What to make of 2022?

Some ostensibly smart people believe some, well, unbelievable things.  Those who believe, I mean they apparently really do believe, that there are funny and dangerous things in the Covid vaccines are doing all of us harm. But the damage to the rest of us of such beliefs will be limited. Those tens of thousands of people who will die unnecessarily as a result of the unvaccinated, will largely, but not exclusively, be those refusing to get vaccinated.

But what about the 70% of Republican voters who still believe that Trump actually won the election despite the Trump team’s complete failure to present any credible evidence in any court, and even after the “Republican-dominated Arizona Senate hired Cyber Ninjas, a Florida cybersecurity firm with no prior election auditing experience, to review the 2020 election results in Maricopa County, where Phoenix is located,” which found that Biden actually won several votes more than the official count. “Fact-check Arizona audit affirms Biden’s win” Do such believers, in the face of the contrary evidence, constitute a danger to America?

“This isn’t some shrug-your-shoulders-and-roll-your-eyes partisan circus. How Americans understand Trump’s months-long, falsehood-fueled campaign to overturn the 2020 election, ultimately calling on supporters to march on the Capitol a year ago, remains a clear and present force shaping U.S. politics.” “Biden-Trump face off this week-jan-6”  Thousands of Trump supporters stormed the U.S. Capital on January 6 in an effort to get Congress to overturn Biden’s election in favor of Trump. “Federal prosecutors in the District have charged more than 725 individuals with various crimes in connection with the deadly Jan. 6 insurrection….” “Capitol deadly attack-insurrection-arrested-convicted”

While the investigation into this event is ongoing, public trust in the integrity of our elections has fallen. Laws in many states have been changed to take the oversight of state elections from public officials and give it to political bodies (state legislatures). What might happen in 2024 if Trump runs again and is again defeated? Or wins? Will the public accept the result or challenge it, and what form might that challenge take?

I was shocked to read that 1 in 3 Americans say that violence against the government might be justified.  “1-3 Americans say violence against government can be justified”  Congress is sharply divided and unable to pass legislation reflecting traditional bipartisan compromises. Senator Ted Cruz has stalled the Senate’s consent to a large number of President Biden’s state department appointments at a time when the strengthening of our diplomacy is badly needed in the national interest. “Senate confirmations stalled by Cruz” The winning party is (or these days we must say “should be”) allowed to appoint its own government. How will the public react to all of this? Is increased violence in prospect? Is civil war in the 21st century America possible?

It is time for the Republican leadership, who have cowardly fallen silent to Trump’s steady stream of lies, to speak up for the traditional values of the Republican Party. It’s time for all of us of all political parties to present and debate our views civilly with a reasoned presentation of the pros and cons of what we believe. We must stop labeling our opponents as enemies. We must find common ground where possible and live graciously with policies supported by the majority. We will and should continue to promote what we each think best for our country but within the commitment that we are all one big family.  The radicals of the right and left will still be there but hopefully on the fringes of a broad moderate middle. There is no silencing the Marjorie Taylor Greene’s of the world, but few take her wacky conspiracy theories seriously. If more of us were willing to say so, few would pay attention to such nut cakes.

Our diversity has been a strength and will be again when we recover our manners and treat one another respectfully and courteously even when we hold different views. The large sphere left to us each individually to do and live as we choose enables and supports that diversity. But we must change our tone and speak up in defense of our neighbors’ rights to their views. And we must ignore, if not condemn, the hopefully limited number of truly bad apples among us.

Author: Warren Coats

I specialize in advising central banks on monetary policy and the development of the capacity to formulate and implement monetary policy.  I joined the International Monetary Fund in 1975 from which I retired in 2003 as Assistant Director of the Monetary and Financial Systems Department. While at the IMF I led or participated in missions to the central banks of over twenty countries (including Afghanistan, Bosnia, Croatia, Egypt, Iraq, Israel, Kazakhstan, Kenya, Kosovo, Kyrgystan, Moldova, Serbia, Turkey, West Bank and Gaza Strip, and Zimbabwe) and was seconded as a visiting economist to the Board of Governors of the Federal Reserve System (1979-80), and to the World Bank's World Development Report team in 1989.  After retirement from the IMF I was a member of the Board of the Cayman Islands Monetary Authority from 2003-10 and of the editorial board of the Cayman Financial Review from 2010-2017.  Prior to joining the IMF I was Assistant Prof of Economics at UVa from 1970-75.  I am currently a fellow of Johns Hopkins Krieger School of Arts and Sciences, Institute for Applied Economics, Global Health, and the Study of Business Enterprise.  In March 2019 Central Banking Journal awarded me for my “Outstanding Contribution for Capacity Building.”  My recent books are One Currency for Bosnia: Creating the Central Bank of Bosnia and Herzegovina; My Travels in the Former Soviet Union; My Travels to Afghanistan; My Travels to Jerusalem; and My Travels to Baghdad. I have a BA in Economics from the UC Berkeley and a PhD in Economics from the University of Chicago. My dissertation committee was chaired by Milton Friedman and included Robert J. Gordon.

2 thoughts on “What to make of 2022?”

  1. Warren, this is a lofty and great call for US citizens and its representatives on Capitol Hill to work together, which I fully agree. History confirms these agreements are possible. I remember some far reaching bi-partisan agreements reached by Tip O’Neill and President Reagan on budget, Ted Kennedy and John McCain (with President Bush’s support) on immigration policies and many more examples. I believe that as the US finances and economics seem to benefit the wealthy, there is an increasing dissatisfied base. Violence is the by-product of the lack of change and desperation. The unwillingness of US Congress to work together worsens the country’s situation. This triggers Presidents to rely on short-term executive orders and laws. These help in the short term but do not represent real change. Both parties are guilty of this unwillingness. So long as this continues, the political opportunists will raise and take advantage of the political void. President Trump, for example, successfully took power and favored his voting base. We know the rest. Sadly, we are heading towards a similar situation in 2024. Big changes are luring among senior representatives and senators. Some of the senior politicians are not running again or stepping down of their power positions. We hope that new talented blood will be elected and hence there is the willingness to work together. Until then, the status quo in Washington, DC is grim.

    1. Perhaps part of the problem is that the policies of President Trump were extremely addictive to very powerful groups operating behind the scenes. I do think that the amounts of benefits received by powerful groups was excessive and somewhat biased to narrow interests. These interests would rather overturn the government by strength and deception than give up the gains they have made to their narrow interests. There seem to be no limits to the pressures these interests bear on keeping everyone subservient to policy changes these interests have gained.

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