The Global Endgame
Is pushing consequence forward the same as eliminating consequence? We will find out at some point in the near future.
Today’s project is to overlay The Global Endgame in Fourteen Points (February 15, 2013) on the classic cycle of credit/speculative expansion and credit destruction/speculative bust. My monthly video program host Gordon T. Long helpfully provided this chart of the modern credit cycle, which examines the Cycle of Deflation through the lens of financialization:
The key point being made in The Global Endgame is that the entire global economy is in the final stages of the “winter” cycle of credit destruction and collapse of phantom collateral. Let’s start with the 14 points:
2. Overextended Credit Expansion and Over Capacity
3. Financialization and Collateral
4. Era of Financialization
5. Growing Malinvestment
6. Phantom Collateral from Asset Bubbles
7. Bubble Implosions
8. Impaired Debt and Policy Decisions
9. Stalled Consumption
10. Cheap Money Offered
11. Shrinking Loans and Bank Speculation
12. Search for Yield from Shrinking Pool of Productive Assets
13. Increasingly Speculative Investments with high Risk
14. Stagnation: Over-indebted, overcapacity with limited growth
Gordon T. Long and CHS discuss The Global Endgame (25 minutes, 30 slides)
Things are falling apart–that is obvious. But why are they falling apart? The reasons are complex and global. Our economy and society have structural problems that cannot be solved by adding debt to debt. We are becoming poorer, not just from financial over-reach, but from fundamental forces that are not easy to identify or understand. We will cover the five core reasons why things are falling apart:
1. Debt and financialization
2. Crony capitalism and the elimination of accountability
3. Diminishing returns
4. Centralization
5. Technological, financial and demographic changes in our economy
Complex systems weakened by diminishing returns collapse under their own weight and are replaced by systems that are simpler, faster and affordable. If we cling to the old ways, our system will disintegrate. If we want sustainable prosperity rather than collapse, we must embrace a new model that is Decentralized, Adaptive, Transparent and Accountable (DATA).
We are not powerless. Not accepting responsibility and being powerless are two sides of the same coin: once we accept responsibility, we become powerful.
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