A plea for common sense…
If we might offer an observation:
The credit market is dying, but no one has the courage to pull the plug. This is the result not of too little credit – which could be fixed – but too much credit – which cannot be fixed – and certainly cannot be fixed by making more credit available.
Let it go…
We are seeing the late results not of economic failure, but of economic success – the transition of our human family from organization on the basis of scarcity, to organization on the basis of abundance. All the indicators formerly taken as predictors of the health of the economy have been turned on their head.
As such, all steps being taken to prolong the existing order will only make the transition more difficult and painful.
The important thing at this moment is to sweep the credit market aside: abrogate by law all debt obligations personal and public, foreign and domestic. The houses that were built with it will not disappear, neither will the factories and farms produced by it.
What will happen instead is that they will be saved from being plowed under as they were in the 1930s to stabilize prices – as the so-called toxic assets are being plowed under with this bailout plan.
This will cause massive jobs loss – let them go as well, and offset this by a radical reduction of working time. The age of abundance is not an age of work, but of leisure and individuals self-development of our human capacities.
Work is necessary in the age of scarcity, but in the age of abundance, it becomes an optional exercise of men and women free to express themselves in productive or non-productive pursuits as they choose.
This will also cause the bankruptcy of governments around the world – a result few would mourn as they have been the chief tormentors – both figuratively and literally – of mankind during the entirety of recorded human history. In its place will be the voluntary association of human beings and a society based on mutual respect.
We have no illusion, such changes as described above will be seen as insane by every thinking person who reads this. Yet, that does not matter. These changes will be voluntarily adopted by us, or they will be imposed at great cost upon us through our own actions.
We have left Kansas, people.
Deal with it.