Destroying Cultural Capital
Destroying Cultural Capital

It is always flattering when a “noble prize” winning economist agrees with you. Stiglitz has noticed the implications of the foreclosure crisis for the rule of law and property rights:

“The mortgage debacle in the United States has raised deep questions about “the rule of law,” the universally accepted hallmark of an advanced, civilized society. The rule of law is supposed to protect the weak against the strong, and ensure that everyone is treated fairly. In America in the wake of the sub-prime mortgage crisis, it has done neither.

Part of the rule of law is security of property rights” (Stiglitz, November 2010)

Once Stiglitz pursues this line of enquiry further he will be in agreement with USA destroying cultural intangibles:

“The fault at the heart of the MBS security market is further evidence that the US is in the process of destroying the cultural intangible capital that enabled them to grow wealthy. Gone are accounting standards, the rule of law and the certainty of property title. What next?” (Rob, October 2010)

He may then come to agree with Stock markets, they win we lose :

“Let’s add the stock market to the list of cultural intangibles being undermined – accounting standards, the rule of law, property. Talk about wrecking your cultural inheritance. Like the justice system, free market exchange does not just have to be fair. It has to be seen to be fair. With bailouts followed by bonuses and government endorsing or actively participating in the rigging of markets there will be a crisis of legitimacy.” (Rob, October 2010)

Trust is also a cultural intangible that enabled the West to become wealthy. Even if you don’t agree with much of Francis Fukiyama’s Trust, it contains an element of truth. Like many he takes a good idea and pushes it too far. But trust is central. Hence the problem highlighted in TARP damaging trust:

“When Treasury refuses for more than a year to require TARP recipients to account for the use of TARP funds, or claims that Capital Purchase Program participants were “healthy, viable” institutions knowing full well that some are not, or when it provides hundreds of billions of dollars in TARP assistance to institutions, and then relies on those same institutions to self-report any violations of their obligations to TARP, it damages the public’s trust to a degree that is difficult to repair.” (Neil Barofsky).

If you have any doubts at all about the seriousness of what is happening in America then read Hernando De Soto’s The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else:

In the West, standardized laws allow us to mortgage a house to raise money for a new venture, permit the worth of a company to be broken up into so many publicly tradable stocks, and make it possible to govern and appraise property with agreed-upon rules that hold across neighborhoods, towns, or regions. This invisible infrastructure of “asset management”–so taken for granted in the West, even though it has only fully existed in the United States for the past 100 years–is the missing ingredient to success with capitalism, insists de Soto. But even though that link is primarily a legal one, he argues that the process of making it a normalized component of a society is more a political–or attitude-changing–challenge than anything else.

With a fleet of researchers, de Soto has sought out detailed evidence from struggling economies around the world to back up his claims. The result is a fascinating and solidly supported look at the one component that’s holding much of the world back from developing healthy free markets (Timothy Murphy).

Like Fukiyama I suspect De Soto has focused on only one of the reasons for Western growth. There can be multiple supporting factors behind the success of a society or civilization. It does not have to be an either or situation.

But what is quite clear is that as a society the US is eating its cultural seed corn. If the requirements for economic success are removed there will be no economic success. The US is at the risk of validating John Sinclair (1754-1835):

If we go on at this rate, the nation must be ruined. Smith replied: “Be assured, my young friend, that there is a great deal of ruin in a nation” (Adam Smith, Correspondence of Adam Smith, 1977): p 262, note 3, from Sinclair, Corr., i. 390-1).

Residents of Western Civilization must be thankful that Adam Smith was right in this as well as much else. But while there may be a great deal of ruin in a nation, there is a great deal of debt in the US and other developed countries. Everything has its limits.



149 Comments
  1. large vibrator

    […]below you’ll find the link to some internet sites that we feel you’ll want to visit[…]

  2. nipple toys

    […]we came across a cool web-site that you simply could possibly delight in. Take a appear if you want[…]

  3. casino888

    […]that may be the finish of this post. Here you’ll come across some web-sites that we feel you will enjoy, just click the hyperlinks over[…]

  4. Egyptian cotton duvet cover

    […]although internet sites we backlink to below are considerably not associated to ours, we really feel they are basically really worth a go as a result of, so have a look[…]

  5. Venture Point Network

    […]below you’ll uncover the link to some web sites that we consider you need to visit[…]

  6. rabbit vibrator

    […]that will be the finish of this write-up. Right here you’ll locate some web pages that we consider you will value, just click the links over[…]

