
Jargon sticks between my teeth like a raspberry seed. It’s lazy man’s speak–the hollow comfort of the familiar, or a way of clouding meaning or speaking falsely without actively lying. Sometimes both. And so it is with the word “monetize.” It means, as best as I can tell, making money off of an enterprise that hasn’t before. It’s commonly used in relation to profitless Internet companies, who manage to get viewers or “eyeballs,” as they are indelicately termed, in the hope that one fine day a way to make money off of those viewers (or eyeballs) will magically reveal itself. There’s gold in that thar’ river! Anyhow, the jargon, general as it is, currently creates a special amount of confusion when considering companies like Twitter. To say they hope to “monetize” their popularity implies, I guess, to make a profit. Since, though, there is no distinction in the jargon between “sales,” which are easier to come by and “profits,” which, with discipline, eventually might come from the sales, the distinction is blurred. It is esential to understand that Twitter currently makes neither of either. No sales. No profits. To really understand their predicament (one faced by many Internet firms that have gone soft white underbelly up) you need to be clear that sales, step one, don’t exist. The phrase “monetize,” like all jargon, is too broad a measuring stick.
Bernie Madoff is, as I write, being sentenced and perhaps he can be given extra time for dumb coincidence. His name (Madoff) is a remarkable play on his crime (He made off with the money.) But to me, the ballad of Bernie Madoff shows us yet again how the scale of the lie helps the liar. As a former stock broker, I have a perverse respect for what Madoff managed. Now don’t get me wrong: his crimes were odious and unforgivable and he deserves he life in prison, if not more. It is, however, the skill behind the criminal act that is beguiling. As a stock broker, I used to sell conservative stocks like IBM to people. They were accessible and reliable companies, which by and large paid steady dividends. And it was hard. It is quite a hill to climb to part people from their money, even in wholly legitimate (not to mention comparative small scale) ways. But to steal their money outright on nothing but promises and guile? It is no coincidence that Madoff is, if nothing else, a rarity. Maybe, though, it shows us what history has taught before: the bigger the lie, the easier it is to tell. And, in the end, the more likely people are to believe.