You can understand Economics

30 April 2009

Obama: another Gorbachev, or John Law ?

The latest 'messiah' may fancy himself the next FDR. I thought Dmitry Orlov had it right when he compared Obama with Gorbachev, see Orlov's Perestroika 2.0 beta

http://www.energybulletin.net/node/47808

Both tried to keep a dying empire alive, rather than build something new. 'An important caveat still applied: the problems always had to be cast as “specific difficulties,” or “singular problems” and never as a small piece within the larger mosaic of obvious system-wide failure. The spell was really only broken by Yeltsin, when, in the aftermath of the failed putsch, he forcefully affixed the prefix “former” to the term “Soviet Union.” At that point, old, pro-Soviet, now irrelevant standards of patriotic thought and behavior suddenly became ridiculous...'

Douglas French, who runs the Mises Institute and wrote Early Speculative Bubbles & Increases in the Money Supply, goes a step further and compares Obama to the 18th Century speculator/crook, John Law:

http://mises.org/story/3438

'Law's use of a bank to create money out of nowhere to pay for government programs was imitated by Roosevelt, Hitler, and Mussolini.

'We can only hope that [Obama's] career will be short and that the Fed's days are numbered.'

Well, frack, I'm doing it again, paying attention to the Americans. Bad disctraction. Back to the lawn-digging-up and garden-planting, I need to eat when the supermarkets go empty.

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