Of lawn sprinklers and Social Security

[Carl Remick]

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
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