Tweet
Its an unfortunate thing that these long waves are hardly visible when one is swept along on the wave itself.
It is most unseen in the plush luxury of the ship where perhaps a mere few will lazily peer to see some strange fixed object, like a coralline rock. Such a sighting will cause a small concern limited to an intellectual class, happy even to have something new to muse about. The school of the optimists will hold sway over those who have their doubts. The empirical evidence is all to the contrary, and the last word is a loud belch to close another season of gluttony.
Yet those that oppose the optimists are more seldom seen, having taken up their night watches. They are first to see such strange sightings again , but having lost their credibility as heterodox realists, they are just a small flock of storm crows.
When the economic ship finally runs aground into rents, the contest of inertia now begins again to see who rules its laws. The sails that were powered by ancient winds unseen below are disturbed ghosts by the merchantilist steam roiling the waters more powerfully. Then, there is that moment when the inertia is equalized, and the reference that has always been is in the shadow of a mountain that defeats it. The hot glow of the engine sets in the sulfurous sky, beautiful like a temple erected by slaves.
The rafts and wreckage, now disjointed objects disobeying the collective thoughts of the ship that was, mingle with the once distant and shadowy objects that are everywhere as is the mountain; and it is they that do not change with the waves; and the roiling waters that disturbed the ghosts unclasps from their hands an old epic, The Great Sail, The Great Wind and the Mountain.
But, indeed, the dictum that truth always triumphs over persecution, is one of those pleasant falsehoods which men repeat after one another till they pass into commonplaces, but which all experience refutes. History teems with instances of truth put down by persecution. If not suppressed for ever, it may be thrown back for centuries.
...
The real advantage which truth has, consists in this, that when an opinion is true, it may be extinguished once, twice, or many times, but in the course of ages there will generally be found persons to rediscover it, until some one of its reappearances falls on a time when from favourable circumstances it escapes persecution until it has made such head as to withstand all subsequent attempts to suppress it.
JS Mill
Its really so obvious to me now.Labor proceeds capital and capital proceeds assets. The monetarist system is an ancient one, and this has been done over and over again. In the 1990s capital rich technology expanded into productive enterprises only to stall and roll over into assets or wealth preservation. Without the labor theory of capital and measures taken to deal with economic rents, only one thing can result in a monetarist system, especially a highly leveraged one. Tax policy to shift the burden off wealth only worsens it as their marginal propensity to consume leaves even more surplus to drive up the asset prices. Greenspan and Bush tried to put out a kerosene fire with gasoline.
Georgist school, economic interventions to free the land for labor and capital mobility are ancient.
We forgot Levticus
We ignored Henry George
We shot Kondratiev
Will we learn, or will we just use a bigger cannon to suppress, but never destroy the truth?
It is most unseen in the plush luxury of the ship where perhaps a mere few will lazily peer to see some strange fixed object, like a coralline rock. Such a sighting will cause a small concern limited to an intellectual class, happy even to have something new to muse about. The school of the optimists will hold sway over those who have their doubts. The empirical evidence is all to the contrary, and the last word is a loud belch to close another season of gluttony.
Yet those that oppose the optimists are more seldom seen, having taken up their night watches. They are first to see such strange sightings again , but having lost their credibility as heterodox realists, they are just a small flock of storm crows.
When the economic ship finally runs aground into rents, the contest of inertia now begins again to see who rules its laws. The sails that were powered by ancient winds unseen below are disturbed ghosts by the merchantilist steam roiling the waters more powerfully. Then, there is that moment when the inertia is equalized, and the reference that has always been is in the shadow of a mountain that defeats it. The hot glow of the engine sets in the sulfurous sky, beautiful like a temple erected by slaves.
The rafts and wreckage, now disjointed objects disobeying the collective thoughts of the ship that was, mingle with the once distant and shadowy objects that are everywhere as is the mountain; and it is they that do not change with the waves; and the roiling waters that disturbed the ghosts unclasps from their hands an old epic, The Great Sail, The Great Wind and the Mountain.
But, indeed, the dictum that truth always triumphs over persecution, is one of those pleasant falsehoods which men repeat after one another till they pass into commonplaces, but which all experience refutes. History teems with instances of truth put down by persecution. If not suppressed for ever, it may be thrown back for centuries.
...
The real advantage which truth has, consists in this, that when an opinion is true, it may be extinguished once, twice, or many times, but in the course of ages there will generally be found persons to rediscover it, until some one of its reappearances falls on a time when from favourable circumstances it escapes persecution until it has made such head as to withstand all subsequent attempts to suppress it.
JS Mill
Georgist school, economic interventions to free the land for labor and capital mobility are ancient.
29 ‘If a man sells a house in a walled city, then he may redeem it within a whole year after it is sold; within a full year he may redeem it. 30 But if it is not redeemed within the space of a full year, then the house in the walled city shall belong permanently to him who bought it, throughout his generations. It shall not be released in the Jubilee. 31 However the houses of villages which have no wall around them shall be counted as the fields of the country. They may be redeemed, and they shall be released in the Jubilee.
- Leviticus 25
Kondratiev merely rediscovered the rotation of productivity to the human desire to store it. When the land is worthless, productivity is at its highest, until the very drive to preserve wealth is what destroys it.We forgot Levticus
We ignored Henry George
We shot Kondratiev
Will we learn, or will we just use a bigger cannon to suppress, but never destroy the truth?
Comment