
95% of what most of you think about the current state of our economy is something someone told you. Either something you read – in a book or magazine, or even more frequently, on the Internet, or something you hear on the radio, or passively absorbed through television. You get the picture; it’s not based in your reality. It’s just talking heads and academics tossing down platitudes and divergent opinions to be regurgitated by un thinking parrots.
If you have stuff, you worry about losing your stuff. If you don’t have stuff, you worry about being able to afford the stuff you don’t have. My friend Paul used to say that everyone is poor at a different level and that is true for most of us. I’ve heard the super rich complain that they can’t afford to keep that vacation house because of the damn taxes, with the same emotional fervor as the working class guy talking about his hours being cut and he can’t afford gas for his car or cigarettes. I certainly don’t mean to trivialize poverty, and obviously, the two examples are not the same, or are they?
I’ve been crisscrossing the continental U.S. since before I care to remember, and I can tell you that economies are individualized, for the most part. The key factor in economic success is expectation. If you expect to have nothing and you get something, your economy is good. Conversely, if you expect to have everything and you lose something, your economy is bad. When things aren’t as we wish, we need to blame someone or something and that is where “The Economy” comes in. It is impersonal and easy to blame. Unfortunately, it really doesn’t exist, nor care.
Consider the following two statements: “Everything I have is in my backpack, that is all I need.” That is an individual economy. The markets can implode and I will still have everything in my backpack. “Everything I need is in my accumulated wealth, scattered in little pieces called “investments” across 7 continents. “ That, too is an individual economy, only everything you have is controlled by a collective steered by politicians and fund managers influenced by academics and talking heads who are influenced by other academics and talking heads.
I’m no economist, that is clear, but perhaps we are best served by jettisoning those “economies” which have no basis in our daily realities.
Everything I have is in my backpack.
Tex KT Near Des Moines, IA May 4, 2012









Somewhere in Missouri - May 26, 2011