Extracting Silver from the Clouds of the Global Financial Crisis

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February 1st, 5:00 am by Benzinga

We can pretend as much as we want that our current way of life is sustainable, but that doesn’t make it so. Even while I drive on the highway, I sometimes wonder, “If gas prices go up to $5 per gallon, how many fewer cars are there going to be on the highway?” I cannot speak for all Americans, but I know in the Midwest, oftentimes rush hour can be unbearable — that is when unemployment is relatively high. One has to wonder how much more crowded the highways would be if unemployment went down to around 4 percent.

These sentiments regarding gas prices extend to many sectors of the economy including (but not limited to) unemployment, higher education, the legal system, the prison system, health care, food consumption, developing technology, material goods, and labor. In addition to the aforementioned issues, the threats of war, societal unrest, climate change, and international terrorism make for quite an ominous global situation. One has to wonder if the problems are systemic. From a macrohistorical perspective, even political and economic leaders are seeing problems with the global economic system — in particular, the capitalist free-market model.

 

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