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2009-02-04 — ml-implode.com
``Minsky, however, took Keynes’ theory to the logical conclusion, arguing that borrowing can lead to a self-reinforcing positive spiral. This positive spiral could be though of as a “paradox of gluttony†whereby higher borrowing producers higher profits, thereby ratifying the decision to borrow and spend more.''
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Comments:
tvsterling at 22:02 2009-02-05 said:
I think part of the problem is America being force fed all the goods (especially Chinese) that the world can cram down our throats. Every nation looks to America to be the consumer of first, middle & last resort. This has led to the country losing a large percentage of our industries & jobs as well as making us debt slaves (mostly to China). Obama shows signs of reneging big time as he sees how vast the chasm really is (he's scared). We need change & he is going to give us chump change. His line up of ex Wall St losers & perpetrators tells the whole story. Permalinkadd a comment | go to forum thread
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