A better economy

What’s the use in reopening a failed economy? There was a slogan a few elections back, “It’s the economy stupid,” which was not quite correct. It should be, “It’s the stupid economists.”

In 1827 a senator from Pennsylvania made the following statement from the House floor: “There are two schools of political economy — one headed by Adam Smith, and the other by Mathew Carey — a British School and an American School.”

The current floating-exchange-rate free-trade system based on usury, speculation and outright gambling (derivatives) has seen one financial disaster after another. The only constant growth has been debt.

As a people, it is time to revisit the great debate which raged for over half our country’s lifetime, over these two systems. The American system is based on principles laid out by Hamilton in his reports to Congress on manufacturing and banking. This is the system that built this country, not free trade One example is Lincoln’s use of the American system brought the North out of the Civil War a stronger nation than when it started.

So, I will take my stand with Hamilton, Lincoln, the Careys, McKinley and Kennedy over Smith, Ricardo, Hume and the current crop of stupid economists.

Garth Fowler

Coeur d’Alene