Website review: The Automatic Earth: We have not ye...
laodan discovered this in Economics
•1 reviews since Apr 12, 2008
finance
•theautomaticearth.blogspot.com/2008/04/we-hav...
People who like this website
StumbleUpon is the best way to discover great web sites, videos, photos, blogs and more - based on your interests.
Everything is submitted and rated by the community. Discover, share and review the best of the web!
Reviews of this website
laodan discovered 5 weeks ago- We have not yet conquered folly in the Automatic Earth By Matthew McClearn with Comment by Ilargi
The one thing I take away from pieces like the one below is a question: Why doesnu2019t anyone seem to ask if perhaps we could have entered a crisis that will be worse than the Great Depression? I guess perhaps we see this all far too much from the restricted point of view of economics, and the Great Depression is a benchmark that economists cannot look beyond, a horizon they cannot scale. Iu2019ll admit, I have already seen the term Greater Depression used, but the notion is exceedingly rare, and there are certainly very few, if any, specifics being laid out of what that would mean for our daily lives. Still, I would personally think the risks of sinking deeper than in the 1930u2019s is very much present. That, to me, is the scariest thing about all this. It led to a world on fire, and 40-50 million dead just from warfare. Todayu2019s world population is over 3 times larger than in the 1930u2019s. At the same time, there are much fewer -prospects of- resources, particularly energy, and much higher senses of entitlement among the now 1.5 billion prosperous guests of this planet. Because of this all, I find it even hard to see how we could ever climb back out of the hole weu2019re busy digging. And if we can, how many of us will make it? We have not yet conquered folly Brother Can You Spare 10 Grand? by Peter Schiff in SafeHaven Economic woes hit American stomachs Associated Press on CNN Online Itu2019s a Crisis, and Ideas Are Scarce by FLOYD NORRIS in the NYT Business 'Okies' on their way to California, 1933 (via Automatic Earth) The financialization of the economy that started in the eighties under Reagan and was set forth under Clinton comes presently to its conclusion and that conclusion is that it all has been been hot air that was not sustained by solid work generating solid savings. The US is now largely indebted and the creditors are going to collect. But the whole game having been only hot air not much will be found worth collecting. No problem with internal debts. But not so with debts towards foreigners! They will take whatever can be taken. They are already busy buying up US companies. The defense against what shall soon be perceived as an outside financial attack will be inflation in an attempt to melt away the dollars that they hold. The only problem is that this will also melt away the buying power of the US citizen. Paradoxically inflation will be paralleled by deflation in housing and financial assets. But what of the anger of the US citizen seeing his savings melting away? Is the establishment going to deflect that anger with the only thing that the US possesses more than all other nations together? It seems to me that the human story always repeats itself. The only thing making sense, in my eyes, is to observe the circus while trying to find a niche to protect oneself...
- We have not yet conquered folly in the Automatic Earth By Matthew McClearn with Comment by Ilargi
