Global Recession Quotes

Millennials bring a unique perspective to business. Those of us who were in college and entering adulthood and beginning our careers during the global recession that started in 2008 have a unique view on business and economics.

The global recession has exposed the Slowlane for the fraud it is. With no job, the plan fails. When the stock market loses 50% of your savings, the plan fails. When a housing crisis erases 40% of your illiquid net worth in one year, the plan fails. The plan is a failure because the plan is based on time and factors you can’t control. Unfortunately, millions of people have faithfully invested decades into the plan only to discover the ugly truth: The Slowlane is risky and insufferably impotent.

the most insidious oppressions are those that so insinuate themselves into the fabric of our lives and into the recesses of our minds that we don’t even realize they are acting upon us.

Rumpus" was a favourite PJ-word; one he'd employed to describe a recent tabloid splash about his friendship with a lap dancer. It was also a term he'd used in reference to both 9/11 and the global recession.

Deglobalize and Europe’s demographics and lack of global reach suggest that permanent recession is among the better interpretations of the geopolitical tea leaves. I do not see a path forward in which the core of the European socialist-democratic model can survive.

How do tyrants hold on to power for so long? For that matter, why is the tenure of successful democratic leaders so brief? How can countries with such misguided and corrupt economic policies survive for so long? Why are countries that are prone to natural disasters so often unprepared when they happen? And how can lands rich with natural resources at the same time support populations stricken with poverty? Equally, we may well wonder: Why are Wall Street executives so politically tone-deaf that they dole out billions in bonuses while plunging the global economy into recession? Why is the leadership of a corporation, on whose shoulders so much responsibility rests, decided by so few people? Why are failed CEOs retained and paid handsomely even as their company’s shareholders lose their shirts? In

suggest that the millennial generation, deeply affected by the Great Recession and a stagnant global economy, has begun to shift its psychic priorities from material success to living a meaningful existence.

The mental weapon of fear would undoubtedly be the quickest way to accomplish totalitarianism, which could be accomplished by spreading fear through terrorism, followed by disarmament, and ultimately a complete fascist military takeover. Threat and the fear of insecurity (i.e., crime and recession) allow authorities quick access to exceptional power of authority. To disable capitalism’s market freedom, the global warming issue proves to be a great tool to promote totalitarian-collectivism.

How can you not be involved? These are your times, your world, even if those events are on the other side of it. And as for the narrative--you are a part of that, for better or for worse, whether the grey inexorable economic inevitabilities--recessions and recoveries and having less money or more--or the grand perilous global story.

I was on one of my world 'walkabouts.' It had taken me once more through Hong Kong, to Japan, Australia, and then Papua New Guinea in the South Pacific [one of the places I grew up]. There I found the picture of 'the Father.' It was a real, gigantic Saltwater Crocodile (whose picture is now featured on page 1 of TEETH). From that moment, 'the Father' began to swim through the murky recesses of my mind. Imagine! I thought, men confronting the world’s largest reptile on its own turf! And what if they were stripped of their firearms, so they must face this force of nature with nothing but hand weapons and wits? We know that neither whales nor sharks hunt individual humans for weeks on end. But, Dear Reader, crocodiles do! They are intelligent predators that choose their victims and plot their attacks. So, lost on its river, how would our heroes escape a great hunter of the Father’s magnitude? And what if these modern men must also confront the headhunters and cannibals who truly roam New Guinea? What of tribal wars, the coming of Christianity and materialism (the phenomenon known as the 'Cargo Cult'), and the people’s introduction to 'civilization' in the form of world war? What of first contact between pristine tribal culture and the outside world? What about tribal clashes on a global scale—the hatred and enmity between America and Japan, from Pearl Harbor, to the only use in history of atomic weapons? And if the world could find peace at last, how about Johnny and Katsu?

There also were the widespread failures of prediction that accompanied the recent global financial crisis. Our naïve trust in models, and our failure to realize how fragile they were to our choice of assumptions, yielded disastrous results. On a more routine basis, meanwhile, I discovered that we are unable to predict recessions more than a few months in advance, and not for lack of trying. While there has been considerable progress made in controlling inflation, our economic policy makers are otherwise flying blind.

SUSAN’S STORY OF cascading loss and downward mobility has been replicated millions of times across the American landscape due to the financial industry’s actions in the 2000s. While the country’s GDP and employment numbers rebounded before the pandemic struck another blow, the damage at the household level has been permanent. Of families who lost their houses through dire events such as job loss or foreclosure, over two-thirds will probably never own a home again. Because of our globally interconnected economy, the Great Recession altered lives in every country in the world. And all of it was preventable, if only we had paid attention earlier to the financial fires burning through Black and brown communities across the nation. Instead, the predatory practices were allowed to continue until the disaster had engulfed white communities, too—and only then, far too late, was it recognized as an emergency. There is no question that the financial crisis hurt people of color first and worst. And yet the majority of the people it damaged were white. This is the dynamic we’ve seen over and over again throughout our country’s history,

THE BRANCH OF ECONOMICS concerned with issues like inflation, recessions, and financial shocks is known as macroeconomics. When the economy is going well, macroeconomists are lauded as heroes; when it turns sour, as it did recently, they catch a lot of the blame. In either case, the headlines go to the macroeconomists. We hope that after reading this book, you’ll realize there is a whole different breed of economist out there—microeconomists—lurking in the shadows. They seek to understand the choices that individuals make, not just in terms of what they buy but also how often they wash their hands and whether they become terrorists.

