Please run this blog through the Baloney Detection Kit that was published here in the last 90 days. I recommend you do it for every media byte but, a guy off the streets writing about our global financial crisis may need it more than others for obvious reasons.
There is a postulate that states, “People will fight harder to keep just what they have than they will to double it.”
The financial crisis we are now experiencing – much like the one in the 1930s – is the collection of consequences for not attending to or understanding the dynamic relationships between 50 or so markers with thousands of events, also dynamic, that occur in the marketplace.
At the same time, those with access and responsibility for our economic homeostasis were postulating and positioning the use of recycled and flawed approaches as having ‘mitigating’ circumstances surrounding their failures, again and again and…… again.Each time our institutions fell further behind at tortuous attempts of adjusting the dials to prove or show these fanciful approaches were correct but not executed correctly. No one flinched.
Each time the fanciful approaches were linked to current fears – mostly social, that were then maintained lest a change in ‘the’ approach make things worse, as in the postulate above.
Fear and shallow rhetoric prevented our economic behavior from being empirically subjected to an experimental analysis of the behavior of markets. Now we have another chance. The consequences for greater pain are more probable than any temporary gains from standing pat or biding our time. Our trillions of lost dollars and savings and confidence has occasioned a search for another method, to find a different method, a variation, to bring confidence as well as some level of empiricism to financial institutions that only pretend to be empirical.
Our strengths as a country and culture are science. It is time to try what we know works to get us to the moon and extend the average life spans in less than one hundred years from 37 to 74 years. It is also fitting that an empirical variation will help us understand what Darwin saw (whose 200 birthday we celebrate this Thursday) as the dominate feature in all species over 150 years ago.
For nay-sayers and those that have a vested interest (no pun intended) in that status quo of this pig in a poke economic approach, one can only suggest that the time for something else is upon us. That ‘something’ isn’t witchcraft, tea leaves, prayer or a link to LinkedIn.com. It is science in excess. I hope that idea gets more traction faster than Darwin’s ideas have fared.
You better hope so too.
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