"The mind is a compact, multiply connected thought mass with internal connections of the most intimate kind. It grows continuously as new thought masses enter it, and this is the means by which it continues to develop."

Bernhard Riemann On Psychology and Metaphysics ca. 1860

Today's Elites


Sunday, June 03, 2012

Eurodammerung, Greek Erinyes, and Spanish Tragedy

While your treatment of the symptoms of the pending Eurodammerung can't be quibbled with, the causes are what need to be identified if there be any hope of emergence from a literal hell on earth. The crisis is the sequelae  of the end of Bretton Woods. This happened as the US shifted away from a production technologically progressive commitment to the post industrial junkheap of today. Taking the world's largest economy and anchor off the gold reserve ratio opened up currency arbitrage. This led in turn to more and more worthless speculation. Further damage was done with the repeal of Glass-Steagal creating the "bucket  shop" lunacy of derivative securities. Either we bankrupt out the financiers who created these insane markets and return to the sanity that FDR represented or the erinyes of Greek tragedy await us all.

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