  7. but plug review

    […]below you will obtain the link to some web sites that we feel you’ll want to visit[…]

  8. Quick News Updates

    […]Wonderful story, reckoned we could combine a handful of unrelated data, nonetheless really worth taking a search, whoa did one particular learn about Mid East has got additional problerms at the same time […]

  9. glass g spot vibe

    […]although internet sites we backlink to below are considerably not related to ours, we feel they are essentially really worth a go by means of, so have a look[…]

  10. free download for windows pc

    […]usually posts some very interesting stuff like this. If you’re new to this site[…]

  11. dildos

    […]very handful of internet websites that happen to be comprehensive beneath, from our point of view are undoubtedly properly worth checking out[…]

  12. tire care

    […]Here are a few of the websites we advise for our visitors[…]

  13. label besi

    […]Every as soon as inside a though we pick blogs that we read. Listed beneath would be the most up-to-date websites that we choose […]

  14. g-spot vibrators

    […]please take a look at the web-sites we adhere to, which includes this 1, because it represents our picks from the web[…]

  15. Recipes for the holidays

    […]although web-sites we backlink to beneath are considerably not associated to ours, we feel they may be in fact worth a go via, so possess a look[…]

  16. first butt plug

    […]usually posts some extremely interesting stuff like this. If you are new to this site[…]

  17. gay sex toys

    […]Every as soon as inside a though we choose blogs that we read. Listed beneath are the most up-to-date internet sites that we select […]

  18. butt plug

    […]although websites we backlink to beneath are considerably not associated to ours, we really feel they are in fact really worth a go by means of, so possess a look[…]

  19. sarah rae vlogas

    […]The info talked about inside the article are several of the most beneficial available […]

  20. Surprise Candles

    […]that may be the finish of this article. Right here you’ll locate some websites that we assume you’ll appreciate, just click the links over[…]

  21. waterproof vibe

    […]very handful of web sites that transpire to become detailed beneath, from our point of view are undoubtedly nicely really worth checking out[…]

  22. bond cleaning Melbourne

    […]that would be the finish of this article. Right here you will locate some web pages that we assume you will enjoy, just click the links over[…]

  23. kala jadu

    […]that is the end of this report. Right here you will obtain some sites that we consider you will value, just click the links over[…]

  24. g spot stimulator

    […]always a significant fan of linking to bloggers that I adore but do not get a lot of link like from[…]

  25. Butterfly Kiss Sex Toy

    […]we like to honor several other online web pages around the internet, even though they aren’t linked to us, by linking to them. Beneath are some webpages really worth checking out[…]

  26. Hand Held Massager

    […]always a massive fan of linking to bloggers that I enjoy but really don’t get a great deal of link really like from[…]

  27. Dolphin Sex Toy

    […]check beneath, are some entirely unrelated internet sites to ours, however, they may be most trustworthy sources that we use[…]

  28. Bondage Toys

    […]the time to study or pay a visit to the content or web-sites we have linked to below the[…]

  29. best couples toys

    […]we came across a cool internet site that you could take pleasure in. Take a appear when you want[…]

  30. Cheap bond cleaning Melbourne

    […]usually posts some extremely fascinating stuff like this. If you’re new to this site[…]

  31. free download for windows pc

    […]here are some hyperlinks to web sites that we link to because we think they are worth visiting[…]

  32. sex whip

    […]always a major fan of linking to bloggers that I love but don’t get a whole lot of link appreciate from[…]

  33. skidsteer repairs

    […]below you’ll locate the link to some internet sites that we feel it is best to visit[…]

  34. sex costume

    […]one of our visitors a short while ago advised the following website[…]

  35. pc games for windows 10

    […]one of our visitors not long ago recommended the following website[…]

  36. adam and eve

    […]although internet websites we backlink to below are considerably not connected to ours, we really feel they may be basically really worth a go through, so have a look[…]

  37. anal sex

    […]we prefer to honor quite a few other online sites around the internet, even when they aren’t linked to us, by linking to them. Under are some webpages really worth checking out[…]

  38. free download for pc windows

    […]we prefer to honor numerous other world wide web web-sites on the net, even though they aren’t linked to us, by linking to them. Below are some webpages really worth checking out[…]

  39. whopper sex toy

    […]although websites we backlink to beneath are considerably not associated to ours, we really feel they’re in fact really worth a go by way of, so have a look[…]

  40. g-spot vibrator

    […]one of our guests a short while ago advised the following website[…]

  41. fetish sex toy

    […]very handful of web sites that happen to become in depth below, from our point of view are undoubtedly nicely really worth checking out[…]