The idea that the euro has “failed” is dangerously naive. The euro is doing exactly what its progenitor – and the wealthy 1%-ers who adopted it – predicted and planned for it to do. … Removing a government's control over currency would prevent nasty little elected officials from using Keynesian monetary and fiscal juice to pull a nation out of recession. “It puts monetary policy out of the reach of politicians,” [Robert] Mundell explained]. “Without fiscal policy, the only way nations can keep jobs is by the competitive reduction of rules on business.” … Hence, currency union is class war by other means. — Greg Palast, “Robert Mundell, evil genius of the euro.” Unlike

If you’re asleep, you’re not spending money, so you’re not consuming anything. You’re not producing any products.” He explained that “during the last recession [in 2008]…they talked about global output going down by so many percent, and consumption going down. But if everybody were to spend [an] extra hour sleeping [as they did in the past], they wouldn’t be on Amazon. They wouldn’t be buying things.” If we went back to sleeping a healthy amount—if everyone did what I did in Provincetown—Charles said, “it would be an earthquake for our economic system, because our economic system has become dependent on sleep-depriving people. The attentional failures are just roadkill. That’s just the cost of doing business.

Under Donald Trump, the United States appears to be abandoning its role as democracy promoter for the first time since the Cold War. President Trump’s is the least prodemocratic of any U.S. administration since Nixon’s. Moreover, America is no longer a democratic model. A country whose president attacks the press, threatens to lock up his rival, and declares that he might not accept election results cannot credibly defend democracy. Both existing and potential autocrats are likely to be emboldened with Trump in the White House. So even if the idea of a global democratic recession was largely a myth before 2016, the Trump presidency—together with the crisis of the EU, the rise of China, and the growing aggressiveness of Russia—could help make it a reality.

The prophet spoke of the Harbingers as symbols. That was a clue. The World Trade Center was a symbol of America’s global financial and economic power. So what would such a fall foreshadow? “An economic…fall?” “As in a financial and economic collapse.” “The collapse that began the Great Recession?” “Yes.” “The collapse of the American and global economy is connected to 9/11?” “Yes.” “But how?” “It all goes back to the prophecy…everything—the collapse of Wall Street, the rise and fall of the credit market, the war in Iraq, the collapse of the housing market, the foreclosures, the defaults, the bankruptcies, the government takeovers—everything—politics, foreign policy, world history—everything that happened after. It all goes back to the prophecy and to the ancient mystery.

Future Europe’s problems are many, but four stand out. The first is energy: The Europeans are more dependent upon energy imports than the Asians, and no two major European countries think that problem can be solved the same way. The Germans fear that not having a deal with the Russians means war. The Poles want a deal with anyone but Russia. The Spanish know the only solution is in the Western Hemisphere. The Italians fear they must occupy Libya. The French want to force a deal on Algeria. The Brits are eyeing West Africa. Everyone is right. Everyone is wrong. The second is demographic: The European countries long ago aged past the point of even theoretical repopulation, meaning that the European Union is now functionally an export union. Without the American-led Order, the Europeans lose any possibility of exporting goods, which eliminates the possibility of maintaining European society in its current form. The third is economic preference: Perhaps it is mostly subconscious these days, but the Europeans are aware of their bloody history. A large number of conscious decisions were made by European leaders to remodel their systems with a socialist bent so their populations would be vested within their collective systems. This worked. This worked well. But only in the context of the Order with the Americans paying for the bulk of defense costs and enabling growth that the Europeans could have never fostered themselves. Deglobalize and Europe’s demographics and lack of global reach suggest that permanent recession is among the better interpretations of the geopolitical tea leaves. I do not see a path forward in which the core of the European socialist-democratic model can survive. The fourth and final problem: Not all European states are created equal. For every British heavyweight, there is a Greek basket case. For every insulated France, there is a vulnerable Latvia. Some countries are secure or rich or have a tradition of power projection. Others are vulnerable or poor or are little more than historical doormats. Perhaps worst of all, the biggest economic player (Germany) is the one with no options but to be the center weight of everything, while the two countries with the greatest capacity to go solo (France and the United Kingdom) hedged their bets and never really integrated with the rest of Europe. There’s little reason to expect the French to use their reach to benefit Europe, and there’s no reason to expect assistance from the British, who formally seceded from the European Union in 2020. History,

Shortly afterwards Addis Ababa launched a crackdown on its opponents that resulted in hundreds of deaths. If America’s president was in two minds about democracy, how was the rest of the world supposed to feel? It was on Obama’s watch that the tally of global democracies fell most sharply. The world now has twenty-five fewer democracies than it did at the turn of the century. In addition to Russia and Venezuela, Turkey, Thailand, Botswana and now Hungary are deemed to have crossed the threshold. According to Freedom House, more countries have restricted than expanded freedom every year since 2008.5 ‘There is not a single country on the African continent where democracy is firmly consolidated and secure,’ says Larry Diamond, one of the leading scholars of democracy.6 What we do not yet know is whether the world’s democratic recession will turn into a global depression.

It was a quiet revolution. Most downshifters dressed quite a bit like everyone else and lived in ordinary neighborhoods rather than communes or cabins in the woods. Seattle emerged as the nexus of voluntary simplicity as the growing tech industry-Microsoft's headquarters were there-made the city synonymous with the overworked, conspicuously consuming yuppie, while many other residents were still mixed in a lingering recession. The result was perhaps the most deliberate experiment in stopping shopping in modern times: a whole city in which the rejection of consumerism entered the mainstream. For nearly a decade, few aspects of daily life in Seattle were left unchanged by its shadow culture....For a few rare years, the consumer lifestyle was uncooled. 'We were sure in the '90s that we were the up-and-coming lifestyle choice,' Vicki Robin, coauthor of the downshifting classic 'Your Money or Your Life' told me....Then the global economy came roaring back to life, Seattle became better known for billionaires than plain living, and downshifting faded.

