It's too simple to blame the global credit crisis and its consequences on covens of greedy bankers, incompetent regulators or do-nothing politicians. The fundamental cause of the enormous debt bubble of our times is firmly rooted in the way post-industrial societies evolved in the last half of the 20th Century. After the Second World War, values based on thrift and savings were gradually replaced by a culture of having it all. Now that culture is in danger of cracking up.
(Don't get me wrong - I am as pissed off at the financial engineering and corruption and collusion on Wall Street and the mortgage lending business as anyone. Just pointing out that there is plenty of blame to go around for everyone, for the mess society now finds itself in).
No comments:
Post a Comment