Vulpine (pronounced vuhl-pahyn or vuhl-pin)
Etymology of words with examples of use illustrated by Lindsay Lohan, cars of the Cold War era, comrade Stalin, crooked Hillary Clinton et al.
Monday, August 11, 2025
Vulpine
Thursday, July 31, 2025
Catharsis
Catharsis (pronounced kuh-thahr-sis)
(1) The purging of the emotions or relieving of emotional tensions, especially through certain kinds of art, as tragedy or music.
(2) In psychiatry, a form of psychoanalysis or psychotherapy that encourages or permits the discharge of repressed, pent-up, socially unacceptable affects.
(3) The discharge of pent-up emotions so as to result in the alleviation of symptoms or the permanent relief of the condition.
(4) In Aristotelian literary criticism, the purging or purification of the emotions through the evocation of pity and fear, as in tragedy.
(5) In medicine, purgation, especially of the bowels.
1770: From the New Latin catharsis, from the Ancient Greek kátharsis (a cleansing) equivalent to kathar, variant stem of kathaírein (to cleanse, purge, purify), from katharós (pure, clear of dirt, clean, spotless, open, free, clear of shame or guilt, purified) + sis. Root was the Medieval Latin Catharī (the Pure), from the Byzantine Greek καθαροί or katharoí (the Pure), plural of καθαρός (katharós) (pure). It was probably Aristotle (384-322 BC) who was most influential in having catharsis assume its common, modern meaning: “the purging or purification of the emotions through the evocation of pity and fear, as in tragedy”. It was in chapter VI of his Περὶ ποιητικῆς (Peri poietikês) (Poetics) he used the word in his definition of “tragedy” and although scholars have for centuries (inconclusively) debated exactly what he meant, the critical sentence was: “Tragedy through pity and fear effects a purgation of such emotions.” The orthodoxy has long been his idea was: the tragedy having aroused in the viewer powerful feelings, it has also a therapeutic effect for after the storm and climax comes calm, a sense of release from tension, of calm (stuff purged from mind and soul). Aristotle's Poetics remains the earliest work of Greek dramatic theory known to have survived and the first extant philosophical treatise solely to focus on literary theory, many of the definitional terms (author, poet, comedy, tragedy etc) still used today in his original sense. In a way, he may even have been the one to have established the notion of literary theory as an idea or discipline so the work was seminal and he can’t be blamed for postmodernism.
Most of the extended senses found in Modern English are of unknown origin, the original sense from 1770 being "a bodily purging" (especially of the bowels), then an important aspect of medical practice. After 1872 it came to be applied to emotions when it was referred to as "a purging through vicarious experience"; the psychotherapy sense first recorded in 1909 in Abraham Brill's (1874–1948) translation of Sigmund Freud's (1856–1939) Selected Papers on Hysteria (Dr Brill’s translation the first of Freud into English). The alternative spelling cathartick went extinct in the mid-nineteenth century while the adjective cathartic dates from its use in medical literature in the 1610s in the sense of preparations claimed to be "purgative; purifying"; more general use noted by the 1670s. Presumably, the cures proved efficacious because the adjective cathartical soon emerged, existing also in the plural as the noun catharticals (laxatives; purging made literal). Cathartine was a hypothetical substance once imagined to cause the bitterness and purgativeness of the dried leaves or pods of senna plants (sennapod tea remains a popular mild laxative). Catharsis is a noun, cathart is a verb, cathartanticatharticic & anticathartic are nouns & adjectives; the noun plural is catharses. The specialized uses in medicine include anticathartic (preventing a purging), anacathartic (inducing vomiting), emetocathartic (that is emetic (inducing nausea & vomiting) and cathartic) and hemocathartic (that serves to cleanse the blood).
The term “Catherine wheel” was originally from the early thirteenth century and described a torture device, the spiked wheel on which (according to some versions of what is thought to be a most dubious tale) the legendary virgin Saint Catherine of Alexandria was in 307 tortured and martyred by the pagan Marcus Aurelius Valerius Maxentius (circa 283–312; a Roman emperor, 306-312), thus becoming, in the associative way the Church did these things, patron saint of spinners. She was a most popular saint in medieval times and popularized the name Catherine (and its variations), the favor enduring to this day. It was applied from 1760 to a kind of firework which shot flame from a revolving spiral tube, creating the shape of a spinning wheel.
