Wednesday, March 11, 2009

It's not a recession but “the great disruption”

This New York Times opinion piece rings true. 

We are not experiencing ‘The Great Recession’ as the IMF dubbed it today. 

Rather, it’s the collapsing of an unsustainable bubble blown up by  a model of wealth creation built on debt, planned obsolescence and exploitation of natural resources far beyond a level which can be passed on to future generations.

Equally interesting is a comment on the piece by Don Duncan which concludes:

“We've killed the goose; demand was unsustainable, propped up by enormous debt, and it's not coming back.

“So where are the jobs going to come from for a sustainable economy? The less energy we use, the more the energy companies will have to charge (and the government - see today's articles about new taxes to make up the decline in gas tax income, as people drive less and cars become more efficient). Any attempt to return to buying rubbish just to keep the economy turning over is doomed. Where's the tax base going to be?

“What will a sustainable economy look like?”

Indeed. It’s highly recommended reading.

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