Tensions keep rising around the distortions and perversions now loose in the money system. You can get a headache thinking about inflation and deflation - but either way you stand to end up broke. Either you'll be rolling in worthless money or you won't have any money. The banana peel of destiny can send you flying in either direction, or first one and then the other.
We've done a poor job of managing contraction, which is the fate of societies that have piled up too much complexity. All of our schemes for grappling with this seem to boil down to one foolish obsession: how can we keep all the cars running? We're not going to, of course, but we refuse to even think about anything else. President Obama is merely reflecting the foolish obsession of the public.
Whenever I give a talk at a meeting or a college, somebody gets up and censoriously asks we why I can't present "solutions" to the problems of contraction we face. I do of course. The audience just doesn't hear them because I don't believe it is possible to keep all the cars running and I don't pretend that any of the schemes currently circulating will avail. To go a step further, I'm convinced that we are committing cultural suicide
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