Submitted by Charles Hugh-Smith of OfTwoMinds blog,
The common feature of the transformative technologies of the 20th and 21st centuries is that they were one-offs that cannot be duplicated.
What if the engines of global growth that worked for 65 years (since 1945) have not just stalled but broken down? The primary "engines" have been productivity gains from industrialization, real estate development and expansion of consumption based on the continual expansion of debt and leverage--in short-hand, financialization.
This essay was drawn from Musings Report 48. The Musings are sent weekly to subscribers and major financial contributors (those who contribute $50 or more annually).
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