FAST FIVE: The New Normal: Extremes Of Neofeudalism, Incompetence, Authoritarianism, & Relocalization
The pendulum swung to an extreme of globalization, financialization, centralization and monopoly, all of which created extreme systemic fragility.
And of course, buy, buy, buy and borrow, borrow, borrow, lest the flimsy house of cards collapse.
As Max Keiser, Stacy Herbert and I discuss in Fractals of Incompetence (15:30), the problem with pushing extremes is the system is incompetent at every level, from school boards to the Federal Reserve.
In the New Normal, systemic incompetence isn't going to magically transform into competence, it's going to reach new extremes of incompetence and self-serving hubris.
The silver lining in all this is the potential to relocalize essential elements of our economy, a subject Richard and I discuss in The New Normal (37 minutes).