Thursday, August 11, 2011

Pessimism Which Sounds Plausible

Marketwatch outlines a decade of U.S. economic hell, via Ritholtz:

2012: Super-rich solidify absolute power over our political system
That bizarre Supreme Court decision legalized political bribery. Now, billions pass through lobbyists to politicians with one goal: a promise that every politician vote in line with their ideology. Wealth rules. America is no longer a democracy, not even a plutocracy. Today our middle class is in a rapid trickle down into Third World status, while the rich get richer and the “gap” between the super-rich and the rest steadily widens. It is now irrelevant who wins the 2012 race, because money corrupts and Obama is already a puppet of this system favoring lobbyists and wealthy donors.
2013: Pentagon’s global commodity wars accelerate
During the Bush presidency, Fortune analyzed a classified Pentagon report predicting “climate could change radically and fast. That would be the mother of all national-security issues.” Billions of new people spread unrest worldwide as “massive droughts turn farmland into dust bowls and forests to ashes.” Also, “by 2020 there is little doubt that something drastic is happening ... an old pattern could emerge; warfare defining human life.” Trapped in denial, political leaders will chose war over cooperation.
2014: Global population exploding, rapidly wasting resources
America’s “conspiracy of the super-rich” drains trillions from middle-class taxpayers. They see global population growth exploding by 100 million annually not as a drain on scarce commodities, but as tool to get richer through free-market globalization, ignoring the tragedies triggered as the population climbs to 10 billion, all demanding more of the world’s limited, nonrenewable resources, demanding payback for our failures to heed warnings of environmentalists like Bill McKibben: “It might be too late. The science is settled, the damage has already begun.” We can’t save the planet.
This sounds like me on a disagreeable day.  Hopefully, things don't get this bad, but I wouldn't give much in odds.

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