American capitalism once prided itself on the accuracy of its economic statistics. An alphabet soup of regulatory agencies carried out this work. During the decades of the Cold War, the spokesmen for big business always pointed to the mockery of economic data produced by the Stalinist regimes as one more proof of the superiority of the profit system. Today, however, the growing crisis is producing a historic reversal. Where American capitalism once required accurate data, today it requires lies.Put that on your email signature and see if it inspires questions or conversation...
Monday, June 02, 2008
quote of the year
From Peter Daniels's excellent review of Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism by Kevin Phillips: