Tom Green
One week before Buy Nothing Day focuses the attention of activists around the world on the perils of overconsumption, groundbreaking economist, Herman Daly, zeroes in on the root cause of our financial meltdown. The turmoil affecting the world economy unleashed by the US sub-prime debt crisis isn’t really a crisis of “liquidity” as it is often called. A liquidity crisis would imply that the economy was in trouble because businesses could no longer obtain credit and loans to finance their investments. In fact, the crisis is the result of the overgrowth of financial assets relative to growth of real wealth— basically the opposite of too little liquidity. We need to take a step back and explore some of the fundamentals that growth-obsessed economists and commentators tend to neglect.  Read the article:

From: Adbusters