Re: Argentina: Spending your way to success, there and here

["John Gelles" <indexed-savings@xxxxxxxxxxxxx>]

The success of individuals -- often determined
by others -- acting out of habit, and in ignorance
of what a best course of action might be,  is
of little consequence.

The success of nations, determined in the short
run by force, money, will, wisdom and fortune,
and in the long run by events, never bows and
rarely conforms to conventional or unconven-
tional wisdom.

Keynes speaks wisely of the habit of one's peers
to stick with the familiar until slapped on the side
of the head by a fast-moving 2 X 4.

Davidson answers his own question -- yet we have
recently witnessed the most radical shift in foreign
policy in the history of the democratic world. On
Sept 11th 2001, the President and his closest advisors
were slapped on the side of the head by the largest
2 X 4 of all time.

Having implemented the change from his father's
Oldsmobile, he is hostage to the turn of events.
Will events prove by November '04 that the U.S.
will spend the money it takes to build nations
and win wars -- or will it capitulate to the neoliberal
constraint that seeks what little money may be left
to tax after we shop at the mall.

If we will not spend all that victory demands (by a
deal with our central bank or a wise  act of  Congress
-- in response to Presidential demand). then no matter
who succeeds superficially in or out office , the
nation will be the loser.   -- Gelles

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"Conventional wisdom suggests it is better for reputation to fail
conventionally than to succeed unconventionally"-- Keynes

"It is easy to suggest radical policy changes when you are out-of-power and
there is little chance of them being implemented. Does the situation change
when you are in the corridors of power?" -- Davidson