by Steve St. Angelo
The present market insanity reminds me of the similar mentality of Americans right before the 1929 stock market crash and the pre-1999 Tech Bubble. However, the big difference today is that technology has destroyed the ability of investors to understand the meaning of VALUE. The notion that technology makes the world better fails the test of time, especially when you read Joesph Tainter’s book, THE COLLAPSE OF COMPLEX SOCIETIES.
The new generation of millennials and even the baby-boomers have fallen HOOK, LINE, and SINKER for the glamour and glitter of technology. So, if we ask most Americans about our future energy predicament, their knee-jerk reply is that “Technology will solve all of our problems.” This is quite hilarious when, in fact, complex, sophisticated technology is a massive ENERGY BLACK HOLE. The more technology we throw at a problem, the more energy is consumed.