T he tremors rattling markets usually are not precisely what they appear to be. A meme prevails that these actions characterize a type of monetary peristalsis — common wavelike workings of everlasting progress towards an epic extra of all the things, particularly earnings! You’ll be able to neglect the supposedly “regular” cycles of the techno-industrial association, which implies, particularly, the enterprise cycle of the usual economics textbooks. These cycle are dying.
They’re dying as a result of there actually are Limits to Progress and we at the moment are solidly in grips of these limits. Solely we will’t acknowledge the best way it’s expressing itself, particularly in political phrases. What’s afoot is a not “recession” however a everlasting contraction of what has been regular for a bit of over 200 years. There may be not going to be extra of all the things, particularly earnings, and the inventory buyback orgy that has animated the company govt suites will probably be acknowledged shortly for what it’s: an assest-stripping operation.
What’s taking place now could be a everlasting contraction. Nicely, in fact, nothing lasts without end, and the contraction is one part of a better transition. The cornucopians and techno-narcissists want to suppose that we’re transitioning into an much more lavish period of techno-wonderama — life in a padded recliner tapping on a pill for all the things! I don’t suppose so. Moderately, we’re going medieval, and we’re doing it the exhausting manner as a result of there’s simply not sufficient to go round and the swollen populations of the world are going to be combating over what’s left.
Really, we’ll be fortunate if we will go medieval, as a result of there’s no assure that the contraction has to cease there, particularly if we behave actually badly about it — and based mostly on the best way we’re appearing now, it’s exhausting to be optimistic about our conduct bettering. Going medieval would suggest residing inside the photo voltaic vitality revenue of the planet, and by that I don’t imply photo-voltaic panels, however reasonably what the planet may present in the best way of plant and animal “revenue” for a considerably smaller inhabitants of people. That plus a long-term useful resource salvage operation.
All of the grand actions of inventory indexes and central banks are only a diverting type of stagecraft inside the bigger pageant of this contraction. The governors of the Federal Reserve play the position of viziers on this comedian melodrama. That’s, they’re exalted figures robed in magical Brooks Brothers summer season poplin pretending to have supernatural energy to manage occasions. You’ll be able to inform from their latest meeting out west — “A-holes on the J-hole” — that they’re very a lot doubtful that their “powers” will proceed to be taken severely. This limitless hand-wringing over a measily quarter-point rate of interest hike is like some quarrel amongst alchemists as as to whether a quarter-degree rise in temperature may render a lump of clay right into a gold nugget.
What they do doesn’t matter anymore. What issues is that quite a lot of the notional “wealth” they conjured up over the previous decade or so is about to fade —poof! Maybe that may appear like a black magic act. That wealth appeared so actual! The bulging portfolios with their beautiful allocations! The intelligent choices! The crafty shorts. Particularly the canny bets in darkish spinoff swimming pools! All up in a vapor. The unhappy reality being it was by no means there within the first place. It was simply an hallucination induced by the manipulation of markets and the prison misrepresentation of statistics, particularly the employment numbers.
There are rumors that the Grand Vizeress of all, Ms. Yellen, is flirting with doable indictment over the “leakage” of precious data out of her interior circle to potential profiteers. Whoops. It might lead nowhere however to me it’s an index of her extra normal lack of credibility. All 12 months she has spouted supernaturally fallacious nonsense about how “the info” guides Fed decision-making. Solely her knowledge is opposite to what’s really taking place within the pathetic Rube Goldberg contraption that the so-called US economic system has turn into (Walmart + entitlements). Her “steering” quantities to lots of futile drum-beating on a turret of the Fed fort, hoping to make it rain prosperity. Her enigmatic utterances have stored monetary markets in a slim sideways channel a lot of the 12 months till just lately.
I’d say she’d misplaced her mojo, and the lesser viziers on the Fed board are wanting increasingly just like the larval, sunken-chested dweebs that they are surely. So the place is the nation to show? Why, to the good blustering Trump, together with his “can-do” bombast about “making America nice once more.” What does he imply, precisely? Like, making America the best way it was in 1958?” Behold: the return of the good metal rolling mills alongside the banks of the Monongahela (and so forth)! Fuggeddabowdit. Ain’t gonna occur.
I’ve to say it once more: put together to get smaller and extra native. Issues on the grand stage usually are not going to work out. Get your shit collectively regionally, and do it in place that has some prospect for conserving on: a small city someplace meals might be grown and particularly locations close to the inland waterways the place some type of business trade may proceed within the absence of the trucking business. Sound outlandish? Okay then. Preserve shopping for Tesla inventory and occasion on, dudes. Hail the viziers of their star-and-planet bedizened Brooks Brother raiment. Put your head between your legs and kiss your ass goodbye.
The third World Made By Hand novel
!! Is on the market !!
(The Fourth and last is completed and on the best way — June 2016)
“Kunstler skewers all the things from kitsch to greed, prejudice, bloodshed, and brainwashing on this wily, humorous, rip-roaring, and profoundly provocative page- turner, leaving little doubt that the prescriptive but devilishly satiric A World Made by Hand sequence will proceed.” — Booklist
My native indie booksellers… Battenkill Books (Autographed by the Writer) … or Northshire Books…
Additionally: Revealed as an E-book for the primary time!
The 20th Anniversary version
With an entertaining new introduction by the writer
Discount Value $3.99
Amazon Kindle …or … Barnes & Noble Nook …or… Kobo