> Oh yes I agree that ecological crisis may yet cause a serious rupture. > But > it hasn't been incorporated seriously into politics, nor into the mind > of > the capitalist planning investments. They still think in terms of > quantifiable risk - catastrophe can be hedged with futures, with > Bermuda-issued acts of God bonds, etc. Labor is pretty quiet too; no > capitalist worries seriously about expropriation - today at least. Didn't Minsky say something about "good times" or "normal times" as encouraging excessively optimistic expectations and thus, in the end, financial fragility? Even if the capitalists aren't conscious of fundamental uncertainty (and thus act as if balancing risk vs. return, hedging, diversifying, etc. will be enought) might they be a mite over-confident? -- Jim Devine [EMAIL PROTECTED] "A society is rich when material goods, including capital, are cheap, and human beings dear." -- R.H. Tawney.
