Great Recession Quotes

I have all these great genes, but they're recessive. That's the problem here.

Great, I’ll continue this junior high bullshit and tell her that Ty. You got anything else I should whisper to her at recess?” Take asked, pissed as all hell.

To cut 1930s jobless, FDR taxed corps and rich. Govt used money to hire many millions. Worked then; would now again. Why no debate on that?

However, optimism is highly valued, socially and in the market; people and firms reward the providers of dangerously misleading information more than they reward truth tellers. One of the lessons of the financial crisis that led to the Great Recession is that there are periods in which competition, among experts and among organizations, creates powerful forces that favor a collective blindness to risk and uncertainty.

The Night Vale PTA released a statement today saying that if the School Board could not promise to prevent children from learning about dangerous activities like drug use and library science during recess periods, they would be blocking all school entrances with their bodies. They pulled hundreds of bodies out from trucks, saying, “We own all of these bodies and we will not hesitate to use them to create great flesh barricades if that is what it takes to prevent our children from learning.

On moonlight nights the long, straight street and dirty white walls, nowhere darkened by the shadow of a tree, their peace untroubled by footsteps or a dog's bark, glimmered in the pale recession. The silent city was no more than an assemblage of huge, inert cubes, between which only the mute effigies of great men, carapaced in bronze, with their blank stone or metal faces, conjured up a sorry semblance of what the man had been. In lifeless squares and avenues these tawdry idols lorded it under the lowering sky; stolid monsters that might have personified the rule of immobility imposed on us, or, anyhow, its final aspect, that of a defunct city in which plague, stone, and darkness had effectively silenced every voice.

The test of a progressive policy is not private but public, not just rising income and consumption for individuals, but widening the opportunities and what Amartya Sen calls the 'capabilities' of all through collective action. But that means, it must mean, public non-profit initiative, even if only in redistributing private accumulation. Public decisions aimed at collective social improvement from which all human lives should gain. That is the basis of progressive policy—not maximising economic growth and personal incomes. Nowhere will this be more important than in tackling the greatest problem facing us this century, the environmental crisis. Whatever ideological logo we choose for it, it will mean a major shift away from the free market and towards public action, a bigger shift than the British government has yet envisaged. And, given the acuteness of the economic crisis, probably a fairly rapid shift. Time is not on our side.

There is within us a fundamental dis-ease, an unquenchable fire that renders us incapable, in this life, of ever coming to full peace. This desire lies at the center of our lives, in the marrow of our bones, and in the deep recesses of the soul. At the heart of all great literature, poetry, art, philosophy, psychology, and religion lies the naming and analyzing of this desire. Spirituality is, ultimately, about what we do with that desire. What we do with our longings, both in terms of handling the pain and the hope they bring us, that is our spirituality . . . Augustine says: ‘You have made us for yourself, Lord, and our hearts are restless until they rest in you.’ Spirituality is about what we do with our unrest.

For three decades almost all the gains from economic growth have gone to the top. In the 1960s and 1970s, the wealthiest 1 percent of Americans got 9–10 percent of our total income. By 2007, just before the Great Recession, that share had more than doubled, to 23.5 percent. Over the same period the wealthiest one-tenth of 1 percent tripled its share. We haven’t experienced this degree of concentrated wealth since the Gilded Age of the late nineteenth century.

They had stumbled either upon a serious flaw in modern financial markets or into a great gambling run. Characteristically, they were not sure which it was. As Charlie pointed out, “It’s really hard to know when you’re lucky and when you’re smart.

I find myself wondering how many other memories are hidden from me in the recesses of my own brain; indeed my own brain will seem to be the last great terra incognita, and I will be filled with wonder at the prospect of some day discovering new worlds there. Imagine the lost continent of Atlantis and all the submerged islands of childhood right there waiting to be found. The inner space we have never adequately explored. The worlds within worlds within worlds. And the marvelous thing is that they are waiting for us. If we fail to discover them, it is only because we haven't yet built the right vehicle - spaceship or submarine or poem - which will take us to them. It's for this, partly, that I write. How can I know what I think unless I see what I write? My writing is the submarine or spaceship which takes me to the unknown worlds within my head. And the adventure is endless and inexhaustible. If I learn to build the right vehicle, then I can discover even more territories. And each new poem is a new vehicle, designed to delve a little deeper (or fly a little higher) than the one before.

When water fountains start charging to drink, then you know we have a problem.

The financial impact of the "housing crisis" and "Great Recession" (circa 2008-2012) has been well chronicled. But the human impact has been vastly under-reported.

It was as if some great ocean of destruction had rolled its unyielding tide through the city and then, upon its terrible recession, left behind only a shoreline of concrete sand and crushed humanity.

Economic inequality has long been a signature issue of the left, and it rose in prominence after the Great Recession began in 2007. It ignited the Occupy Wall Street movement in 2011 and the presidential candidacy of the self-described socialist Bernie Sanders in 2016, who proclaimed that “a nation will not survive morally or economically when so few have so much, while so many have so little.” 2 But in that year the revolution devoured its children and propelled the candidacy of Donald Trump, who claimed that the United States had become “a third-world country” and blamed the declining fortunes of the working class not on Wall Street and the one percent but on immigration and foreign trade. The left and right ends of the political spectrum, incensed by economic inequality for their different reasons, curled around to meet each other, and their shared cynicism about the modern economy helped elect the most radical American president in recent times.

Christ’s incarnation was less a reaction or response than it was a proactive demonstration of love:

Where the strong are weak, and the noble all too mild—there it builds its disgusting nest: the parasite lives where the great have small wounded recesses.

