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Optimism vs Pessimisim – Martin Armstrong

by Martin Armstrong
Armstrong Economics

There is little doubt that we live in interesting times. However, it is not always doom and gloom. What you have to understand is there will never be any change or reform without the doom and gloom. We have to crash and burn in order to create what Joseph Schumpeter called Waves of Creative Destruction.

[…] There was the Great Depression, which everyone says we must prevent. All they see is the doom and gloom. Without the Great Depression you might still be growing tomatoes. Here we can see the shift within the make-up of the economy. Agriculture crashed and burned sending unemployment to 25%. This forced people to become skilled labor. Unfortunately, it marked the birth of government which grew tremendously. Now we have reached the peak in government and they must go through their wave of collapse. Government produces nothing – it consumes the wealth created by the people. The more it consumes, the slower the economic growth and the less opportunity in the future for the next generation.

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