  42. Solo Play

    […]check below, are some totally unrelated internet sites to ours, even so, they may be most trustworthy sources that we use[…]

  43. full version pc games download

    […]Here is a superb Weblog You might Uncover Interesting that we Encourage You[…]

  44. hair loss clinic Singapore

    […]although websites we backlink to below are considerably not related to ours, we really feel they may be actually worth a go by way of, so have a look[…]

  45. ecu tuning software

    […]Here is a good Weblog You may Obtain Intriguing that we Encourage You[…]

  46. bondage

    […]we like to honor many other net sites on the internet, even though they aren’t linked to us, by linking to them. Under are some webpages worth checking out[…]

  47. adam and eve

    […]although websites we backlink to beneath are considerably not connected to ours, we feel they’re actually worth a go by means of, so have a look[…]

  48. clit sex toys

    […]one of our visitors a short while ago proposed the following website[…]

  49. do it yourself

    […]Every once in a although we choose blogs that we study. Listed beneath would be the most recent sites that we decide on […]

  50. نصب دوربین مداربسته

    […]usually posts some quite fascinating stuff like this. If you’re new to this site[…]

  51. sex toys

    […]we prefer to honor many other world wide web sites around the web, even if they aren’t linked to us, by linking to them. Beneath are some webpages worth checking out[…]

  52. adammale.com

    […]Every as soon as in a although we choose blogs that we read. Listed beneath are the most recent websites that we choose […]

  53. wand massagers

    […]Here is a great Weblog You may Locate Interesting that we Encourage You[…]

  54. clit vibrator

    […]The information and facts talked about in the post are a number of the most beneficial offered […]

  55. g spot stimulator

    […]just beneath, are various entirely not related web pages to ours, on the other hand, they may be certainly worth going over[…]

  56. Vibrating Ring

    […]The facts mentioned in the write-up are several of the very best accessible […]

  57. A\u0026E beginner’s power pump

    […]The details talked about in the post are a few of the top readily available […]

  58. … [Trackback]

    […] Read More here: lovefreedomtruth.com/2010/11/destroying-cultural-intangibles/ […]

  59. Macho Stallion Erection Keeper

    […]that would be the finish of this post. Here you’ll locate some web-sites that we believe you’ll value, just click the links over[…]

  60. sex toys

    […]please go to the web pages we stick to, like this one particular, as it represents our picks in the web[…]

  61. sexy baby dolls

    […]please go to the internet sites we comply with, like this a single, because it represents our picks from the web[…]

  62. gay anal sex

    […]always a big fan of linking to bloggers that I adore but don’t get lots of link love from[…]

  63. pc apps

    […]that will be the finish of this write-up. Right here you will obtain some web-sites that we feel you will enjoy, just click the links over[…]

  64. free download for windows 7

    […]we prefer to honor several other online web pages on the net, even if they aren’t linked to us, by linking to them. Beneath are some webpages worth checking out[…]

  65. fermented sauerkraut

    […]Here is a great Blog You might Discover Exciting that we Encourage You[…]

  66. apps for pc free download

    […]one of our guests not long ago encouraged the following website[…]

  67. cheap vibrator

    […]the time to study or go to the subject material or internet sites we’ve linked to beneath the[…]

  68. realistic dildo

    […]we came across a cool site that you just may take pleasure in. Take a appear should you want[…]

  69. Best Sex Toys for Men

    […]check below, are some absolutely unrelated internet sites to ours, nonetheless, they’re most trustworthy sources that we use[…]

  70. canada50

    […]we prefer to honor quite a few other online internet sites on the web, even though they aren’t linked to us, by linking to them. Under are some webpages really worth checking out[…]

  71. Purchasing

    […]one of our visitors a short while ago encouraged the following website[…]

  72. web site

    […]The data mentioned in the post are a few of the ideal obtainable […]

  73. clitoral stimulation

    […]usually posts some pretty intriguing stuff like this. If you’re new to this site[…]

  74. gay anal sex toys

    […]just beneath, are many totally not associated internet sites to ours, nevertheless, they’re certainly worth going over[…]

  75. traditional anime

    […]Wonderful story, reckoned we could combine a couple of unrelated information, nonetheless seriously worth taking a look, whoa did one particular learn about Mid East has got far more problerms as well […]

  76. stocks to watch

    […]one of our visitors recently advised the following website[…]

  77. best bullet vibrator

    […]Here is a superb Blog You may Come across Exciting that we Encourage You[…]

