this post was submitted on 21 Apr 2025
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“Imminent collapse” is a fairly common theme among modern economies
It's a built in, central facet:
This Time Is Different: Eight Centuries Of Financial Folly
Eww Reinhart and Rogoff, all my homies hate Reinhart and Rogoff.
TL:DR Reinhart and Rogoff infamously cherry picked their data and had coding errors to support austerity measures that fucked over much of the world, subsequent meta analyses found that austerity doesn't work.
Growth in a Time of Debt - Wikipedia - https://en.m.wikipedia.org/wiki/Growth_in_a_Time_of_Debt
imminent collapse is a fairly common theme among anything we’ve learned to engineer fairly well… if a bridge isn’t in imminent danger of collapse under its theoretical maximum loading, it used too much material and was thus over-built which means fewer bridges for people
if an economy isn’t in imminent danger of collapse then it’s resources aren’t being used efficiently and that means fewer luxuries - and bridges - for people
We haven't learned to engineer economies well.
At least no country leaders have.