Thursday, October 21, 2010

There Is Creative Destruction And Then There Is Just Plain Corruption. Gary, Indiana Is The Result Of Corruption.

As we’ve written before, Schumpeter’s creative destruction involves the replacement of an industry or product with a new product. Schumpeter was clear in stating the new product must exist before the destruction. Those who use creative destruction, including the likes of Treasury Secretary Paulson, to describe the process that is happening in the U.S., are stooges to the status quo of corruption.  

I have friends who have never been to the midwest.  But the dynamic in Gary is replicated countless times.  Hundreds of thousands of former facilities lie in rot with nothing to replace lost economic opportunity.  This is the direct result of government corruption and private banking. 

The people who call for the abolition of social programs have merit in their desire to downsize the scope of government.  But, their head and the understanding of the problem is in the wrong place.   They are focusing on the symptom.  We must first restart the economic engine of opportunity that was turned off decades ago.  And then, the need for many social programs will ameliorate and often completely disappear. 

Gary, Indiana looks like any other corrupt country around the world.  Places where crooks and liars have thieved the people repeatedly.  It’s hard for me to watch this because I know so many people and so many communities that have been devastated by impacts similar to this.  Democracy is dead in Gary, Indiana.  And it was killed by the state. 

Video link here.

posted by TimingLogic at 3:53 PM

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