Topic: Economics
Keep on driving! A simple analogy attempting to explain our current economic situation and the painful corrections that must take place.by Ken D. Berry, MD
(libertarian)
Sunday, November 23, 2008
When attempting to discuss our current economic crises with neighbors and friends, most will agree that something is wrong with our economy and with our country. They all know (or feel) that our current course is not right, that we are in bad trouble, that the recovery from this financial meltdown will be difficult, and that something must be done. From that point to the next, the water becomes murky and ideas on the actual solutions differ widely. When one talks of slashing the size of the current federal government, gutting the imperialistic portion of our military budget, and crippling both the corporate and personal welfare system, a vague look of panic surfaces in the eye of the average listener, no matter how softly the ideas are put. As bad as our current financial system is, it seems the actual solutions, when discussed, are more un-nerving to regular folks than doing nothing at all… Some irrational shred of hope in the inner-child of the listener seems to allow most people to sit back and seemingly relax as we careen down this financial road to oblivion. Since the brick wall of consequences is not immediately visible in the windshield, everything may just be alright in the end, they seem to believe.
So, I have been searching for an analogy with which to explain our current situation to folks so they can better grasp the necessity for the drastic measures needed to correct the course of the American economy. Most of us can understand and identify with the little story below:
A scruffy, hard-headed teenage boy (U.S. Government) is coaxed, by three good-looking girls of questionable character by the names of OIL-etta, BANKING-ena, and PHARMA-cetta (a stretch, I know), into stealing his father's car (American Economy) and buying liquor (inflation and cheap financing) and drugs (sub-prime loans and corporate welfare) and going on a drunken driving spree. Most people can fill in the blanks of how such a night of fun would end. A traffic infraction here (ignoring free market laws), a little assault there (needless wars), disturbing the peace (Patriot Act), and lots of indecent exposure (imperial hubris); and by the time the audience rejoins our ill-fated hero and his floozies, dad's dented-up car is illuminated by the spot-light of a police helicopter (internet journalism), and pursued by 4 more police cruisers (free market consequences).
Now, our young hero has some choices to make. If he were to call the average clueless American for advice, it seems they would tell him, "Keep on Driving!" A call to current leaders in the federal government and he would hear, "Drive faster!" A slow, steady increase in federal spending, regulations, restriction of freedoms, empire-building, and inflation seem much superior to most people than the terrifying, mythical disaster that would surely occur if we were to halt our economically sinful ways and return to normal market dynamics and re-acknowledge the laws of human nature. And granted, if our young hero does pull over and step out of the car with his hands in the air, there will be some injurious consequences. The police will wrestle him to the ground (market crash), and he will definitely spend some time in jail (recession/depression), and his reputation will be besmirched. His girlfriends will be charged with various crimes, lose everything they have, and probably will never speak to him again. If he were to turn to one of them in the heat of this chase and ask what he should do, he would undoubtedly hear a chorus of, "Keep on driving!"
He takes another swig of liquor (easy credit and rate cuts) and one more hit of speed (federal bailouts); he sees the way ahead growing dismal (shortages, brown-outs, sinking world opinion) and begins to realize that he must, if he is to survive, stop his present course down this road to destruction, and think of turning around dad's car, and his life. Eventually, as the speed begins to wear off and his stomach starts to churn, this young man will begin to truly weigh his options. He will start to miss the normalcy of his home (Liberty) and the love of his family (free market rewards), throw his bottle out the window, and begin slowly to pull to the side of the road. At some point (hopefully) it occurred to him that to keep on driving will net much worse consequences than pulling over and starting to pay for his crimes. Hopefully, he will make the right decision before the spike-strips are thrown (severe depression), and the pistols are drawn (Amero, socialism, world war). Only by making these very hard choices and suffering through his self-inflicted consequences can he ever hope to return to a guilt-free life (hard-money, free economy and Liberty), and regain his lost reputation (world opinion). He must also forever distance himself from further contact with his "girlfriends" who will only seek to seduce him into another joyride. He must make his decision now, for to keep on driving will be suicide.
This is the current plight of our Union. The options being discussed and taken by our federal government, no matter the nice-sounding titles given to the bills, can all be summed up by the motto, "Keep on driving!"
Maybe, using an analogy such as this when discussing economics with friends and neighbors will help them understand that there can be no quick fix, nor any magical potion for our current ills; the solution to and the recovery from our current mess will come slowly and with great pain. The changes that need to be made are unnerving and have not been previously discussed in our lifetimes; they are, however, better than the alternative. It is time to stand and take the consequences of our actions (or inaction) like men and women; like Citizens of a once great and respected Republic. To keep on driving is the height of folly and will lead eventually to the utter destruction of our Liberty and, I fear, to the eventual dissolution of the Union.
Ken D. Berry, MD - 2008
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The views expressed in this
article are those of Ken D. Berry, MD only and do not represent
the views of Nolan Chart, LLC or its affiliates. Ken D. Berry, MD is
solely responsible for the contents of this article and is not an
employee or otherwise affiliated with Nolan Chart, LLC in his/her role as a columnist.
Posted By: Jahfre Fire Eater
Date: 2008-11-23 07:05:45
Hi Ken,
Too bad that the Fed, Congress (except Ron Paul), the US Treasury and the POTUS all think they are Thelma and Louise. They have driven too far already, there is no turning back.
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