I hope the reader doesn't mind, I'm taking a few days off from "The Interests" -- I'm trying to determine my next issue in line with my priorities. But with the massive overhaul this weekend this is what has been on my mind...
The wheels are off now, Jackson! $700 billion for the sheisters and hornswogglers on Wall Street. Goldman Sachs and Morgan Stanley have just been approved as holding companies...what's that mean? It means they were on deck to have their asses paddled by our economy's daddy -- the Invisible Hand, and went crying to mommy -- the Fed. She assuages daddy's rage with a blow-job and a beer, meanwhile junior doesn't learn a damn thing except someone will always be there to take it on the chin...or the eye, or the neck, or wherever. Junior now has spanking insurance financed by no one but the Bureau of Engraving and Printing.
But, so much for free enterprise -- sorry but it's been squandered away. This is the new global economy -- not entirely state-run, not entirely private, but the indistinguisable and inseparable union of the two. We're following the Russo-Sino-Venezuelo model now! Why not? The Chinese have been more successful at globalization than anyone. A scholar (the name escapes me, now) once said that there was a compromise in Chinese culture after Tiananmen Square and it was this: "Beijing wouldn't let us be free, but they would let us be rich." And thus forth emerged the Chinese yuppie -- just like an American yuppie, but with a work ethic.
What happened here? There are many theories and will continue to be many theories, but the metaphor I find most suitable is that we became a nation of jugglers. Then once the Soviet Union fell, we put on rollerskates too. Then after 9/11, we blindfolded ourselves. We were headlining for the world's largest three-ring circus and it was only a matter of time before we fell off the tightrope with only elephant dung to break our fall.
The good news? Our dollar is going to be so cheap we'd no doubt be a prime labor market for European investment -- if they survive. Imagine somebody actually outsourcing to us. But it's not all good: At best, we'd be the prodigal son of Western Civilization hoping for the slaughter of the fatted calf -- at worst, the calf itself. What's worse is our government will make the deal but there'll be no place for unions or workers' rights -- not if we'd want to compete with China. And if we get too competitive with China, there's no telling what might happen. War? Maybe, or perhaps we'd just go to them to finance our factories using pounds of our children's flesh as collateral.
Hold on to your socks, folks!! We may need them for toilet paper.
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