{"id":12202,"date":"2015-09-13T08:58:25","date_gmt":"2015-09-13T13:58:25","guid":{"rendered":"http:\/\/olduvai.ca\/?p=12202"},"modified":"2015-09-13T08:58:25","modified_gmt":"2015-09-13T13:58:25","slug":"after-the-great-deformation-the-next-challenge","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=12202","title":{"rendered":"After The Great Deformation\u2014\u2014The Next Challenge"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/davidstockmanscontracorner.com\/after-the-great-deformation-the-next-challenge\/\" target=\"_blank\">After The Great Deformation\u2014\u2014The Next Challenge<\/a><\/h3>\n<p>David Stockman has written the finest piece of financial journalism of our generation:\u00a0<i>The Great Deformation: The Corruption of American Capitalism<\/i>. It shows how we got into the mess we are in.<\/p>\n<p>Blame the government. Then blame us. It is our government. We must not parrot Flip Wilson\u2019s Geraldine: \u201cThe devil made me do it!\u201d<\/p>\n<p>Stockman has followed up his book with a website:\u00a0<a href=\"http:\/\/davidstockmanscontracorner.com\/\" target=\"_blank\"><u>David Stockman\u2019s Contra Corner<\/u><\/a>. He posts daily articles, not on how we slouching toward Gomorrah, but how we are being dragged toward Armageddon. He has identified the culprits: the \u201cdirty dozen\u201d who compose the Federal Reserve System\u2019s Federal Open Market Committee (FOMC).<\/p>\n<p>Stockman is now trapped by his own enterprise. He is going to have to write a 300-page book, along with a multi-episode YouTube documentary:<i>Up from Armageddon<\/i>. It should be released in year three of the coming recession. Trust me: it\u2019s coming. Trust Stockman: it\u2019s going to last at least three years.<\/p>\n<p>The book\/documentary should have three sections: (1) how deep in the hole we really are; (2) how we got into this hole; (3) how we can get out.<\/p>\n<p>Section 3 will be this: \u201cRebuilding from the Ground Up.\u201d Here, he must offer a grand design: the way things ought to be after the rebuilding. But he must also offer a practical, step-by-step strategy. As Karl Marx often wrote, but never actually delivered: \u201cfrom theory to practice.\u201d<\/p>\n<p>Each chapter of\u00a0<i>Up from Armageddon<\/i>\u00a0should have a link back to his site: proof. No footnotes needed. (Note: the links should be shortened links:<a href=\"http:\/\/bit.ly\/\" target=\"_blank\" rel=\"nofollow\">http:\/\/bit.ly<\/a>.)<\/p>\n<p>Will the government\/Federal Reserve do any of this? Of course not. But we need a field manual on what can and should be done. When the FED responds to the crisis by doing everything wrong \u2014 count on this \u2014 he can write a follow-up, I-told-you-so book:\u00a0<i>Another Fine Mess<\/i>.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After The Great Deformation\u2014\u2014The Next Challenge David Stockman has written the finest piece of financial journalism of our generation:\u00a0The Great Deformation: The Corruption of American Capitalism. It shows how we got into the mess we are in. Blame the government. Then blame us. It is our government. We must not parrot Flip Wilson\u2019s Geraldine: \u201cThe [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[8996,5979,2120,303,305,4512,8995,3300,1264,3597],"class_list":["post-12202","post","type-post","status-publish","format-standard","hentry","category-economics","tag-american-capitalism","tag-contracorner","tag-david-stockman","tag-fed","tag-federal-reserve","tag-fomc","tag-gary-north","tag-karl-marx","tag-recession","tag-the-great-deformation"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12202","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12202"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12202\/revisions"}],"predecessor-version":[{"id":12203,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12202\/revisions\/12203"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}