When prices are high, the debt-based Ponzi scheme functions; when prices sustain lows, the scheme unravels.
Every square on the bingo card marked “economic debacle” has been filled in with a pen dipped in fracking fluid.
Talking about historical change is one thing when the changes under discussion are at some convenient remove in the past or the future. It’s quite another when the changes are already taking place.
With Jim Rickards author of The Death of Money: The Coming Collapse of the International Monetary System, and behavioral economist Colin Camerer.
How Private Equity Came to New York’s Rental Market — and What That Tells Us About the Future.
As David Harvey has noted, and as the ongoing emerging market panic confirms, capitalism never solves its crises — it merely moves them around geographically.