The modern catharsis is a public event, best enjoyed after emerging from rehab: Lindsay Lohan (b 1986) and Oprah Winfrey (b 1954), 2013.
Cathar (religious puritan (implied in Catharism)), dates from the 1570s and was from the Medieval Latin Cathari (the Pure), the name taken by the Novatians and other Christian sects, from the New Testament Greek katharizein (to make clean), from the Ancient Greek katharós (pure). It was applied particularly to the twelfth century sects (Albigenses etc) in Languedoc and the Piedmont which denied and defied the authority of the pope. The feminine proper name Catherine is from the French Catherine, from the Medieval Latin Katerina, from the Classical Latin Ecaterina, from the Ancient Greek Aikaterine. The -h- was introduced in the sixteenth century, probably a tribute in folk etymology from the Greek katharos (pure). Familiar in Modern English also as Katherine, Kate, Cate and other variations, the initial Greek vowel preserved in the Russian form Ekaterina. For reasons unknown, Catherine began to be used as a type of pear in the 1640s.
Of
the Cathars: Catharism
With
origins in Persia and the Byzantine Empire, Catharism was a dualist (or Gnostic
revival) fork of Christianity, the movement most active during the twelfth and
thirteenth centuries in what is now northern Italy and southern France. It was not a good time to be promoting the
notion of two Gods, one good, the other evil; this dualism was however the
essential core of Cathar beliefs. The
good God was the God of the New Testament and the creator of the spiritual
realm, contrasted with the evil Old Testament God, creator of the physical
world and this being many Cathars (and not a few of their persecutors) identified as
Satan. It was an exacting creed in which all visible matter (including the human body), was created by the evil god
and therefore tainted with sin. Taint
might be an understatement; Cathars thought human spirits were the lost spirits
of angels trapped within the physical creation of the evil god, destined to be
reincarnated until they achieved salvation through what they called the consolamentum, a highly ritualized form
of baptism.
All this was heresy to the monotheistic
Roman Catholic Church, founded on the fundamental principle of one God, the
creator of all things temporal and spiritual.
The Church’s crackdown got serious during the pontificate of Innocent
III (circa 1160-1216; pope 1198-1216), initially by means of political and
theological persuasion but with the assassination of his emissary, Innocent abandoned
diplomacy, declared his dead ambassador a martyr and launched a military
operation, the twenty-year (1209-1229) Albigensian Crusadel; it was the beginning of the end of Catharism and after 1244 when the great fortress of
Montsegur (near the Pyrenees) was razed, the Cathars became an underground
movement, many fleeing to Italy where the persecution was milder. The hierarchy faded but the heresy lingered
until it finally it vanished early in the fifteenth century.
Simone Weil (1909-1943) was a French philosopher and political activist who, in a manner unusual among left-leaning intellectuals of the era, returned to the religion ignored in her youth and became attracted to the mystical. Remembered for her political writings and active service in both the Spanish Civil War and occupied France, she died tragically young in the self-sacrificial manner she had lived her life. Among the more delicate historians, (typified by Arnold Toynbee (1889-1975)), there’s often an undisguised preference for Greek over Roman but few went as far as Weil who could find no virtue in the latter and was barely less dismissive of the medieval Church. By contrast, in the Cathars, she found exemplars of goodness although she offered few reasons and fewer still shreds of evidence for this. Most convincing is the notion that what Weil called malheur (affliction) went beyond merely describing suffering and made of it, if not a fetish, then certainly a calling. Weil felt there were only some able truly to experience affliction: those least deserving of suffering. Seduced by the lure of the tragic and having trawled history, she found in the Cathars the doomed victims with whom she could identify, drawn to them as Sylvia Plath (1932-1963) was to Ted Hughes (1930–1998; Poet Laureate 1984-1998).
Friday, June 27, 2025
Spade & Splayd
Spade (pronounced speyd)
(1) A garden or farming tool for digging, having an iron
blade adapted for pressing into the ground with the foot and a long handle
commonly with a grip or crosspiece at the top, and with the blade usually
narrower and flatter than that of a shovel.
(2) Some implement, piece, or part resembling this.
(3) A heavy metallic projection on the bottom of a gun
trail, designed to dig into the earth to restrict backward movement of the
carriage during recoil.
(4) To dig, cut, or remove with a spade.
(5) In four-suit card-games, a black figure shaped like
an inverted heart and with a short stem at the cusp opposite the point; a card
of the suit bearing such figures.
