It’s different this time
(Via Chaos Manor)
Maybe it is, maybe it isn’t. Harper’s Magazine has this piece in which 3 economists, representing differing schools of thought and holding differing political views, speak out on subjects such as the national debt, trade deficits and entitlement programs.
It’s a long read, but worth the time. Having read it, I’m a bit surprised how much they agree on the nature of the problems, and that they really aren’t that far apart in proposing solutions (as far as I”m concerned). In the end, they all agree that it will take a massive political change if we are to get our financial house back in order.
Interestingly, they don’t say how likely that occurrence is. I suspect it’s less likely than a collapse.