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Is the World Economy 'A House of Cards'?

By: Ian Campbell | Thursday, August 16, 2012

Why Read: Because this is an interesting summary of one person's view of why 'a physicist turned risk consultant' sees the global economic system as a 'house of cards waiting to be blown down' - and a summary 'in one place' to think hard about.

Commentary: TEOTWAWKI is an unpronounceable acronym that stands for 'the end of the world as we know it'. David Korowicz, an Irish risk consultant - described as 'a thoughtful, deeply knowledgeable, highly analytical, and caring man' - worries, for the following reasons, that we may be headed for the ultimate global economic crash which will not be reversible. He apparently focuses on seven things:

I suggest you read the referenced article and, importantly, focus on the conclusion reached by its author summarized Mr. Korowicz's concerns. That conclusion is, simply stated, that 'things are not as bad as all that', and that the wealthy minority who depend on the economy likely will succeed in averting a collapse in at least the 'medium term'. I consider the referenced article to be a real 'think for yourself' one - and recommend it to you.

Topical Reference: How cascading failures in the global finance system could mean TEOTWAWKI, from Energy Bulletin, Kurt Cobb, August 5, 2012 - reading time 4 minutes.

 

Author: Ian Campbell

Ian R. Campbell, FCA, FCBV
Economic Straight Talk

Through the Economic Straight Talk Newsletter Ian R. Campbell shares his perspective on the world economy, the financial markets, and natural resources. A recognized business valuation authority, he founded Toronto based Campbell Valuation Partners (1976), Stock Research Portal (2007) a source of resource companies market data and analytic tools, and Economic Straight Talk (2012). The CICBV* annually funds business valuation research in his name**. Contact him at icampbell@srddi.com.
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