Back in 2015, a volunteer group called Bitnation set up something called the Blockchain Emergency ID. There’s not a lot of data on the project now, BE-ID - used public-key cryptography to generate unique IDs for people without their documents. People could verify their relations, that these people belonged to their family, and so on. It was a very modern way of maintaining an ID; secure, fast, and easy to use. Using the Bitcoin blockchain, the group published all these IDs on to a globally distributed public ledger, spread across the computers of every single Bitcoin user online - hundreds of thousands of users, in those times. Once published, no government could undo it; the identities would float around in the recesses of the Internet. As long as the network remained alive, every person's identity would remain intact, forever floating as bits and bytes between the nations: no single country, government or company could ever deny them this. “That was, and I don't say this often, the fucking bomb,” said Common, In one fell swoop, identities were taken outside government control. BE-ID, progressing in stages, became the refugees' gateway to social assistance and financial services. First it became compliant with UN guidelines. Then it was linked to a VISA card. And thus out of the Syrian war was something that looked like it could solve global identification forever. Experts wrote on its potential. No more passports. No more national IDs. Sounds familiar? Yes, that’s the United Nations Identity in a nutshell. Julius Common’s first hit - the global identity revolution that he sold first to the UN, and then to almost every government in the world - was conceived of when he was a teenager.

Most charities already target the poorest people in our communities: the homeless, the chronically unemployed, the unskilled, those living well below the poverty line. I think that's important and necessary. My philosophy as Good Sam is this. It's not only those who've hit rock bottom who deserve help. Corporate mergers, globalization, recessions, tax cuts for the super wealthy - these all the effect of punishing all Americans. What about those who appear to be getting by on their own? The man who works two jobs to put a roof over his family's head, who pays his taxes, yet still fights to makes ends meet?He doesn't qualify for food stamps or low-cost housing or handouts from charities. He's laboring longer, earning less, and has fewer job protections than he did twenty-five years ago. Yet few government programs or charities address his needs.... I gave to people in a wide variety of professions and financial circumstances. But most of the money went to the people who keep the factories and stores running, who fix our cars and our plumbing, who bake our bread and serve our coffee, who teach our children in school. They are the soldiers in our everyday lives, and they cannot and should not be forgotten.

In 2004, Americans spent about $46 billion to lose weight and $22 billion on cosmetics. Those expenditures alone would make the difference between life and death for the people of the world who are dying of starvation

Recession, advertising slow-downs, media spin-offs, procurement department investigations, client globalization initiatives, fee-based remuneration schemes and holding company ownership added significant complexity to ad agency operations by 1990. The simplicity of the Golden Age and the Creative Revolution was long gone, whether recognized or not.

African Americans weren’t the only ones who took a hit. The states of the Deep South, which fought Brown tooth and nail, today all fall in the bottom quartile of state rankings for educational attainment, per capita income, and quality of health.139 Prince Edward County, in particular, bears the scars of a place that saw fit to fight the Civil War right into the middle of the twentieth century. Certainly it is no accident that, in 2013, despite a knowledge-based, technology-driven global economy, the number one occupation in the county seat of Farmville was “cook and food preparation worker.” Nor is it any accident that in 2013, while 9.9 percent of white households in the county made less than ten thousand dollars in annual income, fully 32.9 percent of black households fell below that threshold.140 The insistence on destroying Brown, and thus the viability of America’s schools and the quality of education children receive regardless of where they live, has resulted in “the economic equivalent of a permanent national recession” for wide swaths of the American public.

But it was really the then-popular right-wing demagogue Glenn Beck who gave Republicans a taste of what was to come as the recession deepened. Beck was an apocalyptic yet strangely ebullient conspiracy theorist who on his daily Fox News broadcasts filled blackboard after blackboard with crazy Venn diagrams exposing the hidden links between 1960s radicals and Barack Obama. But he also broke with many Republican dogmas, particularly on economics and foreign policy, writing in one of his books, “Under President Bush, politics and global corporations dictated much of our economic and border policy. Nation building and internationalism also played a huge role in our move away from the founding principles.” Beck’s economic nationalism and isolationism struck a chord with the public, and many flocked to his sold-out rallies to hear him denounce phantom leftists but also Wall Street and the big banks. He even wrote a bestselling thriller in which all these evil forces join hands to squelch American liberty. For all his bombast, Beck was among the first on the right to report the truth that the American middle class was being hollowed out and that its children faced drastically reduced prospects. That a small class of highly educated people was benefiting from the new global economy and becoming fantastically wealthy. And that vast sections of the country had become deserted, heartbroken . . . and angry. Mainstream Republicans never got the message. Donald Trump did.

But the downward revision of expectations for the future may be still more important than diminished prosperity in the present. And if what you mean by “capitalism” is not just the operation of market forces but the religion of free trade as a just and even perfect social system, you have to expect, at the very least, that a major reformation is coming. The predictions of economic hardship, remember, are enormous—$551 trillion in damages at just 3.7 degrees of warming, 23 percent of potential global income lost, under business-as-usual conditions, by 2100. That is an impact much more severe than the Great Depression; it would be ten times as deep as the more recent Great Recession, which still so rattles us. And it would not be temporary. It is hard to imagine any system surviving that kind of decline intact, no matter how “big.

MANY STUDIES POINT TO recent historical events to explain today’s turn away from democracy, like the 2008 recession and increases in global migration that heightened racist sentiments. Other works go back to the collapse of Communism in 1989–1990. Unleashing nationalist and tribalist sentiments in Eastern Europe, it encouraged the resurgence of the far right in Western Europe as well. Putin, the former Communist functionary who is now a leader of the global right, successfully rode that tide of political upheaval and ideological transformation

day to the news that the economy is back on track only to discover that there is less oil supply at our disposal than there was when demand started to fall. And it won’t be just the one-two punch of reviving demand and sagging supply that pushes prices up in a hurry. Once the genie of inflation is out of the bottle, it is going to take oil prices on a ride along with everything else. For one thing, there will be more money chasing fewer barrels in the world so the price will go up. And the dollars chasing that oil are going to be worth less and less even as the oil gets more valuable. Remember the Argentine peso and its 20,000 percent inflation rate? If a barrel of crude had been denominated in pesos, oil would have gone up 20,000 percent in 1989–90. If the United States wants to reflate its way out of recession, it is going to pump up the price everybody in the world pays for oil, since everybody pays in US dollars. If the dollar is worth less, oil is going to be worth that much more.

