Our View: 100 years ago . . .
Irony of ironies: Folks guilty of presentism glory in the here and now — ah, the significance of us and all that we do! — but all too often they dismiss the potential ramifications of their self-absorbed actions while ignoring the lessons of the past. Such is the folly of short-term thinking.
Do we expect too much of flawed humanity? Perhaps, but imagine if Americans of 100 years ago had foreseen what two sweeping changes — the twinned birth of the income tax and the Federal Reserve System — portended for the future of the U.S. economy. Well, we might not be in the mess we’re in today.
A runaway Fed has severed critical links — Congress from the development of monetary policy, and our currency from fixed assets and actual wealth creation. And the income tax has led to the confiscation and, in time, the redistribution of honestly earned wealth.
If only folks realized . . .