September 29, 2022- In the midst of the destruction that has taken place across Florida, and may well spread into nearby states, the mass media has chosen to focus on its answer to curbing inflation: Vote Big Business back into power. These are the same folks whose idea of stopping price rises lies in wage controls, tax breaks for the wealthy-and curbing high employment. Of course, not paying as many workers puts more money in the pockets of a favoured few. It just won’t be sustainable over time, and I dare say it won’t bring prices down by that much, for very long. The downward spiral will have to be maintained in perpetuity, and will probably be accompanied by stagflation-as it was from 1974 until 1982, or so. Then, of course, all the giddiness in the economic stratosphere led to over-speculation, and the Tech Stock crash of 1987. Fast forward to 2008, and another round of over-speculation led to the Madoff scandal, the Great Recession and a lot of bankruptcies-many of which were among the lower and medium middle classes.
So the media moguls instruct their puppets to promote the same shopworn ideas, yet again. After all, the alternative would be a greater degree of social equality, and who wants that? Certainly not the Federal Reserve, or the U.S. Chamber of Commerce.
I am far from an economic genius, but I do see a different, and far more workable solution, than going around in the same circles: Profit-sharing, and joint ownership of enterprises, by both management and labour. The managerial class is needed, to keep enterprises going smoothly-but there is no reason that workers cannot be educated in the ways of systematic prosperity and genuinely share in decision-making and well-earned profits.
The other side of the coin, of course, is financial literacy; especially learning to make wise purchases, to navigate the worlds of simple and compound interest and to be able to avoid phony or unsafe investments. I had to learn some of that the hard way, but for a long time, I felt compassion for people whose view of life was strictly unilateral transactions. The recent downturn has extinguished that impulse, which I had already been curbing, anyway.
I don’t want to be a ward of the state, or other organization. Neither do I want to see many peoples’ hard -earned savings be absorbed by sell-offs, prompted by the Federal Reserve Board, or by accompanying greed at the upper echelons of business and finance. We have a worst case scenario that resulted from just those phenomena: October 29, 1929.
Those thoughts come to mind, as I read Yahoo’s call for a return to the governance of the past.