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Market Correction? Try Perma-Crisis
- api 15y agoNow throw untenable amounts of debt, peak oil, declining demographics, etc. into the mix. It's really chaotic. On one hand you have fossil fuel depletion and upwards demand pressure on other natural resources having this massively inflationary effect on the cost of energy and raw materials. On other other hand you have the massively deflationary effect of technology: IT making tons of human jobs obsolete, rapid prototyping, robotics, manufacturing automation, cheap multifunction devices that do everything, etc.
- Hyena 15y agoI don't think he says anything new that's particularly useful and everything useful said is particularly old. His major arguments against "propping up" were made even as TARP was debated and were used to justify creating a resolution authority that would provide a "bridge to bankruptcy" for ailing banks so they could be liquidated in an orderly manner. The post doesn't make me very confident in his analytic ability, though, since he speaks of the financial system as if it were one big thing, rather than lots of smaller interlocking things that few (no?) people understand in its totality or connections.