Enjoyed meeting up with a long-time friend. We see each other 3 or 4 times a year. We of course became engrossed in talking about the economy, and what we foresaw for the future.
After considerable discussion about what the U.S. Government (as well as the non-government entity, the Federal Reserve) could or couldn’t do, it all came down to one final assumption: I thought the economy would never come back, and my friend thought it would.
His reasoning—human ingenuity would find a way, applying amazing new technology, to solve what ever problems are needed to be solved.
My reasoning—humans are unable to think long enough term, and act in a rational manner collectively, to get us out of the bind we’re in. The constraint on global resources is too hard a problem to solve.