  78. adam and eve sex toys shop

    […]that is the finish of this write-up. Here you’ll discover some web-sites that we assume you’ll enjoy, just click the links over[…]

  79. php open source

    […]although internet sites we backlink to below are considerably not related to ours, we really feel they’re in fact worth a go by means of, so possess a look[…]

  80. bondage handcuffs

    […]Every after inside a even though we select blogs that we read. Listed below would be the latest websites that we select […]

  81. adam \u0026 eve magic massager

    […]below you’ll come across the link to some web pages that we think you need to visit[…]

  82. polythene rolls

    […]one of our guests lately recommended the following website[…]

  83. magnetic tape

    […]below you will find the link to some sites that we believe you must visit[…]

  84. p spot stimulation

    […]the time to read or check out the content or web-sites we’ve linked to below the[…]

  85. remote vibrator

    […]here are some links to websites that we link to simply because we think they are really worth visiting[…]

  86. ideas for couples in the bedroom

    […]Here are a number of the internet sites we suggest for our visitors[…]

  87. adam and eve sex toy

    […]always a big fan of linking to bloggers that I enjoy but do not get a great deal of link adore from[…]

  88. the best lube

    […]Sites of interest we have a link to[…]

  89. pc games download

    […]Every once in a although we pick blogs that we read. Listed beneath would be the most up-to-date websites that we pick out […]

  90. revize zdvihacich zarizeni

    […]below you will uncover the link to some websites that we believe it is best to visit[…]

  91. cold drinking paper cups

    […]that may be the end of this write-up. Right here you will come across some web sites that we think you’ll enjoy, just click the links over[…]

  92. Bold martial arts middleweight pants

    […]just beneath, are various completely not connected internet sites to ours, having said that, they are certainly really worth going over[…]

  93. g-spot stimulator

    […]just beneath, are various completely not related web sites to ours, however, they’re certainly really worth going over[…]

  94. bdsm whip

    […]Here is a good Blog You might Discover Fascinating that we Encourage You[…]

  95. women massaging men

    […]Here is a superb Weblog You might Find Intriguing that we Encourage You[…]

  96. Cock ring

    […]we came across a cool web page that you just might love. Take a look in the event you want[…]

  97. bangal ka jadu

    […]Here are several of the internet sites we suggest for our visitors[…]

  98. کاشت مو

    […]The details mentioned in the article are a few of the best available […]

  99. sexplanations

    […]we like to honor numerous other world wide web internet sites on the net, even if they aren’t linked to us, by linking to them. Below are some webpages worth checking out[…]

  100. wand vibrator

    […]check below, are some completely unrelated internet websites to ours, having said that, they may be most trustworthy sources that we use[…]

  101. bi curious women

    […]very few web sites that take place to be comprehensive beneath, from our point of view are undoubtedly nicely worth checking out[…]

  102. couples sex toys

    […]Wonderful story, reckoned we could combine a few unrelated data, nonetheless seriously worth taking a appear, whoa did 1 discover about Mid East has got additional problerms as well […]

  103. adammale.com

    […]one of our guests recently proposed the following website[…]

  104. Magnet secondary glazing

    […]the time to read or stop by the content or web pages we’ve linked to below the[…]

  105. jelly dildo

    […]the time to study or pay a visit to the subject material or sites we’ve linked to beneath the[…]

  106. Black TKD gi

    […]we prefer to honor quite a few other world-wide-web websites on the web, even when they aren’t linked to us, by linking to them. Underneath are some webpages really worth checking out[…]

  107. dildo

    […]here are some hyperlinks to web pages that we link to since we think they may be worth visiting[…]

  108. #newmusic

    […]Here are a number of the web pages we advise for our visitors[…]

  109. best couples toys

    […]Here are several of the websites we advise for our visitors[…]

  110. adam and eve sex toys shop

    […]below you will discover the link to some web-sites that we think it is best to visit[…]

  111. Travel

    […]Every once in a though we choose blogs that we study. Listed beneath would be the latest sites that we opt for […]

  112. High Precision Dosing Peristaltic Pump

    […]below you’ll come across the link to some sites that we feel you should visit[…]

  113. military manuals

    […]check beneath, are some completely unrelated internet websites to ours, nonetheless, they may be most trustworthy sources that we use[…]

  114. Crazy Sex Toys

    […]usually posts some quite exciting stuff like this. If you are new to this site[…]

  115. adult stories

    […]we like to honor quite a few other online websites around the web, even though they aren’t linked to us, by linking to them. Beneath are some webpages really worth checking out[…]

