In “Discourse on the Origins and Foundations of Inequality among Men” Rousseau argued that the noble savage man, alienated from others was more authentic than the hypocritical, servile social man who tells people what they want to hear. Kant developed the concept of the “enlarged mentality” – the ability to exercise empathy, to “stand up in the mind of others”.
“the savage lives within himself; the social man lives always outside himself; he knows how to live only in the opinion of others, it is, so to speak from their judgment along that he derives the sense of his own existence.”
The social man is someone who cares only about appearances. Rousseau abandoned Paris (and the modern age) for rural isolation claiming that even the politeness of the city promoted corruption. He concluded that,
“We have only a deceptive and frivolous outward appearance, honour without virtue, reason without wisdom, and pleasure without happiness. It suffices for me to to have proved that this is not the original state of man, and that it is only the spirit of society and the inequality it engenders which thus transform and corrupt all our natural inclinations.”
Rousseau sees human history as beginning with the struggle for mutual recognition that Hegel analyzed as the master-slave dialectic. Rousseau’s Sentiment of Being.”
1762 Rousseau’s self-help book on proper parenting entitled Emile was published.
1790s Rousseau’s self-help book on proper parenting entitled Emile rose in popularity at the dawn of the Romantic period. Romantics were attracted to Rousseau’s emphasis on nurturing the child’s natural instincts in direct opposition to John Locke’s assertion that children are born a tabula rasa, a blank slate. Rousseau argued that children who are naturally inclined towards the good and that childhood is a time for parents to honour and nurture their children so their naturally good instincts will develop (See Rifkin EC:354).
1790s Jane Austin introduced the two sisters Elinor and Marianne in her satire of dominant currents of the later 18th century entitled Sense and Sensibility (published in 1811). The reliable, predictable Elinor, who is the voice of reason, has a deep sense of responsibility, keeps her emotions in check, fulfills her social responsibilities but ultimately finds happiness when she discovers her inner sensibility and finally marries her true love. The overly emotional, romantic, Marianne is spontaneous to the point of being irresponsible represents the bleeding heart liberal governed entirely by passions and desires. She finds happiness when she balances her exercises more sense and reason in her decision-making and actions. keywords: ideological thinking. See Rifkin (EC:320).
1805 In The Prelude begun in his twenties by Romantic poet William Wordsworth (1770-1850)’s semi-autobiographical poem of his lifelong spiritual journey. early years spiritual autobiography, he associated the experience of beauty as transcending rational thought: Wordsworth’s “Sentiment of Being.” See Trilling 1972 Sincerity and Authenticity.
The song would speak Of that interminable building reared By observation of affinities In objects where no brotherhood exists To passive minds. My seventeenth year was come And, whether from this habit rooted now So deeply in my mind, or from excess In the great social principle of life Coercing all things into sympathy, 390 To unorganic natures were transferred My own enjoyments; or the power of truth Coming in revelation, did converse With things that really are; I, at this time, Saw blessings spread around me like a sea. Thus while the days flew by, and years passed on, From Nature and her overflowing soul, I had received so much, that all my thoughts Were steeped in feeling; I was only then Contented, when with bliss ineffable 400 I felt the sentiment of Being spread O'er all that moves and all that seemeth still; O'er all that, lost beyond the reach of thought And human knowledge, to the human eye Invisible, yet liveth to the heart; O'er all that leaps and runs, and shouts and sings, Or beats the gladsome air; o'er all that glides Beneath the wave, yea, in the wave itself, And mighty depth of waters. Wonder not If high the transport, great the joy I felt, 410 Communing in this sort through earth and heaven With every form of creature, as it looked Towards the Uncreated with a countenance Of adoration, with an eye of love. One song they sang, and it was audible, Most audible, then, when the fleshly ear, O'ercome by humblest prelude of that strain Forgot her functions, and slept undisturbed.
Whitman “Sentiment of Being.”
