"There is no means of avoiding a final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency system involved."
- Ludwig von Mises

Saturday, October 23, 2010

Cultural Clashes and Time Perception

This video can be useful in understanding why certain generations and cultures think and act differently from others.  I don't think it's the only answer, but it is definitely an answer that is often overlooked.  One will immediately think why children act different today from other generations, and why the EU's combination of North and South countries may be a hindrance. 

An argument can be made that the US has similar differences in different geographic regions.  However, there is still a national common thread, and you don't hear New Yorkers for example complain about southern states getting a disproportionate benefit of federal spending.  Unlike the EU, the US has a Treasury that taxes everyone, and a Congress that spends money often times, with no rhyme or reason.  Can the EU pull off something like that? To me, that would be unfair, as the EU is really a federation of different countries, not states with a common federal government, a single army, etc...

Anyway, here's the video, enjoy!

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