The latest, and perhaps the best, book to be written in the wake of the Great Recession raises an important question: Why is it that America’s self-appointed elite refuses to learn from its long record of failure and futility in economic management that its ideas and policies are all wrong?
The answer is provided by the Latin proverb “Cui bono?” The policies of our self-righteous and arrogant rulers may be wrecking the country; their ideas may have proved erroneous in every way; but the resulting system is working for them. There is also the matter of pride. Viewing themselves as members of a diverse meritocracy, superior in intellect and morality to the benighted and bigoted masses from which they emerged, they are not about to consider arguments, however logical or evidentiary, that challenge their intellectual competency and fitness to rule. So, as was entirely expectable, David Stockman’s masterpiece of economic reasoning and historical illumination was cursorily noticed but mostly ignored.
It should be required reading for everyone inside the Beltway.
The Great Deformation is a financial and monetary history of the United States since the 1920’s, written from an Old Right, almost Rothbardian perspective. I say “almost” because Stockman is not a disciple of the late Murray Rothbard, and...