Developments in the financial sector have left many people wondering how far the impacts of the credit crunch are going to hit. In a local paper, the advice was to sit tight, it’ll be alright, while other commentators take a tougher stance, questioning the foundation of the whole US market.
I wish I knew whether this extravaganza of ruin might settle the question as to whether America goes into hyperinflation or implacable deflation, but the net effect is that money is leaving the system in big gobs. And if not money per se, then the idea of money as represented in certificates, contracts, counter-party positions, and gentlemen’s agreements. This is the day that America finds itself a much poorer nation. The capital we thought was there, is gone.
I wonder if this is how people thought in the 30’s, as things rolled steadily towards the depression. You still get the feeling that you are only being told half the story, that it might just be twice as bad, or worse, after all, no one in the business really has an interest in precipitating a mass market exodus, it would crucify their business, or at least their career. And the government has to maintain a stoic face through these massive buyouts of reckless companies, so we can’t really expect the whole story from them either.
And to tell you the truth, I don’t think people want the whole story, people want comfort, not fear, myself included, I quite like the moments when I can believe that everything is alright and will remain so for my children and their children.
But those moments pass, and I imagine how it would be possible to escape this crazy consumeristic society we live in without severing all ties to reality. The statistics of consumption are staggering…
But hello! With less than 5 percent of world population, the United States consumes a quarter of the world’s natural resources. We generate immense pollution. If every one of the world’s 6.6 billion people consumed at an equal scale, we’d need five or six planet Earths to accommodate them.
Is there a point of no-return for society? Have we passed it? Are we on an out-of-control rollercoaster?
Where do we stand?