It must be time to buy stocks and real estate, because the New York Times has never been so dire. Thomas Friedman channels Jim Kunstler (some might use stronger language) when he writes the run-on sentence of the week:
We have created a system for growth that depended on our building more and more stores to sell more and more stuff made in more and more factories in China, powered by more and more coal that would cause more and more climate change but earn China more and more dollars to buy more and more U.S. T-bills so America would have more and more money to build more and more stores and sell more and more stuff that would employ more and more Chinese ...However he does end up on a more positive note, quoting Australian environmentalist Paul Gilding:
"We are taking a system operating past its capacity and driving it faster and harder," he wrote me. "No matter how wonderful the system is, the laws of physics and biology still apply." We must have growth, but we must grow in a different way. For starters, economies need to transition to the concept of net-zero, whereby buildings, cars, factories and homes are designed not only to generate as much energy as they use but to be infinitely recyclable in as many parts as possible. Let's grow by creating flows rather than plundering more stocks.
More in the New York Times: The Inflection is Near?
More Tom Friedman:
The US Should Be Denmark: Tom Friedman on Greening the Economy
Tom Friedman on Toyota's Duplicity
Quote of the Day: Tom Friedman Calls for Reboot
Quote of the Day: Tom Friedman on "Invent, Invent, Invent!"
Tom Friedman Can't Make Up His Mind
And Jim Kunstler's take:
OK, Kunstler Nailed this Recession, What Does He Suggest Now?
Interview with James Howard Kunstler
The Long Emergency: A Long Review