Capital Collapse
Tuesday, January 15th, 2008 Of course, it is more than a little disingenuous to blithely debunk money as (more or less) a semantic game when the vicious reckoning of the active turn of that game is currently in the process of destroying so much.
Certainly much of this is just the collapse of the pre-destroyed. Mis-chosen gusset plates and half a century of neglect. Our current decline was written in letters far bolder and more obvious than the bridge’s collapse. I predicted it and I’m sure as hell no economist. Credit driven economy, stagnant real wages. People were resetting their credit meters by borrowing against market-based value assumptions about their primary residences. I mean, come on.
Indeed the outcome is so predictable, so inevitable that its general neglect can only be attributed to something akin to the denial of a man who wakes up every morning tasting gin and vomit. The only questions left is how far down and after, what now? And to those inquiries I have no predictions. Like I said, I’m no economist. But I’m quite confident we have not seen the last bridge fall into the river.