1807 G.W.F. Hegel major philosophical work entitled Phänomenologie des Geistes [Phenomenology of Mind, Phenomenology of Spirit] was published. Hegel traced the evolution of consciousness distinguishing between lower and higher levels of consciousness. In the section entitled “Self Consciousness > A: Independence and Dependence of Self-Consciousness > Lordship and Bondage” Hegel developed the Master-slave dialectic.
1870 In “St. Paul and Protestantism” Matthew Arnold (1822-1888) wrote,
Below the surface stream, shallow and light, Of what we say and feel — below the stream, As light, of what we think we feel, there flows With noiseless current, strong, obscure and deep, The central stream of what we feel indeed.
Trilling cited this in Sincerity and Authenticity (1972).
1968 Student uprisings at Columbia University, Trilling’s academic intellectuals community. The adversary culture, the cruder form of liberalism, asserted itself. Complex arena of mental struggles were forced into the arena of simple political struggles. Moral, psychological, social selves that we imagined ourselves possessing were split and fragmented and a “dissociation of sensibility” took over. Wordsworth and Rousseau are crucial to Trlling in Sincerity and Authenticity.
1972 Trilling, Lionel. 1969-70. Sincerity and Authenticity. Charles Eliot Norton Lectures at Harvard published in 1972. “It comprises a history of the elaborate development of mind and self since Shakespeare, a brief consideration of certain literary texts he sees as central, a polemical refutation of some prophets of our time, and an authorial credo that conceals hope about literature while it counsels stoic resignation about life. And as his last argument with the forceful reality of death, it is also Trilling’s attempt to discover a means by which estrangement of self from self might at last be resolved. Trilling’s authentic authenticity is perhaps best embodied in Conrad of Heart of Darkness. Lesser authenticities Chace, William M. Lionel Trilling, criticism and politics. Lionel Trilling makes the point that authenticity is not to be confused with sincerity, which is being true to one’s social self. Authenticity runs deeper-it is, in the words of Trilling, a “primitive” strength that is continually compromised by society. Maintaining one’s core authenticity, for Rousseau and the Romantics, required a life of personal suffering and constant attention and sympathy to the plight of others. Only the alientated could enter into this world (Rifkin EC:350).
Sartre, the French existential philosopher of the mid-twentieth century, defined the sentiment of being as the place where
“each of us finds himself as well as the others. The common place belongs to me; in me, it
1990 Kenneth D. Bailey defined social entropy as “a measure of social system structure, having both theoretical and statistical interpretations, i.e. society (macrosocietal variables) measured in terms of how the individual functions in society (microsocietal variables); also related to social equilibrium” in his publication entitled Social Entropy Theory. (State University of New York Press).
1999 In their publication entitled A Primer of Jungian Psychology , (New York: Meridian), Calvin S. Hall and J. Vernon described “psychological entropy as the distribution of energy in the psyche, which tends to seek equilibrium or balance among all the structures of the psyche.”
Robinson, Jeffrey Cane. The current of romantic passion.
January 25, 2010
A mechanical reproduction of the Gothic painting by Henry Fuseli entitled “The Nightmare” became a a major inspiration to the brooding, brilliant, brittle and oddly vulnerable DCI Tanner in the episode entitled Parasomnia (1999) in the BBC/PBS series Second Sight.
The Gothic genre has thrived as a transgressive art form in various styles and forms, in high culture and pop culture, since its origins in the late eighteenth century through the postmodern and into the 21st century. Consumers of the gothic genre enter willingly into the nightmare narratives experienced by those who inhabit the shadow lands of modernity: that spectral cast of incubus, ghosts, monsters and vampires who reveal to us the threat of dystopia that looms on the edge of our planned utopias, the dark side of human nature that we narrowly avoid due to the superhuman efforts of the fictional hero and heroine. The consumer of the gothic narrative escapes with a cathartic pseudo-Burkean-sublime-feeling, the Malarme or Beaudelaire’s ‘frisson’ experienced in the art gallery, winged arm chair or theater, of having survived the terrible through human reason and virtue. See also Botting (1995).
