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	<title>Weblogsky: Jon Lebkowsky&#039;s Weblog &#187; Economy</title>
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		<title>The antithesis of holiday cheer: &#8220;Collapse&#8221;</title>
		<link>http://weblogsky.com/2009/12/20/the-antithesis-of-holiday-cheer-collapse/</link>
		<comments>http://weblogsky.com/2009/12/20/the-antithesis-of-holiday-cheer-collapse/#comments</comments>
		<pubDate>Sun, 20 Dec 2009 23:07:59 +0000</pubDate>
		<dc:creator>jonl</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Community]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Antithesis]]></category>
		<category><![CDATA[Bernie Madoff]]></category>
		<category><![CDATA[Collapse]]></category>
		<category><![CDATA[Holiday Cheer]]></category>
		<category><![CDATA[Pyramid Scheme]]></category>

		<guid isPermaLink="false">http://weblogsky.com/2009/12/20/the-antithesis-of-holiday-cheer-collapse/</guid>
		<description><![CDATA[&#8220;It&#8217;s not that Bernie Madoff was a pyramid scheme&#8230; the whole economy is a pyramid scheme!&#8221;






		
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			<content:encoded><![CDATA[<p>&#8220;It&#8217;s not that Bernie Madoff was a pyramid scheme&#8230; the <i>whole economy</i> is a pyramid scheme!&#8221;</p>
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		<title>Heads</title>
		<link>http://weblogsky.com/2009/10/06/heads/</link>
		<comments>http://weblogsky.com/2009/10/06/heads/#comments</comments>
		<pubDate>Tue, 06 Oct 2009 13:53:59 +0000</pubDate>
		<dc:creator>jonl</dc:creator>
				<category><![CDATA[Buddhism]]></category>
		<category><![CDATA[Business]]></category>
		<category><![CDATA[Consciousness]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Sustainability]]></category>

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		<description><![CDATA[In a conversation with a longtime friend, I just sent an email message that was fairly clear on some points I&#8217;ve been thinking about, so I&#8217;m reposting part of it here, ending with an unusual reference.
I&#8217;m currently into Buddhist practice and a related qigongish practice, and while many people who aren&#8217;t into those things mistakenly [...]]]></description>
			<content:encoded><![CDATA[<p>In a conversation with a longtime friend, I just sent an email message that was fairly clear on some points I&#8217;ve been thinking about, so I&#8217;m reposting part of it here, ending with an unusual reference.</p>
<p>I&#8217;m currently into Buddhist practice and a related qigongish practice, and while many people who aren&#8217;t into those things mistakenly believe they&#8217;re &#8220;religious&#8221; or &#8220;spiritual,&#8221; they&#8217;re really just practices about understanding mind and self. In Buddhism we talk about emptiness, the realization that there&#8217;s no permanent real self. I heard a Buddhist say the other day something about not believing your thoughts. I think that&#8217;s really key to getting straight. We identify with thoughts in our heads as though they were real objects with weight and permanence, and it just ain&#8217;t so. The voices in your head aren&#8217;t necessarily your friends, and often it&#8217;s better to ignore them. I thought about all this when I read your paragraph above about identity and opportunity. I think it&#8217;s important to get behind your identity and realize there&#8217;s nobody behind the curtain. It&#8217;s a hard realization and it takes work. It leads to a real opening, potentially, though.</p>
<p>Truth, power, justice, framing, global warming etc. are just concepts and aren&#8217;t real things, and it can be helpful on some level to realize this. You do have to come back to a level where they&#8217;re treated as real &#8211; but there&#8217;s creativity in understanding that they&#8217;re not real things that are beyond your reach, but concepts that you&#8217;re co-creating with everyone else &#8211; that can be asserted, diverted, hacked, etc. They&#8217;re only real in a kind of mental consensus that we have about them.</p>
<p>***<br />
Our politicians are more focused on politics and power &#8211; concepts, not realities &#8211; and they&#8217;re not so much into focusing on what&#8217;s real. What are the markets of the future and what skills do we require to be competitive and have viable economies? My business partner and I have been saying  that we&#8217;re moving away from economies where you make money by extracting resources, applying labor to produce products, and tossing whatever&#8217;s not used as waste &#8211; to economies where knowledge substitutes for labor and heavy equipment, and where we engineer to extract as much as possible from any resource. Knowledge and social capital become as valuable as, or more valuable than, finance capital. We&#8217;ve wanted to study this more and write about it more, but we&#8217;re working on our social media consulting business, where we have deep knowledge and understanding. However we see that social media is relevant to sustainability economy, so we&#8217;re moving in the right direction no matter what.</p>
<p>Around 1966 or 67, Bert Rafelson and Jack Nicholson made a film called &#8220;Head&#8221; starring the Monkees (Nicholson was the screenwriter). There&#8217;s a scene in that film, where the Monkees stumble into a steambath where a Maharishi-like yogi is sitting, and he says this:</p>
<blockquote><p>We were speaking of belief; beliefs and conditioning. All belief possibly could be said to be the result of some conditioning. Thus, the study of history is simply the study of one belief system deposing another, and so on and so on and so on… A psychologically tested belief of our time is that the central nervous system, which feeds its impulses directly to the brain, conscious and subconscious, is unable to discern between the real, and the vividly imagined experience. If there is a difference, and most of us believe there is -am I being clear? For to examine these concepts requires tremendous energy and discipline. To experience the now, without preconception or beliefs, to allow the unknown to occur and to occur, requires clarity. And where there is clarity there is no choice. And where there is choice, there is misery. And why should anyone listen to me? Why should I speak, since I know nothing?</p></blockquote>


