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A cynic's guide to the current financial crisis and the precarious system of artifical scarcity

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We live in a world where every imaginable good can be almost instantly produced in abundance, and the only question is, who will buy all this stuff? At the same time, we live in a world where millions of people starve or die of preventable diseases.

We also live in a world where imaginary assets are traded, retraded, optioned, leveraged, insured and reinsured so many times that whatever value they once had becomes meaningless and the government has to step in to recreate some sort of value by undertaking its own leveraged buyback. It's a world where the value of liabilities, securities and obligations far outstrips the value of everything on the planet many times over and yet everybody continues to treat them as real. Asset bubble is replaced by a purely speculative non-asset bubble, and the main job of the government appears the inflation of the next bubble to distract us from the collapse of the previous one.

But there is a logic to all this, and a history. It is in plain sight, and yet it is beyond the pale of discussion. But let's be honest here, you aren't even considering reading this dairy, because it's on a topic that has not been endlessly prechewed for you by your trusted media sources, so let's just let it go at that and part as friends.  


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