When the government’s paying the bills it calls the tune and the recipients dance, especially those who receive the most: the big high tech firms and defense contractors. From Doug Casey at caseyresearch.com:
Editor’s note: In yesterday’s Dispatch, we spoke to Casey Research founder Doug Casey about his outlook on green energy, and how endless bureaucracy and government “funny money” are destroying the sector.
Today, we continue our Conversations With Casey, as Doug explains the threat of the scientific technological elite amid a growing tech bubble.
Read on to hear why this problem isn’t going away, and why he “wouldn’t touch tech stocks with a 10-foot pole”…
Daily Dispatch: Now that we’ve come full circle back to technology, we’d like your take on something that President Dwight D. Eisenhower said in his farewell address in 1960. Most people remember his warning about the “military-industrial complex.”
But he gave another warning, too, about how the “public policy could itself become the captive of a scientific technological elite.” What did he mean by that?
Doug Casey: Yes, that was a wonderful speech. He made two points that people have forgotten. Everyone knows and quotes his sage comments on the military-industrial complex. Those were spot on.
But nobody mentions the point he made about the threat of the “scientific technological elite.” Eisenhower points out, quite correctly, that it was no longer a question of a genius working solo in his laboratory to make discoveries.
Even in his day, which is to say over 60 years ago, there was a huge amount of government money flowing into science and technology. Now it’s almost all government money, directly or indirectly.