A lot of us fear turning the clock back about 70 years to another Depression. While it would have been a good idea to avoid it, people like me who spread the alarm were largely ignored because too many people made too much easy money off of nothing. In a certain sense, it was all inevitable given the fact that no one was willing to do anything else. What makes it all good in a certain sense is that we have, in fact, been through this before and know what we have to do. The government is acting quickly, the Federal Reserve is firing up the presses, and the Democratic candidate for president is proposing a return of the WPA.
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Category Archives: Money
Economics and commerce, all built from scratch.
Marketism
Many people describe the USofA as a “Capitalist” nation. The presumption is that whoever has the money gets to determine how things operate and has a share of relevant power in proportion to their wealth. This is simply wrong. The USofA has always been the first and foremost “Marketist” nation, a term that is gaining favor because the old term, “Liberal Democrat”, has become horribly misunderstood. The difference is not one of semantics, but one of history and culture that we had damned well better understand as we move into a period of massive government intervention and change.
Something From Nothing
Many years ago, in a faraway land, a small band of us became friends in the financial chatboards devoted to amazon.com. Those of us who got together were of many minds, some perma-bears and a few devoted technical stock analysis mavens. But the majority of us were only there to see if this “New Economy” thang was somehow real. We parted ways once it became clear that the Tech Bubble was bursting and we were right to be at least suspicious. But how should we commemorate this event that rolled over the stock market and all of the US? The only thing I could come up with was: a musical.
Remembering the Alamo
Today’s post is a repeat from my earlier blog, “Columbus Day Riot”, first posted in 1999. Since I recently commented on how so many things have gotten screwed up in the last 10 years, I thought it would be fun to remember the old daze – when the National Debt was about half what it will be shortly and our biggest concern was how to pay it off. What could have been different? If we had followed my adivce and given Texas back to Mexico we wouldn’t even have a President from that former state, for example.
Darkness Rising
As the sun moves past the Equinox into autumn, the days are shorter and colder. Clouds threaten rain all day, but the water of life only falls in dribbles. This is the spooky season, the time of year when we all know what is coming. All we can do is prepare for it.
This year, we’ve had more than the prediction of weather to worry about. The social world of politics and money has also turned dark, if far less predictable.