  116. Garden Bridges

    […]that could be the end of this write-up. Right here you will locate some internet sites that we consider you’ll enjoy, just click the links over[…]

  117. Healthy sex life

    […]Wonderful story, reckoned we could combine a number of unrelated information, nevertheless definitely worth taking a search, whoa did one particular study about Mid East has got additional problerms as well […]

  118. best vibrating cock ring

    […]Every when inside a though we opt for blogs that we study. Listed beneath would be the most recent websites that we opt for […]

  119. global online franchise review

    […]just beneath, are numerous entirely not related web sites to ours, nevertheless, they may be certainly worth going over[…]

  120. http://www.indigo.co

    […]although websites we backlink to beneath are considerably not connected to ours, we feel they’re truly really worth a go by means of, so have a look[…]

  121. iron balusters

    […]the time to read or stop by the content or websites we have linked to beneath the[…]

  122. pc games for windows xp

    […]always a big fan of linking to bloggers that I appreciate but really don’t get a lot of link enjoy from[…]

  123. pc games full version download

    […]Wonderful story, reckoned we could combine a handful of unrelated information, nevertheless definitely really worth taking a look, whoa did 1 find out about Mid East has got far more problerms also […]

  124. free download for windows pc

    […]Every after inside a although we pick blogs that we read. Listed below would be the newest web pages that we opt for […]

  125. pc games for windows 10

    […]one of our guests a short while ago proposed the following website[…]

  126. free download for laptop pc

    […]The information talked about inside the write-up are some of the most effective accessible […]

  127. free download for windows pc

    […]Sites of interest we have a link to[…]

  128. free full download for windows

    […]Here are some of the web sites we advise for our visitors[…]

  129. download pc games for windows 7

    […]we prefer to honor many other web internet sites on the internet, even when they aren’t linked to us, by linking to them. Underneath are some webpages worth checking out[…]

  130. Wholesale Gucci Bags

    […]Here is a superb Weblog You may Locate Exciting that we Encourage You[…]

  131. sapatênis osklen

    […]check below, are some absolutely unrelated internet websites to ours, nonetheless, they may be most trustworthy sources that we use[…]

  132. 동화세상에듀코

    […]always a major fan of linking to bloggers that I like but really don’t get a great deal of link like from[…]

  133. fall fashion sale

    […]please take a look at the web-sites we stick to, including this a single, as it represents our picks through the web[…]

  134. fall fashion sale

    […]just beneath, are a lot of absolutely not related websites to ours, however, they’re surely really worth going over[…]

  135. Ron post

    […]check beneath, are some totally unrelated web sites to ours, having said that, they’re most trustworthy sources that we use[…]

  136. couture

    […]below you’ll obtain the link to some web sites that we believe you ought to visit[…]

  137. پک آماده دوربین مدار بسته

    […]we like to honor lots of other online web sites on the web, even when they aren’t linked to us, by linking to them. Under are some webpages worth checking out[…]

  138. G Vibrator

    […]we came across a cool site which you may possibly delight in. Take a appear if you want[…]

  139. glass sex toys

    […]below you’ll come across the link to some sites that we assume you ought to visit[…]

  140. shoe company

    […]very couple of internet websites that transpire to be comprehensive below, from our point of view are undoubtedly effectively really worth checking out[…]

  141. 脱毛

    […]that would be the finish of this report. Right here you will uncover some web pages that we believe you’ll enjoy, just click the hyperlinks over[…]

  142. Stockton taxi to Sacramento airport

    […]we came across a cool internet site that you could possibly delight in. Take a appear for those who want[…]

  143. the gay frat

    […]we came across a cool internet site that you may possibly take pleasure in. Take a look in the event you want[…]

  144. hollow strap on

    […]we prefer to honor many other world wide web internet sites on the net, even though they aren’t linked to us, by linking to them. Below are some webpages worth checking out[…]

  145. best kona coffee online

    The best Kona Coffee took 16 centuries to arrive Online. Kona Coffee originated from the Arabica tree discovered 5th century although roast coffee’s best medicinal properties were not discovered until late 14th century A.D.

  146. bdsm furniture

    […]that will be the end of this article. Right here you will find some web pages that we consider you’ll appreciate, just click the hyperlinks over[…]

  147. anal play

    […]check below, are some entirely unrelated web-sites to ours, even so, they’re most trustworthy sources that we use[…]

  148. Women Viagra

    […]Sites of interest we have a link to[…]