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November 13, 2008
Global Economic Prognosis: Hopeless
Yesterday (November 12, 2008) was a most improbable day; perhaps the least probable in human history, at least until today (November 13), which promises to be even more so. The reason for that (gloomy) opinion is that although the economy of our overpopulated planet has clearly been in a state of impending collapse for several months, the denial still exhibited by the the world’s financial leaders is preventing them from facing the stark reality that it has sustained the financial equivalent of a fatal cardiac arrest and is now well beyond resuscitation.In that connection, I see Treasury Secretary Paulson’s announcement as decisive; when he sold the bailout to Congress, he was part of scenario that still offered a shred of hope, albeit flawed, that a degree of recovery under President-elect Obama was at least possible. Yesterday’s switcheroo was compelling evidence that hope is forlorn; beyond that, the lack of recognition with which it has been greeted only confirms that our economic experts are incompetent.
In the months ahead I’m afraid we are all about to experience the novel and terrifying experience of trying to survive in a dead economy. It promises to be very interesting, but it almost certainly won’t be pretty...
Doctor Tom
Posted by tjeffo at November 13, 2008 01:18 PM