If the major symptom of our economic sickness is the fact that banks are not extending credit, I guess that I need to report things are headed back to normal. I received a credit card promotions in the mail yesterday. That makes 2 for the week. I did not even bother to look to see what the deal was, what the rates were, but it seems that banks want us to spend again.
Still, the bigger question is always whether all of the spending is a good thing.
In my previous post, I cited Tom Friedman and compared his view that our current system is not sustainable with that promulgated by the Center for American Progress. Friedman follows that first column with another that asks a similar question in a more fundamental manner.
What if the crisis of 2008 represents something much more fundamental than a deep recession? What if it’s telling us that the whole growth model we created over the last 50 years is simply unsustainable economically and ecologically and that 2008 was when we hit the wall — when Mother Nature and the market both said: “No more.”Wait a miniute%hellip; is this really Tom Friedman, champion of all things global in a very flat world? Or is it that global understanding which led him to be nearly the only writer in our MSM dominated world who is daring to ask that question.
It is clear that Greens would say that Friedman has posed the fundamental question for our economy. Unfortunately, Greens have not reached any consensus as to what we should do about it. To me, that is the invitation to explore a range of solution. For some of this, I will invite a guest blogger or two. I will try to have at least one update per week. Stay tuned.