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View Diary: Must Read in the Times Today (163 comments)

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  •  not sure this is true (1+ / 0-)
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    "That all changed with industrialization."

    The NYT piece jumps from the prosperity of colonial America to the onset of industry to explain our impoverishment.  Sounds to me like they're rewriting history.

    I think the economic problems they discuss began in colonial times. The colonies  prospered using local currency.  When the British learned of it they passed laws against it and when the amount of currency in circulation became restricted poverty emerged.

    Don't know the history of what happened to the colonial currency after giving Brits the boot, but not sure it was all kumbaya and sparkle ponies.

    After giving things time to calm down after Hays Rebellion, wasn't it John Adams who confirmed the rights of the local oligarchs to keep the land they had stolen from neighbors who were fighting with General Washington?  Doesn't sound like chastened and judicious leadership to me.

    Just saying that I think the oligarchs were eating our seed corn well before industrialization got underway.

    Oh, almost forgot, there was that slavery thing too ...

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