I had this dream in my head of, if I got hired by 'SNL, what that moment would be like. And I dreamed that I would, like, collapse on the sidewalk and cry to the heavens. I got this call, and it didn't happen naturally. But I did it anyway because I wanted to have that moment. So I did collapse.
Look at any financial institution, at any bank. They're all photocopies of each other. There's no diversity of institutions and even less diversity of currency. Therefore, just as you say its very logical that an ecosystem like this will collapse, it's very predictable a monetary system like this will collapse, too. And it hasn't finished collapsing, by the way.
I confidently predict the collapse of capitalism and the beginning of history. Something will go wrong in the machinery that converts money into money, the banking system will collapse totally, and we will be left having to barter to stay alive. Those who can dig in their garden will have a better chance than the rest. I'll be all right; I've got a few veg.
Our economy is at war with many forms of life on earth, including human life. What the climate needs to avoid collapse is a contraction of humanity's use of resources; what our economic model demands to avoid collapse is unfettered expansion. Only one of these sets of rules can be changed, and it's not the laws of nature
The collapse of an inflation policy carried to its extreme - as in the United States in 1781 and in France in 1796 - does not destroy the monetary system, but only the credit money or fiat money of the State that has overestimated the effectiveness of its own policy. The collapse emancipates commerce from etatism and establishes metallic money again.
Ludwig von Mises
Capitalism, the ogre of those protesting Wall Street, has suffered a public relations crisis in the wake of the global economic collapse. But any remedy to the systemic corruption that led to the collapse should not displace recognition that capitalism creates wealth. Capitalism, and no other economic system, has raised millions from poverty around the world.
There's no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U.S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.
The presently existing global financial and monetary system will disintegrate during the near term. The collapse might occur this spring, or summer, or next autumn; it could come next year; it will almost certainly occur during President William Clinton's first term in office; it will occur soon. That collapse into disintegration is inevitable, because it could not be stopped now by anything but the politically improbable decision by leading governments to put the relevant financial and monetary institutions into bankruptcy reorganization.
Scientific theories are tested every time someone makes an observation or conducts an experiment, so it is misleading to think of science as an edifice, built on foundations. Rather, scientific knowledge is more like a web. The difference couldn't be more crucial. A tall edifice can collapse - if the foundations upon which it was built turn out to be shaky. But a web can be torn in several parts without causing the collapse of the whole. The damaged threads can be patiently replaced and re-connected with the rest - and the whole web can become stronger, and more intricate.
Humans are only one species of millions. To kill millions of species for the benefit of one is insane, just as killing millions of people for the benefit of one person would be insane. And since unimpeded ecological collapse would kill off humans anyway, those species will ultimately have died for nothing, and the planet will take millions of years to recover. Rapid collapse is ultimately good for humans because at least some people survive. And remember, the people who need the system to come down the most are the rural poor in the majority of the world: the faster the actionists can bring down industrial civilization, the better the prospects for those people and their landbases. Regardless, without immediate action, everyone dies.