I read an interesting book recently entitled, 'This Time Is Different: Eight Centuries of Financial Folly' - by Carmen Reinhart and Kenneth Rogoff. It's a dry tome for sure - lots of charts, tables and diagrams - even some words :-) - but the bottom line is that while financial crises happen in different mechanisms, they are frequently occurring events that can be identified and managed if politicians and regulators are aware of the warning signs. The authors say it is "almost comical" that no governments reveal their true financial condition today, nor have they done so in the past. The lack of transparency and the behind the curtains decision making contribute to the human suffering that ensues in crisis after crisis. Check out the authors response to a question here ...
It is quite clear from their book, and this little clip, that 3 things will need to happen to stabilize the US and thus the world economy - US taxes, at the federal level, will need to go up, re-structuring of the economy will need to happen (i.e., re-regulation and maybe nationalization of the 'big banks') and an inflationary cycle that is purposely courted and allowed by the Fed to happen - which allows re-payment of debt at lower valued dollars. This isn't politics; this isn't opinion; this isn't a talking point - this is economic science.
So when I read about the politicians here in the US not be able to achieve consensus on financial reform - surely this is the litmus test that proves that government here is truly broken. Maybe broken is the wrong word - maybe the right phrase is, 'the current model no longer works'. It's no secret that government has been fueled and steered by big money - and continues to be, even more so, in this day and age - I think it was J.P. Morgan who said something to the effect that he had no time for anyone whose power base is dependent on the whim of voters every 4 years. That said I always thought the job of government was to use the power of private industry to the benefit of both the industry itself and the country's tax payers - you share the good times and you share the bad.
That's not happening right now - it's all one sided - or if not totally one-sided - heavily slanted one way - in other words, federal politicians have become the representatives of big finance and big business and not the people.
As a visitor looking in, I find it hard to fathom how and why folks here in the US are putting up with the shenanigans of both the federal government and Wall Street - given the behaviour of both. The only response I have seen of any kind is the backlash Tea Party movement against the current state of affairs within the GOP - which is really a right wing backlash against the perceived 'socialism' of the Obama administration and the GOP's failure to beat it back in 2008 and Obama's calling out of the 'party of no'. But even as he pointed out, he never said he could do it alone.
And it gets a little more bizarre when you realize that the Tea Party convention in Nashville only has 1000 paying attendees - imagine a protest anywhere in the US that only had 1000 marchers and it wouldn't even get a mention in the darkest corner of any newspaper or newscast - yet this little gathering is BIG NEWS.
But the most puzzling thing to me is that the 'facts' are always there for everyone to examine - and what I mean by that is that we all have a responsibility to self educate ourselves. When I say self educate, I mean reading the facts and analysis of whatever issue it is we are trying to come to terms with and then having a dialogue with folks to test what it is we think we know or have concluded.
What it doesn't mean is allowing someone else to feed us information and make up our minds for us - that is both intellectually lazy and dangerous. It just seems to me that too much weight and credence is being given to 'talk radio and talk TV' - and too many people are allowing those folks to feed them the 'facts' and even give them the 'answer' as well.
Also too much credence is being given to what I refer to as 'rock star' politicians and talking heads - Rush Limbaugh, James Dobson, Sarah Palin, Ann Coulter, Pat Robertson, et. al.
I have always said that the 'right wing' of any philosophy or movement is a dangerous thing - no more so than right now in this day and age - I just can't fathom that we are determined to live in the Middle Ages all over again. Hopefully intellect and reason will prevail - history has proven that this only happens when things are at their most desperate - we simply cannot afford to wait that long this time.
The path to recovery in the US and ongoing prosperity has never been clearer - yet, the waters are muddied constantly by false and inaccurate reporting and the rhetoric of politicians and talking heads whose best 4 years were grade 3.
Let me raise a glass to; education, reading, tolerance, understanding, choice, cooperation and co-existence - to Bill Maher, Jon Stewart, Stephen Colbert, NPR, Democracy Now!, BBC News and the PBS Newshour - without any of these, we are truely a people moving backwards towards whence we came - and let me tell you, the Druids were short but decisive.
Or to quote from verse 187 of the Krome Koan,
'The light at the end of the tunnel is the headlight of the oncoming train'
Hats off to the local radio station here - KZMU - and to their volunteer staffers - they are doing a great job of reporting and informing such that the community here can make smart choices about environmental and educational issues. This is an example of what we are missing right now in terms of news and reporting.
OK - OK - I drove up the La Sal Mountain Loop again yesterday but there was no magic happening so I drove out to Dead Horse Point State Park - one of my favorite places here in Moab. Dead Horse Point is basically a high plateau overlooking Canyonlands in the distance and the meandering Colorado River as it inexorably flows towards the Grand Canyon. Sunset is always great up there and hopefully one or two of these pics capture the potential of what it can be on a great evening - I'll be returning a few more times to try and grab some of that magic.
I did not bike yesterday - I reasoned that a rest for the rear from the rigors of the road was right - can you say 'alliteration' - can you spell it - can I spell it? We have snow here this AM so biking today may be off as well - we shall see.
Oh yeah - there was no one in the park yesterday - except yours truly - and there was no wind - it was perfectly quiet - EXCEPT for the cawing of 'the one who shall remain nameless' - you can see it here in this last picture ....
..... it's going to be sweet folks, it's going to be very sweet .... more later,
Phil
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