(6) In slang, a disparaging and offensive term for a
person with black skin (based on the spade in packs of cards) (obsolete).
(7) In nautical use, a type of oar blade that is
comparatively broad and short (as opposed to a spoon).
(8) A cutting tool for stripping the blubber from a whale
or skin from a carcass.
(9) As “in spades”, a term synonymous with the idiomatic “laying
it on with a trowel” to indicate something done to excess or in an emphatic way.
(10) As “to call a spade a spade”, to be candid; to speak
plainly without resort to euphemisms.
(11) As “to do the spadework” to be thorough in
preparation.
(12) A hart or stag three years old (rare).
(13) A castrated man or animal (archaic).
Pre-900: From the Middle English noun spade, from the Old English spada, spade & spadu. It was cognate with the the Proto-Germanic spadǭ, spadô & spadō, the Dutch spade, the Old Frisian spada, the Old Saxon spado, the Old High German spato, the German Spaten, the Old Norse spathi (spade), the Hunsrik Spaad and the Ancient Greek spáthē (blade; broad, flat piece of wood). The ultimate source was the primitive Indo-European spe-dh-, from which the Ancient Greek gained σπάθη (spáthē) (blade), Hittite išpatar (spear), Persian سپار (sopār) (plow), Northern Luri ئەسپار (aspār) (diging) and Central Kurdish ئەسپەر (esper) & ئەسپەرە (espere) (cross-piece on shaft of spade to take pressure of foot). More recent descendants include the Scottish Gaelic spaid and the Fiji Hindi sipi. Spade & spading are nouns & verbs, spader & spadeful are nouns, spaded is a verb and spadable & spadelike are adjectives; the noun plural is spades.
Pentagon-authorized playing cards, 2003.
The use on playing cards dates from 1590–1600, from the Italian, plural of spada the meaning of which was originally “sword”, from the Latin spatha, from the Greek spáthē. Historically, the ace of spades was the highest card in the deck and, dating from the reign of James I (James Stuart, 1566–1625; James VI of Scotland 1567-1925 & James I of England and Ireland 1603-1625), the law required the ace of spades to bear the insignia of the printing house. This was to ensure the stamp duty was paid and the method to certify its payment on playing cards was a physical stamp on the highest card of the deck. Beginning in the seventeenth century, card manufacturers started putting their identification marks on the ace of spades and it was soon an industry tradition, maintained even when the tax was no longer payable, the intricate designs now serving to protect them from illegal copying. The ace of spades has a (somewhat dubiously gained) reputation as the death card but its become part of the folk lore attached to various organized crime operations and has been used by some militaries in psychological warfare, the US army ordering bulk supplies of ace of spades cards to scatter around although the belief the Viet Cong soldiers feared the card appears to have been untrue.
Dating from the 1520s, the spatula, now familiar as a kitchen tool used to scrape the contents of bowls, was derived from the early fifteenth century medical instrument, from the Latin spatula (broad piece), diminutive of spatha (broad, flat tool or weapon) from the Ancient Greek spathe (broad flat blade (used by weavers); the erroneous form spattular appeared circa 1600.
The cake spade was a curious alternative to the cake (or pie) server, the latter a utensil styled to conform to the size and shape of the typical domestic slice of cake or pie. Where the cake spade differed was in the use of a regular or irregular trapezoid shape which, although it would make it difficult to maneuver something cut in the traditional, elongated triangle used with circular cakes or pies, offered advantages in stability for anything served is a squarer form including desirable stuff like lasagna: horses for courses.
Drain spade with comfort step and D-grip with fibreglass handle; available at Walmart.
Although a proliferation of modern hybrid designs for home gardeners has a little blurred the distinction, traditionally, a spade differs from a two-handed shovel mostly in the form and thickness of the blade. The phase “to call a spade a spade" (using blunt language, call things by right names and avoid euphemisms) dates from the 1540s and was a translation of a Greek proverb (which was known to the Greek satirist and rhetorician Lucian of Samosata (Λουκιανός ό Σαμοσατεύς; circa 125-Circa 185) ten skaphen skaphen legein (to call a bowl a bowl) but Dutch Catholic theologian Desiderius Erasmus Roterodamus (Erasmus of Rotterdam; 1466–1536) mis-translated, confusing the Greek skaphe (trough, bowl) for a derivative of the stem of skaptein (to dig) and the mistake has forever stuck, possibly because, at least in English, it better conveys the meaning.
