The Rape of the Modern Politician

David Leonhardt has thought to introduce a History lesson in Newspaper form. His concentration on the Two Bobs, Rubin and Reich, may be misplaced; both are the residue of unresolved Problems, and a Century out of Date. The same can be said of the Conservatism of Milton Friedman and the Chicago School. I have absolutely nothing against any of the Above, but all are the Distillate of various philosophies of Public Finance which have always failed the Test when utilized. Obama must understand that he ventures into uncharted territory, a factor which McCain equally suffers without Thought. It does not help that all Presidential Candidates came from the U.S. Senate, probably the leading Candidate for Public Offense to Budget stability–outside the other half of the U.S. Congress.

Neither Obama or McCain think positively about limiting the National Debt, though honest Economists would admit it is the greatest Problem in the Economy today; not just federally spent funds, but the transference of ever-expanding Debt forward by all Consuming elements of the American economy. Some would think this effect had no precedent, but one only has to examine both Roman Empires–East and West, the Hanseatic League, the various Chinese Empires, and various political entities before and since. Both Britain and Germany, along with Austria-Hungary and Russia, were suffering from Debt growth at extreme numbers prior to 1914, and Hitler replicated the pattern with the Arms Buildup of the 1930s. It would be helpful to both Candidates, if they asked the Economist surrounds to supply them with Debt Growth models for all these political structures prior to their demise in various forms.

The modern Economic commitment to Market forces sounds wonderfully ideological, and gives Everyone a feeling of Good Will. The Reality may pose a slightly different Scenario. Unregulated Markets (Ones without supervisory Government regulation) express a real tendency to destroy as much Wealth as they create. Take the current debacle of financial instruments: Fancy Paper was conceived in an unregulated market, invested heavily within the market, then the market started to go ‘Poof’ with no equity in the Paper. Derivatives will join Junk Bonds in their rightful place in the fraudulent hierarchy. Markets without Protection remind of buying a diamond Engagement ring from a Street Vender. The Buyer might like the Price, but either the fiancée or the Police will be disappointed. Both Candidates should be aware that free markets are well-known for adulatory and adultery. The first hides many Sins, the last consists only of a Rape whose effects are sometimes felt only at the end of the month, and said effects may grow into a huge baboon. lgl