Chip,
Wisdom is a relative term. If we allow the inmates to run the asylum, what can we expect wisdom to be? Once again, H.L. Mencken puts the words for me, in a more eloquent way....
"The typical lawmaker of today is a man devoid of principle--a mere counter in a grotesque and knavish game. If the right pressure could be applied to him he would be cheerfully in favor of polygamy, astrology, or cannibalism."
I am certain that the above could very well be applied today very accurately, in many instances, and in many lands.
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Re:>>So far the international monetary systems in place have worked
remarkably well. Not *all* but many diverse populations have benefited from the increase in trade and liquidity these systems have brought.
They have also created imbalances and 'Kleptocracies'......
A human condition.<<
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As you indicated, the Internet is an equalizer, but in the end, the individual, is the one that makes the decisions, presumably, the more capable and educated, is the individual, the better decision is made...
What is important to point out is that the information in order to make decisions is now more available than ever it has been to whoever wants to make the effort to obtain it.
How long will it be before a more efficient decision process is achieved by the masses, who knows! It will be directly related to how soon the great masses can become computer literate and willing to make the effort to educate themselves.
Personally I do not foresee a return to a gold standard, I believe such standard was necessary in the dark ages, where indeed people were kept in the dark, so a "safe" bet was to own gold, there was a psychological value to own it, therefore the perception that you were safe, gave you stability. (And value to the metal).
There are overwhelming technological reasons, from the increase in the supply of the metal, given new extraction methods, and/or improved operational efficiencies in existing mines, to financial vehicles/assets in which the "safety and store of value" argument, can now be more efficiently reached.
Today, the ability to shift assets, both personally and institutionally from one place to the other will give you a better sense/perception of safety.
Slowly, the "invisible" hand of the free market is becoming the clear winner as to how to manage the world economies. After all, Communism, Socialism, and any other "ism" are no more than glorified personal opinions imposed on the will of the different communities of the world. Further, when applied, they were modified/adapted by the different "politico" of the moment.
The system based on free market it is in certain instances, too harsh a "judge" because as you indicate the new open trade policies, can create personal tragedies, that are hard to ignore, these tragedies are happening everywhere, in the U.S. in Mexico, everywhere.
Then again, perhaps it is a cleansing period in which those "inefficiencies" will be cured, and eventually the so called "good of the many" will in the end be achieved, not in an imposed fashion but more as a result of the "will of the market".
It has been argued that the Laissez Faire Capitalist system allows the "exploitation" of the "poor" and the "disadvantaged".
Perhaps a truer picture is that corrupted leaders and politicians are the ones that have taken advantage of a freer system where the individual, if prepared, is in a far better position to succeed in being the main benefactor. Such corruption is a function of the human factor, not that the system, "prefers", or "dictates so".
Whatever the cost of an open system of trade, where a specific currency, or currency block is exchanged at a specific rate based in the value of an entire economy and its capacity to produce in a more or less efficient way, it will always be better than a "nationalistic" or protectionist system, where artificial borders are placed based on "flags" or specific regional customs.
My opinion is that "nations" are a concept created, and nurtured by so-called "leaders", (politicians). Such concept has succeeded primarily because of ignorance, fear, and lack of communication amongst people, individuals of the different regions.
In the past, some of these policies have lead to eventual war, or social unrest of considerable magnitude, in which the leadership looses proportion of all common sense embroiling entire "nations" in senseless violence.
Under an open trade system, it is hoped that commercial alliances will be formed, regardless of "nationalities" but rather based on efficiencies of operations and maximization of the utilization of economic resources. In the end, the welfare of one's own wallet will overcome, (for the most part), most differences. Perhaps the only exemption to this thought, are the zealots.
The individual will have to decide how he/she must participate in this New World. I can not "futurize" how the Internet will do this or the other, but the opportunity is there for entire "nations" to be informed and rise to their corrupted leaders and kicked them out of their power seats.
It will take some time perhaps, but the one thing I am sure it will happen is that the politicians will no longer be capable in which to completely raid the wealth of entire countries for their own personal benefit.
For starters, a more responsible fiscal discipline has already been achieved, in the United States and that on its own is a great victory for the welfare of the individual. The better part of this is that other countries are taking notice and are working towards such end.
Likewise, the opportunity for the proverbial "saviors" and messiahs, coming to the "rescue" of the masses will be eliminated, as in 10 times out of 10, those proverbial saviors, in time, become as corrupted, or worse, as the leaders they were replacing in the first place.
It will be the individual that will make the difference.
To what extent this "revolution" will take us? Frankly, I do not know, will new nations be formed with cyber-currencies? Or will the entire concept of nation, be scraped? I do not know.
However, two things I am convinced that will happen are: 1). the individual will have a far greater voice than in the past, further it will be up to the individual to how far this revolution will be taken. 2) The politician will have to run a far more efficient and honest show, than ever before.
Those "countries" were efficiencies are achieved via their own effort or via alliances with other stronger partners, will achieve greater stability in their "store of value", and of course exchange rate.
Z.
P.s.: since we are quoting, I will give you a couple more, both from H.L. Menecken (US Editor. 1880-1956)
"Government under democracy is thus government by orgy, almost by orgasm."
And
"It is inaccurate to say I hate everything. I am strongly in favor of common sense, common honesty, and common decency. This makes me forever ineligible for public office."
I hope that no reader of this thread is a politician, otherwise Zebras are going to be forever "striped" if you know what I mean. |
