The Phaserl


The School of Globalism

by James Howard Kunstler,

“…we may be headed into a world where capital is abundant, deflationary pressures are substantial and demand could be in short supply for quite some time.”

Lawrence Summers, former Secretary of the Treasury

Professor Summers must be reading Ben Bernanke’s new blog. Or maybe he’s writing it for walking-around money. At $250,000 a pop for making a speech, Mr. Bernanke can certainly afford to pay high-toned hacks to polish his spin-o-nomics. Raillery aside, Mr. Summers’ utterance provokes some pretty fundamental questions: what exactly is this world we’re heading into, and what exactly does that capital consist of?

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