A few days ago was the Anniversary of the great crash. Therefore, it would be timely to offer all sorts of economic observations and statistics. I believe however that it would be more rewarding to ponder the crash, and subsequent crashes in a more poetic narrative.
The entire progressive youth culture of the 60s is now developed into an establishment, or it is the establishment, to the chagrin of many conservatives. Essentially this establishment is the Weltanschauung of the west.
The general root assumption of this world view, in fact its akin to the progressives own general theory of relativity, it is that history is on their side. History for them is moving in a linear positive direction. The past is dark and the future shall be bright, as long as meddlesome reactionaries do not stand in the way of the necessary Hegelian change. This is the premise of homosexual marriage and other social revolutions. Change is coming however it will be something quite unexpected for the west establisment. The notion that savings on the individual level is no long require on the national level. That government can substitute the family and the contract between generations, is coming to a horrific ending.
Western populations for the last 50 years have come to expect high living standards. Of course, these high living standards have been bought from the future through government debt. The expansion of credit is very much living-for-the-moment, and requires the paying of those costs in the future. It ultimately is a Faustian bargain. There will always be crashes until governments learn to live fiscally within their means.
A more sinister aspect of the general fiscal irresponsibility of government debt is that future generations have been deprived of a higher standard of living and enslaved with debt before they are born. I rarely hear any moral outrage over the saddling of people not yet born but who are obligated to pay for the current generations inflated lifestyle.
This present generation is going to suffer a horrific existential shock, when the blissful moment passes and the devil now demands his due. Just as in Faust. Infact inflation is the very essence of the devils wager. It solves all economic and political problems in the present, but you will pay double in the future. We should call this western ponzi scheme Faustonomics. This is also why I believe the eurocrats will return to the European Central Banks printing press. Not on economic grounds, but because modern man is a coward, the eurocrats future – Weltanschauung, as an establishment would end, they would rather exist for another moment longer than resign themselves to the end of the euro and the corrupt EU experiment. It is the exact same existential position for the sclerotic and unconstitutional US government, and it is the same in miniature for the ignorant mob. History will be neither linear or bright but will repeat itself, as had been warned by many wise men, as it has always done since Rome and the prophets.