Nietzsche: “Who ever battles with monsters had better see that it does not turn himself into a monster. And if you gaze long into an abyss, the abyss will gaze back into you.”
Gothic instantiations and influences to be included:
Fuseli’ Nightmare (Tate), Fuseli’s Nightmare NGC
Parasomnia Second Sight DVD
Neitzsche’s rautzche?? sp
Foucault on terror
1667 John Milton’s Paradise Lost was published but it did not take its preeminent place in English literature until his work became a major influence on Mary Shelley and other Romantic-Gothic artists.
c. 1735-40 William Hogarth’s “Satan, Sin and Death.” (A Scene from Milton’s ‘Paradise Lost’). oil on canvas. London, UK. Tate Gallery.
1741 David Garrick was ‘arguably the most versatile actor of the eighteenth century, responsible for a radical change in the style of acting and particularly noted for his performances in the tragedies and histories of Shakespeare (Lloyd 1994:21).’ His greatest performance was perhaps as the King in Richard III, first given in 1741, which Edmund Burke claimed ‘raised the character of his profession to the rank of a liberal art (Lloyd 1994:21).’
1741 William Hogarth attempted to portray the sublime in response to Edmund Burke’s 1756 publication. Hogarth’s large 1741 portrait of Garrick as Richard III — now in the Walker Art Gallery in Liverpool — has been described as a sublime history portrait. (Lloyd 1994):21)
1757 William Hogarth’s “Satan, Sin and Death.”
1757 Edmund Burke and the sublime (1729 – 1797): “Whatever is fitted in any sort to excite the ideas of pain, and danger, that is to say, whatever is in any sort terrible, or is conversant about terrible objects, or operates in a manner analogous to terror, is a source of the Sublime; that is, it is capable of producing the strongest emotions which the mind is capable of feeling. – Edmund Burke” Political philosopher Edmund Burke’s theories of the sublime and the beautiful (1756) influenced the Romantic movement.
1759 Adam Smith suggested that conscious reasoning, analysis and imagination contributed were mechanisms of the phenomenon of emotional contagion. “Though our brother is on the rack . . . by the imagination we place ourselves in his situation, we conceive ourselves enduring all the same torments, we enter as it were into his body, and become in some measure the same person with him, and thence form some idea of the sensations, and even feel something which, through weaker in degree, is not altogether unlike them (Smith 1759:9 cited in Decety and Ickes).” Smith also described motor mimicry, “When we see a stroke aimed, and just ready to fall upon the leg or arm of another person, we naturally shrink and draw back on our leg or our arm (Smith 1759:4 cited in Decety and Ickes).
1759 The Lady’s last Stake, another, homelier genre scene, William Hogarth’s last “comic history”, painted at the request of Lord Charlemont; also Sigismunda, at the request of Sir Richard Grosvenor who had asked for a similar genre scene, leaving the subject to Hogarth, and who had to pay for this austere painting in which William Hogarth had undertaken to outdo the Italian painters of the seicento, who had recently reached absurdly high prices at a sensational auction. Also Satan, Sin and Death, William Hogarth’s last attempt at sublimity, a Miltonian scene inspired by Edmund Burke’s Philosophical Enquiry into the Sublime and Beautiful (1757); left unfinished, but engraved in 1767, it probably inspired Fuseli and Blake and the vogue of “sublime” romantic painting. http://hogarth.chez.tiscali.fr/biography/biography.htm
1764 Horace Walpole (1717-1797), son of the first prime minister Sir Robert Walpole, published the first Gothic novel entitled The Castle of Otranto. Horace and his friend Thomas Brand took the Grand Tour around Italy and France c. 1740-42.
1767 William Hogarth’s unfinished painting Satan, Sin and Death is a Miltonian scene that was engraved in 1767. Hogarth’s Satan, Sin and Death possibly fuelled the vogue of the sublime in romantic painting and may have inspired Fuseli and Blake.
