People still seem to think the system is not just workable, but almost the best of all possible worlds - even though it explodes regularly, with increasing oscillations.
I think that's quite an unusual point of view.
Wheat continues to be shipped from the Ukraine for the moment, but that's not a consolation if you're one of the long term unemployed in the US, or about to become one of the long term unemployed in Greece.
Politics aside, the most pressing criticism of the system is that it simply doesn't work for many people, and is close to not working for anyone.
However, as much as the "nuke and pave" solution appeals to the part of my brain that's schooled in engineering, there is an appalling number of things that could go Seriously Wrong with that strategy.
And if you're in a political position to prevent disastrous fallout, you are also in a position to engineer a new system without having to nuke and pave.
- Jake If you only spend 20 minutes of the rest of your life on economics, go spend them here.
