Fr. Haller writes good sense based on working in the Pit. Let me add my negligable two cents worth.
This credit crunch and market crash corresponds—as far as I can tell—concurrently with the end of cheap oil. Yeah, it’s bouncing around $100 a barrel now, much lower than the summer’s $140’s—but do you ever think we’ll see $20 or $40 again? Me neither…
We need a new economic paradigm that takes seriously both communication technology and the energy reality. Here’s my take: Keep data global; keep stuff local.
NPR’s “This American Life” just did a show explaining what happened and why. It’s been the clearest, most sobering, and most frightening explanation of the current economic meltdown.
http://www.thisamericanlife.org/Radio_Episode.aspx?episode=365
Thanks for the pointer, Gabriel, I’ll have to give it a listen!