For most of the time humans have inhabited the earth, our numbers were small, and the growth rate of our species was nearly zero. In other words, we were more-or-less in equilibrium with the natural world, as were most species. Not anymore.
Predictably, the bond market and the Dow Jones average both fell quickly on CNBC's one-sided call, bringing quick profits to short hedge funds using high frequency trading to move quickly in and out of the market.
Summers says that the current focus on monetary policy is not enough to combat the current downward world economic trend. Yes, as I said, I think he's right. But his own solutions fall short.