We have indeed arrived. In fact, i would argue, one could date the hundred year anniversary with Morgan's bailout in 1907, or with the legislative imprimatur provided the Federal Reserve in 1913.

This is not to say that industry--especially oligopolistic industries in key sectors--did not remain profoundly important. On the contrary, their potency in some instances manifested more powerfully, when they themselves became enmeshed with or otherwise founded financial arms of their gigantic enterprises: Ford Credit, GMC, and General Electric's loan operations extend well beyond the realm of mere machinery to be sold on credit.

Two absolutely key expressions of this hypothesized consolidation of finance's sway occurred in the late 1930's and 1940's. One involved the manifestation of big science, most readily visible in the person of Vannevar Bush, and the other involved the concentration of 'intelligence' operations in a 'central' agency under the auspices of the National Security Act and the Central Intelligence Agency Act.

I've written about these matters, and researched them--given the pauper's resources that I've always had to work with--quite extensively. It's all very interesting, the Chinese curse writ large.

Joseph Mullat, you are quite correct, I believe, to point out that in the real world there are important motives other than the financial motive of profit. This is actually a flaw with the dogma of Adam Smith's "Invisible Hand." ------James

Peter, I disagree with your assertion that it is unconstitutional for the U.S. Government to issue paper money. Article I, Section 8 of the Constitution gives Congress power to "borrow money on the credit of the United States," and thus one may argue that the power to borrow is identical with the power to issue fiat currency. A "greenback," after all, is an obligation to recognize same in payment of taxes, for example, and this gives it its inherent value as an instrument of trade. Of course, as I am sure you are aware, the Supreme Court has ruled on this issue as well, in Knox v. Lee and Parker v. Davis in 1871,[1] and then Juilliard v. Greenman in 1884. ----------Regards, James

Thanks for the link, Peter. The freakin' USS Enterprise? I suppose Kirk and Picard will go down with the ship??!!

Actually, I had not heard about Iran's recent attempt to move off USD. That'll get you attacked for sure. This comparison with the Iraq situation is right on the money (pun intended). ----------Regards, James

I was astonished with the article from the Federal Reserve today in which they disclosed their plan to keep interest rates from 0%-1/4% until at least 2015 while increasing government spending through T-bills to goose the economy.

What I was even more astonished was the fact the Federal Reserve also released that the increased government spending will continue beyond 2015 (basically the Feds are going to continue to "goose" the economy after we get out of the recession).

The problem is of course when dealing with any sort of policies is to get the parameters correct.

I am more worried about healthcare which is 18-20% of the real GDP of the US and the fact it passed completely by a non-partisan vote.