William Blake Satan, Sin, and Death Pen and watercolor, 19-1/2 x 15-13/16 inches
1776 Henry Fuseli’s Pen and sepia with brown and grey wash 26.2 x 37.7″ “Satan and Death Separated by Sin.” at the Visitors of the Ashmolean Museum in Oxford. ‘All that was to change by the end of the eighteenth century, when for complex and even contradictory reasons, ranging from the recovery of Renaissance culture to sudden pressures for political reform, Paradise Lost claimed an unquestionable prominence, even preeminence, among the treasures of English literary art and began to exert a broad influence on the emerging literature of Romanticism. Although the impact can be felt on every one of the major Romantic poets, as well as on dozens of minor ones as well, it is a curious and even wonderful truth that nowhere in this rich literature does Milton’s epic resonate as richly and subtly as in Mary Shelley’s Frankenstein. That has been attributed by some critics to the orchestration of Percy Bysshe Shelley, who was a devoted follower of “the sacred Milton,” as he referred to him in the Preface to Prometheus Unbound, and continually allowed his own work to resonate with deliberate allusions to Paradise Lost. Undoubtedly, he helped Mary with the polishing of her Miltonic textures, providing the epigraph, for example (X.743-45). But with a writing partnership that up to this point in England had only the short-lived relationship of Wollstonecraft and Godwin as a model, there is no reason to attribute the origin of any particular idea or theme to Percy Bysshe Shelley simply because he was older or male. And, indeed, it is possible to read his later comments on Paradise Lost in the Preface to Prometheus Unbound (1820) or in “A Defence of Poetry” (1821) as revealing how powerful an influence Mary’s novel shed on his own conceptions of the work. On whomever the decision to foreground Milton’s poem rests, Mary Shelley did write the novel and therefore is responsible for the complex patterns of allusion that amplify and contextualize her modernization of Western creation myths. (Lynch)’
1794 Ann Ward Radcliffe (1764-1823) published the Gothic novel entitled The Mysteries of Udolpho. Radcliffe socially acceptable stories surrounding a virtuous heroine, implied a supernatural intrusion but always could be traced to a logical natural cause. Key words: Orphans, Fiction, Horror tales, Inheritance and succession, Young women, Gothic fiction, Guardian and ward, Castles, Italy, climatic scene setting.
The virtuous heroine, Emily . . . “returned over the cliffs towards the chateau, meditating upon what she had just heard, till, at length she forced her mind upon less interesting subjects. The wind was high, and as she drew near the chateau, she often paused to listen to its awful sound, as it swept over the billows, that beat below, or groaned along the surrounding woods; and, while she rested on a cliff at a short distance from the chateau, and looked upon the wide waters, seen dimly beneath the last shade of twilight, she thought of the following address: To the Winds: Viewless, through heaven’s vast vault your course ye steer, Unknown from whence ye come, or whither go! Mysterious pow’rs! I hear ye murmur low, Till swells your loud gust on my startled ear, And, awful! seems to say–some God is near! I love to list your midnight voices float In the dread storm, that o’er the ocean rolls, And, while their charm the angry wave controuls, Mix with its sullen roar, and sink remote.”
