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  •  Exactly. And Kunstler nails it. (1+ / 0-)
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    melo

    IMO the root cause of the 2008 financial collapse was not greedy bankers or their employing institutions; the collapse was, rather, a symptom of a floundering financial system seeking any means necessary to stay viable in an environment where the debt-based growth which the system needed to survive was no longer possible in the aggregate.  Economic growth as they have come to define it is over; the steady-state economy approaches and there is nothing they can do to stop its inevitable arrival.  And the longer that they, and we, delay in facing that reality and retooling our financial systems accordingly, the more difficult and painful the transition is going to be.

    What traditional economists badly need to relearn is that the economy is not separate from the environment or even embedded within it.  The economy is the environment.

    Pessimism of the intellect; optimism of the will. - - Antonio Gramsci

    by lehman scott on Sat Jun 15, 2013 at 08:26:27 AM PDT

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