Greentech To The Rescue  

Wired has a report on yet another person who gets it - Only Greentech Can Save U.S. Economy, Says Über-Investor

"The U.S. financial system is in a mess. The global marketplace is in the same disarray ... What the hell is going on? Can we get out of this mess, and how? And will our children be living in caves?"

New Yorker staff writer Nick Paumgarten posed those distressingly pertinent questions to Michael Novogratz, president of the Fortress Investment Group and the 317th-richest person in America, yesterday at the New Yorker Stories From the Near Future conference.

Much to the relief of everybody who doesn't want to spend their retirement fending off water bandits, Novogratz was optimistic. Our current economic woes, he said, are analogous to the dot-com bubble burst.

The internet's turn-of-the-millennium troubles were solved by the rise of second-generation web services. Globalization 1.0, as Novogratz called it, stalled after an initial purchasing power burst among the developing world's newly-arrived middle classes, but will be saved by globalization 2.0. All will be well.

There's only one catch: We need another wealth-generating economic bubble. And that, said Novogratz, must come -- can only come -- from new energy sources and green technology.

"As the price of oil goes up, there's got to be a green revolution. I think of what will be the next driver of the American economy, and it's green energy. That's a huge growth opportunity. It's not about the pollution. It's about the energy. Gas will go to $10 a gallon," he said.