When money transformsfrom a strong steady claimon hard assets assured,or at least on real goodsbuilt but not yet consumed, and instead vests its worthon manipulative schemesof corruptible menarmed with fatal conceit,is it such a surprisethat our commerce contractsand employment recedes?
When a free market's strengthsto correct its mistakesare totally swampedby printing press scriprushing just the wrong way, freezing bad debts in placeto reward wicked knavesthat preyed on damn fools, what makes it so hard to comprehend whyeconomic rebirthcannot swiftly take wing?
When companies sell what they work to producefor pieces of paperof uncertain worth,yielding profits that might or might not be sustained, subject to taxationthat may grow or not,regulations aboundeven more yet to come, how can you cast blamewhen they choose to lay low?
When nobody knows what a company is worthbecause who can guess what next dollars will buy,or the rate to discountearnings still far ahead, or what extra demandswill be mandated soonby political windsthat blow this way and that,what else can occurbut wild stock market swings?
When broken big banksrefuse to write off toxic piles of bad debt,but cower at czars wielding capricious rules vague and still taking shape,is it such a surprisewhen you stuff them with cash freshly printed that morn,that it sits there forlornas loan lending abateswhile fear conquers greed?
When trillions in cash hover frozen in place waiting signals to fly before value erodes, just where will you hide when the dam finally breaks and inflation's storm wreaks its cruel punishment wide,with complete disregard for whoever it hurts to repudiate debts that will never be paid?
When global exchange comes completely unmoored as the value of moneyfloats free with the whimsof government minionsin desperate denial,only chaos can ruleuntil voters regaintheir much battered witsand sharply change course, or blindly let hopepitch them in the abyss.
Bill Frezza is a Boston-based writer and venture capitalist. He can be reached at bill@vereverus.com. If you would like to subscribe to his weekly column, drop a note to publisher@vereverus.com or follow him on Twitter @BillFrezza.
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