Laying it on with a trowel
The phrase “in spades” (a suggestion of abundance) appeared first as recently as 1929 in a short story by US journalist and author Damon Runyon (1880-1946), a reference to the desirably of having many of the suit in bridge, spades the highest-ranking suit. A similar phrase is that reported by the poet Matthew Arnold (1822-1888) and attributed to Benjamin Disraeli (1804–1881; UK prime- minister 1868 & 1874-1880) who, when discussing the techniques he adopted during his audiences with Queen Victoria (1819–1901; Queen of the UK 1837-1901), advised “everyone likes flattery and when you come to royalty, you should lay it on with a trowel”.
“Congratulations President Trump, your bold decision to target Iran's nuclear facilities with the awesome and righteous might of the United States will change history. Israel has done truly amazing things. But in tonight's action against Iran's nuclear facilities, America has been truly unsurpassed. It has done what no other country on earth could do. History will record that President Trump acted to deny the world's most dangerous regime, the world's most dangerous weapons. His leadership today has created a pivot of history that can help lead the Middle East and beyond to a future of prosperity and peace. President Trump and I often say 'peace through strength'. First comes strength, then comes peace. And tonight President Trump and the United States acted with a lot of strength. President Trump, I thank you. The people of Israel thank you. The forces of civilization thank you. God bless America. God bless Israel and may God bless our unshakeable alliance, our unbreakable faith.”
Disraeli himself can scarcely ever have been as effusive in his praise of his Queen (although on occasion he was known to go on bended knee to kiss the hand) and were Mr Netanyahu able to grant Mr Trump an imperial title (as Disraeli in 1876 conferred on Victoria by making her “Empress of India”), surely he would. In paying due tribute, the Israeli prime minister set the mark but in a post-operation press briefing conducted with the Chairman of the Joint Chiefs of Staff (US Air Force (USAF) General Dan Caine (b 1968)) Pete Hegseth (b 1980; US secretary of defense since 2025) rose to the occasion:
“For the entirety of his time in office, President Trump has consistently stated, for over 10 years, that Iran must not get a nuclear weapon, full stop. Thanks to President Trump's bold and visionary leadership and his commitment to peace through strength, Iran's nuclear ambitions have been obliterated. Many presidents have dreamed of delivering the final blow to Iran's nuclear program, and none could, until President Trump. The operation President Trump planned was bold and it was brilliant, showing the world that American deterrence is back. When this President speaks, the world should listen and the U.S. Military, we can back it up. The most powerful military the world has ever known. No other country on planet Earth could have conducted the operation that the chairman is going to outline this morning. Not even close. Just like Soleimani found out in the first term Iran found out when POTUS says 60 days that he seeks peace and negotiation, he means 60 days of peace and negotiation otherwise that nuclear program, that nuclear capability, will not exist. He meant it. This is not the previous administration. President Trump said, no nukes. He seeks peace, and Iran should take that path. He sent out a Truth last night, saying this: any retaliation by Iran against the United States of America will be met with force far greater than what was witnessed tonight, signed the President of the United States, Donald J Trump. Iran would be smart to heed those words. He said it before, and he means it. I want to give congratulations to our commander in chief. It was an honor to watch him lead last night and throughout and to our great American warriors on this successful operation. God bless our troops. God bless America, and we give glory to God for his providence and continue to ask for his protection.”
Not wanting the White House to think NATO (North Atlantic Treaty Organization) couldn’t handle a trowel as well as Tel Aviv and the Pentagon, Mark Rutte (b 1967; prime minister of the Netherlands 2010-2024, secretary general of NATO since 2024) took the opportunity presented by Mr Trump’s impending arrival at the 2025 NATO Summit Defence Industry Forum to send the president a message congratulating him on the apparent success of the USAF’s strikes on Iran:
“Mr President, dear Donald, congratulations and thank you for your decisive action in Iran, that was truly extraordinary, and something no one else dared to do. It makes us all safer. You are flying into another big success in The Hague this evening. It was not easy but we’ve got them all signed onto 5 percent! Donald, you have driven us to a really, really important moment for America and Europe, and the world. You will achieve something NO American president in decades could get done. Europe is going to pay in a BIG way, as they should, and it will be your win. Safe travels and see you at His Majesty’s dinner!”