In desperation, I’d tried to find a part-time after-school job, just to earn some walking-around money. I applied for dozens of tech support and programming jobs (mostly grunt construction work, coding parts of OASIS malls and office buildings), but it was completely hopeless. Millions of college-educated adults couldn’t get one of those jobs. The Great Recession was now entering its third decade, and unemployment was still at a record high. Even the fast-food joints in my neighborhood had a two-year waiting list for job applicants. So I remained stuck at school. I felt like a kid standing in the world’s greatest video arcade without any quarters, unable to do anything but walk around and watch the other kids play.

This generation of Wall Street CEOs could be the ones to forfeit America’s trust. When the history of the Great Recession is written, they can be singled out as the bonus babies who were so shortsighted that they put the economy at risk and contributed to the destruction of their own companies. Or they can acknowledge how Americans’ trust has been lost and take the first steps to earn it back.

Advancing the agenda of America’s wealthiest winners under such circumstances would ordinarily be a hard sell. After all, in 2011, twenty-four million Americans were still out of work. The Great Recession had wiped out some $9 trillion in household wealth. But after forty years, the conservative nonprofit ecosystem had grown quite adept at waging battles of ideas. The think tanks, advocacy groups, and talking heads on the right sprang into action, shaping a political narrative that staved off the kind of course correction that might otherwise have been expected.

On every side was the silence, pressing upon them with a tangible presence.  It affected their minds as the many atmospheres of deep water affect the body of the diver.  It crushed them with the weight of unending vastness and unalterable decree.  It crushed them into the remotest recesses of their own minds, pressing out of them, like juices from the grape, all the false ardours and exaltations and undue self-values of the human soul, until they perceived themselves finite and small, specks and motes, moving with weak cunning and little wisdom amidst the play and inter-play of the great blind elements and forces.

And in yet another unsung accomplishment, the poorest of the poor—the unsheltered homeless—fell in number between 2007 and 2015 by almost a third, despite the Great Recession.

The Great Recession was now entering its third decade, and unemployment was still at a record high. Even the fast-food joints in my neighborhood had a two-year waiting list for job applicants.

This malignant persistence since September 11th is the biggest surprise of all. In previous decades, sneak attacks, stock-market crashes, and other great crises became hinges on which American history swung in dramatically new directions. But events on the same scale, or nearly so, no longer seem to have that power; moneyed interests may have become too entrenched, elites too self-seeking, institutions too feeble, and the public too polarized and passive for the country to be shocked into fundamental change.

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 Great Recession and its continuing aftermath have left many twenty-somethings feeling naïve, even devastated.Twenty-somethings are more educated than ever before, but a smaller percentage find work after college. Many entry-level jobs have gone overseas, making it more difficult for twenty-somethings to gain a foothold at home. With a contracting economy and a growing population, unemployment is at its highest in decades. An unpaid internship is the new starter job. About a quarter of twenty-somethings are out of work and another quarter work only part-time. Twenty-somethings who do have paying jobs earn less than their 1970s counterparts when adjusted for inflation.

Tea was the great arbiter of many things, and for Pastaddams, his morning cup meant the difference between expressing rational thought and succumbing to the ineptitude that occupied recesses of his dormant mind. Merely having the cup in his hand facilitated the flow of ideas, and upon tea, the great nourishment of the tailor’s life, rested all his claims to rational dependence.

After the New Deal, economists began referring to America’s retirement-finance model as a “three-legged stool.” This sturdy tripod was composed of Social Security, private pensions, and combined investments and savings. In recent years, of course, two of those legs have been kicked out. Many Americans saw their assets destroyed by the Great Recession; even before the economic collapse, many had been saving less and less. And since the 1980s, employers have been replacing defined-benefit pensions that are funded by employers and guarantee a monthly sum in perpetuity with 401(k) plans, which often rely on employee contributions and can run dry before death. Marketed as instruments of financial liberation that would allow workers to make their own investment choices, 401(k)s were part of a larger cultural drift in America away from shared responsibilities toward a more precarious individualism. Translation: 401(k)s are vastly cheaper for companies than pension plans. “Over the last generation, we have witnessed a massive transfer of economic risk from broad structures of insurance, including those sponsored by the corporate sector as well as by government, onto the fragile balance sheets of American families,” Yale political scientist Jacob S. Hacker writes in his book The Great Risk Shift. The overarching message: “You are on your own.

The big economic story of our times is not the Great Recession of 2007–2009, unpleasant though it was. Now it’s over. The big story is that the Chinese in 1978 and then the Indians in 1991 began to adopt liberal ideas in their economies, and came to welcome creative destruction.

The accepted version of history is that the Federal Reserve was created to stabilize our economy. One of the most widely-used textbooks on this subject says: "It sprang from the panic of 1907, with its alarming epidemic of bank failures: the country was fed up once and for all with the anarchy of unstable private banking."23 Even the most naive student must sense a grave contradiction between this cherished view and the System's actual performance. Since its inception, it has presided over the crashes of 1921 and 1929; the Great Depression of '29 to '39; recessions in '53, '57, '69, '75, and '81; a stock market "Black Monday" in '87; and a 1000% inflation which has destroyed 90% of the dollar's purchasing power.24

Amongst those who go to sea there are the navigators who discover new worlds, adding continents to the earth and stars to the heavens: they are the masters, the great, the eternally splendid. Then there are those who spit terror from their gun-ports, who pillage, who grow rich and fat. Others go off in search of gold and silk under foreign skies. Still others catch salmon for the gourmet or cod for the poor. I am the obscure and patient pearl-fisherman who dives into the deepest waters and comes up with empty hands and a blue face. Some fatal attraction draws me into the abysses of thought, down into those innermost recesses which never cease to fascinate the strong. I shall spend my life gazing at the ocean of art, where others voyage or fight; and from time to time I'll entertain myself by diving for those green and yellow shells that nobody will want. So I shall keep them for myself and cover the walls of my hut with them.

