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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: TobagoJack who wrote (16917)3/17/2002 9:20:00 AM
From: elmatador  Read Replies (2) of 74559
 
In times like this, I always go back to a little book:

Paul Hawken's "The Next Economy" published 1983 (bought it in Singapore 1997 in an used-books store.)

This Sunday I read some parts of it once again:

"Economic contraction occurs when levels of production and consumption cannot be sustained. Economic collapse occurs when economic contraction coincides with a period of excessive buildup of debt. It is preceded by a period in which debt climbs quickly in the hope that each new level of indebtedness will finally see the economy "turn around" and service the debt. The collapse is the realization that it won't work. There is a crisis of confidence. People panic, sell stocks, call notes, liquidate holdings, and rush for currency or instruments that have value." page 76.
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