We are out of time. More time with the status quo will result in a more severe adjustment, less flexibility and, ultimately, a much harsher outcome.
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I must admit that when it comes to the prospect of economic catastrophe I truly don't know what to think.
Some - a minority I suppose - look at the US' significant deficits and conclude, quite rationally, that something's got to give and when it does the scale of the crash will be awe inspiringly devastating - like observing a planetoid the size of Texas plunge into the Earth.
Others, equally sober and armed with quite reasonable arguments (mostly built, if I'm understanding correctly, upon the idea that the US' centrality to the system of world capital and critical importance as a market creates a kind of entropy defying stasis field generator) say that this is alarmist talk.
Things are serious but not THAT serious.
Non-specialists, such as yours truly, are left either choosing whichever of these scenarios suits our ideological fancy or, as I'm now doing, sitting back and wondering what to believe.
If the subject was whether or not M theory was a good description of reality it wouldn't be an urgent matter.
But because the stakes are so high, the interest is strong even as the confusion grows.
.d.
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