The NYT school of wishful thinking

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Julio Huato

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Dec 10, 2009, 6:19:22 AM12/10/09

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Compare to the recent story in the New Yorker. There's a strong temperamental difference. While the New Yorker cites an investment banker with doubts about the system with lightness and irreverent nonchallance in the tone, the NYT is always uptight, self-conscious of its role as guardian of the self image of U.S. liberal capitalism. The Times doesn't give an inch to Marx. It hopes it can conjure any challenge to the system with silence or tendentious framing.

I guess it has a point. For capitalism as a dynamic social order is like a banking system based on fractional reserves. It has at least two equilibria. If people collectively believe it is historically solvent, it is so. If people collectivelly believe it is bankrupt, it is so as well.

http://www.nytimes.com/2009/12/09/books/09book.html

Julio

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