Sir,
The current administration’s efforts to restore health to Taiwan’s economy not only will not work, they exemplify a collectivist morality and ought to be vigorously opposed throughout 2009.
The government is wrong to attempt to engineer greater domestic consumer demand in substitution for reduced consumer demand abroad. Since the supply side of the economy currently outweighs the demand side of the economy – it is the supply side that must be allowed to fall, not the demand side artificially increased by means of public debt.
The argument which your publication should seek to expound is not merely one of economic pragmatism, but a moral one. Each and every Taiwanese person is a sovereign individual – not a mere economic number – and so they ought to be free to make their own choices as to whether and how to spend or invest their money.
Consequently, the overwhelming desire of Taiwanese people right now to save their money and curb their spending, and the choice of many Taiwanese businesses to cut costs and reduce the scale of their commitments are decisions which ought to be respected – not interfered with. The government has no moral right to either order or merely encourage people as to what they choose to do with their own money.
I have for years now recognized the editorial stance of the Taipei Times as generally reflective of the broad political views of its readership. I speak of the 'social democratic' collectivist outlook seemingly constitutive of the Democratic Progressive Party.
In the face of a possible run on the U.S. dollar this year, I regard this stance as a source of danger to Taiwan in the short to medium term, and I strongly urge a reconsideration of philosophical premises and a complete about-turn in editorial stance.
Yours sincerely,
Michael Fagan.
(Sent: Sunday February 1st 2009. Unpublished by the Taipei Times)
