Of lawn sprinklers and Social Security

Carl Remick carlremick at hotmail.com
Wed Jul 12 09:29:26 PDT 2000


NY Observer columnist Nicholas von Hoffman has a good article this week on privatization of social security. Key passage: "The communists came to grief by investing fortunes in money-losing, inefficient enterprises. Their misallocation of capital was symbolized by the Gdansk shipyard in Poland employing tens of thousands of workers, most of whom weren’t needed and couldn’t be let go. In the United States, if we continue to spew investment money with all the precision and thought of a whirling lawn sprinkler, we shall soon have our own capitalist version of that meltdown. Pouring a trillion dollars of Social Security money into this market will take us quite a way down the road to Gdansk.

Full text is at http://www.observer.com/index_go.html

Carl ________________________________________________________________________ Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com



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