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2/17/2004

McNamara's Embarrassment

'Edward Bellamy's 1888 sci-fi novel "Looking Backward" envisioned a world of the future where cash is replaced by "credit cards" that allow humankind to purchase "whatever he desires, whenever he desires it."

'From the looks of things, Bellamy was remarkably farsighted. With one important exception: in Bellamy's socialist-style utopia, you never had to pay anyone back for your purchases.'

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