A WORLD OF SLOWER GROWTH AND HIGHER INFLATION If triple-digit oil prices are the true culprit behind the recent recession, what happens if oil prices recover to triple-digit levels or even close to them when the economy recovers? Does the economy slip right back into recession again? Everything else being equal—or ceteris paribus, as they say in the economics textbooks—that’s probably as good a forecast as any. Every oil shock has produced a global recession, and the record price increase of the past few years may produce the biggest one of all. But recessions, no matter how severe, are finite events. Ultimately, we face a far more challenging economic verdict from oil. Any way you cut it, a return to triple-digit oil prices means a much slower-growing world economy than before. And not just for a couple of quarters of recession. That’s because virtually every dollar of world GDP requires energy to produce. Not all of that energy, of course, comes from oil, but far too much does for world GDP not to be affected by oil’s growing scarcity. And there is nothing at the end of the day that we can do about depletion. Big tax cuts and big spending increases can mitigate triple-digit oil’s bite, but the deficits they inevitably produce ultimately lead to tax hikes and spending cuts that just make the suffering all the more painful down the road. Taking out a loan to pay your mortgage might defer your problems for a month or so, but in the end, it often makes your difficulties more acute. Borrowing from the future just turns today’s problems into tomorrow’s, and by the time tomorrow comes, they’ve become a lot bigger than if we had dealt with them today. Trillion-dollar-plus deficits, just like a near-zero percent federal funds rate, can mask the impact of high energy prices for a while, but ultimately they can’t protect economies that still run on oil from the impact of higher energy prices and the toll that they take.

Recall the 1970s, a decade that featured bubbles, busts, an end to the global gold exchange standard, devaluation of the dollar, mounting debt, risky financial innovation, monetary and fiscal experimentation, and oil supply shocks driven by geopolitical shocks. It all culminated in double-digit inflation, stubborn unemployment, and persistent recession. That is the corrosive condition known as stagflation, or stagnation with inflation.

... many Boomers exert unhelpful and unhealthy levels of control over everyone around them. The Boomers’ parents, the generation that went through war, recession and global pandemic, described their own children as selfish. And in a way, it’s the most selfish act of all, to control people as if they’re chess pieces on a board and will stay where you place them.

We aren’t going through a global recession—we’re transitioning between two distinct economic periods.

Larry Kudlow hosted a business talk show on CNBC and is a widely published pundit, but he got his start as an economist in the Reagan administration and later worked with Art Laffer, the economist whose theories were the cornerstone of Ronald Reagan’s economic policies. Kudlow’s one Big Idea is supply-side economics. When President George W. Bush followed the supply-side prescription by enacting substantial tax cuts, Kudlow was certain an economic boom of equal magnitude would follow. He dubbed it “the Bush boom.” Reality fell short: growth and job creation were positive but somewhat disappointing relative to the long-term average and particularly in comparison to that of the Clinton era, which began with a substantial tax hike. But Kudlow stuck to his guns and insisted, year after year, that the “Bush boom” was happening as forecast, even if commentators hadn’t noticed. He called it “the biggest story never told.” In December 2007, months after the first rumblings of the financial crisis had been felt, the economy looked shaky, and many observers worried a recession was coming, or had even arrived, Kudlow was optimistic. “There is no recession,” he wrote. “In fact, we are about to enter the seventh consecutive year of the Bush boom.”19 The National Bureau of Economic Research later designated December 2007 as the official start of the Great Recession of 2007–9. As the months passed, the economy weakened and worries grew, but Kudlow did not budge. There is no recession and there will be no recession, he insisted. When the White House said the same in April 2008, Kudlow wrote, “President George W. Bush may turn out to be the top economic forecaster in the country.”20 Through the spring and into summer, the economy worsened but Kudlow denied it. “We are in a mental recession, not an actual recession,”21 he wrote, a theme he kept repeating until September 15, when Lehman Brothers filed for bankruptcy, Wall Street was thrown into chaos, the global financial system froze, and people the world over felt like passengers in a plunging jet, eyes wide, fingers digging into armrests. How could Kudlow be so consistently wrong? Like all of us, hedgehog forecasters first see things from the tip-of-your-nose perspective. That’s natural enough. But the hedgehog also “knows one big thing,” the Big Idea he uses over and over when trying to figure out what will happen next. Think of that Big Idea like a pair of glasses that the hedgehog never takes off. The hedgehog sees everything through those glasses. And they aren’t ordinary glasses. They’re green-tinted glasses—like the glasses that visitors to the Emerald City were required to wear in L. Frank Baum’s The Wonderful Wizard of Oz. Now, wearing green-tinted glasses may sometimes be helpful, in that they accentuate something real that might otherwise be overlooked. Maybe there is just a trace of green in a tablecloth that a naked eye might miss, or a subtle shade of green in running water. But far more often, green-tinted glasses distort reality. Everywhere you look, you see green, whether it’s there or not. And very often, it’s not. The Emerald City wasn’t even emerald in the fable. People only thought it was because they were forced to wear green-tinted glasses! So the hedgehog’s one Big Idea doesn’t improve his foresight. It distorts it. And more information doesn’t help because it’s all seen through the same tinted glasses. It may increase the hedgehog’s confidence, but not his accuracy. That’s a bad combination.