One who had his own way of sending the message was Mike Huckabee (b 1955; Baptist preacher, Republican governor of Arkansas 1996-2007, US ambassador to Israel since 2025) who earlier had told Mr Trump that while doubtlessly he was hearing advice from many sources telling him what to do about Iran: “There is only one voice that matters, HIS voice. I believe you will hear from heaven and that voice is far more important than mine or ANYONE else’s.” The president clearly liked the thought of God as his advisor and re-posted the message on his Truth Social platform. Despite his critics alleging he thinks himself as above God, it’s probably more accurate to suggest Mr Trump regards Him as an equal.
Splayd (pronounced splade)
An eating utensil combining the functions of spoon, knife
and fork.
1943: A constructed brand name which was not a conventionally blended word but one with a pronunciation intended to remind the speaker of the devices functional elements (spoon & blade) with the hint of "splay" (to slant, slope or spread outwards) to allude to the shape of the tines. While the shape of the splayd was at the time unusual, the idea of utensils which combined the knife, fork & spoon had been around for generations and during World War II (1939-1945), allied soldiers enviously would admire the "light-weight and brilliantly simple" one issued to the German army. Splayd is a noun; the noun plural is splayds.
The splayd was created by William McArthur of Sydney, Australia, with production licensed to several manufacturers, the best known of which was Viners of Sheffield. Although several variations of the spork (a utensil combining the functionality of spoon and fork) already existed, the splayd’s innovation was the refinement of two outer fork tines, each having a hard, flat edge, suitable for cutting through soft food and they tended to have a geometric rather than a rounded bowl (usually with two longitudinal folds in the metal). Mrs McArthur used and sold splayds in her Martha Washington Café in Sydney's Martin Place between 1943-1967 and in 1960 sold the manufacturing rights to the Stokes company which instituted some minor changes to the design, making them more easily mass-produced.
Among some of the middle class seeking to add a layer of something to their dinner parties, splades were often seen and during their heyday in the 1950s & 1960s. They were also a popular wedding gift and one unintended benefit was their usefulness in aged care and medical rehabilitation facilities, their use recommended for those with feeding difficulties following or during treatment of the arm. A range was manufactured with the Selectagrip system which featured customizable handles to assist people who had difficulties gripping or manipulating standard utensils.
Thursday, March 13, 2025
Embezzle
Embezzle (pronounced em-bez-uhl)
In law, fraudulently to appropriate or convert (money or
property entrusted to one's care) for one's own use (applied especially to
fraud committed by an employee).
1375–1425: From the late Middle English embesilen, from the fourteenth century Anglo-French embesiler, embesillier & embeseillier (to destroy, make away with; to steal, cause to disappear), the construct being em- + beseiller, from the Old French beseiller (to torment, destroy, gouge) of uncertain origin. The sense of “dispose of fraudulently to one's own use” dates from the 1580s. The earliest known use of the noun embezzler (one who embezzles) was in the 1660s but it may pre-date that because the noun embezzlement was known in the 1540s while the noun embezzling dates from the early fifteenth century. The em- prefix (used before certain consonants, most often the labials b and p) was a variant of the Middle English en-. It was originally from the Old French en- (and an-), from the Latin in- (in, into) but was also from an alteration of in-, from the Middle English in-, from the Old English in- (in, into), from the Proto-Germanic in (in). Both the Latin and Germanic forms were from the primitive Indo-European en (in, into). The intensive use of the Old French en- & an- is due to confluence with the Frankish an- (the intensive prefix), related to Old English intensive prefix on-. It was used to impart the sense of (1) in, into, (2) on, onto, (3) covered, (4) caused or (5) as an intensifier. Embezzle, embezzles, embezzled & embezzling are verbs and embezzlement & embezzler are nouns; the most common noun plural is embezzler.
In English law, embezzle was a special class of theft or fraud which was distinguished by two characteristics: (1) the act was committed by a person employed by the owner of the misappropriated property and (2) the property misappropriated was in the (legal) possession of the employee. The fine distinctions arose early in the development of common law because of the practical difficulties caused by the long-established legal doctrine that to constitute a larceny, the property must be removed from the possession of the owner. Servants and others were thus able to steal with impunity goods entrusted to them by their masters and a stature of 1529 was enacted, providing that it would be a felony were employees to convert to their own use jewels, money, goods or chattels delivered to them by their employers (masters in the terminology of the time). It's an illustration of the difference between "in legal possession of" and "lawfully possessing".
