…of consumption financed with borrowed money.
At a conference I attended today Daniel Sachs at Proventus offered this as a perspective on the current financial turbulence. I hadn't seen it that way before. But once he said it made total sense.
So recovery won't be next year. Or the year after. This is going to take much more time.
But first we'll have to face some more music. If what Daniel says is true, we haven't seen the end of the downward spiral yet.
And I know this sounds kind of strange and maybe even heartless, but I see this mostly as good news. In bad times we can experiment and change more because we have less to lose. As I see it this makes it a little easier to create the new world of work. A more sustainable world of work.
(I know I promised to outline my exploration of the new world of work in my next, ergo this, post. But I couldn't pass this over.)