A couple of weeks ago I wrote my brother that if the wealthy elite ever tell us to “eat cake” then we will know it is time to pull out the guillotines and have ourselves a revolution. The cake is, of course, unemployment checks, American Idol, and food stamps. My, they are so generous to provide these handouts to all us commoners.
While I savor the sentiment I suspect such a thing would not happen today. The French Revolution was very different than the kind of crisis we are in now. That was an Awakening which is fundamentally different from our current Secular Crisis. Both are similar because they are inverses of one other. Awakenings are cultural transformations steeped in the confidence of self awareness and proud arrogance. Secular crises expose deep rooted lack-of-confidence and a loss of social identity. The question before us now is Who are we as Americans? What kind of nation are we today? Living on legacy and bravado doesn’t really cut it now.
Charlie Munger of Berkshire Hathaway came out today and told all of us to “Suck it in and cope.” He told us to eat cake. And most everyone just took it like wimps. There is no confidence in America anymore; our leaders expect us to just take whatever crap they give us. My point here is: without self awareness Munger's proud arrogance is just greed and crap. Sorry Munger, no one has any confidence in you either.