In a recent comment thread at The Money Illusion, I was once again reminded of one of my favorites with this Neil Peart quote (drummer of Rush): "If you choose not to decide, you still have made a choice" in regard to Fed activity and QE. While that has always been true of decision making processes, the ramifications are in fact more apparent now to everyone, than they have been in the past. There is an ever growing awareness on the part of the public, when those in power use the rationale of extreme "discretion", for what is in fact blatant lack of concern or empathy for lack of economic access. Egypt is a prime example of the fact that governments cannot simply keep allowing political factions to blame one another, instead of seeking economic and social progress.
To be sure, using government as an ill thought out attempt (or backstop) for lack of economic access is no solution, and so present attempts to do so mostly add to the confusion. But too many in power on both sides of the aisle have allowed the impasse over structural solutions to stop progress in its tracks. We are paying people in Washington a lot of money to engage in senseless, often faux cultural fights not to mention endless rent grabbing, while our economic base continues to crumble from neglect.
Too many Republicans and Democrats know they have nothing to lose from looking the other way, as to policies they can't help but recognize as incapable of providing further economic progress. Most days when I have sufficient energy and resolve, I want to give people in power the benefit of the doubt. But on days when I am somewhat weary, it can be tempting to believe that they are waiting for millions of us to simply give up the fight for economic and social inclusion. Thankfully I don't feel that way very often (Yes I feel that way today).
Because there is not a recognizable point of agreement as to what structural and supply side solutions might entail, that does not mean no choice has been made. It only means that a nation of its own free will gives up on hope and prosperity. The lack of economic cohesiveness only gives politicians an excuse. For in choosing not to decide, they still have made a choice as to the slow motion economic downfall we continue to experience in the U.S. As Bonnie Carr (dajeeps) points out in this recent post, San Francisco's Fed president John Williams actually argues - what's more gets away with the argument - that timidity can be a virtue for central bank tools such as bond buying. Giving up on the future has become virtuous: just shoot me now!
Indeed, being a supporter of structural supply side solutions puts me in the oddest sort of company, because that means I inhabit a space which is literally full of negativists and do nothings using limited versions of such arguments for excuses. Others likely wonder why I don't just root for government to give me some sort of paycheck and then shut up. It would probably make more sense but sure wouldn't be much of a life. As it is, I spent much of my younger days seeking economic access to such a degree that it meant very little time left, for the work of the mind. I'm not quite so willing to give up the intellectual challenge now, even with no paycheck in sight.
Suppose visitors from another planet were to come, and spend a little time surveying the vast accumulation of knowledge, resources and tremendous capacity of our planet...only somehow it seemed no one was quite "getting it right". They could be forgiven for wondering, what is holding this planet back? They could be forgiven for wondering why everyone is pointing fingers at one another instead of putting minds and resources together to further evolve.
There is now a "virtuous", unfortunately quite sustainable circle of blame all around, which provides the most convenient excuse the world has likely known to avoid any pretense at working things out. Except, and this is important, folks: the world is watching quite closely this time. Your attempt to keep the status quo just as it is, instead of using the vast knowledge and resources at your disposal for real economic access, is nothing but economic, historic and social downfall. Today I am tired, and I do not understand why you just don't get, ALL OF YOU in power, what you are doing to this world that has tried so hard to succeed. There's no excuse for the fact that you are simply giving up, when so many of us do not want to give up. None at all. Economic domestic summits. Now.
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