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126-556: Curtis Guy Yarvin (born 1973), also known by the pen name Mencius Moldbug , is an American blogger . He is known, along with philosopher Nick Land , for founding the anti-egalitarian and anti-democratic philosophical movement known as the Dark Enlightenment or neo-reactionary movement (NRx). In his blog Unqualified Reservations , which he wrote from 2007 to 2014, and on his later Substack page called Gray Mirror , which he started in 2020, he argues that American democracy

252-496: A haigō (俳号). The haiku poet Matsuo Bashō had used two other haigō before he became fond of a banana plant ( bashō ) that had been given to him by a disciple and started using it as his pen name at the age of 36. Similar to a pen name, Japanese artists usually have a gō or art-name , which might change a number of times during their career. In some cases, artists adopted different gō at different stages of their career, usually to mark significant changes in their life. One of

378-489: A " perfect storm " that triggered the Great Recession , which lasted from late 2007 to mid-2009. The financial crisis began in early 2007, as mortgage-backed securities (MBS) tied to U.S. real estate , as well as a vast web of derivatives linked to those MBS, collapsed in value . Financial institutions worldwide suffered severe damage, reaching a climax with the bankruptcy of Lehman Brothers on September 15, 2008, and

504-476: A "neo-cameralist" philosophy based on Frederick the Great of Prussia's cameralism . In Yarvin's view, democratic governments are inefficient and wasteful and should be replaced with sovereign joint-stock corporations whose "shareholders" (large owners) elect an executive with total power, but who must serve at their pleasure. The executive, unencumbered by liberal-democratic procedures, could rule efficiently much like

630-606: A 2013 speech a "society run by Silicon Valley [...] an opt-in society, ultimately outside the US, run by technology." Yarvin has been described as part of the alt-right by journalists and commentators. Journalist Mike Wendling has called Yarvin "the alt-right's favorite philosophy instructor". Tait describes Unqualified Reservations as a "'highbrow' predecessor and later companion to the transgressive anti-' politically correct ' metapolitics of nebulous online communities like 4chan and /pol/ ." Yarvin has publicly distanced himself from

756-412: A CEO-monarch. Yarvin admires Chinese leader Deng Xiaoping for his pragmatic and market-oriented authoritarianism, and the city-state of Singapore as an example of a successful authoritarian regime. He sees the US as soft on crime, dominated by economic and democratic delusions. Yarvin supports authoritarianism on right-libertarian grounds, claiming that the division of political sovereignty expands

882-542: A Swedish author of the 19th century, wrote under the name Ernst Ahlgren. The science fiction author Alice B. Sheldon for many years published under the masculine name of James Tiptree, Jr. , the discovery of which led to a deep discussion of gender in the genre. More recently, women who write in genres commonly written by men sometimes choose to use initials, such as K. A. Applegate , C. J. Cherryh , P. N. Elrod , D. C. Fontana , S. E. Hinton , G. A. Riplinger , J. D. Robb , and J. K. Rowling . Alternatively, they may use

1008-416: A White Nationalist" and "Why I am not an Anti-Semite ," he offered a somewhat sympathetic analysis of those ideologies before ultimately rejecting them. He has also described the use of IQ tests to determine superiority as "creepy". Yarvin was married to Jennifer Kollmer, who died in 2021. He was briefly engaged to writer Lydia Laurenson, with whom he has one child. He married Kristine Militello in 2024. He

1134-406: A copy of Bronze Age Pervert's book Bronze Age Mindset to Michael Anton , a former senior national security official in the first Trump administration . Yarvin has alleged that whites have higher IQs than blacks for genetic reasons . He has been described as a modern-day supporter of slavery , a description he disputes. He has claimed that some races are more suited to slavery than others. In

1260-655: A country (such as the US) running a current account deficit also have a capital account (investment) surplus of the same amount. Hence large and growing amounts of foreign funds (capital) flowed into the U.S. to finance its imports. All of this created demand for various types of financial assets, raising the prices of those assets while lowering interest rates. Foreign investors had these funds to lend either because they had very high personal savings rates (as high as 40% in China) or because of high oil prices. Ben Bernanke referred to this as

1386-447: A further collapse, encourage lending, restore faith in the integral commercial paper markets, avoid the risk of a deflationary spiral , and provide banks with enough funds to allow customers to make withdrawals. In effect, the central banks went from being the " lender of last resort " to the "lender of only resort" for a significant portion of the economy. In some cases the Fed was considered

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1512-488: A global economic shock, resulting in several bank failures . Economies worldwide slowed during this period since credit tightened and international trade declined. Housing markets suffered and unemployment soared, resulting in evictions and foreclosures . Several businesses failed. From its peak in the second quarter of 2007 at $ 61.4 trillion, household wealth in the United States fell $ 11 trillion, to $ 50.4 trillion by

1638-479: A housing bubble to replace the Nasdaq bubble". Moreover, empirical studies using data from advanced countries show that excessive credit growth contributed greatly to the severity of the crisis. Additional downward pressure on interest rates was created by rising U.S. current account deficit, which peaked along with the housing bubble in 2006. Federal Reserve chairman Ben Bernanke explained how trade deficits required

1764-528: A line to the White House, communicating with Bannon and his aides through an intermediary." The story was picked up by other magazines and newspapers, including The Atlantic , The Independent , and Mother Jones . Yarvin denied to Vox that he was in contact with Bannon in any way, though he jokingly told The Atlantic that his White House contact was the Twitter user Bronze Age Pervert . Yarvin later gave

1890-534: A pen name if their real name is likely to be confused with that of another author or other significant individual. For instance, in 1899 the British politician Winston Churchill wrote under the name Winston S. Churchill to distinguish his writings from those of the American novelist of the same name . An author may use a pen name implying a rank or title which they have never actually held. William Earl Johns wrote under

2016-487: A pen name is used because an author believes that their name does not suit the genre they are writing in. Western novelist Pearl Gray dropped his first name and changed the spelling of his last name to Zane Grey because he believed that his real name did not suit the Western genre. Romance novelist Angela Knight writes under that name instead of her actual name (Julie Woodcock) because of the double entendre of her surname in

