From the excellent This American Life’s Giant Pool of Money podcast (you can download the transcript), Ira Glass got me thinking – why did GP members decide to uniformly halt handling any further securities? Or was it the singular act of few Arabs who pulled the plug on the sucker to reap massive benefits of the whirling pile of downward value – to concentrate wealth among the fortified few. Down collapse more trade towers when 777 hit. Obviously the SEC saw it coming as they forbade the practice of shorting stock many weeks in advance. But is the market failure an accident, a conspiracy, or an act of war?
On 9/11, Al Qaeda had no expectation of a traditional military victory against the United States. The point of the attack was economic — to draw the U.S., as they did the U.S.S.R., into an expensive and protracted foreign wars that would deplete our resources and destabilize our government. Seven years after 9/11, we are seeing Al Qaeda’s long-term goal being realized: the destabilization and economic collapse of the United States. (more talk at O’Sullivan’s bar)
The failure of economic and military strategy may be unrecoverable. If we are to recover as a nation, we must return to the principles of accountable banking and the principled thinking about just military action.
UPDATE on Oct 6, 2008: The Giant Pool of Money 2 with Ira Glass.