The current preoccupation with economic money games has diverted attention from the enfeeblement of the economy. Americans must come to their senses and return to an economic ideology based on dedication to enterprise and hard work.
Once individuals have lost their self-discipline, it is very difficult for them to recover it. The American people must not be allowed to lose their vigor and decline into ineffectual weakness. The greatest priority now is to correct the unbridled bloating of the economy that has occurred over the past few years, and to return to the situation that existed before. This can only be achieved through massive tax increases and lower standards of living.
Unfortunately, no one in the United States is prepared to take such a course of action. Even if such people did exist, no doubt they would soon be silenced. There is no awareness of the need for this type of action – not in the government, not among economists and certainly not among the voters. With these attitudes, there is a danger that people will simply charge ahead unheeding, assuming that America’s economic problems will disappear, and clinging to the delusion that everything will be all right in the end since America is strong and “God is on our side.”
If this happens, conditions will not stabilize until there has been a sudden, catastrophic collapse.
Osamu Shimomura
Chairman, Japan Economic Institute
Adbusters #3, 1990
05, 2008
11:36 am
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To Anonymous on Sept 4th: I think you are missing the point of what Shimomura is saying, although I acknowlege that it is somewhat cryptic. I believe he is highlighting the reality that we live in a society that promotes over consumption of consumer goods, in particular luxury items. The constant pressure to consume outside one's means is significantly responsable for the explosion of personal debt amongst North Americans, and to a certain degree the housing crisis. So by asking us to accept a lower standard of living what he means is that we need to curb personal spending (ie, not buying 3 shirts in the same style in 3 different colours, or trading up on cars every 2 years, or buying the latest cell phone). Further, in order to convert from our current energy-dependencies to more sustainable forms will require sacrifice in both daily effort as well as consumer opportunities.
— AnonymousCreating real and sustainable parity in education standards across the demographic board is essential to revitalize the workforce with respect to skills and citizen participation, as well as to alleviate poverty and allow economic engagement. This will require higher taxes. In particular, a rejection of the "trickle down" economic theory of the neo-conservatives will require significantly higher taxes on the highest income earners and an manual adjustment of the wage gap.
All of which is a matter of human and civil rights.
09, 2008
08:19 am
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Well said.
I'd like to propose a rethinking of our work base as well. I think a conversion from valueless employment (fast food, stock anylists, etc...) to fundamental has to happen. We seem to think of small farming and textile manufacturing as beneath us; as menial tasks for out-sourcing. These and other cornerstone goods should be the responsibility of any locality to itself, and it's part of our luxury mindset to think we are above them.
But, maybe I'm straying from the central topic a bit.
— Casey05, 2008
10:55 am
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This is not news, come on Adbusters. Needless to say "Adbusters #3, 1990".
— Anonymous05, 2008
11:54 am
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Numbnuts - The point is that what this guy warned people against 20 years ago has come to pass. It isn't supposed to be news. Go back to CNN.
— Anonymous04, 2008
07:18 pm
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Is this article serious? The economic crisis in this country is facing is caused primarily by an endless list of governmental evils: taxation coupled with a counterfeit money supply (hint: that's what is causing runaway inflation, which he labeled "bloating"), and a massive warfare state to benefit the corporations to name a couple. So this schmuck thinks that by allowing the government to loot even more of our money, and achieving a "lower standard of living" (presumably through government coercion), this will correct things? THIS is what passes as solutions to problems? THIS is what passes economic reasoning from the "Chairman, Japan Economic Institute"? Why do the economists always rally the loudest for a police state? They have gotten their wish currently in the USA, but it is still not enough for them and they now advocate complete destruction. Put down the Marx and read some Von Mises.
— Anonymous