2142-474: A post that linked approvingly to Steve Sailer and Jared Taylor , he wrote: "It should be obvious that, although I am not a white nationalist , I am not exactly allergic to the stuff." In 2009, he wrote that since US civil rights programs were "applied to populations with recent hunter-gatherer ancestry and no great reputation for sturdy moral fiber", the result was "absolute human garbage." Yarvin disputes accusations of racism, and in his essays, "Why I am not

2268-809: A range of measures intended to preserve existing jobs and create new ones. Combined, the initiatives, coupled with actions taken in other countries, ended the worst of the Great Recession by mid-2009. Assessments of the crisis's impact in the U.S. vary, but suggest that some 8.7 million jobs were lost, causing unemployment to rise from 5 percent in 2007 to a high of 10 percent in October 2009. The percentage of citizens living in poverty rose from 12.5 percent in 2007 to 15.1 percent in 2010. The Dow Jones Industrial Average fell by 53 percent between October 2007 and March 2009, and some estimates suggest that one in four households lost 75 percent or more of their net worth . In 2010,

2394-545: A really bad economy. In other words, the borrowers did not cause the loans to go bad-it was the economy. Between 1998 and 2006, the price of the typical American house increased by 124%. During the 1980s and 1990s, the national median home price ranged from 2.9 to 3.1 times median household income. By contrast, this ratio increased to 4.0 in 2004, and 4.6 in 2006. This housing bubble resulted in many homeowners refinancing their homes at lower interest rates, or financing consumer spending by taking out second mortgages secured by

2520-404: A significant increase in subprime lending . Subprime had not become less risky; Wall Street just accepted this higher risk. Due to competition between mortgage lenders for revenue and market share, and when the supply of creditworthy borrowers was limited, mortgage lenders relaxed underwriting standards and originated riskier mortgages to less creditworthy borrowers. In the view of some analysts,

2646-489: A single pool from which specific securities draw in a specific sequence of priority. Those securities first in line received investment-grade ratings from rating agencies. Securities with lower priority had lower credit ratings but theoretically a higher rate of return on the amount invested. By September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak. As prices declined, borrowers with adjustable-rate mortgages could not refinance to avoid

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2772-551: A subsequent international banking crisis . The prerequisites for the crisis were complex. During the 1990s, the U.S. Congress had passed legislation intended to expand affordable housing through looser financing. In 1999, parts of the Glass–Steagall legislation (passed in 1933) were repealed , permitting institutions to mix low-risk operations, such as commercial banking and insurance , with higher-risk operations such as investment banking and proprietary trading . As

2898-689: A talk about "rebooting" the American government at the 2012 BIL Conference . He used it to advocate the acronym "RAGE", which he defined as "Retire All Government Employees". He described what he felt were flaws in the accepted "World War II mythology" alluding to the idea that Hitler 's invasions were acts of self-defense. He argued these discrepancies were pushed by America's "ruling communists", who invented political correctness as an "extremely elaborate mechanism for persecuting racists and fascists". "If Americans want to change their government," he said, "they're going to have to get over their dictator phobia." In

3024-560: A tech company. In the 1980–1990s, Yarvin was influenced by the libertarian tech culture of Silicon Valley . Yarvin read right-wing and American conservative works. The libertarian University of Tennessee law professor Glenn Reynolds introduced him to writers like Ludwig von Mises and Murray Rothbard . The rejection of empiricism by Mises and the Austrian School , who favored instead deduction from first principles, influenced Yarvin's mindset. Yarvin's pen name, Mencius Moldbug,

3150-456: A unisex pen name, such as Robin Hobb (the second pen name of novelist Margaret Astrid Lindholm Ogden ). A collective name , also known as a house name , is published under one pen name even though more than one author may have contributed to the series. In some cases, the first books in the series were written by one writer, but subsequent books were written by ghostwriters . For instance, many of

3276-513: A yearning to communicate with and influence young disaffected white men. His writings are full of dubious historical claims usually mixed with thinly veiled bigotry and a powdery kind of middle-class snobbery." Yarvin came to public attention in February 2017 when Politico magazine reported that Steve Bannon , who served as White House Chief Strategist under U.S. President Donald Trump , read Yarvin's blog and that Yarvin "has reportedly opened up

3402-637: Is a combination of the classical name " Mencius " and a play on " goldbug ." In 2002, Yarvin founded the Urbit computer platform as a decentralized network of personal servers. In 2013 he co-founded the San Francisco-based company Tlön Corp to build out Urbit further with funding from Peter Thiel 's venture capital arm, the Founders Fund. In 2016, Yarvin was invited to present on the functional programming aspects of Urbit at LambdaConf 2016, which resulted in

3528-438: Is a failed experiment that should be replaced by an accountable monarchy , similar to the governance structure of corporations. Yarvin has been described as a "neo-reactionary" and "neo- monarchist " who "sees liberalism as creating a Matrix -like totalitarian system, and who wants to replace American democracy with a sort of techno -monarchy". In 2002, Yarvin began work on a personal software project that eventually became

3654-447: Is an atheist. Pen name A pen name may be used to make the author's name more distinctive, to disguise the author's gender, to distance the author from their other works, to protect the author from retribution for their writings, to merge multiple persons into a single identifiable author, or for any of several reasons related to the marketing or aesthetic presentation of the work. The author's real identity may be known only to

3780-664: Is difficult to trace the authorship of many earlier literary works from India. Later writers adopted the practice of using the name of their deity of worship or Guru's name as their pen name. In this case, typically the pen name would be included at the end of the prose or poetry. Composers of Indian classical music used pen names in compositions to assert authorship, including Sadarang , Gunarang ( Fayyaz Ahmed Khan ), Ada Rang (court musician of Muhammad Shah ), Sabrang ( Bade Ghulam Ali Khan ), and Ramrang ( Ramashreya Jha ). Other compositions are apocryphally ascribed to composers with their pen names. Japanese poets who write haiku often use

