January 22, 2013
Sir, you title your editorial about Obama’s second inauguration as “The audacity of experience” January 22. Sorry but I do not think that “audacity” is a concept that could currently be used in the context of describing the US (or Europe for that matter)
Look at the following three quotes from Obama’s speech:
“Together we discovered that a free market only thrives when there are rules to ensure competition and fair play.”
“Our celebration of initiative and enterprise, our insistence on hard work and personal responsibility, these are constants in our character.”
“America’s possibilities are limitless, for we possess all the qualities that this world without boundaries demands: youth and drive, diversity and openness, of endless capacity for risk and a gift for reinvention”
And then explain to me how on earth “free market”, “ensure competition and fair play”, “celebration of initiative and enterprises” and “endless capacity for risk”, can exist in a country where its banks are ordered to hold more capital when lending to “The Risky” than when lending to “The Infallible”?
No way Jose! Our nations, or at least our banks, are currently ruled by risk-adverse baby boomers that really do not care one iota for promoting “The Infallible” of tomorrow by taking the necessary chances on “The Risky” of today.
Our governments, or at least our bank regulators, are loudly shouting out “aprės nous le deluge”, and unfortunately our young are too busy to take notice. They will pay dearly for it.