Supposing an emperor was persuaded to wear a new suit of clothes whose material was so fine that, to the common eye, the clothes weren't there. And suppose a little boy pointed out this fact in a loud, clear voice... Then you have The Story of the Emperor Who Had No Clothes. But if you knew a bit more, it would be The Story of the Boy Who Got a Well-Deserved Thrashing from His Dad for Being Rude to Royalty, and Was Locked Up. Or The Story of the Whole Crowd Who Were Rounded Up by the Guards and Told 'This Didn't Happen, OK? Does Anyone Want to Argue?' Or it could be a story of how a whole kingdom suddenly saw the benefit of the 'new clothes', and developed an enthusiasm for healthy sports in a lively and refreshing atmosphere which got many new adherents every year, and led to a recession caused by the collapse of the conventional clothing industry. It could even be a story about The Great Pneumonia Epidemic of '09. It all depends on how much you know.

Something had curdled in the atmosphere of the great hall. A further restlessness, a sense of unease, seemed to seep into the air through the walls. The cat, once more in its favored perch in the window recess, began to back up against the shutter, its ears flat and its eyes wide. After a moment even this refuge would not suffice, and it dropped with a small bang onto the table below, leaped to the floor, and scuttled along the wall till it disappeared through an archway near the dais.

The twin shocks of 9/11 and the Great Recession seem mentally to have unhinged a portion of the American people and much of the political class. The following years were consumed by crazy arguments about the president’s birth certificate, death panels, and voters shouting that the government must get its hands off their government-provided Medicare.

Is there life before death?

It would be tragic if, in a future recession or depression, policymakers repeated the same mistakes of the New Deal because they knew only the political histories of the time.

Great. Darcy is the ruler of our school. Prety soon, Julius is going to be like Singapore - you'll get a $500 fine for chewing gum or making out in the hallways.

People need to be reminded more often than they need to be instructed." The

The failure to endow Treasury and the Fed with the authority to deal with the insolvency of a nonbank financial institution was the single most important policy failure of the crisis.

The third stage in religious development arises when men identify them—when the Numinous Power to which they feel awe is made the guardian of the morality to which they feel obligation.

She wondered what it was about storytelling that made people want it almost as much as food and water, even more so in bad times than good. Movies had never drawn more patrons than during the Great Depression. Book sales often improved in a recession. The need went beyond a mere desire for entertainment and distraction from one's troubles. It was more profound and mysterious than that.

I have seen," he said, "the most beautiful scenes of my own country; I have visited the lakes of Lucerne and Uri, where the snowy mountains descend almost perpendicularly to the water, casting black and impenetrable shades, which would cause a gloomy and mournful appearance, were it not for the most verdant islands that relieve the eye by their gay appearance; I have seen this lake agitated by a tempest, when the wind tore up whirlwinds of water, and gave you an idea of what the waterspout must be on the great ocean; and the waves dash with fury the base of the mountain, where the priest and his mistress were overwhelmed by an avalanche, and where their dying voices are still said to be heard amid the pauses of the nightly wind; I have seen the mountains of La Valais, and the Pays de Vaud: but this country, Victor, pleases me more than all those wonders. The mountains of Switzerland are more majestic and strange; but there is a charm in the banks of this divine river, that I never before saw equalled. Look at that castle which overhangs yon precipice; and that also on the island, almost concealed amongst the foliage of those lovely trees; and now that group of labourers coming from among their vines; and that village half hid in the recess of the mountain. Oh, surely, the spirit that inhabits and guards this place has a soul more in harmony with man than those who pile the glacier, or retire to the inaccessible peaks of the mountains of our own country. "Clerval! beloved friend! even now it delights me to record your words, and to dwell on the praise of which you are so eminently deserving. He was a being formed in the "very poetry of nature." His wild and enthusiastic imagination was chastened by the sensibility of his heart.

the Occupy Movement flared up and began setting up tents in public parks all around the nation, from New York City to Chicago to Seattle. But it actually happened exactly eighty years earlier, when the nation was drowning in President Hoover’s Great Depression, and not President Bush’s Great Recession. These settlements weren’t called “occupations” at the time, they were called “Hoovervilles.

The prosecuting attorney, in his plea to the jury, accused me of saying on a public platform at a public meeting, “To hell with the courts, we know what justice is.” He told a great truth when he lied, for if he had searched the innermost recesses of my mind he could have found that thought, never expressed by me before, but which I express now, “To hell with your courts, I know what justice is,

But all civilisations pass away and, even while they remain, inflict peculiar sufferings of their own probably sufficient to outweigh what alleviations they may have brought to the normal pains of man.

For true conversion doth not consist in putting away great and outward sins only, but in descending deeply into your own self, searching into the inmost recesses of the heart, the secrets and closets, all the windings and turnings thereof; changing and renewing them throughout, with the grace that is given you: and so, by faith, you are converted from self-love to Divine love; from the world and all worldly concupiscences, to a spiritual and heavenly life; and from a participation of the pomps and pleasures thereof, to participating the merits and virtues of Christ, by believing his word, and walking in his steps.

