It's been fun watching the markets the last few weeks. As an economist this has been a once-in-a-lifetime experience, history as it happens. (It helps being debt-free, renting, out of stocks and into gold and silver!)
But what does it all mean? The USA's slide into socialism has been as surprising as it's been amusing, watching the rednecks having to confront the results of their love of debt and ignorance by using the tired old techniques of Lenin and Roosevelt. It's pathetic watching it.
Meltdown will not be averted no matter how much cash is thrown at the system. The old debt-financed globalised consumer 'capitalism' will die. In its place will arise REAL capitalism. Businesses funded by savings, run on a small scale from sustainable premises, sending their goods to market by train, tram and canal, utilising local currencies and hopefully not being taxed to the hilt by unimaginative bureaucratic self-appointed governments. That is what the post-Peak Oil world will look like. Who knows, this may even be the beginning of the end of global warming ...
