Debt Rattle March 25 2016
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Home › Forums › The Automatic Earth Forum › Debt Rattle March 25 2016
DPC Shoppers on Sixth Avenue, New York City 1903 • Bubbles Spread Like a Zombie Virus (BBG) • Junk Territory: US Corporate Debt Ratings Near 15-Year L
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The economic consensus that bubbles can’t occur is based on more general concepts then things like investors are making rational decisions. Rather it is based upon the core neoliberal idea that markets are all knowing super information processing entities that are emergent phenomena so that markets can never be wrong.
I keep harping on this but until one starts to get a grasp of the theoretical foundations of Neoliberalism one is bound to miss the big picture. I recommend this as a starting point. It should be noted the godfather of neoliberalism was Friedrich Hayek, the much worshiped supposed defender of free market by so much of the right.
It would be kind to say that over the years Hansen’s predictions have been somewhat exaggerated. There has to be a limited number of times that you get to yell “THE SKY IS FALLING!”
Hansen’s scared me one time too many for me to take him seriously again.
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