This situation is much worse than that of the 1930's.
It happened with many more Chicago PhDs looking on! It required many Harvard and MIT PhDs to create the financing technologies and software. It will require more than Princeton or Cambridge and Oxford PhDs to sort out.
In fact, one has to recognize that there is no solution in the conventional sense.
We are heading deeper and deeper into the mire of desperation at a time when innovation is racing faster and faster. It's a new monetary world that cannot be met with anything we have tried before.
Our only real hope is massive cooperation which is nowhere to be found. Once the trap was sprung, we cannot return to what we knew.
We now enter economic equations that require balancing by sacrifice.
It's no good to riot, but those that have will need to share and the safer they will be the sooner that is realized!
There is nothing special about America that prevents the contagion of desperate measures.
 Newsweek (@Newsweek)17/08/2011 08:39 AM 2002 Nobel Economics Laureate Vernon L. Smith on Insolvency, Policy, and Economic Stress http://t.co/QBhNaFF #TheRoadAhead |
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