1818 Mary Wollstonecraft (Godwin) Shelley (1797-1851) published the Gothic novel entitled Frankenstein: The Modern Prometheus in which her main character, the scientist Victor Frankenstein, infused life into a monstrous creature whom he then rejected. The creature tortured by loneliness and rejection murdered everyone that Dr. Frankenstein loved and finally ended his own life in the Far North. Key words: Science fiction, Horror tales, Scientists, Monsters, golum, electricity, galvanism, climatic scene setting,
“When I was about fifteen years old we had retired to our house near Belrive, when we witnessed a most violent and terrible thunderstorm. It advanced from behind the mountains of Jura, and the thunder burst at once with frightful loudness from various quarters of the heavens. I remained, while the storm lasted, watching its progress with curiosity and delight. As I stood at the door, on a sudden I beheld a stream of fire issue from an old and beautiful oak which stood about twenty yards from our house; and so soon as the dazzling light vanished, the oak had disappeared, and nothing remained but a blasted stump. When we visited it the next morning, we found the tree shattered in a singular manner. It was not splintered by the shock, but entirely reduced to thin ribbons of wood. I never beheld anything so utterly destroyed. Before this I was not unacquainted with the more obvious laws of electricity. On this occasion a man of great research in natural philosophy was with us, and excited by this catastrophe, he entered on the explanation of a theory which he had formed on the subject of electricity and galvanism, which was at once new and astonishing to me. All that he said threw greatly into the shade Cornelius Agrippa, Albertus Magnus, and Paracelsus, the lords of my imagination; but by some fatality the overthrow of these men disinclined me to pursue my accustomed studies. It seemed to me as if nothing would or could ever be known. All that had so long engaged my attention suddenly grew despicable. By one of those caprices of the mind which we are perhaps most subject to in early youth, I at once gave up my former occupations, set down natural history and all its progeny as a deformed and abortive creation, and entertained the greatest disdain for a would-be science which could never even step within the threshold of real knowledge. In this mood of mind I betook myself to the mathematics and the branches of study appertaining to that science as being built upon secure foundations, and so worthy of my consideration.”
1897 Irish novelist Abraham “Bram” Stoker (1847 – 1912) published his Gothic novel entitled Dracula.
1890s Nietsche “Who ever battles with monsters had better see that it does not turn himself into a monster. And if you gaze long into an abyss, the abyss will gaze back into you.”
1950 Powell, Nicolas. 1950. “Fuseli: catalogue of an exhibition of paintings and drawings.” Introduction by Ganz, Paul. (1872-1954). Arts Council of Great Britain. London.
1956. Antal, Frederick (1887-1954). 1956. “Fuseli studies.” London, Routledge.
1973 Powell, Nicolas, 1920- Fuseli : The Nightmare. London : Penguin, 1973
1979 Pressly, Nancy L. 1979. “The Fuseli circle in Rome : early romantic art of the 1770s.” New Haven: Yale Center for British Art, c1979. “This catalogue was published on the occasion of an exhibition at the Yale Center for British Art, New Haven, Connecticut, from September 12 through November 11, 1979.”
1985. Gizzi, Corrado. 1985. Fussli e Dante Palazzo di Brera. Milano. Mazzotta. Catalog of an exhibition held at the Palazzo di Brera, Milan, Nov. 20, 1985-Jan. 19, 1986.
1983 Henry Fuseli : 12 November – 18 December 1983 : The National Museum of Western Art,Tokyo
1990 Nationalmuseum (Sweden). 1990. Füssli.” Stockholm: Sweden. “Part of a double exhibition: Sergel-Füssli held Nov. 4, 1990 – Jan. 6, 1991. Swedish text with English summary.
1995 (Botting 1995) “
1998 FUSELI TO MENZEL: DRAWINGS AND WATERCOLORS FROM THE AGE OF GOETHE June 23 through September 6, 1998 “For the first time, New York audiences will view a selection of major works from one of the most important private collections of German drawings and watercolors of the period c. 1750 through 1850. Known as the Age of Goethe, this era is considered to be one of the greatest in German draftsmanship. Nonetheless, such works on paper are exceedingly rare in both public and private collections in the United States, making this traveling exhibition a particularly rich and unusual opportunity. On view thissummer at The Frick Collection, this presentation of eighty works by forty-nine artists is drawn from thecelebrated holdings of Munich attorney Alfred Winterstein (1895-1976). The exhibition explores the range and significance of German draftsmanship from the Enlightenment, Romantic, and Realist periods,and includes landscapes and nature studies by Caspar David Friedrich and preeminent writer and artist Johann Wolfgang von Goethe, architectural studies by Karl Friedrich Schinkel and Friedrich Gilly, and portraits by Joseph Karl Stieler and Ludwig Emil Grimm. Among the other notable artists featured are Henry Fuseli, Carl Philipp Fohr, Philipp Otto Runge, Julius Schnorr von Carolsfeld, Moritz von Schwind, Johann Georg von Dillis, and Adolph Menzel. Never before have so many works from the Winterstein collection been on view outside of Germany, where it made its last major tour four decadesago, in 1958. Fuseli to Menzel: Drawings and Watercolors from the Age of Goethe is curated by Hinrich Sieveking, curator of the Winterstein Collection. Presentation of Fuseli to Menzel at The Frick Collection has been coordinated by Associate Curator Susan Grace Galassi. The exhibition was initiated and organized by the Busch-Reisinger Museum, Harvard University Art Museums,Cambridge, MA, and has been made possible by the generous support of Merck, Finck & Co., Privatbankiers, a member of the Barclays Group, with additional support from the Friends of the Busch-Reisinger Museum and theFellows of The Frick Collection
