Friday, March 06, 2009

What kind of Recession?

Prescient cartoons from Tom Toles (The Washington Post)

My view on the parlous state of the globalised economy and the UK component of it are clear and have nothing whatever to do with 'money' per se - or the trendy, euphemistic cliches - credit crunch, liquidity problem, economic downturn et al - associated with it.

In a nutshell, the past decade or so has see production rates of the raw materials that fuel industrial growth bump hard up against constraints imposed by physical (as opposed to economic) reality. The clear recognition of those constraints and the dawning realisation of their implications by the elites who control the major concentrations of wealth and power throughout the world, is at the root of it. A cascade of continuing covert actions aimed at protecting that wealth and power has finally, 'Wizard-of-Oz'-like, revealed that a system whose fundamental operating principle - the necessity for perpetual growth on a very finite planet - is absurd.

The system is not merely 'BROKEN' - it is FUNDAMENTALLY UNSUSTAINABLE and has finally pushed close enough to its limits to scare the daylights out of those who had assumed it would go on forever.

Welcome to the real world.

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