Ah, the wonders of a command economy...
In one scenario analyzed by NERA, the death spiral produces a 30% increase in gasoline prices and a 300% increase in the cost of diesel fuel in 2015. Potential adverse macroeconomic impacts include a “$770 billion decline in GDP and a corresponding reduction in consumption per household of $2,700.” Ludwig von Mises coined a term for such debacles: “Planned Chaos.”Well, if it's getting Henry Waxhead to actually take another look, it's almost worth it.
H/T Tom Nelson
3 comments:
It will be interesting to see if the biofuel death spiral collapses the economy before the debt death spiral, or maybe the EU financial market death spiral, or possibly the west coast getting hit by a North Korean nuke. Did I say interesting? I meant terrifying.
"May you live in interesting times"
They're coming soon, SG.
I'm to the point I don't even want to see the latest idiocy headlined on Drudge (my home page). I've gotten to where I literally dread it.
I fear that Super-Inflation has hit the StupidSpace(TM) space-time manifold, much like it allegedly hit the early universe.
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