Some are criticizing this weekend’s G20 economic summit for taking the decisive action of no action in the face of a crumbling world economy. Many see this as an example of the classic bureaucratic ploy of asking for further study of a collapsing structure even as the air is thick with the dust of falling ceilings and buckling walls.
The high point of the summit was when your predecessor took a principled stand against a regulated free market by arguing that, “The crisis was not a failure of the free market system…It would be a terrible mistake to allow a few months of crisis to undermine 60 years of success.”
Study that statement carefully, Barack. It’s an example of the first rule of leadership: hypocrisy is the cement that holds a country or an institution together. The “success” he spoke of is nothing more that the artificial inflating of one bubble after another along with the propping up of a phony prosperity through the accumulation of massive amounts of debt. (In 1929 the total private, public and corporate debt was 160 percent of the nation’s GDP. In 2008, that same debt is 350 percent of GDP).
Some argue that now is the time to think outside the box, while others call for reducing the box to kindling. In truth, the only course of action for free market ideologues is to shore up the box by nailing additional support beams to its rotting timbers.
Providence calls us to follow empire’s traditional curve of ascent, apogee and decent into self-destruction. This is what makes history such a good read for those who even bother to read history.
The confusion created by an empire’s collapse is the perfect cover that allows our kleptocrats to stuff their pockets with public money while the proles scratch their heads as they try to figure out what in the hell is going on.
In the meantime, world leaders meet and discuss to give the illusion that they are working towards shoring up the world economy when all they are doing is calling for further study.
It’s only third-rate theater dressed up to look like Shakespeare.