The King Canute Economy: Governments' Futile Attempt to Stem the Tide

Seeking Alpha ^ | November 22, 2009 | Cynicus Economicus

[arthurus]

In the legend of King Canute on the sea shore, it is popularly represented that King Canute was so arrogant that he actually sought to hold back the tides. However, King Canute was actually demonstrating that, for all his power, there were some forces which he could not overcome. As we contemplate the actions of governments around the world, it is possible to wonder whether they have ever heard King Canute's story.

In the case of King Canute, he ended up with wet feet. In the case of the world economy, the consequences might not be so mild.

[ClearCase_guy]

Shifting debt from the private sector onto the public sector, at exactly the time that the public sector would be starved for revenues, was always going to be a disaster.

Cloward-Piven

[null and void]

0bama - King Cannot

[grey_whiskers]

DING DING DING DING DING DING DING DING DING

No more calls, please.

We have a WINNER!