Sunday, February 28, 2010

It is not all online, but should be read.

Capitalism is a bet about tomorrow--and it's always the same bet. Tomorrow will be "better" than today. More wealth will be created, more resources will be used, and, excepting recessions, the economy will continue growing forever. The bet takes the form of credit and investment--you lend or invest a sum today to get back a larger sum tomorrow, because tomorrow there will be more of everything (except oil, old-growth forest, et cetera). We must keep lending and borrowing, laying the same bet over and over--whether via consumer credit, corporate financialization , or governmental debt--no matter what hindrances present themselves; if we don't, the system stalls and falls apart. No more growth, no more credit; no more credit, no more capital. By betting on growth we call it into being--for however long the wining streak can last. You can short everything but the system itself.

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