PHILADELPHIA REFLECTIONS
The musings of a Philadelphia Physician who has served the community for nearly six decades

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Whither, Federal Reserve?
The Federal Reserve seems to be a big black box, containing magic. In fact, it's high-wire acrobatics that must not be allowed to fail.

Legal Philadelphia
The American legal profession grew up in this town, creating institutions and traditions that set the style for everyone else. Boston, New York and Washington have lots of influential lawyers, but Philadelphia shapes the legal profession.

The Constitution
The Constitution is not just a paper signed at a convention in Philadelphia. Its full significance lies in the difficulties which forced its creation, and the difficulties which soon emerged after it was implemented. All of that belongs to Philadelphia.

Articles of Confederation
For thirteen years the country was ruled by the Articles of Confederation, and by Philadelphia. We learned many lessons during that episode, and we are beginning to forget we learned them.

Philadelphia Economics
economics

U.S. and E.U. Exchange Experiences (2)

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America can learn about itself from the E.U. {bottom quote}

To see the economic power of unifying the currencies of Europe, and the political attractiveness of its results among the people of those countries, makes it suddenly more clear why our own Civil War is so often said to be about the Union and not about slavery. Unlike our grandfathers in the Civil War, we take the benefits of free interstate commerce for granted, while for them it was still a demonstrated achievement. Lincoln for example, was an ardent Whig, which in those days meant an advocate of helping commerce by the intervention of government. There is even a shadow of present concern that Americans will have so forgotten the lessons of free interstate commerce that they might somehow surrender it for some other blandishment. Certainly, free international trade has its enemies. The abolition of slavery was of course an overdue achievement, too, but perhaps our long slog toward equal rights has allowed this second crusade to overshadow the history of what really was the main one. In case anyone feels impelled to start a quarrel about this viewpoint, let me remind him that Quakers started the abolition movement, right here in Philadelphia, and have nothing to apologize about.

Going further back, we got our Constitution more or less right before we convinced the public of the economic benefits of unification; eventually we got a bad Civil War. The Europeans learned that complicated words in a Constitution have consequences, suspiciously loaded the proposed document with interminable conditions, and eventually rejected it. It's an old political trap that a proposal so loaded with attractions will often gather more opposition from objectors to multiple small points than proponents for the big points. Keep it simple, senor. If you expect men to die for that document, they have to be able to recite it. If you must make it complicated, just appoint a Supreme Court and wait a little.

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