…just look at this:
The economy of pushing bits around representing money is doing relatively well.
The economy of making stuff and selling it each other – not so much.
And as much I detest the thought of an economic future where my kids either engage in a tournament to see if they can get jobs at Goldman, or decide that making or selling luxury crafts to the people who do is their plan – it’s worse, because it’s unsustainable.
(h/t The Money Game)
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Something is seriously wrong with that graph, if it is claiming that the GDP is $200B.
Here’s the source at Bloomberg…http://bit.ly/ckGbwk
I am really concerned about the inability of our institutions to to face up to serious systemic problems, when the hand is so clearly writing on the wall.
If there is a replay of the Health Care debate in dealing with Financial reform, I am at the point of advocating a Constitutional Amendment to dissolve the Union.
Recent Brilliant Economic Dogmas
Globalization = Destroy you Manufacturing Sector
Replace it with The Service Economy
The Service Economy = Take in one another’s Laundry
If the systemic problems aren’t addressed, and create another crisis, the terms of debate will shift toward a constitutional debate, rather than a political one.
The early signs of that happening are already visible. One more bubble blowup and/or another serious downturn, and that will head into overdrive.
Or a withdrawal-of-consent situation, with even more dire consequences.