The Meaning of Words
Humpdy-Dumpty said to Alice, "When I use a word, it means just what I choose it to mean, neither more nor less." We are left to wonder what meaning he would have chosen for the words "recession" and "depression".
Prior to 1929, a depression was understood to mean an area lower than the surrounding surface, such as a pot hole. In economic terms, it meant what we now call a recession, a temporary period of contraction limited in scope. Nothing serious. The present "recession" appears to be quite serious indeed. The great gurus of our age, the economists, have not yet used the dreaded word Depression. Perhaps they'll invent another euphemism.
Economists issue forecasts on a regular basis. They're almost always wrong. Economics is a science, they would have us believe. There's a Nobel Prize for Economics. But is it all hogwash? The High Priest of laissez-faire capitalism, Alan Greenspan, now bemoans the fact that he was wrong all along in championing deregulation of the markets. Government "staying out of our lives", the mantra of the right wing, is now seen as disastrous. Retirement nest eggs founded on stocks and mutual funds are being depleted. "Freedom 95?" headlined Maclean's Magazine in mocking reference to London Life's famous "Freedom 55" campaign, whereby one could enjoy a worry-free retirement at age 55 by means of smart investing.
We are told repeatedly that the Canadian banking system is the soundest in the world. We have nothing to worry about. Not like the U.S. But bank stocks are falling like stones. "Stocks have never been cheaper", the brokers tell us, "now is the time to buy." Warren Buffett is buying. The panic is over. Oh, yeah?
The American Dream, the dream of riches, is coming undone. This aspiration always seemed a bit crass to me. Is the pursuit of money and all that it brings, the sole purpose of life? Or even the most important? What is the true meaning of "riches"? Get a life, guys.
Humpdy-Dumpty sat on a wall. Humpdy-Dumpdy had a great fall. Our financial wizards are looking to all the king's horses and all the king's men to put him back together again.
Prior to 1929, a depression was understood to mean an area lower than the surrounding surface, such as a pot hole. In economic terms, it meant what we now call a recession, a temporary period of contraction limited in scope. Nothing serious. The present "recession" appears to be quite serious indeed. The great gurus of our age, the economists, have not yet used the dreaded word Depression. Perhaps they'll invent another euphemism.
Economists issue forecasts on a regular basis. They're almost always wrong. Economics is a science, they would have us believe. There's a Nobel Prize for Economics. But is it all hogwash? The High Priest of laissez-faire capitalism, Alan Greenspan, now bemoans the fact that he was wrong all along in championing deregulation of the markets. Government "staying out of our lives", the mantra of the right wing, is now seen as disastrous. Retirement nest eggs founded on stocks and mutual funds are being depleted. "Freedom 95?" headlined Maclean's Magazine in mocking reference to London Life's famous "Freedom 55" campaign, whereby one could enjoy a worry-free retirement at age 55 by means of smart investing.
We are told repeatedly that the Canadian banking system is the soundest in the world. We have nothing to worry about. Not like the U.S. But bank stocks are falling like stones. "Stocks have never been cheaper", the brokers tell us, "now is the time to buy." Warren Buffett is buying. The panic is over. Oh, yeah?
The American Dream, the dream of riches, is coming undone. This aspiration always seemed a bit crass to me. Is the pursuit of money and all that it brings, the sole purpose of life? Or even the most important? What is the true meaning of "riches"? Get a life, guys.
Humpdy-Dumpty sat on a wall. Humpdy-Dumpdy had a great fall. Our financial wizards are looking to all the king's horses and all the king's men to put him back together again.
posted by puzzled @ 5:24 AM
0 Comments:
Post a Comment
<< Home