Authored by Jeffrey Tucker via DailyReckoning.com,
Think for a moment of other failed experiments in human history.
One that comes to mind is the Bolshevik Revolution. Its leader, Vladimir Lenin, never really expected to take power, much less be put in charge of implementing the system he had spent a career promoting.
He was asked to speak to what communism would mean. He fished around and came up with the idea of electrification of Russia.
It didn’t work. In fact nothing worked. By 1920, electricity was even failing in Russia itself, and food shortages were everywhere. The experiment had already flopped and the workers and peasants were furious.
The answer was the “New Economic Policy” which liberalized the economy and bought the party time. The point is that the communist experiment had failed already, only two years in.
The issue of failing plans from elites has vexed rulers from time immemorial. We live in such times today, arguably on a larger global basis than ever. They said they would suppress a virus but everyone got it anyway.
They said they would print and spend their way out of recession but now we have inflation plus recession. They said they would minimize the social and economic carnage but it is everywhere.
Continue reading “Welcome To The Slow Motion Depression”
