Thursday, February 3, 2011
James Madison wrote in Federalist #10, “a rage for paper money, for an abolition of debts, for an equal division of property, or for any other improper or wicked project, will be less apt to pervade the whole body of the Union, than a particular member of it.”
That is to say, it is in the interest of the wealthy that power be taken from your State capital and deposited in the US Government. Is it any wonder, therefore, that consolidation has eclipsed federalism in the U.S? Given the diversity that naturally exists in an “extended republic” such as the U.S. (i.e., an empire-scale polity), this one-size-fits-all interest of the rich is ultimately self-defeating with respect to the continued viability of the United States. The question is perhaps whether the financial elite will be oriented to the long or short term, and, relatedly, to public or particular interests.
Labels: debt, federalism, James Madison, Money, property rights, wealth
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