Excerpt from excellent article in the Washington Monthly by James K. Galbraith, entitled, No Return to Normal, Why the economic crisis, and its solution, are bigger than you think.
arack Obama’s presidency began in hope and goodwill, but its test will be its success or failure on the economics. Did the president and his team correctly diagnose the problem? Did they act with sufficient imagination and force? And did they prevail against the political obstacles—and not only that, but also against the procedures and the habits of thought to which official Washington is addicted?
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Besides a clear grasp of the economic crisis this country, and the world, is facing; what impressed me most about Mr. Galbraith is his understanding of the role underlying beliefs play in creating our reality. In a world dominated by a belief in separation and scarcity, associated ideas like survival of the fittest, dog eat dog and devil take the hindmost dictate our behavior. Until we take time to examine and change these underlying beliefs, they will shape our future, not us.
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