Economic Collapse Is Inevitable — “It Is Written”

In the film Lawrence of Arabia, this exchange took place:

Prince Feisal: Gasim’s time has come, Lawrence. It is written.
T.E. Lawrence: Nothing is written.

Colonel Lawrence was right with respect to saving Gasim, yet his statement was incorrect in many other instances. To cast the exchange into contemporary times, imagine this conversation:

Feisal: The economy’s time has come, Lawrence. It is written.

Lawrence: Nothing is written.

Sadly, Lawrence would have been wrong in this instance. While economics is a behavioral science allowing for changes in behavior which produce alternative outcomes, there comes a point where economics is superseded by simple mathematics. Mathematics is tautological, not subject to alteration or manipulation. Things are written in mathematics, they are not alterable.

The economic crisis was alterable and still is at the margins. But the dominant problem is the level of debt which has surpassed the possibilities of being serviced. Mathematically, the debt problem cannot be solved, regardless of economic policies. That, unfortunately, is written. For it to be serviceable would be to violate the laws of mathematics and that cannot happen.