It was a generation growing in its disillusionment about the deepening recession and the backroom handshakes and greedy deals for private little pots of gold that created the largest financial meltdown since the Great Depression. As heirs to the throne, we all knew, of course, how bad the economy was, and our dreams, the ones we were told were all right to dream, were teetering gradually toward disintegration. However, on that night, everyone seemed physically at ease and exempt from life’s worries with final exams over and bar class a distant dream with a week before the first lecture, and as I looked around at the jubilant faces and loud voices, if you listened carefully enough you could almost hear the culmination of three years in the breath of the night gasp in an exultant sigh as if to say, “Law school was over at last!

the most important instances of “injustice in exchange”—unemployment and inflation/deflation—result from party factions violating the basic principles of economic policy I show that from the Great Depression of 1929-33 to the Great Recession of 2007-9, all major U.S. financial crises can be traced to the dollar's role as chief official reserve currency—suggesting that to avoid similar future misfortunes, it's urgently necessary to end the dollar's “reserve currency curse.

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.

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,

God is the only comfort, He is also the supreme terror: the thing we most need and the thing we most want to hide from. He is our only possible-ally, and we have made ourselves His enemies. Some people talk as if meeting the gaze of absolute goodness would be fun. They need to think again.

Consequently atheism turns out to be too simple. If the whole universe has no meaning, we should never have found out that it has no meaning: just as, if there were no light in the universe and therefore no creatures with eyes, we should never know it was dark. Dark would be without meaning.

Of course, President Obama was correct that there has been positive, meaningful social change in our lifetimes—certainly in the years since I was born in 1954—but if we focus specifically on the twenty-year period from 1997 to 2017, we must acknowledge some setbacks beyond just the stubborn persistence of neighborhood and school segregation. There are three I want to highlight here: the anti–affirmative action backlash of the late twentieth and early twenty-first centuries, the economic collapse of 2008 known as the Great Recession, and the phenomenon known as mass incarceration.

Covid-19 offers us a great opportunity for individual and collective recession. It is a time to go back to the drawing board and rewrite the next phase of our existence. The upcoming generation has to read about how we fought this pandemic with or without vaccines in order to overcome similar situations during their times.

The Moral Law does not give us any grounds for thinking that God is "good" in the sense of being indulgent, or soft, or sympathetic. There is nothing indulgent about the Moral Law. It is as hard as nails. It tells you to do the straight thing and it does not seem to care how painful, or dangerous, or difficult it is to do.

If one sentence were to sum up the mechanism driving the Great Stagnation, it is this: Recent and current innovation is more geared to private goods than to public goods. That simple observation ties together the three major macroeconomic events of our time: growing income inequality, stagnant median income, and the financial crisis.

The Great Recession and its continuing aftermath have left many twentysomethings feeling naïve, even devastated. Twentysomethings are more educated than ever before, but a smaller percentage find work after college. Many entry-level jobs have gone overseas making it more difficult for twentysomethings to gain a foothold at home. With a contracting economy and a growing population, unemployment is at its highest in decades. An unpaid internship is the new starter job. About a quarter of twentysomethings are out of work and another quarter work only part-time. Twentysomethings who do have paying jobs earn less than their 1970s counterparts when adjusted for inflation.

All at once he found his mind drawing a parallel between that destiny and his own existence; all at once questions of life arose before his vision, like owls in an ancient ruin flushed from sleep by a stray ray of sunlight. Somehow he felt pained and grieved at his arrested development, at the check which had taken place in his moral growth, at the weight which appeared to be pressing upon his every faculty. Also gnawing at his heart there was a sense of envy that others should be living a life so full and free, while all the time the narrow, pitiful little pathway of his own existence was being blocked by a great boulder. And in his hesitating soul there arose a torturing consciousness that many sides of his nature had never yet been stirred, that others had never even been touched, and that not one of them had attained complete formation. Yet with this there went an aching suspicion that, buried in his being, as in a tomb, there still remained a moribund element of sweetness and light, and that it was an element which, though hidden in his personality, as a nugget lies lurking in the bowels of the earth, might once have become minted into sterling coin. But the treasure was now overlaid with rubbish--was now thickly littered over with dust. 'Twas as though some one had stolen from him, and besmirched, the store of gifts with which life and the world had dowered him; so that always he would be prevented from entering life's field and sailing across it with the aid of intellect and of will. Yes, at the very start a secret enemy had laid a heavy hand upon him and diverted him from the road of human destiny. And now he seemed to be powerless to leave the swamps and wilds in favour of that road. All around him was a forest, and ever the recesses of his soul were growing dimmer and darker, and the path more and more tangled, while the consciousness of his condition kept awaking within him less and less frequently--to arouse only for a fleeting moment his slumbering faculties. Brain and volition alike had become paralysed, and, to all appearances, irrevocably--the events of his life had become whittled down to microscopical proportions. Yet even with them he was powerless to cope--he was powerless to pass from one of them to another. Consequently they bandied him to and fro like the waves of the ocean. Never was he able to oppose to any event elasticity of will; never was he able to conceive, as the result of any event, a reasoned-out impulse. Yet to confess this, even to himself, always cost him a bitter pang: his fruitless regrets for lost opportunities, coupled with burning reproaches of conscience, always pricked him like needles, and led him to strive to put away such reproaches and to discover a scapegoat.

No nation becomes great without first eradicating laziness from the lives of its citizens. A nation could be blessed with all the natural resources and potentials but if that nation does not destroy laziness and revive hard work in its citizens, that nation will be as underdeveloped and economically recessed as if it has no resources and potentials whatsoever.

