Friday, October 02, 2009

Sit up and take notice!

From time to time, you get a piece of longer-term thinking that initially seems interesting, is then forgotten in the pell-mell of daily life, and finally haunts you with its truth years or decades later. For example, I remember one TV discussion back in the 70s where terrorism was flagged as the theme for the future; and another, criticising commercial advertising, where one ad honcho said the worrying thing was the increasing importance of the government as an advertising client.

This post by Edward Harrison seems to me one of those keep-it-by-your-desk pieces. He says too many things for me to summarise easily, but it has "secular bear market" written all over it, and Harrison goes further (into the territory recently explored by Michael Panzer in "When Giants Fall"):

... Needless to say, this kind of volatility will induce a wave of populist sentiment, leading to an unpredictable and violent geopolitical climate and the likelihood of more muscular forms of government.


sobers said...

Whats the best thing to destroy loads of capital that needs to be replaced rapidly, and unite a nation behind one unified objective?

Hint: The last time we were in this mess, we got one of these.

Sackerson said...

You know, an old teaching colleague once said much the same thing. Could the cynics be right?

Nick Drew said...

wow - thanks for the link, I think at last I have a clearer picture

the well-connected, particularly in the financial services industry, have won out over the middle classes

see my comment on one of your more recent posts (Private Life, Public Life) - and the Ayn Rand quotation someone (you?) posted recently