3906-414: Is futuristic and libertarian, yet expressed in the language of monarchy and reaction. He is irreligious and socially liberal on many issues but angrily anti-progressive. He presents himself as a thinker in search of truth but admits to lying to his readers, saturating his arguments with jokes and irony. These tensions indicate broader fissures among the online Right." Under his Moldbug pseudonym, Yarvin gave

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4032-697: Is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability. In the table, the names of emerging and developing economies are shown in boldface type, while the names of developed economies are in Roman (regular) type. The twenty largest economies contributing to global GDP (PPP) growth (2007–2017) The expansion of central bank lending in response to

4158-567: Is not the French usage, according to H. W. Fowler and F. G. Fowler in The King's English , but instead a "back-translation" from English. The French usage is nom de guerre (a more generalised term for 'pseudonym'). Since guerre means 'war' in French, nom de guerre confused some English speakers, who "corrected" the French metaphor. This phrase precedes "pen name", being attested to The Knickerbocker , in 1841. An author may use

4284-502: Is so radically right wing that it almost has to be read to be believed, like the time he critiqued the attacks by the Norwegian far-right terrorist Anders Behring Breivik —who killed 77 people, including dozens of children at a youth camp—not on the grounds that terrorism is wrong but because the killings wouldn't do anything effective to overthrow what Yarvin called Norway's 'communist' government. He argued that Nelson Mandela , once head of

4410-455: The Bessie Bunter series of English boarding school stories, initially written by the prolific Charles Hamilton under the name Hilda Richards, was taken on by other authors who continued to use the same pen name. In some forms of fiction, the pen name adopted is the name of the lead character, to suggest to the reader that the book is an autobiography of a real person. Daniel Handler used

4536-575: The Dodd–Frank Wall Street Reform and Consumer Protection Act was passed, overhauling financial regulations. It was opposed by many Republicans , and it was weakened by the Economic Growth, Regulatory Relief, and Consumer Protection Act in 2018. The Basel III capital and liquidity standards were also adopted by countries around the world. The recession was a significant factor in the 2010s European debt crisis . The crisis sparked

4662-643: The Federal Reserve ("Fed") lowered the federal funds rate from 2000 to 2003, institutions increasingly targeted low-income homebuyers, largely belonging to racial minorities , with high-risk loans; this development went unattended by regulators. As interest rates rose from 2004 to 2006, the cost of mortgages rose and the demand for housing fell, causing property values to decline. In early 2007, as more U.S. mortgage holders began defaulting on their repayments, subprime lenders went bankrupt, culminating in April with

4788-469: The Federal Reserve lowered the federal funds rate target from 6.5% to 1.0%. This was done to soften the effects of the collapse of the dot-com bubble and the September 11 attacks , as well as to combat a perceived risk of deflation . As early as 2002, it was apparent that credit was fueling housing instead of business investment as some economists went so far as to advocate that the Fed "needs to create

4914-659: The Great Depression . This matters for credit decisions. A homeowner with equity in her home is very unlikely to default on a car loan or credit card debt. They will draw on this equity rather than lose their car and/or have a default placed on their credit record. On the other hand, a homeowner who has no equity is a serious default risk. In the case of businesses, their creditworthiness depends on their future profits. Profit prospects look much worse in November 2008 than they did in November 2007 ... While many banks are obviously at

5040-667: The Great Recession , which, at the time, was the most severe global recession since the Great Depression. It was also followed by the European debt crisis, which began with a deficit in Greece in late 2009, and the 2008–2011 Icelandic financial crisis , which involved the bank failure of all three of the major banks in Iceland and, relative to the size of its economy, was the largest economic collapse suffered by any country in history. It

5166-545: The United States House Committee on Financial Services held a hearing, at the urging of the administration, to assess safety and soundness issues and to review a recent report by the Office of Federal Housing Enterprise Oversight (OFHEO) that had uncovered accounting discrepancies within the two entities. The hearings never resulted in new legislation or formal investigation of Fannie Mae and Freddie Mac, as many of

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5292-584: The Urbit networked computing platform. In 2013, he co-founded the company Tlon to oversee the Urbit project and helped lead it until 2019. Curtis Yarvin has had influence on prominent political figures. Political strategist Steve Bannon has read and admired his work. Vice-president elect JD Vance has cited Yarvin as an influence. Curtis Guy Yarvin was born in 1973 to an educated, liberal, secular family. His grandparents on his father's side were Jewish American and communists . His father, Herbert Yarvin, worked for

5418-532: The alt-right . In a private message, Yarvin counseled Milo Yiannopoulos, then a reporter at Breitbart News , to deal with neo-Nazis "the way some perfectly tailored high-communist NYT reporter handles a herd of greasy anarchist hippies. Patronizing contempt. Your heart is in the right place, young lady, now get a shower and shave those pits." Writing in Vanity Fair , James Pogue said of Yarvin, "Some of Yarvin's writing from (his blog Unqualified Reservations )

5544-442: The blog Unqualified Reservations to promote his political vision. In an early blog post, he adapted a phrase from the movie The Matrix , repurposing " red pill " to mean a shattering of progressive illusions. He largely stopped updating his blog in 2013, when he began to focus on Urbit ; in April 2016 he announced that Unqualified Reservations had "completed its mission". As of 2022, Yarvin blogs his views on Substack under

5670-414: The global financial crisis ( GFC ), was the most severe worldwide economic crisis since the 1929 Wall Street crash that began the Great Depression . Causes of the crisis included predatory lending in the form of subprime mortgages to low-income homebuyers and a resulting housing bubble , excessive risk-taking by global financial institutions , and lack of regulatory oversight, which culminated in

5796-453: The mortgage-backed security and the collateralized debt obligation that were assigned safe ratings by the credit rating agencies . In effect, Wall Street connected this pool of money to the mortgage market in the US, with enormous fees accruing to those throughout the mortgage supply chain , from the mortgage broker selling the loans to small banks that funded the brokers and the large investment banks behind them. By approximately 2003,

5922-403: The "buyer of last resort". During the fourth quarter of 2008, these central banks purchased US$ 2.5 (~$ 3.47 trillion in 2023) trillion of government debt and troubled private assets from banks. This was the largest liquidity injection into the credit market, and the largest monetary policy action in world history. Following a model initiated by the 2008 United Kingdom bank rescue package ,

