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When did we become fixated on a constant 2% or 3% yearly growth in our GNP? It simply isn't eternally sustainable. Ditto for a 16% per year growth in housing values.
When Google's share price was at $72, it could grow 1000% to $720 per share.
However, once it got there, it was fairly impossible for the share price to grow another 1000% to $7200 per share.
A lot of investors obviously failed basic high-school math, because that is what their behavior indicates they were expecting. Kind of like expecting to hit double zero at the roulette wheel twice in a row.
The federal reserve banker, like the emperor, has no clothes. Someone, at some point, needs to point this out. If Obama were to make a speech stating "perpetual growth cannot continue indefinitely" I would be more hopeful for American society as a whole, but I am not holding my breath.
Saying that perpetual growth is good for society is like saying peeing in the swimming pool is good for the water level...
