On a general point, here’s a brain dial calibration, something to re-frame the actual world from the pseudo-world that preoccupies our daily politics.
Our media impresses politics and governments as if the entire globe is hinged on policies and statements of a few capitals and committees …or pulpits and pundits. Perhaps because profit margins are greater when managing only a few offices and stringers.
How much do we know about the real world?
Stock and currency markets turn over about $900 trillion each year and derivatives another $625 trillion while Congress frets over healthcare crippling us at well under $1 trillion. I don’t have the numbers handy on industrial transactions, inter-port carry, etc. etc.
We are uninformed.
In 1958, financial sector debt was 6% of GDP. Last year, it was 115% of GDP. Compare this to the day to day drumming about federal government debt.