6048-722: The 2008 financial crisis, consumer regulators in America have more closely supervised sellers of credit cards and home mortgages in order to deter anticompetitive practices that led to the crisis. At least two major reports on the causes of the crisis were produced by the U.S. Congress: the Financial Crisis Inquiry Commission report, released January 2011, and a report by the United States Senate Homeland Security Permanent Subcommittee on Investigations entitled Wall Street and

6174-519: The CRA. They contend that there were two, connected causes to the crisis: the relaxation of underwriting standards in 1995 and the ultra-low interest rates initiated by the Federal Reserve after the terrorist attack on September 11, 2001. Both causes had to be in place before the crisis could take place. Critics also point out that publicly announced CRA loan commitments were massive, totaling $ 4.5 trillion in

6300-480: The Financial Crisis: Anatomy of a Financial Collapse , released April 2011. In total, 47 bankers served jail time as a result of the crisis, over half of which were from Iceland , where the crisis was the most severe and led to the collapse of all three major Icelandic banks. In April 2012, Geir Haarde of Iceland became the only politician to be convicted as a result of the crisis. Only one banker in

6426-483: The LMI borrowers targeted by the CRA, especially in the years 2005–2006 leading up to the crisis, nor did it find any evidence that lending under the CRA rules increased delinquency rates or that the CRA indirectly influenced independent mortgage lenders to ramp up sub-prime lending. To other analysts the delay between CRA rule changes in 1995 and the explosion of subprime lending is not surprising, and does not exonerate

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6552-589: The SEC's December 2011 securities fraud case against six former executives of Fannie and Freddie, Peter Wallison and Edward Pinto estimated that, in 2008, Fannie and Freddie held 13 million substandard loans totaling over $ 2 trillion. In the early and mid-2000s, the Bush administration called numerous times for investigations into the safety and soundness of the GSEs and their swelling portfolio of subprime mortgages. On September 10, 2003,

6678-545: The U.S. to borrow money from abroad, in the process bidding up bond prices and lowering interest rates. Bernanke explained that between 1996 and 2004, the U.S. current account deficit increased by $ 650 billion, from 1.5% to 5.8% of GDP. Financing these deficits required the country to borrow large sums from abroad, much of it from countries running trade surpluses. These were mainly the emerging economies in Asia and oil-exporting nations. The balance of payments identity requires that

6804-403: The US government as a foreign service officer , and his mother was a Protestant from Westchester County . In 1985, he returned to the US and entered Johns Hopkins ' longitudinal Study of Mathematically Precocious Youth . He graduated from Brown University in 1992, then was a graduate student of a computer science PhD program at UC Berkeley , before dropping out after a year and a half to join

6930-409: The United States did not have wealth declines at all during the crisis because they generally did not own financial investments whose value can fluctuate. The Federal Reserve surveyed 4,000 households between 2007 and 2009, and found that the total wealth of 63% of all Americans declined in that period and 77% of the richest families had a decrease in total wealth, while only 50% of those on the bottom of

7056-480: The United States served jail time as a result of the crisis, Kareem Serageldin , a banker at Credit Suisse who was sentenced to 30 months in jail and returned $ 24.6 million in compensation for manipulating bond prices to hide $ 1 billion of losses. No individuals in the United Kingdom were convicted as a result of the crisis. Goldman Sachs paid $ 550 million to settle fraud charges after allegedly anticipating

7182-421: The aliases Mark Twain and Sieur Louis de Conte for different works. Similarly, an author who writes both fiction and non-fiction (such as the mathematician and fantasy writer Charles Dodgson, who wrote as Lewis Carroll ) may use a pseudonym for fiction writing. Science fiction author Harry Turtledove has used the name H. N. Turtletaub for some historical novels he has written because he and his publisher felt that

7308-449: The author of the Warriors novel series, is a collective pen name used by authors Kate Cary , Cherith Baldry , Tui T. Sutherland , and the editor Victoria Holmes . Collaborative authors may also have their works published under a single pen name. Frederic Dannay and Manfred B. Lee published their mystery novels and stories under the pen name Ellery Queen , which was also used to publish

7434-554: The bailout to Fannie Mae and Freddie Mac exceeds $ 300 billion (c. $ 401 billion in 2023 ) (calculated by adding the fair value deficits of the entities to the direct bailout funds at the time). Economist Paul Krugman argued in January 2010 that the simultaneous growth of the residential and commercial real estate pricing bubbles and the global nature of the crisis undermines the case made by those who argue that Fannie Mae, Freddie Mac, CRA, or predatory lending were primary causes of

7560-527: The bailouts, such as in the case of the AIG bonus payments controversy , leading to the development of a variety of "decision making frameworks", to help balance competing policy interests during times of financial crisis. Alistair Darling , the U.K.'s Chancellor of the Exchequer at the time of the crisis, stated in 2018 that Britain came within hours of "a breakdown of law and order" the day that Royal Bank of Scotland

7686-552: The bankruptcy of New Century Financial . As demand and prices continued to fall, the contagion spread to worldwide credit markets by August, and central banks began injecting liquidity . By July 2008, Fannie Mae and Freddie Mac , companies which together owned or guaranteed half of the U.S. housing market, were on the verge of collapse; the Housing and Economic Recovery Act enabled the government to take over and cover their combined $ 1.6 trillion debt on September 7. In response to

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7812-726: The brink, consumers and businesses would be facing a much harder time getting credit right now even if the financial system were rock solid. The problem with the economy is the loss of close to $ 6 trillion in housing wealth and an even larger amount of stock wealth. ... the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales. Although economic activity

7938-690: The bubble burst, Australian economist John Quiggin wrote, "And, unlike the Great Depression, this crisis was entirely the product of financial markets. There was nothing like the postwar turmoil of the 1920s, the struggles over gold convertibility and reparations, or the Smoot-Hawley tariff , all of which have shared the blame for the Great Depression." Instead, Quiggin lays the blame for the 2008 near-meltdown on financial markets, on political decisions to lightly regulate them, and on rating agencies which had self-interested incentives to give good ratings. Lower interest rates encouraged borrowing. From 2000 to 2003,

