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The unraveling of social cohesion has consequences. Once social cohesion unravels, the nation unravels. My recent posts have focused on the systemic financial risks created by Federal Reserve policies that have elevated moral hazard (risks can be taken without consequence) and speculation to levels so extreme that they threaten the stability of the entire financial system. These risks are well known, though largely ignored in the current speculative frenzy. But there is another systemic risk which few if any see: the collapse of social cohesion. President Carter was prescient in his understanding that a nation’s greatest strength is its social cohesion, a cohesion that America’s unprecedented wealth / income / power inequalities has undermined. Consider this excerpt from his 1981 Farewell Address:

United statesCharles hugh smithFederal reserveFarewell addressPresident carterUniversal basic incomeMusings reportShrinking planetAlways ends the same wayGordon longFinal fallDemocratic republicConsulting philosopherWork unchainedஒன்றுபட்டது மாநிலங்களில்சார்லஸ் ஹக் ஸ்மித்