"Everything you need to know about how the economy works and where it is going" - this is the sub-title of this book. And I must say that it is a rather 'large' statement. And does it live up to that declaration? Well, first this book tries to establish for us a definition of Capitalism: what it is; when, how and why it began; how it works and how it doesn't work; who were some of its key participants in generic terms and a brief introduction to a few of history's economic theoretical greats. We are introduced briefly to Adam Smith, Karl Marx, John Maynard Keynes and one or two more modern day contemporaries in the study of economics. It is explained that this is not one of the natural sciences but a social and theoretical branch of learning. It is relatively new in terms of the history of mankind never mind the history of the Universe. We tag all the traditional bases; supply and demand, labor and management, profit and loss, investment and savings etcetera, etcetera. But we do kick it all up a notch by including in our discussion some previous unmentionables; labor theory of value, surplus profits, humans as commodities and the overall morality of a for-profit society. This was very refreshing. We then kick it up another notch by getting into a discussion or should I say 'instruction' on the private and public sector, deficit spending and the national debt, and nationalism and the global economy. Again this was very refreshing. The authors' explanation or apology for the National Debt I found especially intriguing. The authors explain that 'debt' is common to both the public and the private sector, but they are evaluated differently by the sectors and the general economic public. All private enterprise and all of the nations and the world's largest corporations have debt, we are told. But debt in the private sector is not termed debt - it is called "investment". For a company to expand, grow and make more profits it must borrow and invest. This is normal and usual and to be expected. But when the government borrows to stimulate growth and expansion in the nation and the society it is termed as "debt." It is never labeled as "investment" as it is in the private sector. In other words the authors suggest that the National Debt could be equally and more fairly categorized as the National Investment. The authors go so far as to make the following analogy. Rather than stating, as the politicians do, that we are saddling our children and grandchildren with the enormous burden of the National Debt we are instead leaving our children and grandchildren a safe deposit box full of interest bearing National Treasury Department bonds and securities. I find this logic not only troubling but possibly deceptive or at best maybe naive. When our grandchildren go down to that safe deposit box and retrieve the great legacy of Treasury Notes and securities that we have left them it will only be a small percentage that will find to their delight interest bearing certificates. Only the top ten percent of our society will be receiving this inheritance. The remaining 90% of us will find mortgage payments that we will all be required to pay to the ten percent among us whose ancestors were prudent and successful enough to leave their children and grandchildren all these securities. Not only that, but at the present time 25% of our National Debt is owned by foreign countries. So the 90% of our children and grandchildren who will be inheriting the mortgage payment on the interest bearing treasury notes will be mailing 25% of their payments to China, Japan, Russia, India, France, England etc. The other point that I find troubling in this discussion is that the authors give the impression that debt (investment) is not only good but that it is as things are and should be. In other words, they suggest the notion that without borrowing and going into debt how else for god sake is any business supposed to expand and grow? Debt in the name of investment and growth is normal and usual. It is an a priori fact of economic truth. Well what about this. What if a business or corporation made profits? And what if the executives of these businesses saved some of the profits or transferred some of these profits into future reasonable and affordable investments and growth without borrowing any money from anybody? Now far be it for me to suggest that this is actually possible in the real corporate world but let us just theorize. Let us just say hypothetically that this were actually possible. Would this not then be a better alternative than borrowing and creating future debt with future deductions in future profits from future interest payments? And so as for the Federal Government, what if the Federal Government did not spend all of the money that it got every year and placed so much in a contingency fund to be spent when necessary for investment, growth and overall stimulus to the national economy? Now again though all the Practical Philosophers (economists) out there may deem this in the realm of paradoxical or self-contradictory let us continue to fantasize or theorize. If it were in fact possible for the Federal Government to not spend more money than it takes in every year and to put some aside for a rainy day would this not be a better economic plan for the future than a closet full of treasury bonds and securities owed to the wealthy among us and our economic rivals throughout the world? I mean if it were possible, wouldn't it be better to have no debt in place of any debt? In other words I am going so far as to suggest that "debt" is bad and "no debt" is good This is meant to be understood as a question not as an answer. As Andy Rooney so often states, I was just wondering ... did any of you ever think about such a possibility? I did enjoy this book as you can see it did give me much to think about. I found the authors discussion on the public and private sectors and globalization objective and well balanced.
Books by Richard Edward Noble. Click on covers below for more info and purchasing instructions.
Classic Tragic Novel
Don't Laugh - This Could Have Been Your Life
Funny stories and some strange characters.
Monkey Dishes and Cocktail Fawks
My Harrowing days in the restaurant business. Great Read.
It's a Long Story
Long Short Fiction - Great stories!
Bloggin' Be My Life
"Bloggin' be My Life" contains a selection of some of my more popular Hobo Philosopher blogs.If you enjoy reading this blog, you should love Bloggin' Be My Life.
