Tuesday, August 02, 2011
This new depression is way different - Jim Kunstler
This new depression is way different from the hazily remembered one of grampy's boyhood. There was no money then, too, in 1934, but you didn't have to puzzle out the metaphysical workings of a collateralized debt obligation to know what the score was. Your pockets were just empty and the bank down the street was shuttered. The country had plenty of everything except money: lots of oil, good farmland, manpower, ores, timber, beeves-on-the-hoof, excellent railroads, dynamic cities, and factories just recently built (only the orders for goods stopped coming in). Yet something happened that still mystifies the viziers who call themselves economists. Read the rest.