A very morose article I found to get you thinking over the holiday.
See some highlights below:
10 explosive bubbles that will kill capitalism
SAN LUIS OBISPO, Calif. (MarketWatch) — In mid-2005, three years before Wall Street’s credit meltdown, the Economist warned of the “Biggest Bubble in History.” In five short years after the 2000 dot-com crash property prices across the world had risen an unprecedented 75%. Real estate had become the new dot-com.
In his April 2007 quarterly newsletter, Jeremy Grantham, founder of the $95 billion GMO firm, reinforced the warning: “First Truly Global Bubble, impacting all countries, all assets worldwide.”
By midyear 2007, a deeply concerned Grantham was “watching a very slow motion train wreck.” By October, the “train hits end of track at full speed.” A year later, on schedule, Wall Street’s credit train did crash.
Flash forward: in Grantham’s early 2012 newsletter he saw a bigger train accelerating: When he focused on the “common good, it became quickly apparent that capitalism in general has no sense of ethics or conscience. And probably its greatest weakness is its absolute inability to process the finiteness of resources and the mathematical impossibility of maintaining rapid growth in physical output.”
This we call the Myth of Perpetual Growth, the pseudo-scientific justification for modern capitalism.
Grantham concludes that capitalism’s flaws are so deadly that while it does “a thousand things better than other systems,” it fails in those three crucial areas. And “unfortunately for us all, even a single one of these failings may bring capitalism down and us with it.”
Get it? Capitalism is committing suicide and destroying America too. Here are 10 explosive bubbles that warn of this trend’s accelerating trajectory:
See full article by clicking link above.
This is why we need a much smaller government who doesn’t mix with big corporations.
We especially need a government and Federal Reserve who will stop manipulating and trying to control the economy, because they can’t.
They are just delaying and extending the inevitable recession/depression that we need to fully correct the economy because they didn’t let that happen in 2007.
Enjoy and happy birthday America.