12 January 2009
Every couple of years it seems we launch into a new growth industry; there have been many in the last half century: television (ancient history), computers (almost ancient history), YOU Tube, IPODs, hedge funds. You all are familiar with many more. Now there is a new one.
Well, it's not really new as it's been around for a long, long time; it's stealing by those that can't (or won't) create wealth for themselves from those that can and do. And it is truly a burgeoning industry - or family of industries actually. The Somali pirates stand out due to the heavy media coverage. But kidnappers everywhere (Mexico, Afghanistan, Pakistan, Greece (just yesterday), seem to be thriving and apparently will continue to grow their business. The entire illegal drug industry would qualify too, I would think.
Why is this happening now? Because there is plenty out there to steal. It's all over the place, pointing to yet another branch of the industry which includes a number of investment schemes that have recently come to light, along with the bubbles that have proliferated lately (not incidentally, that bubbles are anything new, but our attention span is such that they seem so). And let's not leave out Congress; sure, some of their munificence is to assuage constituents demands (and that adds constituents to the thieves if you want to look at it that way) but somehow an awful lot of it adheres to sticky hands all along the money route.
Clearly we have too much, and much of it does not come as it once did from years of sweat and toil, but from cleverness. Admittedly cleverness is a different (and important) kind of toil, but its largesse so often comes either as windfall or the luck of being in the right place at the right time, but also quickly. That doesn't fit the old mold. A great deal these days doesn't fit old molds and perhaps that is why those of us whose memories lie mostly in the past have trouble dealing with this present trend.
There is, however, a pretty time-worn precedence: when too much is taken from those who create wealth through sweat, toil and innovation they begin to question whether the sweat, toil and innovation is worth it. Are we approaching that point? No, we are not - yet. Does that point loom on our horizons? Certainly a mirage of it does. Whether the mirage turns out to be real depends upon us, and what we do about either ignoring it or taking action to avert it. But when the number of those who benefit from the thievery is greater than that of those that create the weath, the outcome becomes inevitable. So why do I say we are not yet approaching that point? Because there is a large population in between the innovators and the thieves that are neither; but work hard, contribute regularly and believe in sincerity, devotion and honest work. Watch them, for they are the key to the balance that will determine our future.
