There has been an internet meme going about the right blogosphere for the past few months that’s a quote of the late science fiction author Robert Heinlein. This quote seems to capture both the state of our economy and the state of our society today.
Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.
This is known as “bad luck.”‘
So, on what does the St Louis Fed President James Bullard blame the lackluster state of the economy’s performance for 2011? You guessed it, bad luck.
JAMES BULLARD: The economy, I think 2011, you know, I think the chairman said maybe obliquely, but it’s a bit of bad luck in 2011, I have to say. I was expecting better things in 2011. I thought that that would be the year…
HOST: Bad luck for the economy?
BULLARD: Bad luck for the economy.
That doesn’t give me much confidence that the people in charge of keeping the economy humming actually know what they’re doing. But at least I’m sure now that Heinlein was a prophet.