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The problem is that those that have accumulated wealth will hold on to it as the global pie shrinks, causing the pie to shrink even more. The accumulated wealth needs to be defaulted or inflated away for the benefit of the 99% of the rest of us. ( * )

But, if it can be defaulted or inflated away, it was just paper wealth in the first place - claims on inexistent future energy resources at inflated prices.

( * ) I just checked the Global Rich List and I found that I'm actually in the top 1% of the world. So I'm the bad guy I am ranting about.

All youI have to do is make a choice.

$8 could buy youme 15 organic apples OR 25 fruit trees for farmers in Honduras to grow and sell fruit at their local market.

$30 could buy youme an ER DVD Boxset OR a First Aid kit for a village in Haiti.

$73 could buy youme a new mobile phone OR a new mobile health clinic to care for AIDS orphans in Uganda.

$2400 could buy youme a second generation High Definition TV OR schooling for an entire generation of school children in an Angolan village.



Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Carrie (migeru at eurotrib dot com) on Sat Feb 26th, 2011 at 02:11:03 AM EST
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