"Hobbes had argued the need for a despot because men
were like beasts; Townsend insisted that they (people)
were actually beasts and that, precisely for that reason, only a minimum of government was required. From this novel point of view, a free society could be regarded as consisting of two races: property owners and laborers.
The number of the latter (working class) was limited by the amount of food; and as long as property was safe, hunger would drive them to work. No magistrates were necessary, for hunger was a better disciplinarian than the magistrate.
To the politician and administrator laissez-faire was simply a principle of the insurance of law and order, with the minimum cost and effort. Let the market be given charge of the poor, and things will look after themselves.
The acceptance of near-indigency of the mass of the citizens as the price to be paid for the highest stage of prosperity was accompanied by very different human attitudes. Townsend righted his emotional balance by indulging in prejudice and sentimentalism. The improvidence of the poor was a law of nature, for servile, sordid, and ignoble work would otherwise not be done.
Also what would become of the fatherland unless we could rely on the poor? 'For what is it but distress and poverty which can prevail upon the lower classes of the people to encounter all the horrors which await them on the tempestuous ocean or on the field of battle?'"
Karl Polanyi
“If you can feel that staying human is worth while, even when it can't have any practical result whatsoever, you've beaten them.”
George Orwell
It was risk on all the way today as Wall Street decided not to look at the bad news and just start putting some of their excess liquidity to work.
In other words it was technically time for a new wash cycle.
Gold and silver advanced slightly as the Dollar continues to fall.
There will be a futures option expiration for gold on Friday.
Have a pleasant evening.
