Tuesday, August 28, 2007
read it and find out
Debtonation: how globalisation dies by Ann Pettifor
Interesting article - I'm not as sure as the author on the likelihood of a major debt-fueled meltdown, if only because I believe it most certain that capitalism will be saved by socialism, yet again. The Fed will create more money abracadabra, and the government will bail out any enterprise deemed too big to fail. Goddamned pinkos! The beauty of capitalism is that it, like evolution, is supposed to reward wisdom and punish foolishness. If only capitalism would be left to run itself into extinction without getting propped up by socialist government intervention, then the foolishness of such an outmoded system of production would get properly punished.
Oh well, no worries, it's not like tens of thousands of people die daily from starvation, or the overconsumption of a few is imperiling the entire planet... let's cling to modern tribalism and auto-fellatio, and pat ourselves on the back for the fact that social evolution has reached its apex and we've got the bestest system of production ever.