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		<title>A.I.G.: great story, wish it was fiction</title>
		<link>http://weblogsky.com/2009/10/04/aig-great-story-wish-it-was-fiction/</link>
		<comments>http://weblogsky.com/2009/10/04/aig-great-story-wish-it-was-fiction/#comments</comments>
		<pubDate>Sun, 04 Oct 2009 20:56:25 +0000</pubDate>
		<dc:creator>jonl</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Economy]]></category>

		<guid isPermaLink="false">http://weblogsky.com/2009/10/04/aig-great-story-wish-it-was-fiction/</guid>
		<description><![CDATA[Michael Lewis does a great job telling the story of A.I.G. and how it failed, bringing down the global economy. It&#8217;s fascinating, especially how much the tumble evidently depended on the failings of one guy, Joe Cassano.
The people still left inside A.I.G. F.P. like to list just how many things had to go wrong for [...]]]></description>
			<content:encoded><![CDATA[<p>Michael Lewis does a great job <a href="http://www.vanityfair.com/politics/features/2009/08/aig200908">telling the story of A.I.G.</a> and how it failed, bringing down the global economy. It&#8217;s fascinating, especially how much the tumble evidently depended on the failings of one guy, <a href="http://en.wikipedia.org/wiki/Joe_Cassano">Joe Cassano.</a><br />
<blockquote>The people still left inside A.I.G. F.P. like to list just how many things had to go wrong for their business to implode. Any one of a number of things might have sufficed to avert their catastrophe: our political leaders might have decided against the Wall Street argument not to regulate credit-default swaps; the ratings agencies might have resisted the Wall Street argument to rate subprime bonds AAA; Wall Street banks, in 2006 and 2007, might have declined to replace A.I.G. F.P. in the role of subprime risktaker of last resort; and on and on. Their list is mostly a catalogue of large, impersonal forces. But impersonal forces require people to conspire with them. Joe Cassano was the perfect man for these times—as responsible for a series of disastrous trades as a person in a big company can be. He discouraged the dissent of subordinates who understood them better than he did. He acted with the approval of A.I.G., but he also must have known that A.I.G. wasn’t able to evaluate his trades. Once he was persuaded to stop insuring subprime-mortgage bonds, the logical course of action was to reverse the deals he had already done. In 2006 he might have found a way to do this, if he had been willing to accept the costs involved, but he wasn’t. Had he been, the machine he helped to create would have kept running—by then it had a life of its own—and the losses would have simply wound up more concentrated inside the big banks. But he’d have saved his company.</p></blockquote>


