Think of this as Volume 16, Number 31 of A-Clue.com, the online newsletter I've written since 1997. Enjoy.
Every political crisis in American history has been a revolt by old money against new economic forces that had yet to come into their own.
- In 1860, cotton was king and manufacturing just starting out.
- In 1896, monopolists owned the infrastructure and mass markets were trying to gain a foothold.
- In 1932, credit had failed but demand was resisted.
- In 1968, manufacturing was being replaced by technology and content.
Today's crisis is a lot like all those that have come before. The oil industry, Wall Street, creditors and content monopolies all face the rising tide of alternative energy, open source and the Internet. This “old money” is fighting to protect what it has, and most of the money in this economy remains old money.
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