Confessed embezzler Bernie Madoff (1938-2021) embezzled almost US$20 billion using as a platform history's largest (known) Ponzi scheme. After being arrested, the DoJ (Department of Justice) and the SEC (Securities & Exchange Commission) stated referring to him as “Bernard Madoff”, the media and most politicians following their lead; it was felt an affectionate diminutive like “Bernie” was no longer appropriate. Between 1990-1993, during his respectable period, Mr Madoff served three one-year terms as chairman of the National Association of Securities Dealers Automated Quotations (the Nasdaq (one of those initialisms which became an acronym)); the New York-based stock exchange described usually as "tech heavy"). Even today, Mr Madoff's scheme is sometimes described as "a US65 billion scam" but the actual embezzlement was around US$20 billion, the additional funds all in his imagination. Predictably, those who did best were the lawyers involved in the case who charged a reputed US$800 million.
The idea that “theft as a servant” was an offense which
deserved a greater punishment that theft by a stranger remains a doctrine in
common law jurisdictions, the rationale being that such crime is also a
violation of trust. In Australia, the
concept has attracted interest of late because of the increasing frequency of “wage-theft”
cases in which employers have been found to have been engaged in deliberately
under-paying their staff, sometimes in a manner which is so carefully
constructed as to have been held to have been systemic. In most jurisdictions, the penalties available
remain civil but two states have recently passed laws permitting criminal prosecutions
of both corporations and individuals. Legal
commentators have generally welcomed the development, noting the frequently
cited defense that organizations lacked the resources to deal with the
complexity of the award wage system didn’t appear to constrain them when
engaging in the tax minimization exercises made possible by the intricacies of
tax law. The law reform does nothing to
alter the notion of “theft as a servant” being higher order of offending that
done by a stranger but it does slightly redress the injustice of embezzlement
by employees being by definition a criminal act yet embezzlement by employers
was only ever a matter redressed by civil action and, in a practical sense, usually
claimed to be “an error” rather than a “deliberate act”, a defense rarely
tolerated if raised by an employee (an in this judges were doubtlessly usually
correct). The first case under a
criminal code is now before the Victorian courts.
In idiomatic use, someone with their “fingers in the till”
is committing embezzlement. Synonyms exist
but because of precise definitions in law, not all are interchangeable in a
legal context. In general use they
include filch, loot, misappropriate, misuse, pilfer, purloin, skim, abstract,
defalcate, forge, misapply, peculate, thieve, defalcate, flog, pinch and peculate. Most tempting because of the rarity is probably
the verb peculate (embezzle, pilfer, appropriate to one's own use public money
or goods entrusted to one's care) from 1749, from the Latin peculatus, past participle of peculari (to embezzle), from peculum (private property (and originally
"cattle"), the related forms being peculated, peculating & peculator.
The Great Crash 1929
The conditions which exist at certain times Galbraith observed,
are especially conducive to the creation of bezzle, and “…at particular times
this inflated sense of value is more likely to be unleashed, giving it a
systematic quality”. Those times tend to
be defined by the business cycle in that “…in good times, people are relaxed,
trusting, and money is plentiful. But
even though money is plentiful, there are always many people who need more. Under these circumstances, the rate of
embezzlement grows, the rate of discovery falls off, and the bezzle increases
rapidly. In depression, all this is reversed. Money is watched with a narrow, suspicious
eye. The man who handles it is assumed to be dishonest until he proves himself
otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved and
the bezzle shrinks."
The Great Crash 2005
Crashed and towed, Los Angeles, 2005.
In October 2005, Lindsay Lohan went for a drive in her Mercedes-Benz SL 65 AMG roadster. It didn’t end well. Based on the R230 (2001-2011) platform, the SL 65 AMG was produced between 2004-2012, all versions rated in excess of 600 horsepower, something perhaps not a wise choice for someone with no background handling such machinery though it could have been worse, the factory building 400 (175 for the US market, 225 for the RoW (rest of the world)) of the even more powerful SL 65 Black Series, the third occasion an SL was offered without a soft-top and the second time one had been configured with a permanent fixed-roof. A production number of 350 is sometimes quoted but those maintaining registers insist it was 400.
Fixed and simonized, Texas, 2007.
