Reports from the Economic Front

a blog by Marty Hart-Landsberg

The Unpredictability of Life

For those who are visually minded—here is a collection of “27 Visualizations and Infographics to Understand the Financial Crisis.”  Click on any one of them to bring them to full, readable size.

While entertaining, they also make a point that mainstream economists seem to want to deny: this crisis was not a surprise.  That is not to say that anyone could have predicted its starting date.  Rather the growing inequality, debt, and housing bubble all pointed to an eventual day of reckoning.  In short, we are experiencing a structural crisis and meaningful solutions are going to require significant structural change.

Contrast this understanding with Federal Reserve Chairman Ben S. Bernanke’s recent commencement address at the Boston College School of Law which stressed the theme of “the inherent unpredictability of life” and how we need to learn to “deal with that reality.”  Translation: we don’t want to change the system so you better learn to adjust to far worse living and working conditions.

I wonder how many applauded.

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