10-08-2008, 03:16 PM
On a financial note, because it still matters. . .I guess.
I've talked a lot about the "uncertainty" in markets. That uncertainty has been well justified, but no longer.
One can now be 100% certain that the problem is "insolvency." In banks, in the monetary system, and in the majority of households in the US and the developed world. The bulk of the bad isn't even on the books yet, and what is, well, is bad enough. Hence the panic.
It's worth thinking about. Does it spell disaster? Well, how do YOU spell disaster?
I've talked a lot about the "uncertainty" in markets. That uncertainty has been well justified, but no longer.
One can now be 100% certain that the problem is "insolvency." In banks, in the monetary system, and in the majority of households in the US and the developed world. The bulk of the bad isn't even on the books yet, and what is, well, is bad enough. Hence the panic.
It's worth thinking about. Does it spell disaster? Well, how do YOU spell disaster?