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September 28, 2011

"Virtually" Broke

Remember that absent a physical world war, the entire process of wealth destruction described by a meltdown will be entirely virtual.
Outside the birds will be singing, the cars will still be running and the houses will all be there. Only inside the computer will there be hell; only inside the computer will they belong to someone else. But to whom? If until yesterday your home “belonged to you” through a mortgage and was formerly valued at $300,000, would you accept that 24 hours later it is now worth $75 and is under the receivership of the government? -- Belmont Club » Attila the Run

Posted by Vanderleun at September 28, 2011 8:14 PM. This is an entry on the sideblog of American Digest: Check it out.

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