London riots

[myampol]

A global effort by the world's democracies to colonize Mars could do the trick. I'm only half joking here as well .

This is an interesting book that was originally published back in the 90's by one of NASA's guys.

http://www.amazon.com/Case-Mars-Pla...811X/ref=sr_1_1?ie=UTF8&qid=1313671439&sr=8-1

Perhaps we could ship to Mars all those miscreants who caused the financial crisis, akin to how the British originally populated Australia...

http://www.janesoceania.com/australia_colonization/index.htm

Any wagers on how long it would take them to develop subprime loans, a securitization market, etc., on Martian real estate?

 

[Anthony DeAngelis]

Not to totally dismiss what happened on Wall Street, but when banks start lending to people who have horrible credit, they don't want those mortgages on the books. No one wants to buy one subprime mortgage, so you pool them up and diversify them, thinking that this will mitigate some of the risk. This would have worked had you not had the entire thing collapse. Taking out default insurance would of helped, except when everything failed at once.

A lot like the Titanic. The people who designed it said it was unsinkable, and it was, in 99.9% of circumstances. Unfortunately the .1% happened and they were proven horribly wrong.

Also, who exactly is going to be sent to the prison colony? This idea that there was one person, who master minded this entire fiasco ignores that there were many people involved, not just bankers. The government officials who encouraged this because home ownership is akin to apple pie in the USA, the bankers who raked in the fees and profits, as well as the people who bought more home than they knew they could afford or who used their house as a credit card to fuel consumer spending. All played a part and all share the blame.

Pointing the finger at Wall Street is a cop out and prevents people from shouldering their rightful portion of blame and thereby learning from their mistake.Just like buying stolen property and then crying when the police take it. You knew it was wrong, but instead of owning up to it, you blame the cops and the criminal.

 

[myampol]

Also, who exactly is going to be sent to the prison colony? This idea that there was one person, who master minded this entire fiasco ignores that there were many people involved, not just bankers...

OK, so we are agreed then, that this would be a populous colony.

 

[Abdel]

In the meantime, in the US:

The Obama administration has decided it will, on a case by case basis, allow many illegal immigrants who face deportation to remain in the U.S. - WSJ

 

[Lyosha]

This would have worked had you not had the entire thing collapse.

It would have worked if the individual default probabilities were anywhere near as independent as they actually were.

I don't think it was a 1% circumstance. Let me ask you two questions:

You have 100 loans. Each has the probability to default of 1%. What is the probability that 5 will default?

You have 100 other loans. Each one has the probability to default of 1%. But this time, once one defaults, the rest do as well. What is the probability that 5 will default now?

 

[Yike Lu]

So what is the answer. You either reduce population since large numbers are no longer needed, pay people to do nothing and be complacent or create factories that assemble nothing, simply to give people jobs?

That's probably the single most important question economies will face going forward. As technology advances, the percentage of the population that falls under the "surplus" banner will only increase. At what point does our economy cease to function as we currently know it?

 

[bigbadwolf]

So what is the answer. You either reduce population since large numbers are no longer needed, pay people to do nothing and be complacent or create factories that assemble nothing, simply to give people jobs?

The next several decades -- maybe all of the foreseeable future -- will be tumultuous and traumatic. There will be a massive culling of the population, not just in the Third World but also in the First. A number of factors will conspire towards this end. Runaway climate change -- with widespread desertification, uncontrollable flooding, increasingly volatile weather (making crop growth difficult) -- will be one; resource pressure (peak oil, peak water, peak everything else) will be another. I understand Soros gave a talk somewhere where he announced that a 60-year golden era was coming to an end. Of the 7bn human alive today, I doubt 1bn will be alive a century from now. In the first world we won't have the energy for a technological society (forget the hogwash about solar power, wind power and safe nuclear power being replacements for fossil fuels). How this will work out socially and politically in the First World I'm not clear about; but there will be more upheaval, more massive riots, and state power that will become ever more intrusive, authoritarian, and arbitrary. The problem of earning a livelihood will become much greater than it is now. Social welfare functions will be pared back further. The remaining affluent will live in a state of siege. With regard to my general negative prognosis, I'm saying nothing original here but merely echoing the voices of those much sager than myself -- people like Michael Klare and the Archdruid. There are no answers and since the likes of you and I have no control over this historical unfolding, the working out of karma, it's best not to worry about it and get on with the business of living one's life.

 

[Anthony DeAngelis]

All the more reason for a large military.

BBW - I am completely in agreement with you. I read Spaceship Earth when I was very young and have always considered surplus population to be the greatest problem facing the planet. I think we are reaching a point where everyone has to accept a lower standard of living in order for everyone in the world to live a tolerable life or the first world societies need to steel themselves and close their eyes.

Solyant Green is a great movie, I suggest everyone watch it.

 

[Lyosha]

well someone's a ray of sunshine today!

 

[bigbadwolf]

Don't know if anyone's a fan of Zizek here, but here is his analysis.