This Isn’t Working

The Problem Behind Global Hysteria

As we approach peak global hysteria about everything seemingly going to hell, one fundamental fact is being obscured. It is the cause, and by ignoring it, we are discussing symptoms, not roots.

That fact is this: the social contract isn’t working.

• It’s not working for white people, who are being left behind, especially the working class.
• It’s not working for black people, who are systematically discriminated against to the point of violence.
• It’s not working for the people formerly known as the Middle class, who are now the new poor.
• Its not working for young people, who face sharply lower living standards than their parents, and won’t enjoy retirement, savings, homeownership, stability, security.
• It’s not working for old people, who are ending up taking care of young people who don’t have opportunities.
• Its not working for women, who are institutionally discriminated against.
• Its not working for poor people, for whom falling through the cracks is an early death sentence, shaving up to a decade off their lives.
• It isn’t working for the planet, which is starting to melt down.

Politicians are fond of saying “what unites us is our heritage and our values”, and so on. That’s not really true. Its just rhetoric.

What really unites us today is that we are, black or white, rich or poor, young or old, living through the catastrophic breakdown of the social contract. Its not one that’s fit for a modern political economy anymore. It simply cannot provide a decent or desirable quality of life to people anymore.

It is breaking down because instead of investing in society, people, the future, we bailed out banks, unconditionally, and then charged the immense bill to the middle and the poor, by cutting services and spending. This cost them the lives they should have had. Now, the global economy is stagnant. And more often than not, that is a recipe for sudden upheaval, violence, war.

This isn’t working.

Except for one group. Whom it is working for. The ultra rich. They are the only beneficiaries of this social contract. Ironically, they are also usually those that benefit society the least. A teacher creates infinitely more real value, expands human potential more, than a hedge fund manager, who only really subtracts from it.

Hence, a rising tide of bitter fury. When a teacher can’t earn a decent living, but a hedge fund manager lives like a Roman emperor, no reasonable person should expect anything less, eventually, than revolution. But rarely are revolutions peaceful, pleasant, simple, or wise.

The more attention that demagogues and trolls are given, the stronger they grow. But they never emerge in a vacuum. Their rise points to real problems. In this case, the explosive rise of little fascists everywhere tells us something very vital.

So instead of waxing outraged and breathless about the trolls and demagogues, let us try discussing the real problem. This isn’t working.

Umair

London

July 2016