From 1960 to 1970, as the New Deal expanded into the Great Society, the number of Americans in poverty declined from 40 million to under 25 million. During the 1970s, after the rise of dog whistle politics but before its full hijacking by rightwing oligarchs, the numbers in poverty remained steady. During the 1980s, as Reagan and then George H.W. Bush reigned, those in poverty soared to 35 million. At the end of Clinton’s second term in 2000, those mired in poverty had fallen to just above 30 million. But following the Great Recession that marked the end George W. Bush’s presidency, over 46 million Americans were in poverty.63 That’s an additional 16 million good folks pushed into the material and emotional hardship of destitution in just one decade.

because of Marx’s capacity to discover the long-term laws of motion of the capitalist mode of production in its essence, irrespective of thousands of ‘impurities’ and of secondary aspects, that his long-term predictions – the laws of accumulation of capital, stepped-up technological progress, accelerated increase in the productivity and intensity of labour, growing concentration and centralization of capital, transformation of the great majority of economically active people into sellers of labour-power, declining rate of profit, increased rate of surplus value, periodically recurrent recessions, inevitable class struggle between Capital and Labour, increasing revolutionary attempts to overthrow capitalism – have been so strikingly confirmed by history.

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.

The days glided by. The fervid Summer slid away round the shoulder of the world, and made room for her dignified matron sister; my lady Autumn swept her frayed and discoloured train out of the great hall-door of the world, and old brother Winter, who so assiduously waits upon the house, and cleans its innermost recesses, was creeping around it, biding his time, but eager to get to his work.

. . . one of the lessons of a UBI is that our policy outcomes are not inevitabilities but choices. The United States would be significantly richer right now if it had passed more fiscal stimulus at the onset of the Great Recession. It would be richer if it invested in infrastructure. It would be richer if it chose to ensure that no child grew up in poverty. It would be richer if it had worked to make black and white Americans, as well as men and women, true equals. . . poverty in the United States is a choice. Stagnant middle-class incomes are a choice. Technology-fueled mass unemployment is a choice. Racism is a choice. The patriarchy is a choice. This is not to discount how deeply entrenched existing policies, interests, and tendencies are—but to recognize that while they might be entrenched, they are not immutable.

Its first disappointment was over the crucifixion. The Man came to life again. In a sense—and I quite realise how frightfully unfair it must seem to them—that has been happening ever since. They keep on killing the thing that He started: and each time, just as they are patting down the earth on its grave, they suddenly hear that it is still alive and has even broken out in some new place. No wonder they hate us.)

The “German problem” after 1970 became how to keep up with the Germans in terms of efficiency and productivity. One way, as above, was to serially devalue, but that was beginning to hurt. The other way was to tie your currency to the deutsche mark and thereby make your price and inflation rate the same as the Germans, which it turned out would also hurt, but in a different way. The problem with keeping up with the Germans is that German industrial exports have the lowest price elasticities in the world. In plain English, Germany makes really great stuff that everyone wants and will pay more for in comparison to all the alternatives. So when you tie your currency to the deutsche mark, you are making a one-way bet that your industry can be as competitive as the Germans in terms of quality and price. That would be difficult enough if the deutsche mark hadn’t been undervalued for most of the postwar period and both German labor costs and inflation rates were lower than average, but unfortunately for everyone else, they were. That gave the German economy the advantage in producing less-than-great stuff too, thereby undercutting competitors in products lower down, as well as higher up the value-added chain. Add to this contemporary German wages, which have seen real declines over the 2000s, and you have an economy that is extremely hard to keep up with. On the other side of this one-way bet were the financial markets. They looked at less dynamic economies, such as the United Kingdom and Italy, that were tying themselves to the deutsche mark and saw a way to make money. The only way to maintain a currency peg is to either defend it with foreign exchange reserves or deflate your wages and prices to accommodate it. To defend a peg you need lots of foreign currency so that when your currency loses value (as it will if you are trying to keep up with the Germans), you can sell your foreign currency reserves and buy back your own currency to maintain the desired rate. But if the markets can figure out how much foreign currency you have in reserve, they can bet against you, force a devaluation of your currency, and pocket the difference between the peg and the new market value in a short sale. George Soros (and a lot of other hedge funds) famously did this to the European Exchange Rate Mechanism in 1992, blowing the United Kingdom and Italy out of the system. Soros could do this because he knew that there was no way the United Kingdom or Italy could be as competitive as Germany without serious price deflation to increase cost competitiveness, and that there would be only so much deflation and unemployment these countries could take before they either ran out of foreign exchange reserves or lost the next election. Indeed, the European Exchange Rate Mechanism was sometimes referred to as the European “Eternal Recession Mechanism,” such was its deflationary impact. In short, attempts to maintain an anti-inflationary currency peg fail because they are not credible on the following point: you cannot run a gold standard (where the only way to adjust is through internal deflation) in a democracy.

I must add, too, that the only purpose of the book is to solve the intellectual problem raised by suffering; for the far higher task of teaching fortitude and patience I was never fool enough to suppose myself qualified, nor have I anything to offer my readers except my conviction that when pain is to be borne, a little courage helps more than much knowledge, a little human sympathy more than much courage, and the least tincture of the love of God more than all.

inlaid in Florentine mosaic, the very flower-stands placed in the recesses of the windows, oozed and sweated with gold. At the four corners of the room were four great lamps placed on pedestals of red marble, to which they were fastened by chains of bronze gilt, that fell with symmetrical grace. And from the ceiling hung three lustres with crystal pendants, streaming with drops of blue and pink light, whose hot glare drew a responding gleam from all the gold in the room.

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?

