The quiet revolution

The Partial Observer
by James Leroy Wilson

12/18/08

Only the people, by refusing to spend on what they don’t need, can drive prices down. The price of oil may very well be too low right now, but the people are in no mood to seeing it rise. In the same sense, the government may try to jumpstart the economy through inflation and deficits, but if the people refuse to spend the newfound dollars circulating in the economy, prices won’t rise. The people ultimately drive any market. The market is itself a form of democracy. You can withhold your ‘vote’ (i.e., dollars) if you believe something is too expensive. If necessities do see a price rise, you can stop spending on non-necessities. And I suspect this may happen. The country may very well go into a ‘Depression,’ and a President Obama may start desperately grab-bagging for solutions as Herbert Hoover and Franklin Roosevelt did from 1929 to 1941. Just because Obama or the Fed makes more money available won’t mean the people will use it...

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Informant: Thomas L. Knapp



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