Tuesday, October 7, 2008
JR Nyquist on the Crisis
"The political leadership in America has demonstrated that it doesn't understand economics. ... What we see in Washington is an exercise in self deception. It is the self deception of a country that does not see danger, of a country that ignores the wisdom of ancestors and the ABCs of economics. ... The proposed solution is no solution. Improper investments have been made and massive losses must result. ... Traditionally, the captain goes down with his ship. As the Titanic sinks our financiers don't want to be rescued in a lifeboat. They want to be rescued in a yacht. They don't want to accept that wars and depressions are necessary because human nature craves fantasy. The bubble of false peace and false prosperity necessarily bursts. In the end, reality must be confronted. ... If the state is to do anything constructive during the 'progressive' period of depression, it is to maintain the country's nuclear deterrent and preserve national unity. ... The [US] cannot save the world. It will be fortunate to save itself. ... The regime is a political system in which the economically ignorant call the tune. The magnitude of the disaster is thereby amplified. The political actors now put the political system at risk. Because there are national security implications, they now put our very lives at risk", my emphasis, JR Nyquist (JRN) at financialsense.com, 26 September 2008, here's a link: http://www.financialsense.com/stormwatch.
I agree with JRN. The Paulson bailout/Wall Street problem, which has buried most other news, is not America's greatest problem today. Not by a long shot. I add, "and historically ignorant". Preserving national unity has become increasingly difficult in a regime of "diversity" Are my fellow Americans really this ignorant? Some book suggestions: Philip Dru, Adminstrator, Earl Mandell House, 1912 and Cycles of War, RE McMaster, 1989. As Trotsky said, "You many not be interested in war. But war is interested in you".