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		<title>Happiness Is Mobile Loaves and Fishes</title>
		<link>http://weblogsky.com/2009/07/27/happiness-is-mobile-loaves-and-fishes/</link>
		<comments>http://weblogsky.com/2009/07/27/happiness-is-mobile-loaves-and-fishes/#comments</comments>
		<pubDate>Mon, 27 Jul 2009 14:50:12 +0000</pubDate>
		<dc:creator>jonl</dc:creator>
				<category><![CDATA[Community]]></category>
		<category><![CDATA[Consciousness]]></category>
		<category><![CDATA[Culture]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Events]]></category>

		<guid isPermaLink="false">http://weblogsky.com/2009/07/27/happiness-is-mobile-loaves-and-fishes/</guid>
		<description><![CDATA[Mark Horvath (aka @hardlynormal), who is an advocate for the diverse and generally invisible homeless population, is in Austin hanging out with our friends at Mobile Loaves and Fishes, just in time for this week&#8217;s social-mediated screenings of Andrew Shapter&#8217;s film &#8220;Happiness Is&#8221; on Thursday, preceded by a Tweetup (info blogged here by the MLF [...]]]></description>
			<content:encoded><![CDATA[<p>Mark Horvath (aka @hardlynormal), who is an advocate for the diverse and generally invisible homeless population, is in Austin hanging out with our friends at Mobile Loaves and Fishes, just in time for this week&#8217;s social-mediated screenings of Andrew Shapter&#8217;s film <a href="http://www.happinessisthemovie.com/blog/">&#8220;Happiness Is&#8221;</a> on Thursday, preceded by a Tweetup (info blogged <a href="http://mobileloavesandfishes.typepad.com/weblog/2009/07/happiness-is-hardly-normal-for-the-homeless-food-drink-conversation-around-ending-their-suffering-pl.html">here </a>by the MLF crew). A &#8220;tweetup&#8221; is a meetup coordinated via Twitter, but you don&#8217;t have to be a twitizen to <a href="http://twtvite.com/bn6p48/2">go there</a> and have a great time.</p>
<p>Mobile Loves and Fishes is featured in the film, a documentary that asks how we can create more happiness (however defined) in our lives. Here&#8217;s a clip&#8230;</p>
<div class="youtube-video"><object id="veodia1_IXzQhkmgMKk" width="340" height="299" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000"><param name="movie" value="http://www.veodia.com/veodia_studio/flex_player.swf"></param><param name="wmode" value="transparent"></param><param name="allowscriptaccess" value="always"></param><param name="bgColor" value="#000000"></param><param name="allowfullscreen" value="true"></param><param name="flashvars" value="thumbnail=http%3A%2F%2Fs3.amazonaws.com%2Fveodia-thumbnails-ec2-prod%2FIXzQhkmgMKk-1_320x240.jpg&#038;video=http%3A%2F%2Fwww.veodia.com%2Fapi%2Fondemand%2FIXzQhkmgMKk.mp4%3Fimage_on_response%3Dtrue%26override_status%3Dtrue"></param>
<div class="youtube-video"><object id="veodia2_IXzQhkmgMKk" type="application/x-shockwave-flash" width="340" height="299" data="http://www.veodia.com/veodia_studio/flex_player.swf"><param name="wmode" value="transparent"></param><param name="allowscriptaccess" value="always"></param><param name="bgColor" value="#000000"></param><param name="allowfullscreen" value="true"></param><param name="flashvars" value="thumbnail=http%3A%2F%2Fs3.amazonaws.com%2Fveodia-thumbnails-ec2-prod%2FIXzQhkmgMKk-1_320x240.jpg&#038;video=http%3A%2F%2Fwww.veodia.com%2Fapi%2Fondemand%2FIXzQhkmgMKk.mp4%3Fimage_on_response%3Dtrue%26override_status%3Dtrue"></param> <embed src="http://s3.amazonaws.com/veodia-thumbnails-ec2-prod/IXzQhkmgMKk-1_320x240.jpg" type="video/x-m4v" target="myself" autoplay="false" width="320" height="240" scale="1" href="http://www.veodia.com/api/ondemand/IXzQhkmgMKk.mp4?transport=http&#038;profile=320x240x500&#038;image_on_response=true"></embed></object></div>
<p></object></div>