8064-496: The committee members refused to accept the report and instead rebuked OFHEO for their attempt at regulation. Some, such as Wallison, believe this was an early warning to the systemic risk that the growing market in subprime mortgages posed to the U.S. financial system that went unheeded. A 2000 United States Department of the Treasury study of lending trends for 305 cities from 1993 to 1998 showed that $ 467 billion of mortgage lending

8190-548: The context of that genre. Romain Gary , who was a well-known French writer, decided in 1973 to write novels in a different style under the name Émile Ajar and even asked his cousin's son to impersonate Ajar; thus he received the most prestigious French literary prize twice, which is forbidden by the prize rules. He revealed the affair in a book he sent his editor just before committing suicide in 1980. A pen name may be shared by different writers to suggest continuity of authorship. Thus

8316-403: The crisis and selling toxic investments to its clients. With fewer resources to risk in creative destruction, the number of patent applications was flat, compared to exponential increases in patent application in prior years. Typical American families did not fare well, nor did the "wealthy-but-not-wealthiest" families just beneath the pyramid's top. However, half of the poorest families in

8442-446: The crisis in commercial real estate and related lending took place after the crisis in residential real estate. Business journalist Kimberly Amadeo reported: "The first signs of decline in residential real estate occurred in 2006. Three years later, commercial real estate started feeling the effects." Denice A. Gierach, a real estate attorney and CPA, wrote: ... most of the commercial real estate loans were good loans destroyed by

8568-437: The crisis was not only confined to the Federal Reserve 's provision of aid to individual financial institutions. The Federal Reserve has also conducted a number of innovative lending programs with the goal of improving liquidity and strengthening different financial institutions and markets, such as Freddie Mac and Fannie Mae . In this case, the major problem among the market is the lack of free cash reserves and flows to secure

8694-513: The crisis. As part of national fiscal policy response to the Great Recession , governments and central banks, including the Federal Reserve , the European Central Bank and the Bank of England , provided then-unprecedented trillions of dollars in bailouts and stimulus , including expansive fiscal policy and monetary policy to offset the decline in consumption and lending capacity, avoid

8820-509: The crisis. In other words, bubbles in both markets developed even though only the residential market was affected by these potential causes. Countering Krugman, Wallison wrote: "It is not true that every bubble—even a large bubble—has the potential to cause a financial crisis when it deflates." Wallison notes that other developed countries had "large bubbles during the 1997–2007 period" but "the losses associated with mortgage delinquencies and defaults when these bubbles deflated were far lower than

8946-414: The end of the first quarter of 2009, resulting in a decline in consumption, then a decline in business investment. In the fourth quarter of 2008, the quarter-over-quarter decline in real GDP in the U.S. was 8.4%. The U.S. unemployment rate peaked at 11.0% in October 2009, the highest rate since 1983 and roughly twice the pre-crisis rate. The average hours per work week declined to 33, the lowest level since

9072-543: The end of the name (often marked by a graphical sign   ـؔ   placed above it) when referring to the poet by his full name. For example, Hafez is a pen-name for Shams al-Din , and thus the usual way to refer to him would be Shams al-Din Hafez or just Hafez . Mirza Asadullah Baig Khan (his official name and title) is referred to as Mirza Asadullah Khan Ghalib , or just Mirza Ghalib . Financial crisis of 2007%E2%80%9308 The 2007–2008 financial crisis , or

9198-600: The end product." Essentially, investment banks and hedge funds used financial innovation to enable large wagers to be made, far beyond the actual value of the underlying mortgage loans, using derivatives called credit default swaps, collateralized debt obligations and synthetic CDOs . By March 2011, the FDIC had paid out $ 9 billion (c. $ 12 billion in 2023 ) to cover losses on bad loans at 165 failed financial institutions. The Congressional Budget Office estimated, in June 2011, that

9324-480: The enigmatic twentieth-century novelist B. Traven has never been conclusively revealed, despite thorough research. A multiple-use name or anonymity pseudonym is a pseudonym open for anyone to use and these have been adopted by various groups, often as a protest against the cult of individual creators. In Italy, two anonymous groups of writers have gained some popularity with the collective names of Luther Blissett and Wu Ming . Wuxia novelist Louis Cha uses

9450-473: The federal funds rate to drop below where it was supposed to be. However, in October 2008, the Federal Reserve was granted the power to provide banks with interest payments on their surplus reserves. This created a motivation for banks to retain their reserves instead of disbursing them, so reducing the need for the Federal Reserve to hedge its increased lending by decreases in alternative assets. Money market funds also went through runs when people lost faith in

9576-426: The financial system and got banks to start lending again, both to each other and to people. Many homeowners who were trying to keep their homes from going into default got housing credits. A package of policies was passed that let borrowers refinance their loans even though the value of their homes was less than what they still owed on their mortgages . While the causes of the bubble and subsequent crash are disputed,

9702-444: The first few months of their reign. Drawing on computer metaphors, Yarvin contends that society needs a "hard reset" or a "rebooting", not a series of gradual political reforms. Instead of activism, he advocates passivism, claiming that progressivism would fail without right-wing opposition. According to him, NRx adherents should rather design "new architectures of exit" than engage in ineffective political activism. Yarvin argues for

9828-457: The government began collecting the data in 1964. The economic crisis started in the U.S. but spread to the rest of the world. U.S. consumption accounted for more than a third of the growth in global consumption between 2000 and 2007 and the rest of the world depended on the U.S. consumer as a source of demand. Toxic securities were owned by corporate and institutional investors globally. Derivatives such as credit default swaps also increased

9954-544: The government seized Washington Mutual (the largest savings and loan firm ). On October 3, Congress passed the $ 800 billion Emergency Economic Stabilization Act , which authorized the Treasury Department to purchase troubled assets and bank stocks. The Fed began a program of quantitative easing by buying treasury bonds and other assets, such as MBS, and the February 2009 American Recovery and Reinvestment Act , signed by newly elected President Barack Obama , included