2005 National Gallery of Canada, and Douglas E. Schoenherr. 2005. Henry Fuseli. ISBN 0888848021.
Fuseli, Henry (1741-1825);
Dante Alighieri, (1265-1321).
Primitive emotional contagion is of critical importance in understanding human cognition, emotion and behaviour. It is a basic building block of human interaction, assisting in “mind reading” and allowing people to understand and to share the feelings of others.” The Emotional Contagion scale was designed to assess people’s susceptibility to “catching” joy, happiness, love, fear, anxiety, anger, sadness, depression, as well as emotions in general. True empathy requires three skills: 1: the ability to share the other person’s feelings; the cognitive ability to intuit what the other person is feeling; and a socially beneficial intention to respond compassionately to that person’s distress. Emotional contagion is the “tendency to automatically mimic and synchronize facial expressions, vocalizations, postures, and movements with those of the other person and consequently, to converge emotionally (Hatfield, Cacloppo, Rapson 1994:5 in Decety and Ickes).
Art:Neoclassicism, Italy:Art, Art:Romanantic,
Webliography and Bibliography
Botting, Fred. 1995 Gothic. Series: The New Critical Idiom. Routledge.
Decety, Jean. Ickes, William. The Social Neuroscience of Empathy. MIT Press.
Schoenherr, Douglas E. 2005. Henry Fuseli. National Gallery of Canada. Ottawa, ON.
Decety, Jean. Ickes, William. The Social Neuroscience of Empathy. MIT Press.
Great Chain of Being,
the Palace of Satan,
“adventures aesthetic alienation ambivalence anxiety aristocratic associated barbaric boundaries Burke’s Caleb Carmilla Castle of Otranto century conventional corruption criminal critical cultural dark death diabolical distinctions disturbing domestic double Dracula effects eighteenth eighteenth-century emotions enlightened evil evoked excess external externalisation extravagant fantasy fears female feudal figures film Frankenstein genre ghost story ghostly gloomy Gothic architecture Gothic fiction Gothic forms Gothic novels Gothic romance Gothic texts Gothic writing haunted Helsing hero heroines human Hyde identity images imagination individual internalisation Jekyll labyrinth linked literary literature medieval mirror Monk monster moral Mysteries of Udolpho mysterious nature neoclassical objects Old English Baron passions past persecution political popular present produced propriety Radcliffe’s rational readers reality religious representation Romanticism ruins scientific secret sense sexual significant social society spectral strange sublime supernatural superstition terror and horror Terrorist Novel threat threatening tradition transgression uncanny values vampire Vathek villain violence virtue Walpole wild” By Fred Botting
February 20, 2009
Imagine a new global financial order, the shape of capitalism to come . . .