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		<title>Fixing the car while it&#8217;s moving</title>
		<link>http://weblogsky.com/2009/04/07/fixing-the-car-while-its-moving/</link>
		<comments>http://weblogsky.com/2009/04/07/fixing-the-car-while-its-moving/#comments</comments>
		<pubDate>Tue, 07 Apr 2009 13:17:13 +0000</pubDate>
		<dc:creator>jonl</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Economy]]></category>

		<guid isPermaLink="false">http://weblogsky.com/2009/04/07/fixing-the-car-while-its-moving/</guid>
		<description><![CDATA[James Suroweicki talks about the Obama Administration&#8217;s tough balancing act when it comes to bank regulation. It has to fix the current crisis on the one hand, and it also want&#8217;s to prevent another, similar crisis later (acknowledging this is the third in three decades). Do critics get the full complexity of the problem?





		
			Share this [...]]]></description>
			<content:encoded><![CDATA[<p><a href="http://www.newyorker.com/talk/financial/2009/04/06/090406ta_talk_surowiecki">James Suroweicki talks about</a> the Obama Administration&#8217;s tough balancing act when it comes to bank regulation. It has to fix the current crisis on the one hand, and it also want&#8217;s to prevent another, similar crisis later (acknowledging this is the third in three decades). Do critics get the full complexity of the problem?</p>


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		<title>Shopocalypse now: be mindful</title>
		<link>http://weblogsky.com/2008/12/07/shopocalypse-now-be-mindful/</link>
		<comments>http://weblogsky.com/2008/12/07/shopocalypse-now-be-mindful/#comments</comments>
		<pubDate>Sun, 07 Dec 2008 16:02:59 +0000</pubDate>
		<dc:creator>jonl</dc:creator>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Community]]></category>
		<category><![CDATA[Consciousness]]></category>
		<category><![CDATA[Culture]]></category>
		<category><![CDATA[Economy]]></category>

		<guid isPermaLink="false">http://weblogsky.com/2008/12/07/shopocalypse-now-be-mindful/</guid>
		<description><![CDATA[Gary Gach considers how Buddha would approach consumer Christmas: &#8220;We should be trying to base contentment on being, rather than having. Then the question of buying that fourth shirt or that new gizmo on display might be dwarfed by the prospect of creating more space in one’s life by donating your extra stuff. When tempted [...]]]></description>
			<content:encoded><![CDATA[<p>Gary Gach <a href="http://www.adbusters.org/features/what_would_buddha_buy.html">considers how Buddha would approach consumer Christmas:</a> &#8220;We should be trying to base contentment on being, rather than having. Then the question of buying that fourth shirt or that new gizmo on display might be dwarfed by the prospect of creating more space in one’s life by donating your extra stuff. When tempted to bite the hook of despair over seeming scarcity in one’s life or in the world, try practicing generosity instead.&#8221; He menntion&#8217;s <a href="http://www.revbilly.com/">Reverent Billy&#8217;s</a> motto: &#8220;love is a gift economy. Pass it along.&#8221;<br />
<blockquote>The Buddha’s critique of mindless craving and needless suffering pinpoints the precise moment during which real pleasure becomes abstract desire – the want to want. In our addictive culture of capitalism, it’s the exact same vital acupressure point that our basic market economy capitalizes on. “Don’t get hooked,” the Buddha says. Remember the hungry ghost, craving more and more of what can never satisfy. </p></blockquote>