You, dearly beloved, whom I address in no less earnest terms than those of the blessed apostle Peter, “a chosen race, a royal priesthood, a holy nation, a people for God’s own possession,” built upon the impregnable rock, Christ, and joined to the Lord our Savior by His true assumption of our flesh, remain firm in the faith, which you have professed before many witnesses and in which you were reborn through water and the Holy Spirit, and received the anointing of salvation and the seal of eternal life. But “if anyone preaches to you anything besides that which you have learned, let him be anathema”; refuse to put wicked fables before the clearest truth, and what you may happen to read or hear contrary to the rule of the catholic and apostolic creed, judge it altogether deadly and diabolical… Indeed, they put on a cloak of piety and chastity, but under this deceit they conceal the filthiness of their acts, and from the recesses of their ungodly heart hurl shafts to wound the simple… A mighty bulwark is a sound faith, a true faith, to which nothing has to be added or taken away, because unless it is one, it is no faith, as the apostle says, “one Lord, one faith, one Baptism, one God and Father of all, who is above all and through all and in us all.” Cling to this unity, dearly beloved, with minds unshaken, and in it “follow after” all “holiness.” In it carry out the Lord’s commands, because “without faith it is impossible to please God,” and without it nothing is holy, nothing pure, nothing alive, “for the just lives by faith,” and he who by the devil’s deception loses it is dead though living, because as righteousness is gained by faith, so, too, by a true faith is eternal life gained, as our Lord and Savior says. And this is life eternal, that they may know You, the only true God, and Jesus Christ, whom You have sent. May He make you to advance and persevere to the end, who lives and reigns with the Father and the Holy Spirit, forever and ever. Amen.                —Leo the Great

A kiss with Lenore is a scenario in which Iskate with buttered soles over the moist rink of lower lip, sheltered from weathers by the wet warm overhang of upper, finally to crawl between lip and gum and pull the lip to me like a child’s blanket and stare over it with beady, unfriendly eyes out at the world external to Lenore, of which I no longer wish to be part. That I must in the final analysis remain part of the world that is external to and other from Lenore Beadsman is to me a source of profound grief. That others may dwell deep, deep within the ones they love, drink from the soft cup at the creamy lake at the center of the Object of Passion, while I am fated forever only to intuit the presence of deep recesses while I poke my nose, as it were, merely into the foyer of the Great House of Love, agitate briefly, and make a small mess onthe doormat, pisses me off to no small degree. But that Lenore finds such tiny frenzies, such conversations just inside the Screen Door of Union, to be not only pleasant and briefly diverting but somehow apparently right, fulfilling, significant, in some sense wonderful, quite simply and not at all surprisingly makes me feel the same way, enlarges my sense of it and me, sends me hurrying up the walk to that Screen Door in my best sportjacket and flower in lapel as excited as any schoolboy, time after time, brings me charging to the cave entrance in leopardskin shirt, avec club, bellowing for admittance and promising general kickings of ass if I am impeded in any way.

What are the health effects of the choice between austerity and stimulus? Today there is a vast natural experiment being conducted on the body economic. It is similar to the policy experiments that occurred in the Great Depression, the post-communist crisis in eastern Europe, and the East Asian Financial Crisis. As in those prior trials, health statistics from the Great Recession reveal the deadly price of austerity—a price that can be calculated not just in the ticks to economic growth rates, but in the number of years of life lost and avoidable deaths. Had the austerity experiments been governed by the same rigorous standards as clinical trials, they would have been discontinued long ago by a board of medical ethics. The side effects of the austerity treatment have been severe and often deadly. The benefits of the treatment have failed to materialize. Instead of austerity, we should enact evidence-based policies to protect health during hard times. Social protection saves lives. If administered correctly, these programs don’t bust the budget, but—as we have shown throughout this book—they boost economic growth and improve public health. Austerity’s advocates have ignored evidence of the health and economic consequences of their recommendations. They ignore it even though—as with the International Monetary Fund—the evidence often comes from their own data. Austerity’s proponents, such as British Prime Minister David Cameron, continue to write prescriptions of austerity for the body economic, in spite of evidence that it has failed. Ultimately austerity has failed because it is unsupported by sound logic or data. It is an economic ideology. It stems from the belief that small government and free markets are always better than state intervention. It is a socially constructed myth—a convenient belief among politicians taken advantage of by those who have a vested interest in shrinking the role of the state, in privatizing social welfare systems for personal gain. It does great harm—punishing the most vulnerable, rather than those who caused this recession.

the Egyptian expedition would later attempt to explore the inside of the Great Pyramid, which had only been opened up again a few years previously. The French traveler Savary was one of the first to penetrate the interior, and most vividly evokes the atmosphere inside the pyramid at this time: We left our coats at the entrance to the passage which led into the interior, and began to descend, each holding a burning torch. Towards the bottom, we had to wriggle on our bellies like snakes in order to gain access to the inner passageway. . . . We scrambled up this on our knees, at the same time pressing our hands against the sides. Had we not done this, we risked slipping backwards, and the slight grooves on its surface would not have been able to stop us from sliding all the way down to the bottom. About halfway up we fired a pistol shot whose deafening noise echoed away forever through all the distant recesses of the immense edifice. This awakened thousands of bats, which hurtled down, striking us on our hands and face and extinguishing several of our torches.27

Back in July 2003, he’d written them a long essay on the causes and consequences of what he took to be a likely housing crash: “Alan Greenspan assures us that home prices are not prone to bubbles—or major deflations—on any national scale,” he’d said. “This is ridiculous, of course…. In 1933, during the fourth year of the Great Depression, the United States found itself in the midst of a housing crisis that put housing starts at 10% of the level of 1925. Roughly half of all mortgage debt was in default. During the 1930s, housing prices collapsed nationwide by roughly 80%.

