03 Oct 2008

Exactly Whose Death Crisis?

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Michael S. Malone hears the bell toll, but not for market capitalism.

The United States government has embarked on two pieces of social engineering in the last few years. One was to make oil expensive as expensive as possible to drive people to greater use of alternative energy sources – because anything less would be irresponsible and destructive to the environment. The other was to enshrine home ownership (i.e., easy-to-obtain mortgages) as a new American right – because anything less would be unequal and racist.

None of us voted on these decisions – indeed, neither was even spoken about directly, much less debated. But nevertheless, both became national policy… and both have sparked national, now international, crises. Then, once they became crises, both were blamed on ‘greedy capitalism’, instead of what they really were: legislative interference into market forces. …

But what makes this particular economic crisis so appalling, at least from this vantage point, is the sheer scumminess, corruption, short-sightedness and general incompetence of everyone involved. At least in the business world, especially in the take-no-prisoners world of high-tech that kind of venality and ineptitude either gets you fired or kills the company; by comparison, in Washington, it puts you in charge of the recovery effort. …

To my mind, what makes this economic crisis different from ones in even the recent past is that it has exposed the fact that there are, apparently, no real leaders left in Washington – that the intellectual capital in the National Capitol has fallen to a new low – if that’s possible. Most of all, it shows that we can no longer look to D.C. for leadership into the rest of the 21st century.

Marxists and statists of all stripes are, as one might expect, rubbing their hands in glee and declaring this the final death crisis of Capitalism. But I think just the opposite is occurring. What we are in fact seeing are the final death throes of governmental social engineering. As I noted two weeks ago, we are in a kind of Mentos-in-coke world right now – where, thanks to tech, the sheer speed of transactions and the enormous breadth of response, almost any outside influence can quickly turn the whole economy or culture) into an explosive brew.

Read the whole thing.

One Feedback on "Exactly Whose Death Crisis?"

Linda Morgan

Thanks man, I really needed that. That was best RTWT tip I’ve followed in a long long time. I feel practically hopeful again!

Malone’s “who needs ’em” take on Washington is dead on and he makes that “government, get out of the way” mantra seem more like a warning than a plea.

Like he says, “the world is moving on.” And so fast, really, that it’s hard to remember sometimes how far we’ve come or to realize just where we really are. Maybe closer than we know to a place where the Barney Franks and the Christopher Dodds and all their ilk become quaint irrelevancies.

One thing is for sure: we’re blazing down the road to the place where we find out.


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