Good Morning Middle America, your King of Simple News is up and at ‘em.
This is a re-run for this column, but I think that you will all agree…a very timely re-run. I find it necessary to ground my beliefs from time to time in order not become lost in the daily fray of sound bites and non-newsworthy subjects. The following seven remarks were written by Robert L. Hickerson, March 1, 1995.
1. We will never again be able to get sufficient growth of the economy to eliminate or even markedly reduce unemployment. NAFTA, GATT, and Clinton’s hope of growing the economy to solve unemployment is doomed to failure.
2. The promise of competing in the global economy is a hoax perpetrated upon the working and unemployed people of this country because over time a nation needs to buy and sell overseas in roughly equivalent amounts.
3. All attempts to reduce the deficit, balance the budget or pay off the national debt are futile. The deficit and the national debt represent the subsidy the government has paid in its attempt to keep growth and unemployment at the level of social tolerance.
4. The steady state economy into which we are being inexorably forced implies an interest rate of zero.
5. An interest rate of zero (as Hubbert explains) means the end of the money system. We are being forced to completely rethink our cultural ideas about how to organize our economy and distribute purchasing power.
6. Increasingly desperate means will be used by those who think we can continue to have business as usual.