Author: Jerome a Paris

I have been spending the past two days in Portugal to visit a windfarm that my bank financed. I’d like to show you what it all looks like.

All pictures were taken by me, including this one:

(warning, several hundred kb below the fold)

This diary is inspired by an insightful exchange by mstein in yesterday’s diary, where he had the following scenarios:

the worldwide economic imbalances have gotten so extreme that the eventual “reversion to the mean” cannot come with a “soft landing”.  The sensible but optimistic inflationist probably sees something like the 70’s, a pessimistic one sees another Weimar Germany.  The sensible but optimistic deflationist probably sees another 90’s Japan, the pessimist another Great Depression.

Let me make the pessimist case here, on the basis of the document we discussed and a few others from my archives.

We have been having a pretty intense discussion on poverty over at the European Tribune, in this thread, which I can only encourage you to read if the topic is of any interest to you.

One of the most interesting comments came from afew, with the following graph, which I will comment below:

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Staying warm to cost up to 90% more U.S. households can expect to pay sharply higher monthly...