The Twelve Days of Thanksgiving: Day Seven
Christmas is coming; the geese are getting fat. Please to put a penny in an old man's hat. If you haven't got a penny, a ha'penny will do. If you haven't got a ha'penny, well, it's the economy. As a country, we've done much without foresight, and things don't look pretty.
But I am still thankful. I actually always try to be thankful, but I have been particularly focused on it these past six days, and I plan to remain officially focused on it for at least five more. Today, in light of the news from Dubai, I am thankful for Texas history.
We have just released a book called The Paper Republic. It tells the complete story of Texas money from exploration through annexation. It is filled with interesting anecdotes about the people behind the money: visionary kings, obsessive dictators, crooked politicians, counterfeiters, printers, Texas Presidents, treasury officials and forgotten heroes. It shows with precision just what happens when debt spirals out of control.
That's not pretty, either. But it is a clarion call to this country that Texas finds herself annexed to these days to pay careful attention to the money. Debt, down-side, dark side...dum,dum, da dum...things get all Enron-y faster than some MBA tricksters would like to admit.
Texas is no longer its own country, though some feel it still should be. Personally, I like being part of the United States. And I would certainly hate to be annexed by China--or any other country--because people are wielding too-good-to-be-true financial instruments with reckless abandon and no historical perspective.
Jim Bevill, the author of this big, beautiful, amazingly researched book has spent many years tracking down information, coins and currency, and weaving them into a story that is not only fascinating numismatic and financial history, it is a timely warning about what can happen when the money goes awry. And I think anybody who's in charge of more than a ha'penny or two of somebody else's savings, retirement, college fund or country should read it.
Texas, The US, Dubai. What's next? Jim has taken the time to follow the trail of the money in Texas, and hopefully someone important in the Treasury Department or an influential seat of government will learn from his observations.
So there it is. While I'm concerned about what the news will bring on Monday when the markets open, I'm also hopeful that there are wise leaders out there who will work together to find ways to blend new technologies and financial instruments with a sound understanding of both human nature and history. And I'm thankful that Texas' history might inform the conversation.
Sometimes knowing what not to do is more important than knowing what to do.
Thanksgiving Tip #7: For a truly relaxing holiday, the news is best left folded on the kitchen table.
One of the lessons of history is that nothing is often a good thing to do and always a clever thing to say.
~Will Durant
