No one questions that the economy is in trouble after the housing bubble burst leaving the debris of the recession late last year. It’s what to do about it that has left the brainiest of heads in permanent scratch mode. David Korten, president and founder of the People-Centered Development Forum, believes the cause is Wall Street’s speculation creating bubbles, debt pyramids and predatory lending.
His solution is the bitter pill of reorganizing our entire economy away from speculation back toward community-based enterprise that sees money as a means to enrich the quality of life rather than insulate the pockets of the well-to-do. He summarizes his proposals in an economic address he wishes the president would deliver.
Unfortunately, efforts like bailouts have only served as economic band-aids. As a Ph.D. holder and former faculty member of the Harvard School of Business, he should know what he’s talking about.