Former congressman and Reagan budget director David Stockman recently published a hard hitting and timely book. Stockman is a subscriber to my “Actionables” and kindly sent me an advanced copy of his work, “The Great Deformation” due to be released April 2. His portrayal of the hijacking of the U.S. by a “posse” of corrupt banksters, politicians and their stooges in the media and elsewhere is extraordinary.
I’m sure my readers have noticed the pattern of how these individuals get recycled into various posts and positions of power, from K Street and Wall Street to public office to the banking sector and back again, until they’re finally replaced with some new “associate” or “capo” from the same mob-like cesspool. Lone voices that speak up against them are typically muffled, ignored or shuttled aside. The corruptos/posse play the two party system like a fiddle and are still firmly in control.
It’s a system of negative selection. I call it the “the sistema,” and Stockman calls it “the posse.” Although our descriptors, such as these, are different, the way we see the world is so much the same that the book became an emotional read for me. I’m genuinely grateful that someone of influence finally had the fortitude to say what needs to be said. He uses his insight into economics and politics to make a powerful argument. He also provides a tremendous amount of highly informative historical context, which lends further insight into how things could or should be, rather than the revisionist drivel spewed by the sistema as hollow rationales.
Especially terrific about the book is its combination of top-notch scholarship and pointed criticism of the villains, who Stockman explicitly names. He takes off his gloves with these scoundrels, and that’s exactly as it should be. While he has a special ire for Henry Paulson and Ben Bernanke (and modern central banking in general), he picks off the rest of the posse gang, too, one by one like a rogue’s gallery.
The book aptly illustrates the consequences of a bubble economy. Stockman describes the fall out,the damage, the maladjustments and deformations create by the bubble dujours, and how the posse uses them as a means to exploit and control the capital markets and economy to benefit their kleptocracy. He brilliantly connects the dots as to why the economy is functioning poorly and paints a picture of a future that will only become worse if the remaining wealth and reserves of the nation are continuously plundered by a crony capitalist sistema.
Obviously, I can’t recommend this book enough, and am very interested in the public reaction to it. Don’t be intimidated by its size — about 700 pages in all. If you’re not up for that level of commitment, the must-read sections are: Part I – The Blackberry Panic of 2008; Part IV – The Age of Bubble Finance; and Part V – The End of Free Markets and Democracy. As it is one of my purposes to influence as many people to read the book as possible, there will be a permanent book order tab from Amazon on my blog’s home page.