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Tag Archives: economic crisis

  • Blog
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    The Tangled Relationship Between Wealth & Money

    And why we're focusing on the wrong economic 'fixes'
    by John Michael Greer

    Tuesday, January 22, 2013, 1:43 PM

    22

    One of the most dangerous mistakes possible to make in trying to understand the shape of the economic future is to think of the fundamental concepts of economics as simple and uncontroversial.  They aren’t. 

    In economics, as in all other fields, the fundamentals are where disguised ideologies and unexamined presuppositions are most likely to hide out, precisely because nobody questions them.

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  • Blog

    Jealous of Iceland

    by Chris Martenson

    Monday, September 27, 2010, 2:16 PM

    0

    Yes, I am jealous of Iceland.  You see, they are facing their reality, and, while unpleasant, at least they are getting on with the necessary adjustments.  

    Iceland, a tiny island nation with 315k souls, managed to rack up a stunning $100 billion in banking liabilities (half of which was external) that dwarfed its gross domestic product of approximately $14 billion. Well, not everyone in the country caused it; it turns out that about 50 people were involved in racking up those debts while everybody else was looking the other way.

    The defining characteristic of something that is unsustainable is that it will someday stop.  Without being an economic genius or delving too deeply into brain-splitting economic minutiae, we can readily appreciate how such a debt load proved to be unsustainable.  One cannot forever increase one’s debts relative to one’s income, which seems to be intuitively obvious to everyone except bankers and conventional economists.  So the music stopped playing one fine day in late September of 2008, and the dream was over even more suddenly than it began.

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