February 2016: Richard 'Jerry' Haworth - Three Mile Island economy

So the nuclear reactor is still producing electricity, just as the economy is holding together (seemingly) with the aid of endless amounts of direct and indirect stimulus. Hey, give me a battery, some wires and a dead frog and I will show you signs of life by twitching its legs.

But the temperature at the core of the nuclear reactor is rising... fast.

In the old days, when this happened, the temperature gauge alerted management, but the equipment would automatically lift the uranium rods, thereby reducing the controlled reaction, cooling the core but producing less electricity.

It worked...

In the "nuclear" economy this occurred via interest rates which regulated the creation of credit through supply and demand and thus crimped economic growth, thereby forestalling runaway credit growth and subsequent collapse.

It worked...

Imagine now that management at the nuclear plant have decided that we must have permanent growth in electricity. But that pesky regulator keeps turning it off at the very time they want it. Instructions are given to manually input the temperature into the system. And the management input temperature has been cooling ever since, in the everlasting quest for greater and greater amounts of electricity.

Initially engineers, operators and almost everybody were concerned that the nuclear core would blow and it nearly did a few times. But what doesn't kill you seemingly makes you stronger and the core, although permanently at critical temperature, seems to hold together... until it doesn't. The problem is that there are no tells that it will blow until it does, and as a person living close by you would not know anyway because you would be cosmic dust.

The nuclear economy's management – central bankers, have manipulated interest rates to zero, allowing the fragile state of credit to operate at critical temperatures. Japan unfortunately provides a terrible example of a nuclear economy that can withstand critical temperatures for 20 years without serious mishap, thus lulling all nuclear economy management into believing they can do the same... all in the pursuit of their version of electricity – GDP growth.

Not silly to start stocking up on some good old fashioned kerosene lamps. So we can read by lamplight how crazy the nuclear economy management were and how complicit we were by saying and doing nothing...