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Two snippets from James Howard Kunstler's most recent blog post:

Once upon a time, the stock market was a place where people with capital went to look for productive activity to invest in -- say, a company devoted to making soap flakes, an underpants factory. Now the market is a robot combat arena where algorithms battle for supremacy of the feedback loops. (...) In other words, last Thursday's bizarre action was a warning that the American stock markets have flown up their own aggregate ass.

(...)

The basic truth about real economies -- at least the industrial-strength ones -- is that they cannot be successfully managed on the basis of revolving debt in the context of no growth -- and no growth is exactly the bottom line of the peak oil story so revolving debt is finished for now.

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