It’s not just 1970s-style omens; we’ve got plenty of new problems too
Fifty years ago, everything seemed to be breaking down, kind of like it is now. In fact, it can feel like the 1970s redux. Searing issues of war, ecology, race, and “malaise” have never really disappeared. A silent majority, political schism, limits to growth, and price inflation — all are here.
Yet there are new uncertainties too. Even to optimists, debt-induced fragility clouds the economic horizon. Investor Charles Munger notes that bitcoin actively undermines the Federal Reserve System; any gain comes from trading, not from creating products, crops or rents. As fantastic as non-binary sexuality, cryptocurrency points to additional contemporary follies.
