The “Theory of Everything” in theoretical physics is a hypothetical way of explaining and integrating all physical phenomena. Maybe I’m misreading it but this paper appears to be an economic theory of everything and it doesn’t look to me to be good news. A snippet:
Each passing month brings wider and deeper global economic imbalances accompanied by what we perceive to be a general misunderstanding of their cause and impact. The source of these imbalances is the global monetary system. It continues its trend towards demise, as it must, and current events indicate an acceleration of this trend.
The current monetary paradigm was structured and developed the twentieth century by liberal democracies for liberal democracies that, through unified sovereign management and coordination, controlled the perception of value and how the free world would account for it. The system was not structured to accommodate the dynamic shifts in global economics, trade incentives and political alliances brought about, ironically, by the consequences of democracy’s triumph and the emergence of large, formally closed economies into the global economy.
Serious consideration as to the inadequacy of the current ‘me has not been addressed since the onset of credit weakness in 2007, which was and remains a manifestation of a broader currency problem. Widely differing economic incentives and political agendas in developed and developing economies further suggest that a new, unified monetary system is highly unlikely without substantial friction first.
Read the whole thing.
Hat tip: Barry Ritholtz
Conspiracy theories always end up being theories of everything. Because that’s the way they get adherents.
I think it’s told as a conspiracy theory, but through it might be a thread of “history.”
Whenever this thing is finally told, centuries from now, it will be reduced to just a few principle dynamics. Hell ya, central banking meets market socialism is a principle dynamic.