History . . . It’s Not Just For High School Students
“Those who do not learn from history are doomed to repeat it”.
Words put forth by Spanish-born American philosopher George Santayana that most of us have heard and understand . . . even if our Federal government does not.
As our current administration continues to embrace its socialistic pursuit of blending pubic ownership of private enterprises (including having ownership of more than $5 TRILLION worth of domestic mortgages, and partial ownership of the nine largest financial institutions in the country), Reason Magazine published an important article that draws a direct correlation between the disastrous governmental response to the economic catastrophes that occurred in Japan during the 1990s, and the shocking statist actions of our Federal legislators.
The July 2009 article titled Turning Japanese features the sub-title Japan’s post-bubble policies produced a “lost decade”. So, why is President Obama emulating them?. Here is a the most important take-away from this insightful article:
The Japanese experience shows that when the government is an active participant in the market, many firms would rather accept state support than initiate the inevitable financial reckoning. Such a status quo does not provide a sustainable foundation for the economy. Instead, it restricts economic growth and creates a cycle of stagnation.
I highly encourage you to read this article. In addition, if you perceive that individuals within your social circles will be enlightened by the poignant historical observations of the editors at Reason, please make them aware of this blog post. Let’s not let our government fail to learn from history.