“When plunder becomes a way of life for a group of men living in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it.”
– Frederic Bastiat, (1801-1850) French economist, statesman, and author
I pay attention to the fat content of my food, so I was pleased to find a can of Pam canola oil cooking spray that had 0 grams fat per serving. Great, can’t do better than zero fat, can you? I used it often for a few months … until one day I took a closer look at the “Nutrition Facts” … Yes, it said 0 grams fat per serving. A serving. How big was that? Let’s see … “Serving Size about 1/4 second spray” … Hmm, how does one press down on a button for 1/4 second? Is it humanly possible? Even the manufacturer had to say “about”. I had been taken. My hat is off to you Capitalist Robber Barons — You’re good!
The Dow Jones industrial average of blue-chip stocks fell 635 points on Monday August 8.
On Tuesday it rose by 430 points.
Wednesday, the market, in its infinite wisdom, decided to fall again; this time by 520 points.
And on Thursday … yes, it rose once again, by 423 points.
The Dow changed directions for eight consecutive trading sessions.
Upon such marvels of mankind countless people build careers, others wager their life savings, philanthropic foundations and universities risk much of their endowments, and conservative sages deliver sermons to the world on the wisdom and sacredness of the free market.
Do the economic fundamentals really change dramatically overnight? Or is our economic system as psycho as our foreign policy? The Washington Post’s senior economic columnist, Steven Pearlstein, wrote on August 14th of the four days described above: “I suppose there are some schnooks who actually believe that those wild swings in stock prices last week represented sober and serious concerns by thoughtful, sophisticated investors about the Treasury debt downgrade or European sovereign debt or a slowdown in global growth. But surely such perceptions don’t radically change each afternoon between 2 and 4:30, when the market averages last week were gyrating out of control.”
Last month “Pope Benedict XVI denounced the profit-at-all-cost mentality that he says is behind Europe’s economic crisis” as he arrived in hard-hit Spain. “The economy doesn’t function with market self-regulation but needs an ethical reason to work for mankind,” he declared. “Man must be at the center of the economy, and the economy cannot be measured only by maximization of profit but rather according to the common good.”
“I am a Marxist,” said the Dalai Lama last year. Marxism has “moral ethics, whereas capitalism is only how to make profits.”
“I don’t believe in anything,” said Barack Obama. “At least not really strongly.” (No, I made that one up.)
Perhaps the worst outcome of the United States “winning the Cold War” is that countless progressive people think there’s no alternative to the capitalist system. Seventy years of anti-communist education and media stamped in people’s minds a lasting association between socialism and what the Soviet Union called communism. Socialism meant a dictatorship, it meant Stalinist repression, a suffocating “command economy”, no freedom of enterprise, no freedom to change jobs, few avenues for personal expression, and other similar truths and untruths. This is a set of beliefs clung to even amongst many Americans opposed to US foreign policy. No matter how bad the economy is, Americans think, the only alternative available is something called “communism”, and they know how awful that is.
Meanwhile, the Communist Party USA has endorsed Barack Obama for re-election.
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