Friday, July 12, 2013
Gresham's Law Applied to American Institutions
Gresham's Law stated in its simplest form is: "Bad money drives out good".
Although this is a maxim from economics, there is overwhelming evidence that Gresham's Law has far wider application. It its simplest form "Bad actors drive out good."
Bad elements springing up in or inserted into anything – society, governments, neighborhoods, student bodies, families – drive out the good. And that can only be attributable to the individuals who pursue deviations that lead to the decadence. For Gresham's Law applies also to the way attributes of the individual may change as he goes through life, affecting character, integrity, perseverance, courage – really an endless list where there can be chinks in his armor.
Wherever man forms groupings, even where strictures have been put in place to prevent decadence, it appears that debasement only can be forestalled. Some groups will succumb sooner than later. And if any one of those earlier groups already has, or can garner just the right kind of power, they will – in keeping with Gresham's Law – accelerate the collapse of other groupings. It is done it by seeing to it that both criminal and civil law, and merely the threat of great expense, are used to compel the removal of restrictions that protected the longer-lasting institutions.
You name the once prestigious and honorable institution staffed by man, and you don't need to be a cynic to see how far it has wandered or been torn away from its stated goal.
And there, my friends, is how America got to where she is today.