10080-506: The governments of European nations and the United States guaranteed the debt issued by their banks and raised the capital of their national banking systems, ultimately purchasing $ 1.5 trillion newly issued preferred stock in major banks. The Federal Reserve created then-significant amounts of new currency as a method to combat the liquidity trap . Bailouts came in the form of trillions of dollars of loans, asset purchases, guarantees, and direct spending. Significant controversy accompanied

10206-501: The growing crisis, governments around the world deployed massive bail-outs of financial institutions and other monetary and fiscal policies to prevent a collapse of the global financial system . After the bankruptcy of Lehman Brothers , the fourth largest U.S. investment bank, on September 15, the next day the Fed bailed out the American International Group (the largest U.S. insurance company), and on September 25

10332-421: The higher payments associated with rising interest rates and began to default. During 2007, lenders began foreclosure proceedings on nearly 1.3 million properties, a 79% increase over 2006. This increased to 2.3 million in 2008, an 81% increase vs. 2007. By August 2008, approximately 9% of all U.S. mortgages outstanding were either delinquent or in foreclosure. By September 2009, this had risen to 14.4%. After

10458-465: The inaugural article published on Unqualified Reservations in 2007, entitled a formalist manifesto , Yarvin called his concept of aligning property rights with political power "formalism", that is the formal recognition of realities of the existing power, which should eventually be replaced in his views by a new ideology that rejects progressive doctrines transmitted by the Cathedral. Yarvin's first use of

10584-457: The investor-entrepreneur Thiel is his most important connection." Thiel was an investor in Yarvin's startup Tlon and gave $ 100,000 to Tlon's co-founder John Burnham in 2011. In 2016, Yarvin privately asserted to Milo Yiannopoulos that he had been "coaching Thiel" and that he had watched the 2016 US election at Thiel's house. In his writings, Yarvin has pointed to a 2009 essay written by Thiel, in which

10710-532: The later books in The Saint adventure series were not written by Leslie Charteris , the series' originator. Similarly, Nancy Drew mystery books are published as though they were written by Carolyn Keene , The Hardy Boys books are published as the work of Franklin W. Dixon , and The Bobbsey Twins series are credited to Laura Lee Hope , although numerous authors have been involved in each series. Erin Hunter ,

10836-431: The latter declared: "I no longer believe that freedom and democracy are compatible... Since 1920, the vast increase in welfare beneficiaries and the extension of the franchise to women—two constituencies that are notoriously tough for libertarians—have rendered the notion of ' capitalist democracy ' into an oxymoron." Investor Balaji Srinivasan has also echoed Yarvin's ideas of techno-corporate cameralism. He advocated in

10962-578: The linkage between large financial institutions. The de-leveraging of financial institutions, as assets were sold to pay back obligations that could not be refinanced in frozen credit markets, further accelerated the solvency crisis and caused a decrease in international trade. Reductions in the growth rates of developing countries were due to falls in trade, commodity prices, investment and remittances sent from migrant workers (example: Armenia ). States with fragile political systems feared that investors from Western states would withdraw their money because of

11088-489: The loans. The Federal Reserve took a number of steps to deal with worries about liquidity in the financial markets. One of these steps was a credit line for major traders, who act as the Fed's partners in open market activities. Also, loan programs were set up to make the money market mutual funds and commercial paper market more flexible. Also, the Term Asset-Backed Securities Loan Facility (TALF)

11214-428: The losses suffered in the United States when the 1997–2007 [bubble] deflated." According to Wallison, the reason the U.S. residential housing bubble (as opposed to other types of bubbles) led to financial crisis was that it was supported by a huge number of substandard loans—generally with low or no downpayments. Krugman's contention (that the growth of a commercial real estate bubble indicates that U.S. housing policy

11340-626: The majority report of the Financial Crisis Inquiry Commission, conservative American Enterprise Institute fellow Peter J. Wallison stated his belief that the roots of the financial crisis can be traced directly and primarily to affordable housing policies initiated by the United States Department of Housing and Urban Development (HUD) in the 1990s and to massive risky loan purchases by government-sponsored entities Fannie Mae and Freddie Mac. Based upon information in

11466-590: The market. To keep it from getting worse, the Fed said it would give money to mutual fund companies. Also, Department of Treasury said that it would briefly cover the assets of the fund. Both of these things helped get the fund market back to normal, which helped the commercial paper market, which most businesses use to run. The FDIC also did a number of things, like raise the insurance cap from $ 100,000 to $ 250,000, to boost customer trust. They engaged in Quantitative Easing , which added more than $ 4 trillion to

11592-555: The masses. The socio-religious analogy originates from Yarvin's opinion that the progressive ideology of the Cathedral is delivered to and internalized by the general populace much in the same way religious dogma is delivered by religious authorities and institutions to fanatical worshippers. Yarvin and the Dark Enlightenment (sometimes abbreviated to "NRx") movement assert that the Cathedral's commitment to equality and justice erodes social order. He advocates an American 'monarch' dissolving elite academic institutions and media outlets within

11718-483: The military wing of the African National Congress, had endorsed terror tactics and political murder against opponents, and said anyone who claimed 'St. Mandela' was more innocent than Breivik might have "a mother you'd like to fuck.'" In Commonweal , Matt McManus said of Yarvin, "He comes across as a kind of third-rate authoritarian David Foster Wallace , combining post-postmodern bookish eclecticism with

11844-514: The most extreme examples of this is Hokusai , who in the period 1798 to 1806 alone used no fewer than six. Manga artist Ogure Ito uses the pen name Oh! great because his real name Ogure Ito is roughly how the Japanese pronounce "oh great". A shâ'er ( Persian from Arabic, for poet) (a poet who writes she'rs in Urdu or Persian ) almost always has a "takhallus", a pen name, traditionally placed at

11970-731: The name "Capt. W. E. Johns" although the highest army rank he held was acting lieutenant and his highest air force rank was flying officer . Authors who regularly write in more than one genre may use different pen names for each, either in an attempt to conceal their true identity or even after their identity is known. Romance writer Nora Roberts writes erotic thrillers under the pen name J. D. Robb (such books were originally listed as by "J. D. Robb" and are now titled "Nora Roberts writing as J. D. Robb"); Scots writer Iain Banks wrote mainstream or literary fiction under his own name and science fiction under Iain M. Banks; Samuel Langhorne Clemens used

