The Great Deformation
Defying right- and left-wing boxes, David Stockman provides a catalogue of corrupters and defenders of sound money, fiscal rectitude, and free markets. The former includes Franklin Roosevelt, who fathered crony capitalism; Richard Nixon, who destroyed national financial discipline and the Bretton Woods gold-backed dollar; Fed chairmen Greenspan and Bernanke, who fostered our present scourge of bubble finance and addiction to debt and speculation; George W. Bush, who repudiated fiscal rectitude and ballooned the warfare state via senseless wars; and Barack Obama, who revived failed Keynesian “borrow and spend” policies that have driven the national debt to perilous heights. By contrast, the book also traces a parade of statesmen who championed balanced budgets and financial market discipline including Carter Glass, Harry Truman, Dwight Eisenhower, Bill Simon, Paul Volcker, Bill Clinton, and Sheila Bair.
Stockman's analysis skewers Keynesian spenders and GOP tax-cutters alike, showing how they converged to bloat the welfare state, perpetuate the military-industrial complex, and deplete the revenue base—even as the Fed's massive money printing allowed politicians to enjoy “deficits without tears.” But these policies have also fueled new financial bubbles and favored Wall Street with cheap money and rigged stock and bond markets, while crushing Main Street savers and punishing family budgets with soaring food and energy costs. The Great Deformation explains how we got here and why these warped, crony capitalist policies are an epochal threat to free market prosperity and American political democracy.
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Human society evolves. Change in technology, language, morality, and society is incremental, inexorable, gradual, and spontaneous. It follows a narrative, going from one stage to the next, and it largely happens by trial and error—a version of natural selection. Much of the human world is the result of human action but not of human design: it emerges from the interactions of millions, not from the plans of a few.
Drawing on fascinating evidence from science, economics, history, politics, and philosophy, Matt Ridley demolishes conventional assumptions that the great events and trends of our day are dictated by those on high. On the contrary, our most important achievements develop from the bottom up. The Industrial Revolution, cell phones, the rise of Asia, and the Internet were never planned; they happened. Languages emerged and evolved by a form of natural selection, as did common law. Torture, racism, slavery, and pedophilia—all once widely regarded as acceptable—are now seen as immoral despite the
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