Paul B. Farrell: Myth of Perpetual Growth is killing America
Myth of Perpetual Growth is killing America
Commentary: Everything you know about economics is wrong
By Paul B. Farrell, MarketWatch
SAN LUIS OBISPO, Calif. (MarketWatch) — Yes, everything you know about economics is wrong. Dead wrong. Everything. The conclusions of economists are based on a fiction that distorts everything else. As a result economics is as real as one of the summer blockbusters like “Battleship,” “The Avenger” or “Prometheus.”
The difference is that the economic profession is a genuine threat, not entertainment. Economics dogma is on track to destroy the world with a misleading ideology.
Why? Because all economics is based on the absurd Myth of Perpetual Growth. Yes, all theories and business plans based on growth are mythological.
Economists are master illusionists who rely on a set of fictions, fantasies and forecasts that emanate from a core magical mantra of Perpetual Growth that goes untested year after year. ...................(more)
The complete piece is at: http://www.marketwatch.com/story/myth-of-perpetual-growth-is-killing-america-2012-06-12?link=home_carousel
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I've often repeated my experience of working 'back in the time' when it was acceptable for companies to 'have a bad quarter' or two without the stock market reacting. People remained invested based on the company's history and outlook projections, etc.
It just seems like in the 1980's something radical changed and all of a sudden it became necessary that every quarter show an increase in revenue. Some of that started with corporate raiders that came in, took over, reduced staff and outsourced over time --collected their big pay and left --and some of it grew along with day traders.
But the basic assumption that any company can have perpetual growth is a fairy tale so obvious as to make anyone with half a brain laugh out loud.
And yet it has persisted for decades.
It's also why big companies just kept on buying up smaller ones then cutting employees and expenses and then doing it over and over and over until we have all the monopolies again!
'I'm getting too old for this shit.'
