I used to be a doomer...

[floridasandy]

it is much better to ignore the reality around you, i say:

Southern Europe Permanently Crippled
Although the entire southern rim is deeply affected, a look at Italy is telling as a microcosm of continental illness. Italy has imposed capital controls on the banks. The movement of funds is being closely monitored. Money cannot be withdrawn in volume at the bank windows. Borders have cameras and registries at the customs checkpoints. Italy has gone fascist with blazing speed, the most blatant indication is the installation of Monti as prime minister. Its banks are ready to capsize, like the cruise liner. The effects of the Fascist Business Model are being acutely felt in Italy. Nothing goes without monitor. The credit card companies must report to the fiscal authorities all transactions carried out by Italians, in the country and abroad. Limits have been imposed on bank withdrawals of 10,000 Euros, equal to US$13,000. Cameras have been installed by finance police at the border checkpoints with Switzerland to register all license plates. In addition, currency sniffing dogs have been deployed at the border. The Monti regime can be seen imposing Fascism, plain and simple.

from financialsense.com

we can handle it any way we see fit-but changes are coming, and who doesn't see that?

[concept_fusion]

I share the experience of the OP. While I believe the world has the capability and resources to continue more or less as usual, the world financial system is deeply flawed. Look at the 1T+ deficits in the US, and the debt problems facing Europe. What does this mean?

For one, large parts of the developed world's financial system is vulnerable to collapse. This is happening while developing markets, namely China and SE Asia are becoming more stable and influentially economically. Globalization is not a 100% zero sum game; however some of the growth in Asia comes at the expense of it's trade partner's economies.

[Chango]

I'm not arguing the current world system is sustainable... it isn't. Nothing is permanently sustainable "forever", not even the universe itself.

What I'm trying to say is that as a "doomer" I failed to take into account our capacity for adapting to change. I spent all my time fretting about a collapse but never thought past that, nor did I see the changes (especially the technological ones) that are already happening around me which can expedite those necessary changes and hopefully keep a real collapse from even happening.

And even if there is a collapse, it won't be the end of the world. Somebody walking the streets of Tokyo or Berlin in 1945 might think the world was basically over, but look at those cities today! Nothing "ended"; fundamental changes ensued, the rubble was cleared and life went on.

It turns out we'll make it after all, albeit in a changed state. There is no reason to feel hopeless about the situation.

[misterno]

I still can not believe we as Americans are surviving with our debt going up $1TLN every year. There is no way we can payback that money.

The only way to stop this going up any further is to lower the standards of American life. Either raise taxes cut subsidies or lower wages whatever. But no politician wants to pull the trigger. Hence the ever getting bigger pit that we are dived in to.

[le roi]

this thread sounds like a good contrary indicator. sell!

[gwynedd1]

Originally Posted by misterno

I still can not believe we as Americans are surviving with our debt going up $1TLN every year. There is no way we can payback that money.

The only way to stop this going up any further is to lower the standards of American life. Either raise taxes cut subsidies or lower wages whatever. But no politician wants to pull the trigger. Hence the ever getting bigger pit that we are dived in to.

Especially because it is the money.

[andywire]

Originally Posted by concept_fusion

This is happening while developing markets, namely China and SE Asia are becoming more stable and influentially economically.

The main issue here is... These markets are anything but stable. Much of their growth was due to huge risks taken on the part of their government. Building ghost cities is counted towards the GDP in China. There are now some major issues becoming apparent in their real estate market.

[cdelena]

Originally Posted by andywire

The main issue here is... These markets are anything but stable. Much of their growth was due to huge risks taken on the part of their government. Building ghost cities is counted towards the GDP in China. There are now some major issues becoming apparent in their real estate market.

And lots of crazy spending by the government in the US counts toward GDP including failing energy, military, social, arts, and social projects. I would not get too comfortable with our real estate market with trillion dollar government distortions either. Central planning fails almost everywhere almost every time.