The hysteria on the US banking crisis
Let's summarize, before I move on. The US government should buy bad mortgages. It should destroy these mortgages and issue new ones predicated upon cheaper houses and tied to the value of land. It should not lower interest rates in a mad dash for impossible growth. Profits from the mortgages should go to federal deposit insurance. Those who created the crisis and the appalling media should not be listened to with too much respect.
The rest of the world should look to preserve its own economy but agree not to do this sort of thing again. If the House of Representatives thinks that the new bill, with its one hundred and fifty billion dollars of sweeteners and its multiple provisions, is inappropriate, it should vote it down. And the lives of free people should not be run by incompetent bankers.
We face a world in which the combination of demographics, climate change of one sort or another, bloody instability along intersecting arcs, and an overall 'up' trend in food, oil and gas prices require stable, limited government and strategic social ownership.
Let me list the scaffolding of a future that isn't some Wonko-the-Sane version of the fall of Rome. Public housing. Stable, land-based banks. An economic system that provides some function of insuring people against accidents of life, and shelters its children at affordable cost. An acknowledgment that the west must adapt and change. An idea of appropriate limits. An end to huge borrowing and spending and breathless living in the moment, personally and nationally. A return from the inevitable recession to balanced budgets and low, but stable growth. An end to the culture of death and relativism.
It is a measure of how far we have gone that the above, rather dull and conservative paragraph, would be the stuff of an Atlantic revolution. It will not be won without a colossal engagement with hordes of pointless elected 'representatives', agents of the state's forced compassion, lobbyists, and those who have frankly turned against life and themselves, and who are now near the heart of most everyday activities or at least never far away in the west. It may not be won. We should have a go though. Despair is a sin.
Let's summarize, before I move on. The US government should buy bad mortgages. It should destroy these mortgages and issue new ones predicated upon cheaper houses and tied to the value of land. It should not lower interest rates in a mad dash for impossible growth. Profits from the mortgages should go to federal deposit insurance. Those who created the crisis and the appalling media should not be listened to with too much respect.
The rest of the world should look to preserve its own economy but agree not to do this sort of thing again. If the House of Representatives thinks that the new bill, with its one hundred and fifty billion dollars of sweeteners and its multiple provisions, is inappropriate, it should vote it down. And the lives of free people should not be run by incompetent bankers.
We face a world in which the combination of demographics, climate change of one sort or another, bloody instability along intersecting arcs, and an overall 'up' trend in food, oil and gas prices require stable, limited government and strategic social ownership.
Let me list the scaffolding of a future that isn't some Wonko-the-Sane version of the fall of Rome. Public housing. Stable, land-based banks. An economic system that provides some function of insuring people against accidents of life, and shelters its children at affordable cost. An acknowledgment that the west must adapt and change. An idea of appropriate limits. An end to huge borrowing and spending and breathless living in the moment, personally and nationally. A return from the inevitable recession to balanced budgets and low, but stable growth. An end to the culture of death and relativism.
It is a measure of how far we have gone that the above, rather dull and conservative paragraph, would be the stuff of an Atlantic revolution. It will not be won without a colossal engagement with hordes of pointless elected 'representatives', agents of the state's forced compassion, lobbyists, and those who have frankly turned against life and themselves, and who are now near the heart of most everyday activities or at least never far away in the west. It may not be won. We should have a go though. Despair is a sin.
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