Wednesday, June 15, 2011

The Economy Can't Die Because It's a Zombie

Asia Times Online: SPENGLER: Zombinomics and volatility:

We aren't going to have another financial crash. In fact, nothing at all is going to happen. Forecasting the United States economy is about as exciting as predicting next quarter's gross domestic product in 1957 Poland. You want to know what's going to happen, comrade? Read the Five Year Plan. With 40% of US personal income coming from transfer payments, it's almost nostalgic to call it capitalism.

I think he's wrong about another crash. I think there will be one, but I have to admit that it's a strong argument.

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