@JTT,
In the introduction to
Absentee Ownership Thorstein Veblen wrote, in 1922, --
Quote:As always, the language employed and the principles acted on lag behind the facts. But when, as now, the facts have been changing at an unexampled rate the language and the principles will lag behind the facts by an unexampled interval.
And Mr Veblen could hardly be expected to envisage just how unexampled the rate at which the facts are changing now and thus how unexampled is the interval between the language and the principles and the facts.
"Lag, leak and friction" was a slogan he gave to the notion. The friction is to be seen on the TV and especially today.
A Constitution written by the mercantile classes of the late 18th century, after a great deal of wrangling, being applied to a 21st century industrial society is bound to end in a muddle. The only reason the muddle is not so obvious is that the industrial arts have kept pace with its disadvantages, and more, and the scientists, technicians and mechanics of the industrial arts are hardly represented in Congress or the White House.
The modern industrial arts could easily house, feed, clothe and keep warm the whole population if it wasn't for the need of absentee owners to reduce the supply of the necessaries in order to keep the price up and the dividends flowing so that the kept classes can continue in the manner to which they have become accustomed.
And when credit is the engine keeping the show on the road you might reasonably expect trouble at some point.