The banking crisis is bad and a lot worse than most people think. But I am not worried. And this is why. On front after front, scientists and science-based professions are making enormous technological advances.
As I am a British resident, I am interested in this:
Who and where are the top scientists and technologists in UK?
Juan Enriquez talking on science at TED (via YouTube).
UPDATE July 2010: The science appears to be out there but business seems to be sitting on its hands . . . or on its cash rather.
Business isn’t moving spare cash from old industries to new. The failure to allocate capital to new productive industries would be catastrophic at any time.
In the midst of a financial crisis, not funding growth will bury us. Couple the removal of cash from the economy by business with the austerity measures in Europe and by state governmnents in the US, we have a recipe for a depression – not a double dip recession – a depression.
It’s time to find businesses that are going somewhere and going somewhere despite impending chaos. Get behind them. Put all your skill and connections into making them work.