World economy headed for catastrophic meltdown?

[andrewducker]

Interesting article here saying that the current drop in prices are nowhere near as large as they ought to be. Basically, stock prices are still highly overvalued because nobody thinks the problems will last for long, so they're all still holding on to their shares. As soon as people start need to liquidate their assets, the prices will crash.

Comments

[guyinahat.livejournal.com]

"I'm going to go to work now, where I intend to get stuff done. You see if I don't."

wow

You certainly got stuff done!!!!

[andrewducker]

I've also gotten a fair bit of work done too. I tend to read while waiting for compiles to run through the system...

Re:

[guyinahat.livejournal.com]

I'll let you off then

[guyinahat.livejournal.com]

Interesting article, but in the end I think it's based on getting people to buy the authors book.

"The only thing keeping it afloat right now is a mass societal consensus that it’s going to be O.K. How long can that hold?"
This has always been the case. The world economy is a self fulfilling prophecy, as is organised religion and political inclusiveness.

I think I'll devote one of my lecture/post/rants to self fulfilling prophecies, but in this particular context, I think that there are a large number of tools that can be used to direct belief in a stable way.

But I may change my mind after I've had more time to think about it.