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Force Majeure Markets~ How long can this Alice in Wonderland Market ignore the numbers?
Besides advocating free speech, free markets, freedom with animal, gender and sexual rights, and separation of Church and State, JB wanted to abolish capital and corporeal punishment and create welfare.
Curiously, perhaps ahead of his time, JB designed the Panopticon prison, which allowed an observer to watch all prisoners without them knowing. JB described this as achieving a new mode of obtaining power of mind over mind, in a quantity hitherto without example.
Perhaps that is what cable monitors, data mining, software backdoors and virtual finance do today.
Bentham taught John Stuart Mill and Robert Owen, a founder of modern socialism. JB was considered Godfather of the University of London, where he left a bequest to display his head and skeleton after dissection for an anatomy class. His remains were dressed in his clothes and displayed in an Auto-icon wood cabinet opened on School anniversaries.
http://en.wikipedia.org/wiki/Jeremy_Bentham
http://en.wikipedia.org/wiki/Panopticon
If we had markets free of such government interference as defacto wage and price controls, progressive income taxes, red tape, regressive payroll taxes and zero interest rates, we might have fuller employment with more productivity and prosperity for all.
Real American employment declined since the 8% GDP peak in 1984, when Reagan identified government Not as the solution, but the problem.
Reagan and his administration reduced the number of Federal Register Bureaucratic Codes. Other than Reagan, government grew much faster than either the economy or population, thus bringing down real wages.
Like the CPI, Unemployment was revised downward by government economists to hide the truth and reduce government payments to those in need.
Jobs and employment declined a lot longer than most Americans realized.
The pre-1994 Unemployment calculation included long-term discouraged workers, as well as the short-term discouraged workers measured by U-6 now.
