"Bond-Side Prosperity" [Reflections on Book Theory of Business Enterprise Thorstein Veblin, Chap. 7B - Welfare]
Prosperity has basis two, in fact,
For spread of costs and revenues can act –
When wages lag (more work at equal pay);
While arbitrage near epicenters lay.Most businessmen are not the brightest bulbs
In box, so do not push a rising bulge
In “Money” value out of line with toys
(Or sometimes hush their liquidating noise).They do this as they debtors are as well;
Short-sighted are to cash that’s made in hell;
They lock on to purported value given,
Instead of values real in course of living.Quite rapidly the house of cards comes down,
When one or two big creditors are found
To flatten out there spread (when wages rise
To meet the workers cost of living size)It’s business (banking, scavengers, and such)
Which pull the trigger – industry, they must
Come up with loans they call despite their fact
Their companies each in best interests act.Then Veblen makes an observation clear –
Collateral intangible, when near,
Is problematic – didn’t happen much
When he wrote, cyber-world they had not touched.That’s cool – the bankers pull initial plug;
Blame “Rising wages”, hide then in the mud,
Arising later, cash in hand to play
Their cyclic game again for greater pay.Thanks Lord for this.
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