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Tim MacDonald's avatar

"Next time you get a chance, look yourself in the mirror and say:

'My purpose in life is to work to produce goods and services and consume goods and services so that the economy grows 2-3% per year.’”

Then, ask yourself, where do I derive this purpose? Who tells me that my job is to work hard to produce and consume more so that the markets can give everybody more?

Then, ponder this possible answer: it is the markets that give you that purpose. Specifically, the securities trading markets for financing enterprise through profit extraction from volatility and growth in market-clearing prices for securities in the markets for maintaining volatility and growth in the market-clearing prices for those securities.

Economist D’Maris Coffman tells us that 17th Century Mercantilism was the special pleading for the special interests of the British East India Company in co-opting the common sense, and military might, of the English Crown to protect and perpetuate its monopoly control over trade in the East.

In the same way modern Growthism can be seen as the special pleading for the special interests of securities trading markets professionals (a decidedly more ephemeral entity than the British East India Company) in co-opting our common sense of fiduciary prudence and loyalty, to protect and perpetuate their monopoly control over tens of trillions in society’s shared savings aggregated into social trusts for socially provisioning the social safety nets of Workforce Pensions and Civil Society Endowments.

Humanity does not need Growth, but the securities trading markets do.

I don’t call on you to accept this proposition, but I do invite you to consider it, by joining a new conversation at the vanguard of public discourse, to explore the possibility that it is, in fact, more true than not.

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Robert's avatar

Great post, brilliant song. And Townes' version ain't half bad - I believe you can hear that he is the one who wrote those lyrics and first felt them.

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