What Crisis? a.k.a. Creative Destruction Is The Beating Heart of Capitalism

[Crewleader]

September 25, 2008

by charles hugh smith


The well-oiled propaganda machine that is the mainstream media would have you believe the world was mere moments away from complete financial Apocalypse last Friday. Yet here we are, a week later, and the world still exists. So we have to ask: what crisis?

It is instructive to remove ourselves from the breathless propaganda for a moment and refer back to the core of Capitalism with a Capital C: creative destruction. Yes, destruction, as in closing the doors, going bankrupt, folding, game over.


Let's be honest. This entire crisis is best summarized like this: players leveraged 30-to-1, bet big and lost. End of story. Nice try, pal, now clear out and let another player take your still-warm chair.

http://www.oftwominds.com/blog.html

[TBF]

1. Wish I had seen this earlier to "recommend" -

spot on.