By 2007, the car (still with California registration plates (5LZF057) attached) had been repaired, detailed & simonized and was being offered for sale in Texas, the odometer said to read 6207 miles (9989 km). Bidding was said to be “healthy” so it was thought all's well that ends well but once the vehicle's provenance was brought to the attention of the repair shop, it was realized the celebrity connection might increase its value so it was advertised on eBay with more detail, including the inevitable click-bait of LiLo photographs. However, either eBay doesn't approve of commerce profiting from the vicissitudes suffered by Hollywood starlets or they'd received a C&D (cease & desist) letter from someone's lawyers and the auction ended prematurely. It proved a brief respite, the SL 65 soon back on eBay Motors but with the offending part of the blurb limited to "previously owned by high profile celebrity", leaving it to prospective buyers to join the dots.
In other words, there can
exist a temporary (and not necessarily short) difference between the actual
economic value of a portfolio of assets and its reported market value,
especially during periods of irrational exuberance. At these times, there is “…a net increase in
psychic wealth” because (1) the embezzler both feels and is richer while the original
owners of the portfolio do not realize that they are poorer. The classic case studies of the phenomenon
are those duped in Ponzi schemes, a mechanism of deception in that two people simultaneously
can enjoy the same wealth but the effect is similar when accounting fraud is involved,
companies like Enron and WorldCom booking overvalued assets and excessively
high stock valuations. Until accounting
frauds are uncovered, there is a collective increase in psychic wealth as the
value of the bezzle rises. Bezzle is of
course temporary and when the truth emerges perceived wealth decreases until it
once again approximates real wealth but this is not an abstract measure of
value, the perceptions greatly influencing patterns of consumption with obvious
effects upon the real economy. Many recessions
have followed the unwinding of a bezzle and of course, Galbraith’s 1955 book
was about the worst of them, the Great Depression of 1929.
Others have since refined the idea of bezzle, noted investor
Charles Munger (b 1924) explaining the net effect of a bezzle doesn’t
actually demand that there be some form of constructive embezzlement as
described by Galbraith. It needs only
that when the reported market value of an asset or portfolio temporarily
exceeds its real economic value (which he defined as the value of future
returns on that asset), the economy goes through the same cycle of increase and
decrease in psychic wealth. Munger
tracked the way rising asset prices, disconnected from their underlying
long-term economic value, can contribute to what he called the febezzle. The word didn’t linger in the language as
bezzle has but his insight certainly has, his point being that rising stock or
real estate prices can generate income and wealth effects whether or not these
rising prices reflect real increases in the earning capacity of these assets. When asset prices rise for reasons other an increases
in actual productive capacity, the overall economy doesn’t benefit because
there will be no corresponding increase in the productive capacity of that
economy. The owners of the over-valued
assets so of course feel richer but only temporarily because prices eventually
converge to a value that represents their real contribution to the production
of goods and services, thus the concern some express during periods of irrational exuberance in markets such as fashionable equities, real estate,
cryptocurrencies or tulip bulbs.
Interestingly, Munger was discussing things in the distant world of the 1990s when commentators were expressing concern about the economic pattern in Western economies simultaneously to drive up asset prices while restricting the money supply. Some of the range of possible consequences of that had unfolded since the early 1980s but those events provided little guidance to what might happen were the same forces to be unleashed when the money supply was allowed rapidly to expand and sold at marginal cost. In the twenty-first century, the successive reactions of central banks to (1) the “tech wreck” of 2000-2001, (2) the global financial crisis (2008-2011) and (3) the COVID-19 pandemic mean the implications can be explored.
The photograph used on the cover of some editions of Galbraith's book was one of two staged on 30 October 1929 (shortly after the "Wall Street crash") which purported to show investor Walter Clarence Thornton (1903–1990) offering to sell his 1928 Chrysler Imperial 75 Roadster for US$100, a new one at the time typically costing between US$1550-2000 depending on the configuration. The Imperial name was used by Chrysler for its upper range models between 1926-1954 after which it was the corporation's stand-alone marque designed to compete with Cadillac, Lincoln and Packard, an approach abandoned in 1975 and few care to recall the abortive revival of 1990-1993. At this time, Mr Thornton was working as a model and the "lost all on the stock market shoot" was just another gig. He's remembered also for founding the Walter Thornton Modeling Agency which would be one of the most successful in the industry until the mid-1950s when he was the victim of a malicious prosecution. All charges were dropped before going to court but so much was his reputation damaged by "trial-by-tabloid" he retired to Mexico.