12096-510: The name "Publius" because it recalled the founder of the Roman Republic and using it implied a positive intention. In pure mathematics , Nicolas Bourbaki is the pseudonym of a group of mostly French-connected mathematicians attempting to expose the field in an axiomatic and self-contained, encyclopedic form. A pseudonym may be used to protect the writer of exposé books about espionage or crime. Former SAS soldier Steven Billy Mitchell used

12222-566: The page name Gray Mirror . Yarvin believes that real political power in the United States is held by something he calls "the Cathedral", an informal amalgam of universities and the mainstream press, which collude to sway public opinion. According to him, a so-called "Brahmin" social class (in reference to the Brahmin class of India's caste system and the American Boston Brahmin ) dominates American society, preaching progressive values to

12348-484: The pen name Gum Yoong (金庸) by taking apart the components of the Chinese character in his given name (鏞) from his birth name Cha Leung-yung (查良鏞). In Indian languages, writers may put a pen name at the end of their names, like Ramdhari Singh Dinkar . Some writers, like Firaq Gorakhpuri , wrote only under a pen name. In early Indian literature, authors considered the use of names egotistical. Because names were avoided, it

12474-573: The precipitating factor for the Financial Crisis of 2007–2008 was the bursting of the United States housing bubble and the subsequent subprime mortgage crisis , which occurred due to a high default rate and resulting foreclosures of mortgage loans , particularly adjustable-rate mortgages . Some or all of the following factors contributed to the crisis: The relaxing of credit lending standards by investment banks and commercial banks allowed for

12600-419: The presumed lower sales of those novels might hurt bookstore orders for the novels he writes under his name. Occasionally, a pen name is employed to avoid overexposure. Prolific authors for pulp magazines often had two and sometimes three short stories appearing in one issue of a magazine; the editor would create several fictitious author names to hide this from readers. Robert A. Heinlein wrote stories under

12726-501: The price appreciation. In a Peabody Award -winning program, NPR correspondents argued that a "Giant Pool of Money" (represented by $ 70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. This pool of money had roughly doubled in size from 2000 to 2007, yet the supply of relatively safe, income generating investments had not grown as fast. Investment banks on Wall Street answered this demand with products such as

12852-451: The promotion of thousands of small mortgage brokers, and by their close relationship to subprime loan aggregators such as Countrywide . Depending on how "subprime" mortgages are defined, they remained below 10% of all mortgage originations until 2004, when they rose to nearly 20% and remained there through the 2005–2006 peak of the United States housing bubble . The majority report of the Financial Crisis Inquiry Commission , written by

12978-442: The pseudonym Andy McNab for his book about a failed SAS mission titled Bravo Two Zero . The name Ibn Warraq ("son of a papermaker") has been used by dissident Muslim authors. Author Brian O'Nolan used the pen names Flann O'Brien and Myles na gCopaleen for his novels and journalistic writing from the 1940s to the 1960s because Irish civil servants were not permitted at that time to publish political writings. The identity of

13104-419: The pseudonym George Sand . Charlotte , Emily , and Anne Brontë published under the names Currer, Ellis, and Acton Bell, respectively. French-Savoyard writer and poet Amélie Gex chose to publish as Dian de Jeânna ("John, son of Jane") during the first half of her career. Karen Blixen 's very successful Out of Africa (1937) was originally published under the pen name Isak Dinesen. Victoria Benedictsson ,

13230-723: The pseudonym Lemony Snicket to present his A Series of Unfortunate Events books as memoirs by an acquaintance of the main characters. Some, however, do this to fit a certain theme. One example, Pseudonymous Bosch , used his pen name just to expand the theme of secrecy in The Secret Series . Authors also may occasionally choose pen names to appear in more favorable positions in bookshops or libraries , to maximize visibility when placed on shelves that are conventionally arranged alphabetically moving horizontally, then upwards vertically. Some female authors have used pen names to ensure that their works were accepted by publishers and/or

13356-486: The pseudonyms of Anson MacDonald (a combination of his middle name and his then-wife's maiden name) and Caleb Strong so that more of his works could be published in a single magazine. Stephen King published four novels under the name Richard Bachman because publishers did not feel the public would buy more than one novel per year from a single author. Eventually, after critics found a large number of style similarities, publishers revealed Bachman's true identity. Sometimes

13482-460: The public. Such is the case of Peru's Clarinda , whose work was published in the early 17th century. More often, women have adopted masculine pen names. This was common in the 19th century when women were beginning to make inroads into literature but, it was felt they would not be taken as seriously by readers as male authors. For example, Mary Ann Evans wrote under the pen name George Eliot ; and Amandine Aurore Lucile Dupin, and Baronne Dudevant, used

13608-481: The publisher or may become common knowledge. In some cases, such as those of Elena Ferrante and Torsten Krol , a pen name may preserve an author's long-term anonymity . Pen name is formed by joining pen with name . Its earliest use in English is in the 1860s, in the writings of Bayard Taylor . The French-language phrase nom de plume is used as a synonym for "pen name" ( plume means 'pen'). However, it

13734-400: The pyramid suffered a decrease. The following is a timeline of the major events of the financial crisis, including government responses, and the subsequent economic recovery. There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today. Businesses are facing the worst downturn since

13860-416: The relatively conservative government-sponsored enterprises (GSEs) policed mortgage originators and maintained relatively high underwriting standards prior to 2003. However, as market power shifted from securitizers to originators, and as intense competition from private securitizers undermined GSE power, mortgage standards declined and risky loans proliferated. The riskiest loans were originated in 2004–2007,

13986-412: The same pseudonym; examples include T. H. Lain in fiction. The Australian fiction collaborators who write under the pen name Alice Campion are a group of women who have so far written The Painted Sky (2015) and The Shifting Light (2017). In the 1780s, The Federalist Papers were written under the pseudonym "Publius" by Alexander Hamilton , James Madison , and John Jay . The three men chose

