Sunday, July 12, 2009

Where is the American eagle going?


James Quinn does a nice job summarizing the Fourth Turning’s prophesies for the next twenty years, which I have discussed in The crisis at the end of the saeculum and Onward to Ekpyrosis….

It is stunning that mainstream macroeconomics, handmaiden to the status quo, continues to frame the problem as the level of output, not the distribution of income.  American per capita GDP is higher than it ever has been before.   The problem is that the ruling class does not know how to share.  They have manipulated the financial system and the fiscal and monetary authorities to suck up unprecedented amounts of the nation’s wealth to themselves.  (Review assignment:  Debt and income inequality.)

Learning how to share will be the most important challenge of the coming crisis. 

1 comment:

  1. I expect that the challenge will be more along the lines of defeating the measures that they've created to avoid sharing.