On Mon, 10 Jan 2011, Keith Hudson quoted, from the Sunday Telegraph: > Deepening crisis traps America's have-nots > > The US is drifting from a financial crisis to a deeper and more insidious > social crisis. Self-congratulation by the US authorities that they have > this time avoided a repeat of the 1930s is premature. > > Ambrose Evans-Pritchard
[...] > > Extreme inequalities are toxic for societies, but there is also a body of > scholarship suggesting that they cause depressions as well by upsetting the > economic balance. They create a bias towards asset bubbles and > overinvestment, while holding down consumption, until the system becomes > top-heavy and tips over, as happened in the 1930s. I think this is the most succinct, intelligent observation of the current wretched state of the world that I have yet seen. > So we limp on, with very large numbers of people in the West trapped on the > wrong side of globalization, and nobody doing much about it. Would Franklin > Roosevelt have tolerated such a lamentable state of affairs, or would he > have ripped up and reshaped the global system until it answered the needs > of his citizens? And now I'm reminded of Yeats - the best lack all conviction... So what rough beast is our dismal performance as a species now preparing for us? -Pete _______________________________________________ Futurework mailing list [email protected] https://lists.uwaterloo.ca/mailman/listinfo/futurework