|“In many cases, economic activity is as much a function of creativity, imagination and sentiment as is the act of writing a poem or painting a picture (Bronk 2009).”|
This layered image, a digitage, was inspired by Richard Bronk’s The Romantic Economist: Imagination in Economics (2009). It includes fragments from German Romantic artist Friedrich’s paintingVoyageur above the Clouds, the Merryl Lynch bull and a scene from the film Pandemonium about Romantic poets Coleridge and Wordsworth.Maureen Flynn-Burhoe 2009
“The histories and political economy of the present and preceding century partake in the general contagion of its mechanic philosophy, and are the product of an unenlivened generalizing understanding (Coleridge 1816 cited in Bronk 2009). Samuel Taylor Coleridge, The Statesman’s Manual (1816)
“In weakness we create distinctions, then Believe that all our puny boundaries are things Which we perceive and not which we have made.” William Wordsworth, Fragment (c. 1799)
“Standard economics assumes that economic agents are perfectly rational; that is the basis of its predictive equilibrium-based models. Modern versions generally allow for certain types of information problem and market failure, and recognise that institutions and even history play a role; but they still assume that these factors do not call into question the underlying model of agents as rational utility maximisers within those constraints (Bronk 2009).”
Timeline of the Shape of Capitalism to Come
1933 Keynes, in 1933 “in his lectures on his General Theory, said that current yields of firms exercise an “irrational” influence on estimating future worth (Whimster 2009-02-20).” Whimster is associated with the Global Policy Institute (GPI) .
1971 The foreign currency market arose when the United States went off the gold standard creating a huge market whose volume exceeded the combined trading of the New York, London, Frankfurt, and Tokyo stock exchanges, affecting “every aspect of economic and social order in the U.S. and the other nations of the world (Krieger 1992).”
1980s Former graduates of the Wharton School of Business, Michael Milken and Donald Trump thrived in the 1980s through junk bonds and corporate takeovers (Portnoy 2003).
1987 Currency trader or derivatives abuser? Andrew Krieger thought New Zealand currency was overvalued so he began betting that the kiwi would fall. He bought then sold hundreds of millions of dollars, triggering a dramtic drop in the kiwi’s value, making a fortune for himself and for Bankers Trust, earning fame or infamy as the best speculative attack in history (The Economist 2004 12:18:108) and creating havoc for a national economy.
1988-06-07 “Andrew J. Krieger, the successful young currency trader whose departure from the Bankers Trust Company in February set the Wall Street rumor mill buzzing, is quitting his second job this year. Mr. Krieger, who joined Soros Fund Management Inc. in April as senior portfolio manager, announced yesterday that he would form his own trading company, Krieger & Associates (Deutsch 1988).”
1988-07-21 “Bankers Trust had earned $338 million in foreign exchange trading in the fourth quarter, which at the time was widely believed to be attributable to the complex trading strategies of Andrew J. Krieger. The 32-year-old star trader left the bank in February, complaining that his $3 million bonus was inadequate. At the time of Mr. Krieger’s departure there were rumors that the bank might have to restate earnings, but bank officials denied it, believing then that any impact would be immaterial. Mr. Krieger was known in the markets for taking large, billion-dollar positions in currencies and for trading currency options using highly complex strategies that even his colleagues did not pretend to understand (Bankers New York Times).”
1988 Derivative abuser Andy Krieger of Bankers Trust mismarked $80 million of currency options. Krieger was also a graduate from the Wharton School of Business where he had studied international finance and trading in foreign-currency options (Portnoy 2003).
1992-03-03 Andrew Krieger’s book entitled The Money Bazaar : Inside the Trillion-Dollar World of Currency Trading was published. He explained how he manipulated New Zealand currency in the 1980s.
2002-06 Frank Partnoy’s book (2003) entitled Infectious Greed: How Deceit and Risk Corrupted the Financial Markets examined financial chaos caused by derivatives abusers during the period 1988- 2002 starting with Andy Krieger at the Bankers Trust. Partnoy profiled Nick Leeson “who bankrupted Barings Bank; Robert Citron, who did the same for Orange County; and Joseph Jett, whose “forward recon” trades helped end the independent existence of Kidder Peabody and Long Term Capital Management.” Partnoy blamed Alan Greenspan and Arthur Levitt and other credit rating agencies and federal regulators. Partnoy analysed the collapse of Enron, WorldCom and Global Crossing (Reed Business Information 2003).
