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Economics 101 from Adam Smith (standard:Satire, 1067 words)
Author: JuggernautAdded: Nov 02 2010Views/Reads: 3391/1455Story vote: 0.00 (0 votes)
A lesson in economics from the Father of Free Enterprise Adam Smith.

Economics 101 from Adam Smith 


Subba Rao 

On reaching the usual spot at the riverside, Juggernaut parked his car
and came out lazily. Stretching his legs in preparation for a long walk 
along Missouri River, he spotted an old man walking slowly along the 

Just as a courtesy, Juggernaut said hi to the old man while walking
passed him briskly. 

“Good evening,” said the old man in British accent. 

Juggernaut slowed down to keep pace with the old man. “How things
going,” said Juggernaut, that was his common salutation. 

“Good and you.” 

“I am fine, I am Juggernaut.” 

“I am Adam Smith,” said the old man. 

“Adam Smith, the Father of Economics?” Joked Juggernaut. 

“Indeed,” said the old man. 

“No kidding.” 

“No, I am the reincarnation,” said Adam Smith. 

Juggernaut looked at the old man more carefully; he looked frail but
healthy, dressed properly. “You sure sound English.” 

“I am Scottish.” 

“O yeah,” “What you think of economy now?” asked Juggernaut. 

“I don't know, sure it stinks.” 

“When politicians say, ours is the richest country in the world, you buy
that?” asked Juggernaut. 

“Not with 10 trillion dollars in debt.” 

“How about the constant boasting that we are the most productive nation
in the world?” 

“Productivity in relation to what?” “If you take consumption into
consideration, down here, people are not productive at all,” Adam Smith 
looked dejected. 

“How a postal worker, a teacher, a doctor or an engineer here enjoy
higher standard of living than their counterparts in other countries?” 
“They work hard in other countries and yet their standard of living is 
much lower than here.” 

“You are right,” agreed Adam Smith. 

“Well, you are the Father of Economics, you explain,” questioned

“I can't.” “I believe the US dollar is overpriced, consequently, we are
buying goods and services cheaply from others.” 

“You mean, we are cheating,” Juggernaut tried to draw a conclusion. 

“In a way, yes,” “the dollar has to be devalued.” 

“Then what happens to those that bought of our debt in trillions,“
reasoned Juggernaut. 

“Well, if someone is stupid enough to buy our debt, they deserve

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