What, me worry?

The U.S. dollar has lost 93% of its purchasing power since 1971.

Could this have affected the savings of millions of Americans and foreigners? Is it just me, or is that a significant loss of value?

I've never focused much on economics and high finance, let alone monetary policy and things like the gold standard and the Federal Reserve. Nor have most people, I suspect. Maybe this kind of information's always been out there, or I've heard it but it's not registered. Clearly a liiiiiittle more attention to these difficult matters is in order.

Notwithstanding my own failure to understand important aspects of our security, shouldn't there have been some institutional mechanism that was focused on finding leaks in the boat? Or, were we all so blinded by the heady rocketing of real estate values and cheap off shore consumer goods that we didn't think to ask basic questions?

Churchill complained of not being heard when he raised the alarm about Germany. Apparently no one wanted to hear any alarm raised by anyone, and surely there must have been many. Even President George Bush was ignored when he tried to rein in Fannie Mac, if I've got that right, though his administration will not go down in history as having championed fiscal probity or evidenced that its officials had an understanding of free markets. (The superb Accuracy in Media's AIMReport for November-A 2008 has a great article on "Using Socialism to Save Capitalism.")

The leadership, broadly defined, of this country seems not to understand the concept of the vigorous foot on the brake pedal whether in economic matters, illegal immigration matters, or legal immigration of inassimilable Muslims.

When we really need "change" it's all ahead full on the course of suicide. All problems can be ignored until the very grill of the 18 wheeler crashes through the living room window.

The pleasant breezes of late spring will last forever. This is America, after all, isn't it? Always free, always secure, beloved by all who grace our shores, protected from government excess by a vigorous, independent press and the steel structure of the Constitution.

"Unintended Consequences of the 20th Century and Beyond." By James Quinn, The Market Oracle, 1/8/09.