This does not mean that God never heals in miraculous ways; I am certain that at times He does. But there are also many times when He does not. We cannot understand why some people appear to glide effortlessly through life, while others always seem to be in the throes of pain and sorrow. We cannot explain why some withered bodies are healed, while others suffer and die. We cannot know why some prayers are answered the way we hoped they would be, while others seemingly go unanswered. We cannot pretend that life in Christ will always guarantee us victory and material success as defined by human standards. On the other hand, when we tell only the stories of victory, we tell just a part of the truth. When we imply that the Christian faith involves no yoke and no burden, we tell less than the whole truth. Half-truths and easy answers are the weapons of deceit. Sometimes God brings healing, either through modern medicine or through miraculous means. But sometimes He doesn’t—and His way is always best, because He loves us and knows what is best for us. Never forget: for the Christian, this life is not all, nor should our physical well-being be our life’s highest goal. Christ is our life, and someday we will go to be with Him for all eternity.

Loans and workers are necessary evils whose ‘services’ businesspeople hire only for what they can get out of them: profit. But then profit can only be envisaged if the level of overall (or aggregate) future demand is strong. Unfortunately, the future is unknowable. The only thing business folk know for sure is that demand is never strong for long at a time of falling wages and interest rates. The result is an interesting, albeit tragic, conundrum: at a time of recession, when there is a mounting glut of labour and uninvested savings, a reduction in wages and interest rates does not help. In fact, it deepens the recession.

at a time of recession, when there is a mounting glut of labour and uninvested savings, a reduction in wages and interest rates does not help. In fact, it deepens the recession.

We aren’t going through a global recession—we’re transitioning between two distinct economic periods

A WHILE BACK, a game designer friend of mine named Phil Fish made a plea on Twitter, “Hey bloggers, no more ‘blank rebuilt in Minecraft’ posts, please. We get it. You can make things in Minecraft. Thanks.” Fish was referring to the popular online game Minecraft, in which players hunt for resources that are used to construct models and apparatuses with the game’s characteristic, cubical visual style. The Internet being what it is, given such tools extreme fans do insane things, like elaborately reconstructing the city King’s Landing from Game of Thrones using nothing but this square matter mined from Minecraft. Seeing Fish’s tweet, an enterprising ironoiac recreated the form of the embedded tweet itself inside Minecraft, a fact that the tech blog VentureBeat then dutifully blogged about, thus completing not one but two cycles of an ironoia self-treatment the environmental philosopher Timothy Morton names “anything you can do I can do meta.”14 In a futile attempt to prevent further metastasis, the blogger concluded his post with the line, “Yes, we’re fully aware of the irony of this post.”15 But rather than satisfying anyone, such a provocation only further irritated the ironoiac itch. Fish tweeted a link to the blog post covering the Minecraft construction of a model of Fish’s tweet protesting blog posts about Minecraft constructions, which one of his followers one-upped by observing the fact that Fish had in fact “tweeted about somebody blogging about somebody making [his] tweet about Minecraft in Minecraft.” Another chimed in, “How long ’til someone recreates that blog post in Minecraft?” Each step represents an attempt to overcome the absurdity of the last by fixing it in a new voice, even though each ironic gesture was evanescent, quickly replaced by yet another layer of buffer from yet another desperate ironoiac. Why do we do it, then? Today, satisfaction is more elusive than ever. In part, the precarity of life after the 2008 global financial collapse and the Great Recession that followed it (and whose effects still linger) makes every transaction with the world feel suspect and risky. We fear that things might turn on us, because we have good evidence that they can, and do. But

Liberal democracy and capitalism remain the essential, indeed the only, framework for the political and economic organization of modern societies. Rapid economic modernization is closing the gap between many former Third World countries and the industrialized North. With European integration and North American free trade, the web of economic ties within each region will thicken, and sharp cultural boundaries will become increasingly fuzzy. Implementation of the free trade regime of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) will further erode interregional boundaries. Increased global competition has forced companies across cultural boundaries to try to adopt “best-practice” techniques like lean manufacturing from whatever source they come from. The worldwide recession of the 1990s has put great pressure on Japanese and German companies to scale back their culturally distinctive and paternalistic labor policies in favor of a more purely liberal model. The modern communications revolution abets this convergence by facilitating economic globalization and by propagating the spread of ideas at enormous speed. But in our age, there can be substantial pressures for cultural differentiation even as the world homogenizes in other respects. Modern liberal political and economic institutions not only coexist with religion and other traditional elements of culture but many actually work better in conjunction with them. If many of the most important remaining social problems are essentially cultural in nature and if the chief differences among societies are not political, ideological, or even institutional but rather cultural, it stands to reason that societies will hang on to these areas of cultural distinctiveness and that the latter will become all the more salient and important in the years to come. Awareness of cultural difference will be abetted, paradoxically, by the same communications technology that has made the global village possible. There is a strong liberal faith that people around the world are basically similar under the surface and that greater communications will bring deeper understanding and cooperation. In many instances, unfortunately, that familiarity breeds contempt rather than sympathy. Something like this process has been going on between the United States and Asia in the past decade. Americans have come to realize that Japan is not simply a fellow capitalist democracy but has rather different ways of practicing both capitalism and democracy. One result, among others, is sthe emergence of the revisionist school among specialists on Japan, who are less sympathetic to Tokyo and argue for tougher trade policies. And Asians are made vividly aware through the media of crime, drugs, family breakdown, and other American social problems, and many have decided that the United States is not such an attractive model after all. Lee Kwan Yew, former prime minister of Singapore, has emerged as a spokesman for a kind of Asian revisionism on the United States, which argues that liberal democracy is not an appropriate political model for the Confucian societies.10 The very convergence of major institutions makes peoples all the more intent on preserving those elements of distinctiveness they continue to possess.

The dotcom crash in 2000-02 caused losses to shareholdersworth $4 trillion and a mild recession. Leveraged global banks notched up losses of $2 trillion in 2007-10 and the world economy imploded.

After 20 years of climate diplomacy, the undeniable fact is that the three main factors that have reduced GHG emissions are, in increasing importance: global recession, the collapse of communism, and China’s one child policy. The Rio dream is over.