Fuchsia took three paces forward in the first of the attics and then paused a moment to re-tie a string above her knee. Over her head vague rafters loomed and while she straightened her-self she noticed them and unconsciously loved them. This was the lumber room. Though very long and lofty it looked relatively smaller than it was, for the fantastic piles of every imaginable kind of thing, from the great organ to the lost and painted head of a broken toy lion that must one day have been the plaything of one of Fuchsia's ancestors, spread from every wall until only an avenue was left to the adjacent room. This high, narrow avenue wound down the centre of the first attic before suddenly turning at a sharp angle to the right. The fact that this room was filled with lumber did not mean that she ignored it and used it only as a place of transit. Oh no, for it was here that many long afternoons had been spent as she crawled deep into the recesses and found for herself many a strange cavern among the incongruous relics of the past. She knew of ways through the centre of what appeared to be hills of furniture, boxes, musical instruments and toys, kites, pictures, bamboo armour and helmets, flags and relics of every kind, as an Indian knows his green and secret trail. Within reach of her hand the hide and head of a skinned baboon hung dustily over a broken drum that rose above the dim ranges of this attic medley. Huge and impregnable they looked in the warm still half-light, but Fuchsia, had she wished to, could have disappeared awkwardly but very suddenly into these fantastic mountains, reached their centre and lain down upon an ancient couch with a picture book at her elbow and been entirely lost to view within a few moments.

in 1858, the enormous volume of effluent produced by the people and industries of London, combined with a rather hot summer, produced a phenomenon known at the time as the Great Stink: the Thames itself had become an open sewer. People who could leave London, left it; the ones who stayed wrapped cloths doused in carbolic around their faces and tried not to breathe through their noses. Parliament was forced to recess early in 1858, and the following year it ordered that a programme of sewer-building begin. The thousands of miles of sewers that were built were constructed with a gentle slope from the west to the east, and,

If I had never changed my mind about what I wanted in a relationship or about what I wanted out of a relationship, do you know who I'd be with? Probably not, but I do: SUSAN: former crush from the third grade. ATTRIBUTES: blonde hair, proficient at reading and writing, great at freeze tag, excellent at all recess and playground activities. RELATIONSHIP STRENGTHS: female, talked to me, shared her fruit snacks with me, didn't hate me. RELATIONSHIP PITFALLS: I like things other than recess now; the qualities I liked in third grade might not be enough for a healthy adult relationship...but having fruit snacks never hurts.

A kiss with Lenore is a scenario in which I skate with buttered soles over the moist rink of lower lip, sheltered from weathers by the wet warm overhang of upper, finally to crawl between lip and gum and pull the lip to me like a child’s blanket and stare over it with beady, unfriendly eyes out at the world external to Lenore, of which I no longer wish to be part. That I must in the final analysis remain part of the world that is external to and other from Lenore Beadsman is to me a source of profound grief. That others may dwell deep, deep within the ones they love, drink from the soft cup at the creamy lake at the center of the Object of Passion, while I am fated forever only to intuit the presence of deep recesses while I poke my nose, as it were, merely into the foyer of the Great House of Love, agitate briefly, and make a small mess on the doormat, pisses me off to no small degree. But that Lenore finds such tiny frenzies, such conversations just inside the Screen Door of Union, to be not only pleasant and briefly diverting but somehow apparently right, fulfilling, significant, in some sense wonderful, quite simply and not at all surprisingly makes me feel the same way, enlarges my sense of it and me, sends me hurrying up the walk to that Screen Door in my best sportjacket and flower in lapel as excited as any schoolboy, time after time, brings me charging to the cave entrance in leopardskin shirt, avec club, bellowing for admittance and promising general kickings of ass if I am impeded in any way.

And by the early 1970s our little parable of Sam and Sweetie is exactly what happened to the North American Golden Retriever. One field-trial dog, Holway Barty, and two show dogs, Misty Morn’s Sunset and Cummings’ Gold-Rush Charlie, won dozens of blue ribbons between them. They were not only gorgeous champions; they had wonderful personalities. Consequently, hundreds of people wanted these dogs’ genes to come into their lines, and over many matings during the 1970s the genes of these three dogs were flung far and wide throughout the North American Golden Retriever population, until by 2010 Misty Morn’s Sunset alone had 95,539 registered descendants, his number of unregistered ones unknown. Today hundreds of thousands of North American Golden Retrievers are descended from these three champions and have received both their sweet dispositions and their hidden time bombs. Unfortunately for these Golden Retrievers, and for the people who love them, one of these time bombs happens to be cancer. To be fair, a so-called cancer gene cannot be traced directly to a few famous sires, but using these sires so often increases the chance of recessive genes meeting—for good and for ill. Today, in the United States, 61.4 percent of Golden Retrievers die of cancer, according to a survey conducted by the Golden Retriever Club of America and the Purdue School of Veterinary Medicine. In Great Britain, a Kennel Club survey found almost exactly the same result, if we consider that those British dogs—loosely diagnosed as dying of “old age” and “cardiac conditions” and never having been autopsied—might really be dying of a variety of cancers, including hemangiosarcoma, a cancer of the lining of the blood vessels and the spleen. This sad history of the Golden Retriever’s narrowing gene pool has played out across dozens of other breeds and is one of the reasons that so many of our dogs spend a lot more time in veterinarians’ offices than they should and die sooner than they might. In genetic terms, it comes down to the ever-increasing chance that both copies of any given gene are derived from the same ancestor, a probability expressed by a number called the coefficient of inbreeding. Discovered in 1922 by the American geneticist Sewall Wright, the coefficient of inbreeding ranges from 0 to 100 percent and rises as animals become more inbred.

Many esotericists are, indeed, familiar with the story – translated by the distinguished philologist and Orientalist Sir Friedrich Max Müller in the nineteenth century – in which the ancient Indo-Aryan Gods decided where best to hide divinity from humankind. After discussing the options of concealing the Great Secret atop the summit of the highest mountain, burying it in the further recesses of the earth, or sinking it at the bottom of the widest ocean, the Gods came to the conclusion that, irrespective of where they would conceal the Great Secret, humans would eventually discover it due to the human nature‘s inquisitiveness and restlessness. However, ultimately, the oldest and wisest Gods suggested that they should wrap divinity within the human being itself, because that is the last place in which humans would ever look; this was and is actually the case.

