Paul on "Spinning Your Wheels"

I read this today from Colossians 2:20-23: If with Christ you died to the elemental spirits of the world, why, as if you were still alive in the world, do you submit to regulations- "Do not handle, Do not taste, Do not touch" ( referring to things that all perish as they are used)- according to human precepts and teachings? These have indeed an appearance of wisdom in promoting self-made religion and asceticism and severity to the body, but they are of no value in stopping the indulgence of the flesh. 

Translation: legalism simply does not work.  Not only is it biblically wrong, but it's practically foolish.