The widely mis-interpreted 1998 'meltdown' of East Asia was a financial symptom of the renewed reality: In fact, it was the first round the world recession again to begin in East Asia and spread from there to the West, instead of vice versa. That marked the beginnings of the return back 360 degrees around the world of the world economic center to Asia where it had always been before those two eighty-year period of temporary Western ascendance. The stock market crash in Hong Kong and the devaluation of the Thai baht and the Indonesian rupia took only 80 seconds to make themselves felt in the London City and on New York's Wall Street. How much of a cultural lag do we still need for popular perception and social theory to catch up with global reality?

The one great exception to this pattern has been Poland, the region’s largest state. The country has weathered the recent global financial crisis exceptionally well and is the only European state that has avoided a recession since 2008. Benefiting from close integration with Germany, it has tried hard to be viewed as a leader of fiscally responsible northern Europe.

time. A new interdisciplinary community of scientists, environmentalists, health researchers, therapists, and artists is coalescing around an idea: neuroconservation. Embracing the notion that we treasure what we love, those concerned with water and the future of the planet now suggest that, as we understand our emotional well-being and its relationship to water, we are more motivated to repair, restore, and renew waterways and watersheds. Indeed, even as water is threatened, or perhaps because of the threat, public interest in water is very high. We treasure it—or, perhaps more accurately, we spend our treasure to access water for pleasure, recreation, and healing. Wealthy people pay a premium for houses on water, and the not so wealthy pay extra for rentals and hotel rooms sited at the oceanfront, on rivers, or at lakes. Those into outdoor sports, especially fishers and hunters, are fiercely protective of it and have founded numerous environmental organizations designed to protect water habitats for fish, birds, and animals. Over the last two decades, spas have become a sort of modern equivalent to ancient healing wells. As an industry, spas are a global business worth about $60 billion, and they generate another $200 billion in tourism. In 2013, there were 20,000 (up from 4,000 in 1999) spas in the United States producing an annual revenue of over $14 billion (a figure that has grown every year for fifteen years, including those of the recession), and tallying 164 million spa visits by clients.12 Ecotourism provides water adventures and guided trips, often in kayaks, rafts, or canoes. Ocean and river cruises are big business. Cities are creating urban architectures focused on waterscapes, happiness, and sustainability. Museums and public memorials of all sorts often feature water to foster reflection and meditation. And many communities are working to transform industrialized and polluted waterfronts into spaces that are pleasant, environmentally sound, and livable.

Indeed, neither the public clamor about the dislocations created by economic globalization nor the massive shocks produced by the financial crisis of 2008 and the ensuing Great Recession have derailed the process of international economic integration. It continues largely unabated, and the predictions of a protectionist surge prompted by the attempts of countries to fence in their economies to protect jobs have been proven wrong. International trade and investment flows continue to grow and to feed the forces that constrain the power of traditional business players.

Today, more people die from overwork and stress than from wars. More than 75 percent of people are dissatisfied with their jobs, which they view as too tedious and repetitive. Countries are facing growing debts, a constant fear of a coming recession, and later retirement ages. The cost of human error and fraud is almost equivalent to the total amount of money allocated globally to education.

The British Empires conversion of the vast indigenous economy of North America into aristocratic property provides an illuminating paralell, in fact, for a company like Amazon, whose trillion dollar market capitalization is derived from the usurpation of a thriving pre existing system of shops, markets, libraries and the like. With their bundles of patents and global monopolies, twenty-first-centruy tech conglomerates have swelled to the scale of eighteenth century trading companies and with a speed quite foreign to the plodding first economy. But they are more than just businesses. Silicon Valley firms have a profound impact on world organization, and key players such as Peter Thiel creates of PayPal, early investor in Facebook, and cofounder of the surveillance company Palantir Technologies possess political power greater than most heads of state. The old caveats apply once more. First, the second economy serves elites almost exclusively. Again fit is chiefly financialized, and building financial instruments remains the preserve of the rich. 84 percent of corporate stock is owned by the wealthiest 10 percent. But even this decile is largely denied access to the heart of the second economy. Some 80 percent of Facebook stock. worth over half a trillion dollars is owned by 25 individuals and institutions, though Mark Zuckerberg retains only 28 percent of the company, this includes a vital 60 percent of the Class B voting shares. Since Facebook is an entity comparable in scale to a nation state, and serves some of the same functions, this determination not to share political power is instructive. Valuations of such companies are inflated by their monopolistic nature and by the financial institutions that control them to the point of total departure form the first economy. This fall, during the most serious economic recession since the 1930s, the values of Tesla, Amazon and Facebook all hit record stock-market highs

Many experts believe that a cholera-like pandemic looms. In a survey by the epidemiologist Larry Brilliant, 90 percent of epidemiologists said that a pandemic that will sicken 1 billion, kill up to 165 million, and trigger a global recession that could cost up to $3 trillion would occur sometime in the next two generations.

As the rich get richer, the rest of us will be left in increasingly precarious situations. In the global recession that is upon us, the powerful will double down on their control of state and cultural apparatus, They will be determined to repress, or co-opt, the tremulous expressions of resistance that are gaining volume as the people rise of against death. The issue of co-option is pertinent. Our articulations of dissent too often mirror the parameters of our oppression, reproducing oppressive systems, unwittingly reinforcing them, or indeed 'diverse' them, to make them more 'inclusive' when in truth the need to dissolve.

Their whole project seemed snotty to her. Arrogant. Sanctimonious. Even sort of grossly entitled: that was a pre-globalized world, a pre-9/11 world, a pre–housing bubble world, a world before the Great Recession, when they all sort of understood implicitly that however much they resented and resisted the mass economy, they would also have little trouble eventually finding a job and a livelihood within it. It made Elizabeth think that maybe those friends who’d migrated to the suburbs were in fact the most enlightened ones. They’d been the first to see through the delusion.

