Letter to Paul Krugman,
Nobel Prize Economist, NY Times
Dear Mr Krugman:
Fascinating, disappointing and not comprehensible. These are just some of the words that come to mind when object analysis and evaluation is applied to those who promote, support and endorse the current economic doctrine. Many of you are people of great intelligence, knowledge and remarkable cognitive capabilities. With all these extraordinary gifts there appears, however to be a disconnect that exists between fanciful words and the realities of this small planet we share.
What is clear by all measures is that we live in a world with finite resources. And against the great landscape of time this finite construct will some day intersect with infinity. Our existence and destiny mathematically moves to a foregone linear conclusion. Plainly there are two courses we may take. One is to move as rapidly as possible to this final linear intersection, or to defer the date of this intersection and the demise of our species for as long as possible. What is clear is that the current economic doctrine has chosen to exacerbate the speed and shorten the journey to this intersection.
The pursuit of sequential GDP and population growth with deficit financing by nations evidences a bias towards the rapid use of the gifts (most particularly non-renewable resources) of our planet. Moreover, these belief systems also encourage an accelerated debasement of currencies and other related monetary metrics such as stocks and bonds. The logical and final course of such debasement is both the collapse of currency and the global financial structure. The outcomes of this collapse bear untold risks and consequences.
The thesis of current economic beliefs has not only failed as evidenced by the events leading to the 2008 meltdown. Without any hesitation whatsoever it is destined to fail again – and in all likelihood in just a few short years. “This time perhaps without practical remedy.” Why leading economist and thinkers in this field prefer fanciful words over harsh realities puzzles the object mind? One may surmise that a vested bias exists to maintaining the unsustainable and exponential path to exhaustion of the planet’s wealth. I do not profess to know the reason, but I do understand that the consequences will be great and beyond the theatre of words.
I do not write to simply set out the prevailing and obvious shortcomings of the conventional economic doctrine. But, it is to also request that our minds turn to revision. That good measure is given to alternative doctrines that will form new ways aimed to affect a change in the economic yardsticks and resultant human behaviour. With a plain and clear goal to set the economic doctrine on the second path that works to defer the day when we ultimately meet the intersection of time and exhausted wealth.
The linked abstract to “The Wealth of Planets” sets out a possible revisionist doctrine. This short illustrative comparison of two nations; Rapidusers and Slowusers, portrays how two fates may result as a consequence of misleading economic information and doctrines. In the last analysis, the fate of Slowusers is the most sensible preferred course of behaviour and destiny. For the greater sake of our larger noble cause, it would be of good fortune if the people who possess so many formidable gifts of talent and intellect could turn their minds to advancing us towards this more sensible road.
To close, we have a responsibility beyond vested interest. Beyond nations. Beyond the present inhabitants of our planet. That responsibility includes a sense of fairness to our children. Our grandchildren. To our future generations. If we continue on the current path then we unjustly steal the possibilities of their futures. This is a crime of unmeasured proportions. Many dare to term it with stronger words and call it an “invisible genocide”.
Thank you for your time.
T A McNeil
First Financial Insights Inc.
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Thursday, June 23, 2011
Invisible Genocide; Fallacy of Economic Growth
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