Monday, July 21, 2008
UK Telegraph op-ed on global economic collapse
A lawyer friend of mine sent this to me: Ambrose Evans-Pritchard, "The global economy is at the point of maximum danger" (Telegraph, July 21, 2008). Like him, I believe that the major thesis needs to be taken with a grain of salt, although there is plenty to worry about in the details of the sub-prime mortgage crisis, as well as the fact that perhaps the major U.S. industry has become the financing of debt. Still, what I find a bit amusing is that it's not the Jehovah's Witnesses standing on the mountain top announcing the end of the world this time, but secular economic analysts. Perhaps someone will say I shouldn't find this amusing, after all. Yet when there is so little in life over which one has any control outside of a few fundamental options, he has to find amusement somewhere in order to avoid going stark raving batty.