In the Global Financial Crisis of 2008, it seemed at first that Europe could dodge the blow that was hitting the United States. The unspoken reality was that in the 6 months after September 2008 European governments had to quietly spend 3 trillion dollars to bail out their troubled banks. In the case of the periphery countries, the main problem came from the abrupt departure of capital that up till then had been flowing in abundance to finance expansion plans. In the case of the strong countries’ banks, the travails came from their excessive exposure to sub-prime investments. The ensuing recession, plus the effort to rescue the banks, put several countries in a vulnerable situation. This was more apparent after the financial markets became jittery on discovering the magnitude of the Greek problem.

While Germany applied wage restraint, fiscal austerity and saving, southern Europe embarked on an aggressive expansion, largely financed through the recycling of the German external current account surplus by German banks. When the tide turned in 2008 and German financing was abruptly withdrawn, the debtor countries of the periphery went into recession and fiscal difficulty. By this time, Germany had already consolidated its position in emerging markets as an exporter of high-tech goods, allowing her to ride the Global Financial Crisis with barely a scratch.

hindrances and its inability to resume the path of economic growth. The United States had in truth become the greatest economic and military power in the world but had no interest in taking over the world’s leadership from the hands of Great Britain. History gives us examples of what happens when a global hegemonic power ceases to exercise its dominant role, either from isolationist self-interest or from simple weakness, while the emerging power does not have enough interest or strength to assume the leadership. Basically, the function of a hegemony is to provide what economists call “global public goods,” such as world public order via military supremacy or international institutions that facilitate orderly world trade, international law or the preservation of the environment. If no single power has the strength or interest to provide these global public goods, the most likely consequence is permanent conflict, global recession, genocides and, in the end, war. Furthermore, when the ambivalence of the world’s leader coincides with a medium-sized power harbouring pretension of domination in its region, as did Germany after 1925, the likelihood of a worldwide conflagration increases even more.

The world is immediate, not external, and we are all its custodians, as well as its observers. A culture which holds the immediate world at bay by objectifying it as the Observed System, thereby leaving it to the blinkered forces of the marketplace, will also be blind to the effects of doing so until those effects become quantifiable as, for example, acid rain, holes in the ozone layer and global economic recession.

Since The Great Recession, the global financial crash of 2008-09, the debt-fuelled post-recession recovery has been the weakest in the post-war era (since the end of World War Two). Whereas total outstanding credit in the US after the Wall Street Crash grew from 160% to 260% of GDP between 1929 and 1932, the figure rose from 365% in 2008 to 540% in 2010. (And this does not include derivatives, whose nominal outstanding value is at least four times GDP).[34] A long depression and rising right-wing populism have followed, including the stunning ascendency of property tycoon and TV celebrity demagogue Donald Trump as the President of the US in 2016.[35] The British public’s vote in June 2016 to leave the EU delivered another shock of global significance. A chronic drift towards trade wars and protectionism is accelerating and in January 2018, US Defence Secretary Jim Mattis said that “great power competition, not terrorism, is now the primary focus of US national security”, putting Russia, China and – yes – Europe in the crosshairs of the world’s long-time dominant economic and military power. Adding to this age of anxiety is the accelerating automation revolution. What should be an emancipatory and utopian development only generates insecurity at the prospect of unprecedented mass unemployment. It can be no coincidence that all these crises are converging at exactly the same time. They cannot be explained away by cynical and shallow generalisations about ‘human nature’. In the course of this investigation we will see that in fact all of these crises have a common root cause: the decaying nature of capitalism and its tendency towards breakdown. Indeed, average Gross Domestic Product (GDP) growth rates in the world’s richest countries have fallen in every decade since the 1960s and are clearly closing in on zero. Rates of profit, manufacturing costs and commodity prices are also trending towards zero. Drawing on Henryk Grossman’s vital clarification of Karl Marx’s methodology, we shall see that capitalism is heading inexorably towards a final, insurmountable breakdown that is destined to strike much earlier than a zero rate of profit. Indeed, we shall also see that the next, imminent economic crash will result in worldwide hyperinflation. We will also show that the economic crisis is intensifying competition between nation-states, forcing them into a situation which threatens the most destructive world war to date.

The top 1 percent now own around half of the world’s wealth, up from 42.5 percent at the height of the Great Recession in 2008. The world’s 3.5 billion poorest adults, comprising 70 percent of the world’s working-age population, own 2.7 percent of global wealth.

My investing strategy doesn't rely on picking the right sector, or timing the next recession. It relies on a high savings rate, patience, optimism that the global economy will create value over the next several decases.

Change often occurs less rapidly than it seems that it should, and the slow evolution of ideas is one of the reasons that societies sometimes change slowly. The Declaration of Independence may have enunciated clearly in 1776 the principle that all men were created equal, but it would be almost two centuries before the United States adopted civil rights legislation that would embrace this principle, and full equality has yet to be achieved. One of the reasons that ideas change slowly is that ideas and perceptions are social constructs. My willingness to hold a belief is related to others’ holding similar beliefs. As I travel around the country and the world, I am often struck how in some places one set of ideas is part of conventional wisdom—such as that government is necessarily inefficient or that government caused the recession or that global warming is a fiction—and in others just the opposite is taken to be the “truth.

banks in which oil exporters had invested were lending money to anyone who’d take it. It was a system ready to collapse at the slightest breath of change. When that change came, with the high interest rates and global recession at the end of the 1970s, the accumulated debt set large parts of Latin America, Africa and eventually Asia on the route to bankruptcy.

times. To do this, countries needed to borrow and, precisely because it was a time of recession, with high rates of inflation (and therefore high interest rates), money was much harder to come by. With the shrinking of other lending sources, a new series of actors were able to shape the destinies of the Global South: international financial institutions. This cluster of organizations is funded by taxpayer dollars