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		<title>The Working Poor</title>
		<link>http://weblogsky.com/2008/10/15/the-working-poor/</link>
		<comments>http://weblogsky.com/2008/10/15/the-working-poor/#comments</comments>
		<pubDate>Wed, 15 Oct 2008 13:13:02 +0000</pubDate>
		<dc:creator>jonl</dc:creator>
				<category><![CDATA[Community]]></category>
		<category><![CDATA[Economy]]></category>

		<guid isPermaLink="false">http://weblogsky.com/2008/10/15/the-working-poor/</guid>
		<description><![CDATA[According to seattlepi.com, the working poor missed the benefits of the economic boom, but they definitely won&#8217;t miss the effects of the bust. The article references a report by The Working Poor Families Project, called &#8220;Still Working Hard, Still Falling Short.&#8221; [Link to pdf]
From the seattlepi.com article:
Nationally, 28 percent of families were deemed working poor [...]]]></description>
			<content:encoded><![CDATA[<p>According to <a href="http://seattlepi.nwsource.com/local/383305_workingpoor15.html">seattlepi.com</a>, the working poor missed the benefits of the economic boom, but they definitely won&#8217;t miss the effects of the bust. The article references a report by <a href="http://workingpoorfamilies.org/">The Working Poor Families Project,</a> called &#8220;Still Working Hard, Still Falling Short.&#8221; <a href="http://workingpoorfamilies.org/pdfs/NatReport08.pdf">[Link to pdf]</a></p>
<p>From the seattlepi.com article:<br />
<blockquote>Nationally, 28 percent of families were deemed working poor in 2006, up from 27 percent in 2002 as parents spent more on housing and the number of low-paying jobs grew, the report found.</p>
<p>New Mexico ranked worst with 41 percent of working families considered low-income. New Hampshire had the lowest rate at 15 percent.</p>
<p>While the fortunes of low-wage workers worsened, the report paints a picture of those families that runs counter to some common beliefs. Struggling families typically worked more than 40 hours a week, while most were headed by parents who were 25 or older. Only a quarter received food stamps.</p></blockquote>
<p><script src="http://blogactionday.org/js/fefdbe5ad4d1a1b3ba67887b101730a4851dc9d1"></script></p>


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		<title>Blog Action Day: Poverty</title>
		<link>http://weblogsky.com/2008/10/15/blog-action-day-poverty/</link>
		<comments>http://weblogsky.com/2008/10/15/blog-action-day-poverty/#comments</comments>
		<pubDate>Wed, 15 Oct 2008 12:51:22 +0000</pubDate>
		<dc:creator>jonl</dc:creator>
				<category><![CDATA[Community]]></category>
		<category><![CDATA[Culture]]></category>
		<category><![CDATA[Economy]]></category>

