“Europe doesn’t care intrinsically about growth. The United States will do all kinds of things do get back to growth…the Europeans care, the Italians care, that the plumber can take August off and go to his house in Sardinia…of course there’s going to be a default. The answer is ‘who cares?'” —-David Bonderman
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One Response
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In Bonderman’s world growth is essential; there is no other way. Yet there is another way, or at least there was one, ably described in the fine book, Limits to Growth: The 30-Year Update, by D. Meadows and J. Randers (2004). But the big dogs weren’t listening b/c it would have lowered their pile of bones.