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Our current economic model is a humanitarian and ecological disaster. We need to pump the brakes. Many more lives will be lost due to excessive consumption and inequality - we're out of time for graceful.
There's a difference between pumping the brakes and throwing a grenade into the fuel tank. A large scale economic collapse would be devastating. The world economy is so interdependent now that even minor disruptions cause problems.
I'm all for pumping the brakes, but we either need to stop gracefully, or have an alternative to jump to.
No, we absolutely do not. It's too late to stop gracefully - I cannot overstate how much worse it's going to get if we stop even now.
Consumption needs to go down, this will collapse the delicate house of cards we've built... and we have no other choice.
Après moi, le déluge
So how do you see deflation going then? Particularly deflation of the defacto reference currency for most of the world?
As far as I can tell, it would make the disruption of covid look like a minor market blip. And that's without looking into how the various chain reactions would play off and amplify each other on the global stage.