The Future Meltdown
To every end there will be a new beginning. My belief is that we have a false global economy built on human exploitation, mass debt, over abundance of greed and myopic behavior, and increasing levels of human misery, particularly in what were advanced economies such as the United States. None of this is sustainable. What will happen sooner rather than later will be a total economic meltdown that will be so massive it can’t be papered over by feckless politicians and central bankers that worship at the altar of corporations, the financial sector and plutocrats. The savings and loan crisis in the late 1980s and the failure of Long Term Capital in 1998 (the failing of a multi billion dollar hedge fund) were warning shots. However, neoliberalism continued unfettered and without limitation. What we got was the financial meltdown of 2008. What happened was far more than giving mortgages out to people who had no ability to repay them. Instead it was a story about immoral people becoming obnoxiously rich by passing off a financial disaster to the next poor chump. No one went to jail but plenty walked away with hundreds of millions on a scheme sure to lead to massive and unspeakable anguish and suffering.
However, nothing since 2008 has been corrected. For the offending parties a no holds bailout made the experience a little more than a blip on the radar screen. Since then the top have had a renaissance while most people in the developed world continue to live in an economically depressed state. Of course, politicians and the MSM denies any truth to the actual state of the economy.
Financial institutions continue to profit from casino finance, debt levels publicly and privately soar, most have gotten progressively poorer, and financial wizardry like stock buy backs have ginned up the stock market.
A system built upon lies and gimmicks will ultimately fail. This time there will be no bailouts only widespread chaos and upheaval. Many particularly the elderly and infirmed will die (not to mention yuppies waiting for a government response). Eventually out of this disaster will be a rebirth of people. In the future people will look back on the period of 1980 to 2020 and wonder how human beings could create a world so toxic and without regard to human needs.
However for now we are in a sad state. We are led to believe the turnaround is well underway when in fact we are sitting on a wooden beam high above a gulley ready to snap.