Michael Lewis has written a very light "Travels in the New Third World" , where he talks to a Texan hedge-fund manager who predicted the sub-prime mortage crash and bet against it to become very successful , who now believes that nation-states are going to collapse and advises people to only invest in Gold and Guns. He talks about the overbuilt Irish real-estate , how rents had fallen below 1% of the price (Delhi also has areas where this is happening ) , how present prices of homes is 3-4 times the mortgage . How Iceland had a debt of 140 billion USD , so many times the GDP that one could not make sense of it. “It’s not just a coincidence that the debts of cities and states spun out of control at the same time as the debts of individual Americans,” he says, noting that states like California with ballooning pension obligations and employment costs face deficit problems not unlike those faced by Greece. How so many American cities will have maybe 25% of their public workforce as they cannot afford to pay the pensions and the salaries out of their incomes . Every so-called modern economic experiment of humanity has failed . Socialism, Capitalism , Welfare-State . And failed in psychological, social, economic and above all ecological sustainability . We are all Greece , or in state-of-becoming Greece now. We are looking at times when public greed has bought us to this . For easy credit and how we are all to blame . And as he ends , very little has changed as there is no where to go , as all of us are addicted to our lifestyles . And anarchists do not yet know how to "organise" to take on the capitalists .
Posted on: Fri, 12 Jul 2013 22:34:37 +0000
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