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I missed this when it was published a few days ago. Worth a read.
I visited the Slate Political Gabfest podcast yesterday. These otherwise excellent, entertaining, highly educated folk (David Plotz, Emily Bazelon, and Daniel Gross, in for vacationing John Dickerson) were discussing the ramifications of the economic situation on the upcoming elections. They were quite clear about not being able to articulate the nature of this economic situation, “…this recession, or whatever you want to call it…” in Ms. Bazelon’s words. What’s the point of sending these people to Ivy League colleges if they can’t make sense of their world.
Let’s call this whatever-you-want-to-call-it a compressive deflationary contraction, because that’s exactly what it is, an accelerating systemic collapse of activity due to over-investments in hyper-complexity (thank you John Tainter). A number of things are going on in our society that can be described with precision. We’ve generated too many future claims on wealth that does not exist and has poor prospects of ever being generated. That’s what unpayable debt is. We have such a mighty mountain of it that the Federal Reserve can “create” new digital dollars until the cows come home (and learn how to play chamber music), but they will never create enough new money to outpace the disappearance of existing notional money in the form of welshed-on loans. Hence, money will continue to disappear out of the economic system indefinitely, citizens will grow poorer steadily, companies will go out of business, and governments at all levels will not have money to do what they have been organized to do.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Years it would take Jim Bakker to earn enough to pay his federal fine at his current job cleaning prison toilets:
Zoologists speculated that cannibalism among hippos might have led to an anthrax outbreak in Uganda that has killed at least 220 of the beasts. “I knew hippos were nasty,” said one anthrax expert, “but I didn’t know they went around eating each other.”
A white man in St. Louis was charged with punching a black man at a gas station after telling him to “go back to Ferguson.” “I’m going to let the authorities handle this,” said the victim, a former Major League baseball player, “but I’ve had enough of St. Louis.”
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