To the Daily Sun,
Currency devaluation, quantitative easing, is not a precondition for economic recovery; rather it is a hindrance to it. Economic success is predictable. Economic action is rational. A strong stable currency is a magnet for investment and a catalyst for expanded trade. The ingredients for growth following an economic crisis are accountability, transparency, fiscal consolidation, and equitable distribution of sacrifice.
When a nation is confronted with severe economic contraction it must face the situation. It must clearly recognize the situation. It must analyze the alternatives and most importantly it must embrace the future not hold onto the past.
Selection of the best available path forward needs two decisions. It requires comprehension of the economic reality which is a grasp of the available alternatives and of the costs and probable results of each. It also requires turning the crisis to political advantage. America has clearly failed to do either of those things in the most recent economic downturn.
Political leaders who explain the situation clearly to their citizens will gain support for tough policies. America has had no such clear explanation of the economic downturn. There was no explanation of the cause. There was no explanation of the available choices. Instead we have been fed a steady diet of everything will be OK ... the Big Government will care for everyone. Things are tough ... but trust me.
This fails to build the sense of urgency necessary to make the hard economic choices required. Over time we have become less and less willing to make the needed sacrifices. Trust has been eroded. The political leadership of both parties have spouted bi-partisan lies in which the media has been complicit; by both propagating and perpetuating them.
America did embrace a new leader. Unfortunately that leader had no new economic ideas. He had only tired Marxist ideology. He left in place and then grew the vested interests associated with the old leadership from which he had inherited failure. It is time we start to think about that and grasp what it means for the future.
The coming election will have the largest and most diverse field of candidates in modern history. There is a smorgasbord of ideas available for us to choose from. Do we choose the Greek path with Hillary and Bernie, or do we select something with a higher probability of success? Moving forward we should build a foundation of integrity, fiscal responsibility, personal responsibility and life. We have a choice to make.
- Category: Letters
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