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It's overtaken by events, but is still worth posting, as it predicted the crisis and explained what was the underlying ailment.

We're moved from the latent form of the disease (if the damage to the economy outside the financial sector can be ignored, as the official statistics have led to believe for too long) to its acute form, where the symptoms catch up with the financial sector and bring it down.

What needs to be underlined is that the supposed prosperity of the past couple decades was, to a large extent, virtual, and it is disappearing right in front of our eyes. And that destruction is part and parcel of the system that was promoted, and not an exogenous, unpredictable "once in a century" event as some (like Greenspan) claim.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Mon Sep 15th, 2008 at 07:17:22 AM EST
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