Hayekian Recession and A Iyer

Very thoughtful but the same facts-Asians saved and Americans spent! We cannot recreate the bubbles and Happy Evenings with all the trillions pumped in -- which again is fictitious money though of sovereign nature.

Simple rule of financial viability so that a unit of money spent which represents effort, produces a return  without eating into the capital, once violated, we have set off the time bomb. It will blow in our face sooner or later 

Innovation and improved productivity- the age old concepts are very relevant but unfortunately lost in the mire of financial innovation which discounted technology innovations and actually propped up outdated technologies beyond their useful lives. In the last generation substantial talent was sucked away from engineering industry by the high return soft skilled financial sectors with unwarranted bonuses  for creating the bubbles.

May be we have to find our feet in this turmoil by looking outside the financial czars who have messed up our lives.

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