The current preoccupation with economic money games has diverted attention from the enfeeblement of the economy. Americans must come to their senses and return to an economic ideology based on dedication to enterprise and hard work.
Once individuals have lost their self-discipline, it is very difficult for them to recover it. The American people must not be allowed to lose their vigor and decline into ineffectual weakness. The greatest priority now is to correct the unbridled bloating of the economy that has occurred over the past few years, and to return to the situation that existed before. This can only be achieved through massive tax increases and lower standards of living.
Unfortunately, no one in the United States is prepared to take such a course of action. Even if such people did exist, no doubt they would soon be silenced. There is no awareness of the need for this type of action – not in the government, not among economists and certainly not among the voters. With these attitudes, there is a danger that people will simply charge ahead unheeding, assuming that America’s economic problems will disappear, and clinging to the delusion that everything will be all right in the end since America is strong and “God is on our side.”
If this happens, conditions will not stabilize until there has been a sudden, catastrophic collapse.
Chairman, Japan Economic Institute
Adbusters #3, 1990