2008-10-20 European leaders, like French President Nicolas Sarkozy, favor greater international oversight of markets, and U.S. officials like U.S. President George W. Bush, prefer the current model of national regulation. Mr. Sarkozy repeated his call for a new global financial order. “This is a world-wide crisis and therefore we must find a world-wide solution,” he said. The answer “will be all the more effective insofar as we find it together, we speak with one and the same voice, and we build together the capitalism of the future.” Shape of Capitalism to Come, Finance, Economy, George W. Bush, European Union, Financial Crisis, Capitalism, World Economy, Nicolas Sarkozy, Business News (McKinnon 2008-10-20)
2009-02 Richard Bronk’s book entitled The Romantic Economist: Imagination in Economics was published . Bronks is an Oxford scholar and Visiting Fellow in the European Institute at the London School of Economics and Political Science. (Elliott 2009-02-16, Whimster 2009-02-20).”
Tags: credit crisis, credit system breakdown, financial crisis, shape of capitalism to come, analysis, subprime, bailout, trust, capitalism, European Union, Nicolas Sarkozy, new global financial order, credit chaos, multiple modernities, Friedrich, Romanticism, Pandemonium, William Wordsworth, Samuel Taylor Coleridge,
impassioned melodrama from the relationship between the 19th-century poets William Wordsworth and Samuel Taylor Coleridge. Coleridge had a fondness for opium. Linus Roach plays him as visionary and naïve in equal measure, sour-faced, dull Wordsworth, latched vampirically onto the other man in search of inspiration.
Categories: Business, Economy, Politics, Finance, Economics, World Economy, Business News,
1. The Global Policy Institute (GPI) website explained their work in light of our entry into a second wave of globalization that will change the face of capitalism. The current stage of emergent, self-organising globalisation will not strictly adhere to Western consumerist values or even adopt Western democracy. The EU, US and China, who embrace differing values and views, now share status as super-powers (along with a handful of lesser powers). This has shaken certitude in previously held ideas of economics, cultural and political globalisation. The shape of capitalism to come will likely include rational decision-making criteria, political self-determination, and cultural creativity but may change along the way before a global order is stabilized. GPI predicts that
“By 2020-25 it is expected that some 50% of global capitalisation will be in emergent markets. Also by 2020 (on present projections) the euro, the yuan, and the rupee will have achieved reserve currency status and the US$ will no longer remain the default value standard (Global Policy Institute (GPI).”
2. “Summary of Bronk, Richard. 2009. The Romantic Economist: Imagination in Economics.
“Since economies are dynamic processes driven by creativity, social norms and emotions, as well as rational calculation, why do economists largely study them through the prism of static equilibrium models and narrow rationalistic assumptions? Economic activity is as much a function of imagination and social sentiments as of the rational optimisation of given preferences and goods. Richard Bronk argues that economists can best model and explain these creative and social aspects of markets by using new structuring assumptions and metaphors derived from the poetry and philosophy of the Romantics. By bridging the divide between literature and science, and between Romanticism and narrow forms of rationalism, economists can access grounding assumptions, models and research methods suitable for comprehending the creativity and social dimensions of economic activity. This is a guide to how economists and other social scientists can broaden their analytical repertoire to encompass the vital role of sentiments, language and imagination. Educated at Merton College, Oxford, Richard Bronk gained a first class degree in Classics and Philosophy. He spent the first seventeen years of his career working in the City of London, where he acquired a wide expertise in international economics, business and politics. His first book, Progress and the Invisible Hand (1998) was well received critically, and anticipated millennial angst about the increasingly strained relationship between economic growth and progress in welfare. Having returned to academic life in 2000, Bronk is now a writer and part-time academic, [Visiting Fellow in the European Institute at the London School of Economics and Political Science] (Cambridge Biography and Summary).”
Webliography and Bibliography
1988-07-21. “Bankers Trust Data on Restatement.” New York Times.
Bronk, Richard. 2009. The Romantic Economist: Imagination in Economics. Cambridge University Press.
Bronk, Richard. 2009. “The Romantic and Imaginative Aspects of Economics.” The Romantic Economist: Imagination in Economics. Cambridge University Press.
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