Triple Lutz Report–The Pilgrims Were Debt Slaves–Episode 115

That’s right, the Pilgrims who came to America on the Mayflower were debt slaves. The London Company, which financed the trip and the establishment of the Plymouth Colony, was a publicly owned business that insisted that the Pilgrims live and work in a communal or collectivist group, under the guise of lowering costs and speeding up repayment. Unfortunately, then as now, socialist/collectivist endeavors don’t work out very well. That’s because when it’s “All for One and One For All,” society breaks down and everyone winds up broke and starving. In the 1600’s, economic thought was not very well developed and capitalism was in its infancy. Later in the 1700’s Adam Smith explained many economic laws that laid the ground work for future economic prosperity on a grand scale. But these lessons are periodically forgotten and must be relearned through bitter experience, such as now. Which is why, when Rush Limbaugh said that he wanted, “Obama to fail,” this did not serve capitalism. The correct statement would have been, “Obama’s economy must fail, it is economic law!”

If a group of pious, religious fanatics couldn’t devise a system whereby all it’s members served the greater good, than can it possibly be done by anyone?

Please send your questions to kl@kerrylutz.com or call us at 347-460-LUTZ.

2 comments to Triple Lutz Report–The Pilgrims Were Debt Slaves–Episode 115

  • wunsacon

    >> The London Company, which financed the trip and the establishment of the Plymouth Colony, was a publicly owned business that insisted that the Pilgrims live and work in a communal or collectivist group, under the guise of lowering costs and speeding up repayment. Unfortunately, then as now, socialist/collectivist endeavors don’t work out very well.

    A business venture has a tough time in a new world (lacking the support structure of the old world) and you blame “socialist/collectivist” endeavors? I bet you see “socialist failure” in many ink blots.

    >> If a group of pious, religious fanatics couldn’t devise a system whereby all it’s members served the greater good, than can it possibly be done by anyone?

    “Religious fanatics”? Maybe “fundamentalism” is part of the problem, in more than one area.

    More generally, empires come and go, as they use up their resource advantages and other luck. Humans have yet to organize themselves into a steady-state economy in some kind of equilibrium with their environment. Hasn’t happened despite periods of capitalism or socialism. Maybe neither of those are the cause or the solution to our problems.

    • Kerry Lutz

      Fanatics is probably a bit extreme, however the Pilgrims/Puritans could be quite strident in their beliefs were very strict about their religious practices.

      I don’t blame the London Company for wanting to protect their extremely risky investment in the New World and urging their debtors to act in a way they believed would maximize the odds of success. And as I said, their economic knowledge was imperfect, just as ours is now. However, socialistic experiments have been tried throughout time with similar results.

      Thanks so much for the feedback and keep listening.

      Kerry

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