They all laughed at Christopher Columbus…

Since starting grad school, I’ve been inundated with information about public management, economics, finance and budgeting. It’s not exactly the type of stuff you get excited about learning ahead of time, but I’ve found that as I learn more about these topics (especially economics), I’m enjoying them more and more. I’m especially glad that I’m learning about them in this time of economic turmoil in the United States – and indeed, the world. The warning signs of this economic implosion were there to see for those who were looking (I certainly can’t say I was included among them, I’ve never even had a passing interest in economics before this year) – the largest of all was the largesse of the American people.

Below is a video of Peter Schiff, who warned of this economic recession years ago and was treated with derision and even laughed at for his belief. But he was absolutely right.

“The disease is all this debt finance consumption. The cure is that we stop consuming and start saving and producing again, and that’s a recession. And sometimes medicine tastes bad, but you’ve got to swallow it.”

I completely agree. We’ve been living above our means for far too long. And I’m not standing up in judgment, because I’ve been guilty of it too. I have been praying for wisdom in financial matters a lot lately – I want to be a good steward of my money.

I’m worried about the new precedents we’re setting of interdependence between business and government by spending 700 billion to bail businesses out. And you know what? 640 billion of that 700 billion we voted to spend is already committed to businesses, and lobbyists are circling like hungry sharks over what’s left. (Check out this New York Times article).

Anyway, Peter Schiff, good job. You were spot on in your predictions, and it’s a shame more people didn’t listen to you. But like Ella and Louis sing… “They all laughed at Christopher Columbus, when he said the world was round…. but ho, ho, ho… who’s got the last laugh now.”