Economic Commentary
Cracks In The Foundation
Daryl G. Jones, 01.07.10, 10:15 AM ESTThe skyrocketing U.S. debt has implications for all asset classes.
"If you establish a democracy, you must in due time reap the fruits of a democracy. You will in due season have great impatience of the public burdens, combined in due season with great increase of the public expenditure. You will in due season have wars entered into from passion and not from reason; and you will in due season submit to peace ignominiously sought and ignominiously obtained, which will diminish your authority and perhaps endanger your independence. You will in due season find your property is less valuable, and your freedom less complete." --Benjamin Disraeli
Keith McCullough has tightened up his hockey hair this morning and will be appearing on Bloomberg TV as co-anchor; as a result I've been handed duties as lead author of the Early Look.
http://www.forbes.com/2010/01/07/national-debt-us-markets-economy-costs.html?feed=rss_popstories
==== My Point on this ====
The guy has a point there; but as well there is a hole in this quote. The problem is, if democracy is not there the decision will be based on reason as claimed by Benjamin; however, it would only concern the benefit of the decision maker or whom ever has the power over the profit of the decision maker. Basically the term "you get what you measure" applies for the governing team as well. If they have to satisfy the mass, they have to reason towards the benefit of the mass! This directs them to think more in utilitarian terms. A close, non-democratic governing body is doomed to be followers of "Duty of care" ethics. I believe the bigger and prior question is not if the decisions are based on reason or passion. The main question is who's benefit is the concern of the decisions being made.