		<guid isPermaLink="false">http://weblogsky.com/2008/10/15/blog-action-day-poverty/</guid>
		<description><![CDATA[A little-known fact about me: just out of college and eager to save the world, I worked with poverty programs for quite a few years, in fact (long story) that&#8217;s how I became a technology professional. The same idealism drove my later focus on the social web and online community. When I saw that this [...]]]></description>
			<content:encoded><![CDATA[<p>A little-known fact about me: just out of college and eager to save the world, I worked with poverty programs for quite a few years, in fact (long story) that&#8217;s how I became a technology professional. The same idealism drove my later focus on the social web and online community. When I saw that this year&#8217;s <a href="http://blogactionday.org/">Blog Action Day</a> was about poverty, I quickly signed on, and I also <a href="http://www.doodle.ch/participation.html?pollId=kyawmrma58rxup99">signed on with local bloggers</a> committed to the Blog Action Day project. (Some of my colleagues, like <a href="http://thecorner.typepad.com/bc/2008/10/blog-action-d-1.html">Bob Carlton</a>, were thinking to spend a night at a homeless shelter.)</p>
<p>If you haven&#8217;t spent much time focused on poverty, it&#8217;s an abstraction, your perceptions based on random encounters with &#8220;the disadvantaged,&#8221; media coverage, and probably mental autofill based on your unschooled sense of what it would mean to be without appreciable income and resources. In my years as a caseworker, I saw a world that was hidden and unfamiliar. The poor are hidden from view both physically and conceptually. We&#8217;re in state of denial about poverty, and assume that people can only be poor because of their own shortcomings &#8211; it was common to hear that they&#8217;re &#8220;lazy, don&#8217;t want to work, want to live off the public dole.&#8221;  I met few,if any, that fit that description. Many I met were working poor who never had the network of suppports and resources, the social safety net, that I had known.  Some were sick. Some had spectacularly bad luck that persistently set them back. Some were destabilized by cycles of addiction and recovery. Many were only temporarily what you would call &#8220;poor,&#8221; and working hard to change their circumstances.</p>
<p>I met many whose lives had little of the structure I had known as an upper-middle-class white kid in West Texas &#8211; the structure and rhythms that set the stable path through school, through college, into a career. They were struggling with notions and disciplines that many of us take for granted. The &#8220;basic job skills&#8221; training programs were set up to create the habits and disciplines they&#8217;d missed.</p>
<p>One way to think about poverty: it has no single cause, and to talk about fixing the problem of poverty is like talking about curing disease &#8211; which disease? The cures vary, depending on the specifics of the condition.</p>
<p>On the other hand, many common diseases are associated with lifestyle, they&#8217;re systemic, and can be addressed by corrections to cultural systems and assumptions. Consider the negative health impact of efficient production and distribution of high-fat, high-calorie fast food, and the positive impact of retooling to produce fast foods that have less fat, fewer calories, more nutrition. I.e. just thinking about the problem, thinking about what has to change, taking relevant action yourself and demanding action from others, can have a positive effect.</p>
<p>So I think asking bloggers to focus on poverty is a great first step.</p>
<p><script src="http://blogactionday.org/js/fefdbe5ad4d1a1b3ba67887b101730a4851dc9d1"></script></p>


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		<title>Tiptoe through the tulips</title>
		<link>http://weblogsky.com/2008/09/29/tiptoe-through-the-tulips/</link>
		<comments>http://weblogsky.com/2008/09/29/tiptoe-through-the-tulips/#comments</comments>
		<pubDate>Mon, 29 Sep 2008 15:08:22 +0000</pubDate>
		<dc:creator>jonl</dc:creator>
				<category><![CDATA[Economy]]></category>
		<category><![CDATA[Sustainability]]></category>

