Since last August, economic policy in the U.S. has advanced under the banner of orderliness. The Fed, the Treasury, and all of the Great Fly’s horses and all of the Great Fly’s men are making sure that the unwinding is orderly. What does this mean? Well, it means that the New Deal is inversed. The old New Deal was about spending money to employ the unemployed. The New New Deal is about transferring money to plutocrats. Now, yesterday we had one outcome – an easily foreseen outcome – of what an “orderly” unwinding means: bankruptcies of the banks, freezing up of credit for consumers, inflation on all fronts, a steady increase in unemployment (which is, as we all know, grossly undercounted) – and money, massive amounts of money, for the rich. As you can see, that outcome is much to be preferred to a disorderly unwinding. The latter would involve bankruptcies of banks, freezing up of credit for consumers, inflation on all fronts, a steady increase in unemployment – and no extra money for the rich! That would be terrible.

What amazes LI is how inefficient the new feudalism is. I have a small but, I think, moneysaving suggestion to make to our masters in D.C.: we can cut the time and distance money has to travel between being collected by the IRS and landing in the pockets of bankers by setting up an office that directly assigns revenues to the wealthy. Thus, for instance, the Republican head of Merril Lynch, John A. Thain, who apparently earned a truly pitiable sum (25 million dollars) for presiding over the ruin of that bank for ten months, ould simply be assigned all the revenue collected from, say, Kentucky. Because we are a fiery Republic, Dedicated to Liberty and Opportunity, we should not knight him. No, we should scorn to ennoble him. Although our population is a spineless, servile, bullying, infantile, and media lobotomized bunch of hicks, still, we are too proud to allow our masters to assume titles like Earl of Hampton. But we can call them things like Super Entrepreneur of Hampton. This will warm our country hearts, and he could be interviewed on tv, or, as we like to say, reality land, dispensing wisdom that we can all sway to in our huts.

It looked, at one point, like the Dems – leaning towards their communistic roots – might have even suggested that instead of an orderly unwinding, we try the disorderly variety, in which you actually shove the Federal money at the masses. Imagine! The disorder of that would make our news storytellers on tv wring their toupees and bouffants. They would be so sad! It would be sheer demagogy! And against the free market and everything! Luckily, that moment has well passed, and we can all get behind the orderly unwinding. Of course, the Dems may be communists, but luckily they aren’t so communistic as to suggest that maybe, the government, instead of loaning banks 30 billion dollars here and 100 billion dollars there at 2 percent interest so that they can loan the money back to the U.S. at 2.5 percent interest, should just loan to the population at large at 2 percent interest, because, as we can easily see, that would be disorderly. We must be orderly. And at the end of this happy, happy time, there might be some money to, well, I don’t know, build another war or something. We do so love a war!