Different Today than Yesterday

One of the great defenses put up against the Cassandras of the financial world is the idea that nothing bad has happened for a really long time, and that means we’ve learned how to keep bad things from happening.

That, of course, is ridiculous. The financial markets and government have learned how to smooth things out and create the illusion of constant upward movement, but they haven’t in any way eliminated the potential for disaster. In creating unsound ways to make fast money, they may well be setting up a "popping" that will eclipse all past crashes.

Financial Armageddon: Easy to Put On, Not as Easy to Take Off

Our memories as a people are pretty short. We repeat the mistakes of a single generation ago in war, and we forget that markets built on BS like the dotcom bust go…bust. This time it’s all about housing, derivatives and inflation. There are all kinds of smoke and mirrors our leaders are using to change, if not reality, then at least the picture we see.

But we can’t avoid the future we’re creating with it all.

Posted in Economy