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here we are, and it's not ten or twenty years later.

I quietly agree with you that the precipitation and intensification of the crisis is a favor to the world in that it will bring an intense struggle sooner, but it's difficult to look into the barrels of guns and not feel some anxiety for both oneself and all of the other potential victims - not to mention for the shape and content of the next outcome in our never-ending cycle of cause-and-effect.

Good of them, too, to be so audacious and rapacious that they may have bankrupt their brand. Now all we need is a program (that's all - just a good program). Roubini, no matter the salience of his analysis, will not provide it. Guess we'll have to do it.

paul spencer

by paul spencer (spencerinthegorge AT yahoo DOT com) on Wed Jul 16th, 2008 at 03:28:32 PM EST
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Well, the program is pretty obvious. That is both the encouraging and frustrating feature of all this. Frustrating because it's not being done.

-A massive, government-managed, program of infrastructure investment with the target of reducing environmental impact of our activities. Take no prisoners there: any tax spent that way will be repaid tenfold in reduced costs later on. And by all means tax the externalities -then redistribute some so that the poors are not negatively affected unless they worsen their environmental impact). Invest all of what's left.

-Healthcare for all in the USA.

-Tax the revenue from money at least as much as the revenue from work.

-Get rid of all the exemptions from regulation (hedge funds may complain that their business model would be jeopardised if they had to be transparent about their transactions, but hey, armed robbers similarly may complain that their business model is jeopardised by thievery being illegal. If you can't do your business within the law, the first reaction ought to be changing your business, not the law).

I could add other chapters of course. But anyway, the first is the main one to get us out of the big mess. It would have such a positive impact that many, many other things would stem out from it.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Thu Jul 17th, 2008 at 03:35:04 AM EST
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