"It's like there was a giant rumbling noise, the foundations shook, there was a crack in the altar and the golden idol fell down," he says. "And then there was a silence as they picked up the idol, polished it and put it back on the altar and now they're hoping that nobody had noticed. The fact is, we've had three or four supposedly unprecedented crises in the last couple of decades, and these events seem to be getting bigger and more frequent. That suggests to me that we really need to fix the whole architecture of world capitalism, but nothing I've heard suggests that anybody's doing that."Truly, nobody is doing that. For the moment, in Greece, in the US, and elsewhere, everything is patchwork, a few small repairs, even the illusion of repairs, and that's it.
Inspiration from physics for thinking about economics, finance and social systems
Friday, July 22, 2011
Of Idols and Crises
Here's a quote of the day, perhaps the best metaphor I've heard for where we are now in this financial and economic crisis, a few years downstream of the initial fractures, as authorities (and bankers) in Europe are still trying to duck necessary pain and loss through clever financial slight of hand. From novelist John Lanchester, quoted in Business & Finance:
Subscribe to:
Post Comments (Atom)
Capitalism is a good choice only when your country is economically strong. In developing countries, the more the state government owns, the better it gets. I have always been against capitalism anyhow. I provide contract law assignment writing help and I try to promote this concept through my content. I know it is of no use but at least I satisfy myself by putting out my thoughts somehow!
ReplyDeleteTruly, this article is really one of the very best in the history of articles. I am a antique ’Article’ collector and I sometimes read some new articles Buy Gadgets online if I find them interesting. And I found this one pretty fascinating and it should go into my collection. Very good work!
ReplyDeleteI appreciate what you have shared with us. To be honest, I was one of them who hate economics but after visiting your blog I have got some inspiration and I wish I could study economics right now but first, I have to find a cheap essay writing service for my essay. I promise I will continue to study economics after this essay.
ReplyDeleteNice and useful information. Get details of
ReplyDeleteDomestic Air Cargo Services in Delhi