Wednesday, January 28, 2009
Delusion of the Day: Wealth destruction
Forty percent of the world's wealth was destroyed in last five quarters. It is an almost incomprehensible number.
And this is an almost incomprehensible formulation of what has happened. As long as economists, politicians, business leaders persist in this delusory understanding of wealth and their societies accede to it there can be no real solution to real problems.
As for the destruction of wealth, the U.S. has done a pretty good job of it in Iraq and at home, followed perhaps by the Israelis in Lebanon and Gaza.
Word of the Day (1/10/05)