All forecasts are useless amid a global financial structure of unstable criticality in which any snowflake can bring an avalanche
by Jeffrey Race
Asia Times
The coming years are going to be a bumpy ride for more reasons than appear in press chatter, talk shows and podcasts and bumpier than the chatterers and “experts” imagine.
Global finances are at an epochal turn. The world has been living on capital (energy, water, land) and credit for many, many decades and that has stopped.
Economists blithely call it “The Great Moderation” and congratulate themselves. Highly skilled in their discipline, they are innocent of history and other kinds of insight essential to comprehending today’s situation.
With their narrow understanding, American economists just told their leaders to max the national credit card, possible once President Nixon had in 1971 cut the dollar’s link to gold, theretofore the sole restraint keeping American politicians and public modestly responsible.