Eugene David
...The One-Minute Pundit

Friday, October 24, 2008


Elsewhere in Forbeslist.com, an investor named Ralph Shive opines:

In your spare time, you're an avid reader. One of your all-time favorites is Wealth and Democracy: A Political History of the American Rich by Kevin Phillips[*]. How come?

I love history. I try to understand cycles, which help me envision where we are now and where we might be going. That book was a great recap of the rise and fall of great nations. The United States is a great nation. We are, in my opinion, peaking and preparing for decay. We have already been decaying.

I found the book fascinating. He pointed out that, in peaking nations, we turn into paper shufflers. Young and hungry countries are mercantilists. They create and sell. But peaking nations shuffle paper. That's what we do here now in America. We shuffle Collateralized Debt Obligations and credit default swaps all over the globe. And this is what it gets us, this mess.


We will not guess whether we're declining (though our culture certainly is) but undoubtedly America has reached a new high in paper shuffling.

*The faux-conservative.

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