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I have posted of the Kondratieff economic downturn at this site for years. Now we have the beginning. America will suffer a currency crisis probably after the 2012 elections by the end of 2013. The Dollar crisis will be worldwide because of its 'reserve currency' status. Creative Destructionism as a concept was developed by a follower of Kondratieff who believed that Capitalism would reassert itself and thrive following a 'winter'. Computers did not exist then. Now the world is flooded with Trillions of dollars worth of DERIVATIVES that are muliples of the world's GDP. The Dollar crisis will result in failed counterparties and the failure of the world of Derivatives that are mostly interest rate gambles and to a lesser degree CDS gambling on defaulting debt instruments.
Toggle Commented Jun 14, 2010 on The Carnival of Creative Destruction at The Futurist is now following The Typepad Team
Jun 14, 2010