Truly, the head-in-the-sand Ponzi party is coming to an end when even uncritical wing-nut neo-classical economist fanbois like Thomas Friedman are announcing that growth-capitalism American-style is bad.
In his own words:
We have created a system for growth that depended on our building more and more stores to sell more and more stuff made in more and more factories in China, powered by more and more coal that would cause more and more climate change but earn China more and more dollars to buy more and more U.S. T-bills so America would have more and more money to build more and more stores and sell more and more stuff that would employ more and more Chinese …
We can’t do this anymore.
Will wonders never cease? Will the CATO Institute come out in favor of replacing land ownership with usufruct? Will Ron Paul admit that he’s a power-hungry demagogue only interested in the socialized health care he gets as a high level federal employee? Maybe not, but as the econopacolypse rolls on, stranger things could happen.