"For both politicians and journalists, trust is the coin of the realm. Without trust, the system breaks down."
Sally Quinn
Washington Post
November 2, 1998
So what happened? Jon Stewart interviewed Jim Cramer in a forest and it made a sound? Wow!
I am reminded of when Senator Joe McCarthy was rebuking some poor kid for once being part of the lawyers guild which in republican speak meant communist (code: not us). Treason was in the air. A very distinguished elder attorney turned on McCarthy, castrating the beast with the simple words:
Have you no sense of decency, sir? At long last, have you left no sense of decency?
It changed the world. Ushered in the freedom of thought called the sixties. Well freedom is out of the bag. And just like the israelites, it has taken two generations before we could enter the promised land of freedom. So what are we going to do with it?
One thing I do know is that if our children read about this stage in our saga in the history books, they will think we were being really stupid and cavalier.
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2 comments:
Ron,
Thanks for the post. I bet the debt will be canceled by 12/22/2013 but for reasons different than the constitutional amendment (maybe not different - this could be a valid mechanism). As I read the tea leaves, we will move toward a different economic metasystem of allocation of resources, goods, services, and time. [Terrence McKenna says that if you can't imagine a reality, you can't inhabit it.]
It seems to me at this point in time that debt is a remnant of slavery, of indenturement, or neutering the creative in favor of the status quo. and until we can free people from the caste into which they are born and bonded, we cannot unlock the utopia of sustainability.
I may be wrong, but if AIG, BofA, Citi, and MS get all of the money in the universe, then we will have no choice but to collectively say no, and the whole game will be reset as we will be forced to dismantle global corporatism because it cannot be trusted.
If this case emerges from Schroedinger's box, and we may not have crossed the tipping point, I am concerned about global meltdown. It is a real possibility, and therefore we should plan for that eventuality (See Arrow-Debreu general equilibrium multi-state probability models as a starting point).
My prayer is to make probable that any such transition into whatever we decide is best comes off with the fewest people dying against their will. The system we have been using, complete with the latest modern efficiencies, still produces a ton of collateral damage.
SLL
Ron,
Your comments about China are dead on. We have been exporting our inflation since Reagan. (Friedman said there is a 1:1 long term relationship between money supply and inflation and we still have not seen inflation resulting from Reagan's money expansion). If this rule holds, our debt can disappear like the german debt of 1926.
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