{"id":54860,"date":"2020-08-29T10:24:02","date_gmt":"2020-08-29T15:24:02","guid":{"rendered":"https:\/\/olduvai.ca\/?p=54860"},"modified":"2020-08-29T10:24:02","modified_gmt":"2020-08-29T15:24:02","slug":"in-the-long-run-we-are-all-alive","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=54860","title":{"rendered":"In The Long Run We Are All Alive"},"content":{"rendered":"

In The Long Run We Are All Alive<\/a><\/h3>\n
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In 1976, economist Herbert Stein, father of Ben Stein, the economics professor in Ferris Bueller\u2019s Day Off, observed that U.S. government debt was on an unsustainable trajectory.\u00a0 He, thus, established Stein\u2019s Law:<\/p>\n

\u201cIf something cannot go on forever, it will stop.\u201d<\/em><\/p>\n

Stein may have been right in theory.\u00a0 Yet the unsustainable trend of U.S. government debt outlasted his life.\u00a0 Herbert Stein died in 1999, several decades before the crackup.\u00a0 Those reading this may not be so lucky.<\/p>\n

Sometimes the end of the world comes and goes, while some of us are still here.\u00a0 We believe our present episode of debt, deficits, and state sponsored economic destruction, is one of these times.<\/p>\n

We\u2019ll have more on this in just a moment.\u00a0 But first, let\u2019s peer back several hundred years.\u00a0 There we find context, edification, and instruction.<\/p>\n

In 1696, William Whiston, a prot\u00e9g\u00e9 of Isaac Newton, wrote a book.\u00a0 It had the grandiose title,\u00a0\u201cA New Theory of the Earth from its Original to the Consummation of all Things.\u201d<\/em>\u00a0 In it he proclaimed, among other things, that the global flood of Noah had been caused by a comet.<\/span><\/p>\n

Mr. Whiston took his book very serious.\u00a0 The good people of\u00a0London\u00a0took it very serious too.\u00a0 Perhaps it was Whiston\u2019s conviction.\u00a0 Or his great fear of comets.\u00a0 But, for whatever reason, it never occurred to Londoners that he was a Category 5 quack.<\/p>\n

Like Neil Ferguson, and his mathematical biology cohorts at Imperial College, London, Whiston\u2019s research filled a void.\u00a0 Much like today\u2019s epidemiological models, the science was bunk.\u00a0 Nonetheless, the results supplied prophecies of the apocalypse to meet a growing demand.<\/p>\n

It was just a matter of time before Whiston\u2019s research would cause trouble\u2026<\/p>\n

Judgement Day<\/strong><\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In The Long Run We Are All Alive In 1976, economist Herbert Stein, father of Ben Stein, the economics professor in Ferris Bueller\u2019s Day Off, observed that U.S. government debt was on an unsustainable trajectory.\u00a0 He, thus, established Stein\u2019s Law: \u201cIf something cannot go on forever, it will stop.\u201d Stein may have been right in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,7],"tags":[195,12043,303,379,30239,11763,538,30240,827,3650],"class_list":["post-54860","post","type-post","status-publish","format-standard","hentry","category-economics","category-survival-2","tag-debt","tag-economic-prism","tag-fed","tag-government","tag-herbert-stein","tag-mn-gordon","tag-money-printing","tag-steins-law","tag-united-states","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=54860"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54860\/revisions"}],"predecessor-version":[{"id":54861,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54860\/revisions\/54861"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=54860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=54860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=54860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}