Saturday, January 30, 2016
Don't Gloat! The Swing is the Thing in How We Hang with Economics
The problems the Russians have, just as with the Chinese, affect everyone on the planet to varying degrees; if for no other reason than desperate people are prone to do desperate things. Then, of course, there's also that whole pesky "economic interdependence" economists like to talk about.
Also remember that it was the wild high of oil prices that got Putin spending for another Russian period of grand glory in the first place; a fact of life we've indulged in more than we'd like to admit. And the fact that oil will go back up again, to put temptation in harms way once more, should in no way make anybody feel any better.
These wild swings everywhere, just as with wild swings in weather, are portents of uncontrollability we ought to be taking quite seriously; especially if they ever start happening in various forms of syncopation with all the rest of the economies of the world. You need only think of all of those economies as one bridge, built of an interlaced tapestry of connections, and then consider what happened to Galloping Gertie when a bad harmonic was gotten wind of.