July 12, 2013

Our Man Stockman: Aux Barricades!

David Stockman is back with another harangue, well worth reading in its entirety if only for the belletristic derision he pours upon the notion of economic "recovery" in the American job market, which, of course, is where most of us actually live.  Where I part company with Mr. Stockman is his ascription of the great descent of the American economy, where the commoners and their employability are concerned, solely to various financial choices made by the Federal Reserve and the plutocracy.  I think America's fate is the natural consequence of globalization of the world economy, which was inevitable, really.  American general prosperity, like water, is seeking its own level, and has been probably since at least the mid-1970's.  The home as ATM and the other features of the Debt Society, which were certainly enabled by cheap money, were reactions to this sinking feeling - an effort to sustain the illusion of American Exceptionalism at all costs.  It worked, in general, for the Elite Upper Crust who could profit by labor arbitrage and international monetary flows, but the vast majority of the people, competing now against the rising economies of Asia, took it in the shorts.  And as always in such rarefied discourse, Mr. Stockman makes no reference to that most relevant of geographical locations, Planet Earth, and its strained resource base and ravaged ecology.