Good Politics / Bad Economics (Blessed are the young!)
Ron Manners from the Mannkal Economic Education Foundation (www.mannkal.org) presents economic theory in verse.
Some political decisions
made in nineteen thirty eight
left the world a legacy
amongst the worst to date.
Who set up those mortgage monsters?
FD.Roosevelt was his name –
stuffing money down the voters' throats
was the popular political game –
Although this bought him lots of votes,
only the wisest could see
the long term problems growing
on this political tree.
While others saved and invested,
Americans borrowed to spend –
little thought was ever given
as to how the game would ever end –
Borrowing to fight successive wars,
affordability, the given impression
while Wall Street Wizards exported their time bombs,
spreading their home grown recession.
When taxes are seen, they lose votes
so they continued on with their magic
by borrowing year after year –
no thought of an end game so tragic!
Successive US governments
continued these policies perverse,
the larger the debt became,
the harder it was to reverse
Politically successful –
but morally and economically a rather bad bet –
Their political Credo –
"Blessed are the young,
for they shall inherit the National Debt!"
Ron Manners
Ron Manners is the Managing Director of the Mannwest Group. He is also Emeritus Chairman of the Australian Mining Hall of Fame Ltd. In 1955 Ron assumed management of the family mining/engineering business, W.G. Manners & Co. (originally established in 1895) which has evolved into the Mannwest Group. Between 1972 and 1995 Ron floated several Australian listed mining companies, before joining the board of a Canadian company with operations in Mexico, Brazil and Turkey. In addition to his mining interests, Ron has pursued an interest in economic education, establishing the Mannkal Economic Education Foundation. He is an active member of the Mont Pelerin Society and is on the Coodinating Committee for the Commonwealth Study Conference. He is the author of five books on mining and Australian history, as well as numerous papers and addresses.
