It seems that that depends greatly on one's prejudices. Cowen says:
I would predict the collapse of many fiat currencies and the immediate insolvency of most financial institutions. Who could meet all those margin calls? Unemployment would exceed 20 percent and martial law would be declared, food rationing and guys with rifles on street corners.
Say what? It might be just as well that he didn't bother to describe his logic in making those deductions.
NYT columnist David Brooks read the post, and his take is not too different:
Without posterity, there are no grand designs. There are no high ambitions. Politics becomes insignifica…