Monday, August 20, 2007
Well, sort of. If cash doesn't generate a good enough return, buy the next best thing, something that can be readily converted to cash, no questions asked, on a moment's notice: short-term Treasuries. The era of credit abundance is over. We are being forcibly shoved into one of credit scarcity. An unprecented opportunity for the left to recover its ability to influence society, but only if it recognizes what is happening, and responds accordingly. As the ability of many Americans to create their own secure, containerized social worlds is being ruthlessly exposed as utopian, it is essential to advocate creative collective solutions.