Different than a central government of a badly proportioned nation going belly up? How does a broad based tax regime produce the volatility in government debt since 1980? We can see the problem start even earlier. We have a government ruling most of North America and it cannot figure out a stable investment pattern. Sounds like the same old shit to me.
Let's look at Britain, courtesy of Paul:
What's that look like to you? A debt history of a nation losing its empire and accumulating debt to bail out the denialists, then entering two world wars as each nation fights over default issues. In other words, sound a lot like the Republican party!
But here is the real secret:
Information revolutions hit the institutions. Bureaucrats are stuck with the old, restricted lines of communication and operate with missing data. They fill in the missing data with paranoid delusions and start warring, like meth addicts. Entanglement, folks, do not underestimate entanglement.
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