		<guid isPermaLink="false">http://weblogsky.com/2008/09/29/tiptoe-through-the-tulips/</guid>
		<description><![CDATA[
Dave Wilson sent David Farber&#8217;s &#8220;Interesting People&#8221; email list a paragraph from Charles Mackay&#8217;s Extraordinary Popular Delusions and the Madness of Crowds (which I may have somewhere; Mark Frauenfelder once gave it to me for Christmas&#8230; if I had only thought to take it more seriously!) Here&#8217;s the paragraph, suggesting what you have when the [...]]]></description>
			<content:encoded><![CDATA[<div align="center"><img src="http://weblogsky.com/wp/wp-content/uploads/2008/09/tulips.jpg" alt="Tulips" title="It's not really the tulips' fault." /></div>
<p>Dave Wilson <a href="http://www.listbox.com/member/archive/247/2008/09/sort/time_rev/page/1/entry/5:263/20080929093926:F7DB1524-8E2B-11DD-97D4-7E727A3898C0/">sent David Farber&#8217;s &#8220;Interesting People&#8221; email list</a> a paragraph from Charles Mackay&#8217;s <i><a href="http://www.amazon.com/Extraordinary-Popular-Delusions-Madness-Crowds/dp/051788433X/swampdawg">Extraordinary Popular Delusions and the Madness of Crowds</a></i> (which I may have somewhere; Mark Frauenfelder once gave it to me for Christmas&#8230; if I had only thought to take it more seriously!) Here&#8217;s the paragraph, suggesting what you have when the bubble bursts:<br />
<blockquote>At last, however, the more prudent began to see that this folly could not last for ever. Rich people no longer bought the flowers to keep them in their gardens, but to sell them again at cent. per cent. profit. It was seen that somebody must lose fearfully in the end. As this conviction spread, prices fell, and never rose again. Confidence was destroyed, and a universal panic seized upon the dealers. A had agreed to purchase ten Sempers Augustines from B, at four thousand florins each, at six weeks after the signing of the contract. B was ready with the flowers at the appointed time; but the price had fallen to three or four hundred florins, and A refused either to pay the difference or receive the tulips. Defaulters were announced day after day in all the towns of Holland. Hundreds who, a few months previously, had begun to doubt that there was such a thing as poverty in the land, suddenly found themselves the possessors of a few bulbs, which nobody would buy, even though they offered them at one quarter of the sums they had paid for them. The cry of distress resounded everywhere, and each man accused his neighbour. The few who had contrived to enrich themselves hid their wealth from the knowledge of their fellow-citizens, and invested it in the English or other funds. Many who, for a brief season, had emerged from the humbler walks of life, were cast back into their original obscurity. Substantial merchants were reduced almost to beggary, and many a representative of a noble line saw the fortunes of his house ruined beyond redemption.</p></blockquote>
<p>According to <a href="http://en.wikipedia.org/wiki/Tulip_mania">Wikipedia</a>, &#8220;economists have debunked many aspects of [Mackay's] account,&#8221; primarily whether &#8220;tulipmania&#8221; was actually a &#8220;bubble.&#8221;<br />
<blockquote>While Mackay&#8217;s account held that a wide array of society was involved in the tulip trade, Goldgar&#8217;s study of archived contracts found that even at its peak the trade in tulips was conducted almost exclusively by merchants and skilled craftsmen who were wealthy, but not members of the nobility. Any economic fallout from the bubble was very limited. Goldgar, who identified many prominent buyers and sellers in the market, found fewer than half a dozen who experienced financial troubles in the time period, and even of these cases it is not clear that tulips were to blame.</p></blockquote>
<p>Where today&#8217;s economic crisis is concerned, I&#8217;ve wondered to whether it&#8217;s catastrophic for the middle (and lower) income classes as compared to the wealthy, who have more to lose. Whatever the case, we&#8217;re on the edge of a volatile transformation. David Armistead and I (among others) have been talking for many months now about the inevitable evolution of a &#8220;sustainability economy,&#8221; shifting from assumptions of resource abundance driving seemingly unlimited consumption to a prevailing assumption that resources are inherently limited (not so much an assumption as a given). (Thomas Friedman suggests that we <a href="http://www.nytimes.com/2008/09/28/opinion/28friedman.html?_r=1&#038;adxnnl=1&amp;oref=slogin&#038;partner=rssuserland&amp;emc=rss&#038;pagewanted=all&amp;adxnnlx=1222700438-KmdYZcq4yO6qdUo/IxdHIg">&#8220;green the bailout.&#8221;</a>) In the new economy, we&#8217;ll shift from resource extraction to resource efficiency, from drilling for oil to drilling for knowledge. Our tulip farms will be organic, and we&#8217;ll return to the soil what we take.</p>


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