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Martin Wolf – perils of nationalism!

January 19, 2017

Image result for martin wolf, economist

Martin Wolf, economist/Keynesian, has the view that populism and nationalism could lead to a potential plebiscitary dictatorship. See his article in the January 18 Financial Times, page 11. The term being used (plebiscitary) is somewhat confusing. He views commerce (global trade) as the antidote to this trend (desire) of a direct vote of the people to decide issues of major import (issues which over-ride global economic issues). What has emerged in Britain and America (with Brexit and Trumpism) is a form of nationalism which puts the State and the common interests within the State ahead of global trading relationships (what Mr. Wolf calls global commerce or trade).

The election of the Donald is an election to put America FIRST. The idea of ‘Make American Great Again’ is the underlying mindset of the Donald. Martin Wolf has an important philosophical point, however, which is typical Keynesianism at the core. Globalization must be viewed as superior (philosophically) to individual State interests. The ‘whole’ (our global commerce) must come before the ‘part’ (separate nations) and the Western liberal order is being challenged by all these populist candidates who desire to put the interests of their select State over the interests of the global community. Does he have a valid point?

Personally, I understand the logic of commerce as now being a global enterprise. Our new internet society is now a global society. Our planet has 7.5 billion people who all must survive via the resources available. This reality of ONE PLANET is now present and it is unwise to back-off from this real-time reality. At the same time, however,  we witness a global hierarchy of elites running our global commerce. Is this a healthy trend for the political/economic interests of each individual within this whole (the 7.5 billion on our planet). I, personally, don’t think so! This is the missing link within the arguments of Mr. Wolf IMO.

The British and American people’s have recently voted not to be joined at the hip to global institutions which are mostly administered by select (unelected) elites who THINK they know what is best for the many. The European political structure is made up of select global elites who desire to impose their views of commerce and politics upon the many. We have witnessed this reality in spades these past eight years. The recent Agenda 2030 vote at the United Nations (September 2015) also proposed a similar decision-making model (upon the many) as the solution for mankind’s many economic and political problems. Is this real democracy and freedom?

So what are the people really saying to all these elites who desire to RULE this planet with their decisions? I am referring to the European political structure, the global Central Banking structure, and the Agenda 2030 types who have this master plan for everyone, etc. My sense is that populism and nationalism is a statement by the people that centralization of decision-making (as within the European system or any other system) is actually a DICTATORSHIP of the many (not freedom/democracy/progress). Centralized decision-making is corrupt decision-making as the people are mostly left out! This, to me, is the message being sent to all our elites (including all our economic Keynesians).

What Martin Wolf and most Keynesians seem to miss within their philosophical thinking is that America (and Britain to some extent) are mostly founded upon the freedom of the ‘individual’ to choose their destiny. Freedom to Choose was a book written by Milton Friedman which I read back in the 80’s…a great book for Keynesians to read IMO. Each American and each Britain has the God-given right to CHOOSE their own destiny. Centralized decision-makers operating mostly behind closed doors can not replace the transparent decisions of each ‘individual’. Freedom to CHOOSE must prevail over agenda’s such as that of our United Nations and/or the European Union.

Trumponomics is unlikely to change the greater marketplace of entrenched Keynesianism. Even John Maynard Keynes recognized that his model of economics was a ‘one-way’ street (in the long-run we are all dead). Today, however, the ‘long-run’ has arrived for this Keynesian model of economics. The one-way street of spending and debt has reached a limit (nationally and globally). Check out this website for evidence: http://www.usdebtclock.org. Then check out the interview of Milton Friedman with Phil Donahue to discern the message of the American people: https://youtu.be/1EwaLys3Zak. Listen and learn. I am: https://kingdomecon.wordpress.com.

Some additional images to contemplate going forward:

Image result for milton Friedman, Freedom to Choose

aImage result for milton Friedman, Freedom to Choose, on phil donahue show

Listen to the late great Milton Friedman for the mindset of most Americans. He recognized that the Federal Reserve, Hoover, and FDR all played a role in killing Freedom to Choose. Listen and learn: https://youtu.be/1EwaLys3Zak.

One Comment leave one →
  1. therooster permalink
    January 19, 2017 2:03 pm

    You’re putting out the alarm on Plan B on the basis that Plan A doesn’t materialize if the grass roots remain dormant. Why aren’t you talking about Plan A ???

    Are you still spending debt dollars at the store, Don, when you can pass the gold rather than passing the buck ?

    Goldmoney.com/r/0UZxqF

    Like

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