Have you heard this recently: "This is amazing, incredible, unpredictable, worse than we thought"
Marx said that capitalism was anarchy, that the boom-bust cycle was inevitable and that when it happened the economic experts would describe it as an unpredictable, like a natural disaster and too complicated to explain - not only before the event but also during the event. Marx was right? Who else was right?
Some of the liberal blogs I read, who I don't think predicted this crash, are trying to blame it all on Bush. But more rational commentators are saying that this crisis has been at least 20 years in the making, which included some Democrat regimes.
Unfortunately, economics is not my strong point. Who does get it?
Economic oversteering Mark Shuttleworth, saw it coming in January ("Historians may well lay the real blame for current distress at the door of Alan Greenspan, who pioneered the use of morphine to dull economic pain"). Who else? Point me to their warnings before the crash.
Can we attract good political leaders? Hint – yes - Can a democracy attract competent leaders, while attaining broad representation? Economic models suggest that free-riding incentives and lower opportunity ...
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