The role of the black market in economic transition
I’ve read several reports on the role of black markets, or "System D" in the European financial collapse. This seems to be a rapidly growing trend that lends some hope for a post-petroleum, post-fiat world. It also seems to be the root cause of much of the problems in the PIIGS states, all of which share the common feature of large underground economies. It could very well be that a smooth transition will be achieved by a mass exodus from the ‘legitimate’ economy towards this System "D" and an increasing irrelevance of government institutions. Any thoughts?
Zero Hedge Gust Post: "Americans will need Black Markets to Survive":
Dollar Vigilante: "Italy a Perfect Example of Despotism"
Impact Lab: "Europe’s Black Economy"
Foreign Policy: "The Shadow Superpower"
Two sentences stood out to me from the Zerohedge article.
1.”When a government goes rogue and causes the people harm, the people are in no way obligated to continue supporting that government”.
2. “Black markets give the citizenry a means to protest the taxation of a government that no longer represents them”.