Sitting around watching TV last night after a vigourous day of gardening (uprooting vicious plants and building stone retainer walls)… My back was sore and my hands dry and cracked and my mind wandered to where it often does… What if the power went out and there was no telling when, or IF, it would ever go back on? When you SERIOUSLY consider it and start running the scenario you should get that sinking feeling in your gut because, like me, you would realize that your woefully unprepared for such an event. Like everyone else your instinct would be to bolt to the supermarket and stock up…much like they do before hurricanes down South except most of us in more gentle climes(a fast shrinking category it would seem) have never beent through this experience and would no doubt find it quite harrowing.
On the bright side, the circumstances of regular, if not permanent power outages would probably be the dawn of a new era where you wouldn’t have to go to work and you have ALL THE TIME IN THE WORLD to write that novel or make the music that you’ve always dreamed of… that is, when not tending to your chickens, milking the goat and getting your stores ready for the winter.
What is going on in the World Economy is straightforward and yet it is complicated for the truth behind it is that the collective “we” seriously thought “we” were clever enough to avoid a repeat of the 1930s depression. Well, apparently we are not. Much ink was spilt in the mid-90s about the benefits of Globalisation and how great theories of comparative advantage are and how countries should leverage their growth with debt and the off-shoring of cheap labour. What was also mentioned quite frequently, as an anectdote, was that the World had not seen this level of globalisation since BEFORE THE 1929 STOCK MARKET CRASH… And that a cause of that crash and the subsequent DEPRESSION, was the very globalisation that we have since reinstated and then some. So everyone involved knew the risks involved but economists, politicians and the business elite were confident that this time, it would be different. The lessons have been learned.
Read the headlines…then dig a little deeper. The mainstream media are quite literally about a month behind most of the political and financial blogs out there. To ignore the blogs is to choose the blissfulness of ignorance.