Philadelphia Reflections

Children Playing With Matches

Playing with Matches

THERE are still a lot of people secretly re-fighting the Vietnam War, which in retrospect was rebellion against the draft and allegiance to the idea that America just doesn't start wars. But times change, and those who now suppose the secret sympathizers with the anti-draft movement will automatically join a second call to rebellious duty, are probably going to be disappointed with how conservative the baby boomers have become. The boomers find themselves parents, defending their own authority from attack by their children. As King Lear ruefully observed in the same reversed situation, let them feel how sharper than a serpent's tooth it is, to have a thankless child. We now define our present world problem as overleveraging, not compulsory military service, and estimate it may take as long as fifteen years to sort itself out -- until yet another judgmental generation comes over the hill behind the rebels. The aggregate debts of the European Union, using present-value calculations, are said to be three times as large as the Gross Domestic Product of Germany; now, that's really a problem. When you consider the only sure cure for excessive leverage is "growth", and that the code word of growth really means stuff wearing out, getting used up, and getting obsolete, it is not hard to see it taking 15 years to go away -- much more lasting than any draft dodger issue. When I go to restaurants they are crowded and expensive; people are living on their reserves, but there seem to be lots of reserves so this problem will last a long time.

But, four generations back, I can remember 1937 when there were no reserves, and plenty of homeless people actually froze to death. Plenty of people were then talking Communist who nowadays are talking McCarthyism, hoping no one notices the switch. I used to ride up and down the elevator of a hospital with Harry Gold, the thermonuclear spy no less. So what worries me about the present uproar is that it comes too soon, before very many people get really scared enough to do really stupid things, then recognize their folly.

I think it was Abbie Hoffman, not Jerry Rubin, who climbed up into the visitors' gallery of the New York Stock Exchange and threw handsful of dollar bills, salted with just a few hundred-dollar bills to bring trading to a halt. Big joke; just see who was scrambling on the floor. That's what the sixties seemed like to most of us; a big joke. But out at Kent State, some kids with crew cuts were information, under orders that at the last moment the gun barrels must come level -- and the live rounds slide home.

Originally published: Monday, October 31, 2011; most-recently modified: Wednesday, May 15, 2019