Sunroom Desk

… the Romans did as all wise rulers should, who have to consider not only present difficulties but also future, against which they must use all diligence to provide; for these, if they be foreseen while yet remote, admit of easy remedy, but if their approach be awaited, are already past cure, the disorder having become hopeless; realizing what the physicians tell us of hectic fever, that in its beginning it is easy to cure, but hard to recognize; whereas, after a time, not having been detected and treated at the first, it becomes easy to recognize but impossible to cure.
- Machiavelli, The Prince, Chapter III, Of Mixed Princedoms

Apply this thought to the current financial debacle the world has suffered. “Hectic fever” is a well-phrased metaphor for the asset bubble our financial system created. It isn’t a perfect metaphor; because although 21st century governments didn’t act on their advice, prominent individuals and groups clearly recognized the problem a few years back and spoke out.

Another reason this isn’t a perfect metaphor is that for our current economic illness there must be some sort of cure. I’m just not sure it is the $800 billion plus stimulus package that props up many of the players (states, health care organizations, government workers) that are still contagious. Across the country, many amateur physicians, including Rick Martinez in North Carolina, are fairly sure it is no cure at all.

This Sunroom Desk break from local news is paying tribute to another philosopher as well; check out today’s Paperweight clipping for Adam Smith’s thoughts on asset bubbles and national prosperity.