"... we now have the equivalent of centralized planning in global marketplaces. A few thousand extremely wealthy people making decisions on the allocation of our collective wealth. The result was inevitable: gross misallocation across all facets of the private economy."
And what about that deal our "leaders" have negotiated to solve a crisis of their own monumental stupidity?
As Kevin Drums tells it... "It sucks!" Which shouldn't be surprising.
And shouldn't lead you to despair. No, my positive spin for the morning is that of course the deal sucks, but don't worry it's an instructive suckiness! Our leaders are over-matched. They reflect the conflicted and unrealistic hopes and dreams of the citizenry.
The nation state is a failed state. The game is over. We will need to abandon our failed institutions and start over from a healthier grassroots-led movement based on love and happiness - not capital! Not bad news. Good news!