But this time, if and when discontented Americans like Amy and Sarah do reengage with democracy, it’s by no means clear that they will vote to stick with the capitalism part of the American model. The 1970s represented the first protracted stumble after the recovery from the Great Depression, with two oil-price shocks and a nasty recession mid-decade. Had recovery from those challenges been as strong as that in the late 1930s and 1940s, no doubt faith in the system would once again have been vindicated. Instead, as the data shows, the post-1970s decades have been, for Americans like Amy and Sarah, a slow drip feed of disappointment and frustration. In this environment, a more sinister narrative about capitalism has been taking root. Capitalism is no longer unambiguously about everybody working hard and getting ahead—it is about the benefit of overall economic growth flowing so disproportionately to rich people that there just isn’t enough left for average Americans to consistently advance. If the little that does trickle down isn’t enough to keep Amy and Sarah afloat, then sooner or later they will wonder why they trust the management of the economy to Wall Street CEOs and Beltway politicians and policy wonks. And then they will surely reengage with the democratic part of the US system—probably with dramatic and potentially harmful results. To be sure, it is always tempting to look for a clear, easily identified whipping boy—a bad president, an atrocious piece of legislation, callous Wall Street, venal hedge funds, the unfettered internet, runaway globalization, or self-absorbed millennials. While no one of these can be held responsible for the yawning inequality of the US economy and the alienation that it engenders, many actors have played a role. It has taken almost half a century of both Democratic and Republican presidents and houses of Congress to get us to the current point. And if numerous actors are in part responsible, then we have to ask—given all that the data shows—whether there may be a fundamental structural problem with democratic capitalism. If so, can we fix it?

Here’s Chamath Palihapitiya, former vice president of user growth at Facebook: The short-term, dopamine-driven feedback loops we’ve created are destroying how society works.… No civil discourse, no cooperation; misinformation, mistruth. And it’s not an American problem—this is not about Russian ads. This is a global problem.… I feel tremendous guilt. I think we all knew in the back of our minds—even though we feigned this whole line of, like, there probably aren’t any bad unintended consequences. I think in the back, deep, deep recesses of, we kind of knew something bad could happen.… So we are in a really bad state of affairs right now, in my opinion. It is eroding the core foundation of how people behave by and between each other. And I don’t have a good solution. My solution is I just don’t use these tools anymore. I haven’t for years.2

This is an especially important question to ask at the present time, as I write this book more than six years since the start of the dramatic recession of 2008. This recession has not only devastated the world economy, but it has contributed to a regression in the very behaviors of bias I have discussed thus far. There is no real surprise here, as history has shown us time and again that economic stress creates a greater sense of threat and fear of “the other.” On a societal scale, hate crimes go up when the economy goes down. On a global scale, dictatorial and fascist regimes are almost always preceded by economic upheaval, whether it is Hitler in Germany, Mussolini in Italy, Franco in Spain, or the Taliban in Afghanistan. These kinds of movements have almost always focused on identifying an “other” who has to be controlled, dethroned, or annihilated.

Prejudice against immigrants always rises during times of economic recession, such as recently suffered in Europe, and the effects have been seen right across the continent and resulted in the rise of right-wing political parties, all of which militate against pan-nationalism and thus weaken the fabric of the EU.

Michelle, the girls, and I visited a sprawling favela on the western end of Rio, where we dropped in at a youth center to watch a capoeira troupe perform and I kicked a soccer ball around with a handful of local kids. By the time we were leaving, hundreds of people had massed outside the center, and although my Secret Service detail nixed the idea of me taking a stroll through the neighborhood, I persuaded them to let me step through the gate and greet the crowd. Standing in the middle of the narrow street, I waved at the Black and brown and copper-toned faces; residents, many of them children, clustered on rooftops and small balconies and pressed against the police barricades. Valerie, who was traveling with us and witnessed the whole scene, smiled as I walked back inside, saying, “I’ll bet that wave changed the lives of some of those kids forever.” I wondered if that was true. It’s what I had told myself at the start of my political journey, part of my justification to Michelle for running for president—that the election and leadership of a Black president stood to change the way children and young people everywhere saw themselves and their world. And yet I knew that whatever impact my fleeting presence might have had on those children of the favelas and however much it might cause some to stand straighter and dream bigger, it couldn’t compensate for the grinding poverty they encountered every day: the bad schools, polluted air, poisoned water, and sheer disorder that many of them had to wade through just to survive. By my own estimation, my impact on the lives of poor children and their families so far had been negligible—even in my own country. My time had been absorbed by just trying to keep the circumstances of the poor, both at home and abroad, from worsening: making sure a global recession didn’t drastically drive up their ranks or eliminate whatever slippery foothold they might have in the labor market; trying to head off a change in climate that might lead to a deadly flood or storm; or, in the case of Libya, trying to prevent a madman’s army from gunning people down in the streets. That wasn’t nothing, I thought—as long as I didn’t start fooling myself into thinking it was anywhere close to enough.

Gen Zers were small children on 9/11/01. They graduated from high school and (maybe) went through college or university during the deepest and most protracted global recession since the Great Depression. They are entering the workforce in a “new normal” of permanently constrained resources, increased requirements placed on workers, and fewer promised rewards for nearly everyone. From day one, they find themselves bumping up against a crowded field of “career delayed” Gen Yers, not to mention plenty of even older workers who themselves may have faced their own career setbacks. Meanwhile, Gen Zers—unlike any other generation in history—can look forward to a lifetime of interdependency and competition with a rising global youth-tide from every corner of this ever-flattening world.

... Gen Z has a global perspective. Gen Z will graduate into a recession on account of the 2009 financial crisis and the global pandemic of 2020. These economic stressors will undermine this generation's ability to be independent and self-reliant. Gen Z were born into an era of increased gun violence, terrorism and war.