It's All About Love
It's All About Love is ... all about love. This is the 2nd book of poetry from The Bard From Chelmsford off Arlington. Every poem in this book comes with a prose introduction. If you enjoy poetry this is a simple choice. Have fun!
A Little Something
Traditional poetry from The Bard From Chelmsford Off Arlington with some poignant prose introductions. If you enjoy any type of poetry, you will enjoy this volume. Thanks.
Talking To Myself
This is my third book of poetry.
Bits and Pieces
The Hobo Philosopher - My first book using the Hobo Philosopher brand. Featuring a variety of writing styles and ideas. Look for the Thoughtful Hobo on the cover.
A Baker's Dozen
The Hobo Philosopher: My Second book of Fiction, Creative Non-Fiction and Short Stories. All varieties of short stories - lots of laughs!
Cat Point - and Them Dang Oyster People
Cat Point is the sequel to "The Eastpointer." Both books contain humorous tales about life in a fishing community on the Florida Panhandle. Lots of laughs.
Won 1st Place award for humor in 2007 from Florida Press Association. More wit, wisdom and humor from the yet to be world famous author, R.E. Noble
A Summer with Charlie - Lawrence
Fiction - Salisbury Beach, Lawrence, Mass. Featured in Merrimack Valley Magazine July /Aug. issue 2010
Travel, Humor, Commentary on migrant farm work and illegal immigration still very pertinent today.
"Just Hangin' Out Ma"
Thank God for the Street Corners of Lawrence, Mass. Anecdotes and humorous escapades about growing up in an industrial mill town in the 40s,50s and 60s.
This is the sequel to "Just Hangin' Out, Ma"
That Old Gang of Mine
This is # 3 in my Lawrence Hometown series. The series is about growing up in the 40's, 50's and 60's in an industrial mill town. Sorta like a Huck Finn goes to vist Uncle Ralph, the bus driver, who lives in a big, rundown city. Lots of fun.
Come On-A My House
This is # 4 in my Lawrence Hometown series.The old homested at 32 Chelmsford ST is pictured on the cover..
Down By The Old Mill Stream
# 5 in the Lawrence My Hometown series.
Standing on the Corner is # 6 in the lawrence My Hometown series.
The old Howard Playstead on Lawrence St.
Eat, Drink and Be Merry
# 7 in the Lawrence my Hometown series.
Honor Thy Father and Thy Mother
Classic tragic novel written from child's perspective. Deals with abuse, poverty, unemployment. Pulls no punches.
Noble Notes on Famous Folks
Humorous, satirical notes on everybody from Constantine to Bill Clinton. Inspiration: Willy Cuppy.
America on Strike
History - documented survey of labor strikes in America
Mein Kampf - An Analysis of Book One
Who are the American Nazis - the Liberals or the Conservatives?
MY NAME IS RICHARD EDWARD NOBLE. I AM A FREELANCE WRITER AND I HAVE PUBLISHED 12 BOOKS:"THE EASTPOINTER" - SELECTIONS FROM AWARD WINNING NEWSPAPER COLUMN - "A LITTLE SOMETHING" - POETRY WITH PROSE -"HONOR THY FATHER AND THY MOTHER" - A NOVEL ABOUT GROWING UP IN THE NEW ENGLAND MILL TOWN OF LAWRENCE, MASS, "HOBO-ING AMERICA" - A WORKINGMAN'S TOUR OF THE U.S.A. - "A SUMMER WITH CHARLIE" - THE STORY OF A YOUNG SAILOR'S LAST DAYS AT SALISBURY BEACH, "NOBLE NOTES ON FAMOUS FOLKS" - HUMOROUS ANECDOTES ON FAMOUS FOLKS IN HISTORY,
"AMERICA ON STRIKE" HISTORY BOOK - A SURVEY OF LABOR STRIKES IN AMERICA; "A BAKER'S DOZEN" A BOOK OF HUMOROUS SHORT STORIES; "JUST HANGIN' OUT, MA" - GROWING UP IN THE 40'S, 50'S AND 60'S IN LAWRENCE, MY HOMETOWN, "TENEMENT DWELLERS" - SEQUEL TO JUST HANGIN OUT, MA; MEIN KAMPF - ANALYSIS OF BOOK ONE - HISTORY. CAT POINT - AND THEM DANG OYSTER PEOPLE - SEQUEL TO THE EASTPOINTER
All 12 BOOKS ARE AVAILABLE ON AMAZON.COM, BARNES AND NOBLE AND OTHER INTERNET SOURCES OR FROM NOBLE PUBLISHING. ALL 12 OF MY BOOKS ARE NOW ON KINDLE AT BARGAIN PRICES TOO. IF YOU WOULD LIKE MORE INFORMATION ABOUT DISCOUNTS AND SPECIAL OFFERS E-MAIL ME. MY EMAIL IS ON MY PROFILE PAGE.