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Lawrence Summers Discovers a New Meme: Contingency


Dominant Social Theme: Here is a new and complex term designed to make central planning sound alluring.

Free-Market Analysis: Lawrence Summers, one of the most important and famous economists in the United States, has written an article about something called contingent commitments. Like most strange and mysterious phrases, this one is aimed at the usual culprit: central banking.

There is one basic conversation going on currently in this era of what we call the Internet Reformation. This is the conversation over whether a handful of people should have the moral and legal right to preside over the disbursement of trillions of dollars via central banking.

It is the Internet that has made this conversation possible. Like the Gutenberg Press before it, the Internet has undermined the dominant social themes of the elite and opened them up for questioning. And questioned they have been. Here's some more from the article:

A convalescing patient who does not finish their course of treatment takes a grave risk. So too the most serious risk to recovery over the next few years is no longer financial strain or external shocks, but that policy will shift too quickly away from its emphasis on maintaining adequate demand, towards a concern with traditional fiscal and monetary prudence.


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