In a classic case of better late than never, an international panel of scientists has warned that we have passed the global-change tipping point. Actually, in this case, it is not better late than never: it’s so late, it might as well be never.
U.S. stock markets are down more than 50% since they peaked in October 2007, but that figure really doesn’t indicate how rapidly the decline is accelerating.The markets are down 25% in the first two months of 2009, and down 10% in the last week. If the markets fall another 25% or so within the next two months, we’ll reach capitulation. Therefore, I’m revising my earlier forecast, which called for complete economic collapse by the end of this year.
I’m headed to the mud hut for a long weekend. Comments on this blog, the absolute cluelessness of the mainstream media, and my email in-box suggest I should issue a reminder or two before I leave.
I’m frequently told how easy life is for me. Always by people who think life is difficult for them, as they go on to explain.
According to these tortured souls, life is hard because they haven’t made the necessary psychological commitment to the notion of a world economic collapse. And I have, so I have it easy.
I wasn’t born a doomer, nor a social critic. The path was long and imperial, albeit dotted with few indulgences, as least by “civilized” standards.
Prophet of Doom is a tough sell, as it always has been. Nobody appreciates a prophet in his own time, I suppose. On the other hand, there’s no need for a prophet in these times: the newspapers are filled with far more economic doom than I can keep up with, much less write about. So this post will focus on my personal approach to an economy rigged to fail.