LI finds it clarifying to refer to baseline numbers when thinking about big events, like wars and recessions. For this recession, we hold to the number, 3 trillion dollars – which reflects the growth rate for consumption over the growth of GDP over the last ten years, according to Michael Mandel at Business Week. And that growth, in turn, reflected the magic economy of assets inflation in a world in which inflation was supposedly dead. The magic was in simply not registering the extent of the assets inflation – it was put in a black box, technically diminished so that the information it gave to the Fed could be ignored. When you fix the information that you are supposed to respond to, you destroy the integrity of the machine. It is that simple. And now, of course, we have asset deflation and inflation on other fronts. This story captured LI’s attention. As, apparently, hardcore members of the bottom 20% on the American wealth scale – oscillating between being in the straight poverty c
“I’m so bored. I hate my life.” - Britney Spears
Das Langweilige ist interessant geworden, weil das Interessante angefangen hat langweilig zu werden. – Thomas Mann
"Never for money/always for love" - The Talking Heads