Except this time we're seeing the slow collapse of a debt based monetary system where the debt is so large that it has become unservicable, and all these bailouts and more borrowing are only making the problem worse
I'm an economics student at the University of Texas and I'm both scared and extremely angry right now, I saw this coming around 2 years ago. But that was back when people like Ron Paul and Peter Schiff and others were labeled as nutcases because they challenged the idea that the US economy could grow indefinitely, despite the obvious constraints of energy, available natural resources, etc.
We are in this situation because most countries operate under a monetary system that REQUIRES constant economic growth to be able to service its previous debts. Once that growth is interrupted, the whole system collapses
Now that we've thrown 'em off the trail, use the form below to get in touch with the people at Engadget. Please fill in all of the required fields because they're required.
oh well hopefully nex year is better.
Doubt it, they were saying the same stuff in 1929
Except this time we're seeing the slow collapse of a debt based monetary system where the debt is so large that it has become unservicable, and all these bailouts and more borrowing are only making the problem worse
I'm an economics student at the University of Texas and I'm both scared and extremely angry right now, I saw this coming around 2 years ago. But that was back when people like Ron Paul and Peter Schiff and others were labeled as nutcases because they challenged the idea that the US economy could grow indefinitely, despite the obvious constraints of energy, available natural resources, etc.
We are in this situation because most countries operate under a monetary system that REQUIRES constant economic growth to be able to service its previous debts. Once that growth is interrupted, the whole system collapses
Thanks Tim. I went over the Crash Course, and it was actually pretty interesting. Now I have to go to sleep because money stuff exhausts my brain. :-)