06 April 2009

Were the hippies right?

At the end of the sixties and early seventies, as the counter-culture was winding down, the current asset bubble began its long march. Now that we are at the collapsed stage it seems as though the warnings of the counter-culture -- that the corporate culture was not only ineffective and bankrupt but also ultimately destructive of the entire system -- were not as off-target as it might have sounded at the time.

We are living through a cultural watershed. For better or for worse, the collapse into shambles of the world's financial system must signify something more than, as Alan Greenspan would have us believe, just an innocent error.

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