We believe that we are living on borrowed time. The fundamental instability of our monetary system was delivered a traumatic blow in 2008. It has only been unprecedented and global efforts that have so far prevented a systemic collapse. But even these efforts have merely been a delaying action. Our system is unstable and a comprehensive collapse will occur. It is a matter of when, not if.
Austerity will not help. The European Union and the IMF have recognized this fact. More stimulus will not solve the problem either. It can delay the consequences, but only at the cost of making them worse when they do finally come. The only solution is a fundamental change to our monetary system and every day we wait, we lose ground.
Serious change will not be without risk or pain. Far from it. In fact, the sorts of change that we believe are absolutely necessary will be extremely challenging. They will put us to the test as a nation and a people. We still have strength enough to do it.
This will not last forever.
Consider Greece. A financial crisis became an economic crisis. An economic crisis became a political crisis. Now a political crisis has become a full blown social crisis. Three years ago, Greece still had the social reserves to endure a default and recovery. Instead, they spent that social capital attempting to delay the inevitable. Today, a default is still looming. But instead of reconstruction — chaos.
We are not yet Greece. But the clock is ticking. Our economy is being hollowed-out by the maladaptive consequences of stimulus. Our political institutions are losing legitimacy as they are revealed as ineffective, corrupt or both. And our social fabric, the deep sense of trust and mutual respect without which no nation can long endure, is beginning to break-down.
Both parties want to make you believe that they are the good guys who are on your side, but the reality is that they are both on Wall Street’s side. The people who brought us the 2008 crisis are more in control than ever. We cannot expect the folks who bought “too big to fail” to deliver serious change. At best, we can expect political theater and half measures while what is left of our wealth is looted and our children are left holding the bag.
We do not expect to win this fight overnight. In fact, we fully anticipate our mission to be a long, hard slog. But there is a lot to do and we have to be fully prepared when the next major shock comes. That might be tomorrow. The powers that be might be able to delay it for a decade. But it will come – and it is imperative that we be ready with a plan and an organization that is adequate to the challenge.