Friday, September 19, 2008

So the financial system has almost collapsed

Not to repeat what a whole bunch of other people have written, it's not like we couldn't have seen this coming. In fact, not only did we see this coming but there was an entire book, Pathology of the U.S. Economy Revisited by Michael Perelman describing this very scenario. Not only that but in the summer of 2004 I took a class in economics, albeit radical economics, whose whole premise was based on something like this was going to occur.

It's kind of hard to say we didn't see it coming when entire fucking college classes have been based around the prediction of this.
I mean, seriously, although it wasn't the exclusive focus of the course we spent hours of seminar time discussing this and what the economics behind a collapse like this would consist of.

------>This is it <---------

I would at this point bring up the fact that Pierre Proudhon said that "Property is theft" but there are likely to be very few copies of this even in large metro areas, like maybe three in the entire Bay Area unless I'm seriously underestimating things.

And although it would be entertaining to see some large representatives of the University of California system get mercilessly ripped off this is an activity that I cannot condone.

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