A little something to think about as we swelter in the summer heat.
A recent post by Gail Tverberg explains what many of us suspect, that the world economic/resource/technology/political ‘system’ is running into the buffers. She suggests that this is a problem of the physics of the system, and not something that is easily addressed. Her conclusion makes sobering reading:
“We are dealing with a situation that economists, politicians and central banks are ill-equipped to handle. Raising interest rates may squeeze out a huge share of the economy. The economy was already ‘at the edge.’ We can’t know for certain.
Virtually no one looks at the economy from a physics point of view. For one thing, the result is too distressing to explain to citizens. For another, it is fashionable for scientists of all types to produce papers and have them peer reviewed by others within their own ivory towers. Economists, politicians and central bankers don’t care about the physics of the situation…
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Musings and Wonderings 