14112-657: The scope of the state, whereas strong governments with clear hierarchies remain minimal and narrowly focused. According to scholar Joshua Tait, "Moldbug imagines a radical libertarian utopia with maximum freedom in all things except politics ." He has favored same-sex marriage , freedom of religion , and private use of drugs, and has written against race- or gender-based discriminatory laws, although, according to Tait, "he self-consciously proposed private welfare and prison reforms that resembled slavery". Tait describes Yarvin's writing as contradictory, saying: "He advocates hierarchy, yet deeply resents cultural elites. His political vision

14238-610: The six Democratic appointees, the minority report, written by three of the four Republican appointees, studies by Federal Reserve economists, and the work of several independent scholars generally contend that government affordable housing policy was not the primary cause of the financial crisis. Although they concede that governmental policies had some role in causing the crisis, they contend that GSE loans performed better than loans securitized by private investment banks, and performed better than some loans originated by institutions that held loans in their own portfolios. In his dissent to

14364-464: The supply of mortgages originated at traditional lending standards had been exhausted, and continued strong demand began to drive down lending standards. The collateralized debt obligation in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. This essentially places cash payments from multiple mortgages or other debt obligations into

14490-595: The term "neoreactionary" to describe his project occurred in 2008. His ideas have also been described by Dylan Matthews of Vox as "neo-monarchist". Yarvin's ideas have been influential among right-libertarians and paleolibertarians , and the public discourses of prominent investors like Peter Thiel have echoed Yarvin's project of seceding from the United States to establish tech-CEO dictatorships. Political strategist Steve Bannon has read and admired his work. Vice-president-elect JD Vance has cited Yarvin as an influence. According to Tait, "Moldbug's relationship with

14616-467: The withdrawal of five speakers, two sub-conferences, and several sponsors. Yarvin left Tlön in January 2019, but retains some intellectual and financial involvement in the development of Urbit. Yarvin's reading of Thomas Carlyle convinced him that libertarianism was a doomed project without the inclusion of authoritarianism , and Hans-Hermann Hoppe 's 2001 book Democracy: The God That Failed marked Yarvin's first break with democracy. Another influence

14742-491: The work of several ghostwriters they commissioned. The writers of Atlanta Nights , a deliberately bad book intended to embarrass the publishing firm PublishAmerica , used the pen name Travis Tea. Additionally, the credited author of The Expanse , James S. A. Corey , is an amalgam of the middle names of collaborating writers Daniel Abraham and Ty Franck respectively, while S. A. is the initials of Abraham's daughter. Sometimes multiple authors will write related books under

14868-617: The years between 1994 and 2007. They also argue that the Federal Reserve's classification of CRA loans as "prime" is based on the faulty and self-serving assumption that high-interest-rate loans (3 percentage points over average) equal "subprime" loans. Others have pointed out that there were not enough of these loans made to cause a crisis of this magnitude. In an article in Portfolio magazine, Michael Lewis spoke with one trader who noted that "There weren't enough Americans with [bad] credit taking out [bad loans] to satisfy investors' appetite for

14994-464: The years of the most intense competition between securitizers and the lowest market share for the GSEs. The GSEs eventually relaxed their standards to try to catch up with the private banks. A contrarian view is that Fannie Mae and Freddie Mac led the way to relaxed underwriting standards, starting in 1995, by advocating the use of easy-to-qualify automated underwriting and appraisal systems, by designing no-down-payment products issued by lenders, by

15120-597: Was James Burnham , who asserted that real politics occurred through the actions of elites, beneath what he called apparent democratic or socialist rhetoric. In the 2000s, the failures of US-led nation-building in Iraq and Afghanistan strengthened Yarvin's anti-democratic views, the federal response to the 2008 financial crisis strengthened his libertarian convictions, and Barack Obama 's election as US president later that year reinforced his belief that history inevitably progresses toward left-leaning societies. In 2007, Yarvin began

15246-524: Was among the five worst financial crises the world had experienced and led to a loss of more than $ 2 trillion from the global economy. U.S. home mortgage debt relative to GDP increased from an average of 46% during the 1990s to 73% during 2008, reaching $ 10.5 (~$ 14.6 trillion in 2023) trillion. The increase in cash out refinancings , as home values rose, fueled an increase in consumption that could no longer be sustained when home prices declined. Many financial institutions owned investments whose value

15372-450: Was bailed-out. Instead of financing more domestic loans, some banks instead spent some of the stimulus money in more profitable areas such as investing in emerging markets and foreign currencies. In July 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in the United States to "promote the financial stability of the United States". The Basel III capital and liquidity standards were adopted worldwide. Since

15498-542: Was based on home mortgages such as mortgage-backed securities , or credit derivatives used to insure them against failure, which declined in value significantly. The International Monetary Fund estimated that large U.S. and European banks lost more than $ 1 trillion on toxic assets and from bad loans from January 2007 to September 2009. Lack of investor confidence in bank solvency and declines in credit availability led to plummeting stock and commodity prices in late 2008 and early 2009. The crisis rapidly spread into

15624-550: Was made by Community Reinvestment Act (CRA)-covered lenders into low and mid-level income (LMI) borrowers and neighborhoods, representing 10% of all U.S. mortgage lending during the period. The majority of these were prime loans. Sub-prime loans made by CRA-covered institutions constituted a 3% market share of LMI loans in 1998, but in the run-up to the crisis, fully 25% of all subprime lending occurred at CRA-covered institutions and another 25% of subprime loans had some connection with CRA. However, most sub-prime loans were not made to

15750-508: Was not the cause of the crisis) is challenged by additional analysis. After researching the default of commercial loans during the financial crisis, Xudong An and Anthony B. Sanders reported (in December 2010): "We find limited evidence that substantial deterioration in CMBS [commercial mortgage-backed securities] loan underwriting occurred prior to the crisis." Other analysts support the contention that

15876-515: Was put in place thanks to a joint effort with the US Department of the Treasury. This plan was meant to make it easier for consumers and businesses to get credit by giving Americans who owned high-quality asset-backed securities more credit. Before the crisis, the Federal Reserve's stocks of Treasury securities were sold to pay for the increase in credit. This method was meant to keep banks from trying to give out their extra savings, which could cause

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