Prechter and some of the other Doomsters have one thing in common that strikes me as very odd:
In their Doom scenarios, bad events will happen in hte future AND NO ONE will do anything to stop it , or mitigate it, or recover. No one from government, the think tanks, bausiness, academia or the media will be even AWARE of the impending doom, and no effort made to avoid it.
In the real world, preventinve action occurs all the time. After the financial crisis of the late 1980's higher reserve & liquidity standards for banks were established world wide, with strongly urged voluntary compliance. Value at Risk, VAR, was established as a standard methodology for assesing risk. VAR has lots of problems, but iot is a big improvement over the uneven practices before.
VAR also has attracted lots of critics, and now ways to compensate for the failings of VAR, and proposals for better standards.
This doesn't mean the world is getting more perfect, but there is some (not total) learning occuring, and some preventive actions being taken.
Even the the U.K. governments (one Tory, one Labour)have learned to deal with mad cow and now hoof and mouth disease. A 100,00 Brtions did not die from mad cow. |
