Morbid optimism, from the banks to the streets
Out amongst the usual street theater that follows a meeting of world economic powers like that held last week in London, the observer will behold a good sample of debased political idiom. The banners read like cant on stilts: “Abolish money” and “One currency, one government, one world” and “The government lies” and “Democracy is an illusion” and — my favorite — “No borders anywhere.” | Read More »
A proposal and a footnote.
The almost singular driving purpose of our American economic policy should be* to encourage productive capital to move here. (Not high finance engineering, but actual means of production, to use the old terminology.) In fine, the driving purpose of our policy should be Hamiltonian through and through — the difference being that while he had to build a base of productive capital all we have | Read More »
Keynes (right) with Harry Dexter White The volume of Keynesian and neo-Keynesian economic prescriptions churning out of the newspapers and talking heads on TV right now is a something to behold, ain’t it? One shudders at the thought of the despondency that will greet the eventual failure of most of these remedies. We have a very unusual and in a basic sense unstable condition where | Read More »
Notes on the crisis
I’m standin’ in the shadows with an aching heart I’m lookin’ at the world, tear itself apart — Bob Dylan, “Mississippi” Here Dylan has given us a brilliant summation of the condition of the simple citizen in the face of the economic crisis that exploded in our faces in mid-September, and which may well prove more momentous than another calamity, another September, seven years earlier. | Read More »