Thanks to Charles Hall for this article. See http://questioneverything.typepad.com/
August 13, 2011
George Mobus (for background on him, see http://faculty.washington.edu/gmobus/)
What is Going On?
Unless you’ve had your head in the sand you cannot help but be wondering what is going on. Or, if you are like me you may think you understand exactly what the problems are, and more importantly what is the root cause. The last two weeks have been wild WRT the global economy and social unrest. And with the kickoff of the political season for the Republicans, the entertainment value of all of this has skyrocketed.
I’ve had three or four blog topics in various stages of write up that I have been wanting to get finished and posted. But every day some new extreme event has distracted me. It has been hard enough to keep on task with my book writing with what has been going on in the world. It has been essentially impossible to give any mind time to these blog topics (more on education, judgment, and, of course, biophysical economics principles).
Most of the recent events have actually not surprised me much. They are all in one way or another tied to economics and I have been long suggesting that the net energy decline we are in will cause economic activity to contract with all sorts of consequences. So seeing some of those consequences come to pass is not what bothers me. I think what tends to cause me the greatest distress is the fact that the people who are in front of the cameras and microphones, the ones who purport to be the pundits and experts on politics and economics, have still not got a clue and don’t seem inclined to find one. They are all still trying to gen up stories about what is happening based on their conventional wisdom and so completely miss the root problem. They will probably never really understand what is happening because most of them probably never took a college-level physics course in their lives.
To read the full article, please click here: http://questioneverything.typepad.com/question_everything/2011/08/what-is-going-on.html