Nate Hagens writes: In interviews, speeches and in writing on this blog, I often point out that financial capital is just a marker for real capital, which is comprised of natural, built, social and human components. In the context of upcoming social upheaval given numerous converging crises, this post is a brief discussion piece on how those making little or no money may actually have a leg up on those who are employed/making alot of money.

With the financial crises making headlines, and folks losing jobs and unable to pay for things they once viewed as ‘necessities’, I thought I would offer a different perspective. For at least 4 reasons, I think those lower on the income hierarchy may have advantages.

Let me begin with some personal history. I am not a wealthy man, at least by US standards, but in the past I’ve made a great deal of money. Two years out of MBA school in 1994, I was making over $400,000 per year. However, irrespective of how much I earned, I was living paycheck to paycheck - not only did I spend all my after tax income but was psychologically dependent on the next check being at least as big. (The details behind this are another story entirely). Today I live off of a graduate student stipend of $21,000 per annum and some income generated from savings. I now live in a 1200 square foot house, grow 40% of my own food and spend most of my spare cash on tools, books and gardening equipment. I am no saint, and due to travel still have a footprint many times that of the average person. I consume less not because I have to, but because it has made me much happier, and calmer. Perhaps I was lucky in my twenties to hang with billionaires who weren’t happy. However, I still am connected to the financial markets, both due to interest and because more than half of my closest friends still work in the industry (though that number is declining, partially because some are losing their jobs and partially because I am losing some of them as friends.) I don’t have all the answers to the upcoming social puzzle, but having breathed the air near the top, as well as studied the unrelated sciences of habituation, finance and anthropology, and so feel qualified to make a few speculations.

With that backdrop here are some reasons why those of you making a lot of money ought to reassess your path, and those making little or no money, should perhaps have a brighter outlook. (03/07/09)
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BBC Science — A national competition has named Britain’s best young scientists. Peter Hatfield from Kent won the Young Scientist of the Year title, and Chris Jefferies from Worcestershire was named Young Technologist of the Year. The boys, both 17, were selected from 200 teenagers in the first national science competition for teenagers.

Peter impressed the judges with his design for a cosmic ray detector, while Chris’s team’s winning design detects damage to kit used to test gearboxes.

Peter led a young team that built its device by adapting technology already being used in the Large Hadron Collider (LHC) in Switzerland. “Inside the LHC, there are high energy particle detectors, and we thought these would be ideal to detect cosmic rays in space.” His miniature device has been chosen to fly aboard a satellite that will be launched into orbit in 2010. “I was really pleased to win,” he told BBC News. “I’m looking forward to representing science for young people.”

Chris said the news of his victory was “still sinking in”. His team’s winning design was a detector that prevents damage to the delicate equipment used in the testing of gearboxes. …

The competition, devised by the Department for Innovation, Universities and Skills, set out to raise the profile of science and engineering in the UK. It was part of the Big Bang Fair, a two-day event organised by the British Science Association, and dedicated to young scientists and engineers.

Lord Drayson, Minister for Science and Innovation, said that the contest was an important part of the government drive to raise the profile of science and engineering. “We have a very talented next generation. An event like this makes them realise they’re not in the minority because they’re interested in science,” he explained. “I really want to bust the myth that science is boring and geeky - it is far from it. It’s exciting, fascinating and shapes all our lives.” (03/07/09)
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President Obama speaks: Yesterday, we learned that the economy lost another 651,000 jobs in the month of February, which brings the total number of jobs lost in this recession to 4.4 million.  The unemployment rate has now surpassed 8 percent, the highest rate in a quarter century.

These aren’t just statistics, but hardships experienced personally by millions of Americans who no longer know how they’ll pay their bills, or make their mortgage, or raise their families.

From the day I took office, I knew that solving this crisis would not be easy, nor would it happen overnight.  And we will continue to face difficult days in the months ahead.  But I also believe that we will get through this — that if we act swiftly and boldly and responsibly, the United States of America will emerge stronger and more prosperous than it was before. …

Yes, this is a moment of challenge for our country, but
we’ve experienced great trials before. And with every test, each
generation has found the capacity to not only endure, but to prosper –
to discover great opportunity in the midst of great crisis. That is what we can and must do today.  And I am absolutely confident that is what we will do.  I’m confident that at this defining moment, we will prove ourselves worthy of the sacrifice of those who came before us, and the promise of those who will come after. (03/07/09)
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