Creative Destruction

[Richard Fiero]

You may recall Ayn Rand's star pupil Alan Greenspan's remark about 
"irrational exuberance." This was when he noticed that the gains in 
productivity had not actually produced anything except additional 
wealth that flowed to the elites. At the time I owned a few shares in 
a Chinese construction company traded on the Hong Kong exchange. It 
was worth $0.10 a share. One morning, it had decided to be an 
internet company and was worth $96 a share. To replace the busted 
tech bubble he helped produce another: the great property bubble, now 
bust. Our leaders understand nothing and are powerless to change 
anything just as the masses understand nothing and are powerless to 
even get together. We now wait for the Chinese property bubble to 
collapse. The US Fed put up real money and guarantees worth $29 
trillion. The European economy is about the same size as the American 
but has only put up about $1 trillion and remains divided over 
North/South bigotry.
"We may have all come on different ships, but we're in the same boat 
now." [MLK].



Mark Kohut wrote:
>Lotsa verbiage about the growth in income inequality since the end 
>of Inherent Vice's endtime,
>but one less commented upon aspect, related to creative destruction, 
>is the increase
>in income 'voliatility' among so many in recent decades...esp. the 
>preterites economically...
>since many companies, whole industries, have been creatively 
>destroyed by the 'necessity of capitalism' [as is] and
>more and more people lose their careers and have to job hop and/or 
>start over..............
. . .