Although psychotherapy and writing are distinct in many ways, they are two fields whose great resource is the vast plains of the unconscious mind and how this landscape gets translated into words. As a writer, you are often asking your mind to dream while awake, and if remembering dreams is difficult in general, then it seems to follow that it would be sometimes grueling to conjure up the murky depths on call, eyes open. (Robert M. Young) calls it madness, which is a strong word, but it's not a bad one in exaggeration, because he's talking about creating a safe and bound space in which to explore all sorts of darknesses that collect in the recesses of the mind. He's talking about what we do not understand, or know about, or have control over. And the unconscious, if treated well, is the writer's very good friend. Allowing it room is crucial. Allowing it structure can be the safest way to access it without feeling overwhelmed.

You may well ask: when the bubble finally burst, why did we not let the bankers crash and burn? Why weren't they held accountable for their absurd debts? For two reasons. First because the payment system - the simple means of transferring money from one account to another and on which every transaction relies - is monopolised by the very same bankers who were making the bets. Imagine having gifted your arteries and veins to a gambler. The moment he loses big at the casino, he can blackmail you for anything you have simply by threatening to cut off your circulation. Second, because the financiers' gambles contained deep inside the title deeds to the houses of the majority. A full-scale financial market collapse could therefore lead to mass homelessness and a complete breakdown in the social contract. Don't be surprised that the high and mighty financiers of Wall Street would bother financialising the modest homes of poor people. Having borrowed as much as they could off banks and rich clients in order to place their crazy bets, they craved more since the more they bet, the more they made. So they created more debt from scratch to use as raw materials for more bets. How? By lending to impecunious blue collar worker who dreamed of the security of one day owning their own home. What if these little people could not actually afford their mortgage in the medium term? In contrast to bankers of old, the Jills and the Jacks who actually leant them the money did not care if the repayments were made because they never intended to collect. Instead, having granted the mortgage, they put it into their computerised grinder, chopped it up literally into tiny pieces of debt and repackaged them into one of their labyrinthine derivatives which they would then sell at a profit. By the time the poor homeowner had defaulted and their home was repossessed, the financier who granted the loan in the first place had long since moved on.

New Rule: Democrats must get in touch with their inner asshole. I refer to the case of Van Jones, the man the Obama administration hired to find jobs for Americans in the new green industries. Seems like a smart thing to do in a recession, but Van Jones got fired because he got caught on tape saying Republicans are assholes. And they call it news! Now, I know I'm supposed to be all reinjected with yes-we-can-fever after the big health-care speech, and it was a great speech--when Black Elvis gets jiggy with his teleprompter, there is none better. But here's the thing: Muhammad Ali also had a way with words, but it helped enormously that he could also punch guys in the face. It bothers me that Obama didn't say a word in defense of Jones and basically fired him when Glenn Beck told him to. Just like dropped "end-of-life counseling" from health-care reform because Sarah Palin said it meant "death panels" on her Facebook page. Crazy morons make up things for Obama to do, and he does it. Same thing with the speech to schools this week, where the president attempted merely to tell children to work hard and wash their hands, and Cracker Nation reacted as if he was trying to hire the Black Panthers to hand out grenades in homeroom. Of course, the White House immediately capitulated. "No students will be forced to view the speech" a White House spokesperson assured a panicked nation. Isn't that like admitting that the president might be doing something unseemly? What a bunch of cowards. If the White House had any balls, they'd say, "He's giving a speech on the importance of staying in school, and if you jackasses don't show it to every damn kid, we're cutting off your federal education funding tomorrow." The Democrats just never learn: Americans don't really care which side of an issue you're on as long as you don't act like pussies When Van Jones called the Republicans assholes, he was paying them a compliment. He was talking about how they can get things done even when they're in the minority, as opposed to the Democrats , who can't seem to get anything done even when they control both houses of Congress, the presidency, and Bruce Springsteen. I love Obama's civility, his desire to work with his enemies; it's positively Christlike. In college, he was probably the guy at the dorm parties who made sure the stoners shared their pot with the jocks. But we don't need that guy now. We need an asshole. Mr. President, there are some people who are never going to like you. That's why they voted for the old guy and Carrie's mom. You're not going to win them over. Stand up for the seventy percent of Americans who aren't crazy. And speaking of that seventy percent, when are we going to actually show up in all this? Tomorrow Glenn Beck's army of zombie retirees descending on Washington. It's the Million Moron March, although they won't get a million, of course, because many will be confused and drive to Washington state--but they will make news. Because people who take to the streets always do. They're at the town hall screaming at the congressman; we're on the couch screaming at the TV. Especially in this age of Twitters and blogs and Snuggies, it's a statement to just leave the house. But leave the house we must, because this is our last best shot for a long time to get the sort of serious health-care reform that would make the United States the envy of several African nations.

The Fifth Congress had recessed in July 1798 without declaring war against France, but in the last days before adjourning it did approve other measures championed by Abigail Adams that aided in the undoing of her husband—the Alien and Sedition Acts. Worried about French agents in their midst, the lawmakers passed punitive measures changing the rules for naturalized citizenship and making it legal for the U.S. to round up and detain as “alien enemies” any men over the age of fourteen from an enemy nation after a declaration of war. Abigail heartily approved. But it was the Sedition Act that she especially cheered. It imposed fines and imprisonment for any person who “shall write, print, utter, or publish…any false, scandalous and malicious writing or writings against the government of the United States, or either house of the Congress of the United States, or the President of the United States” with the intent to defame them. Finally! The hated press would be punished. To Abigail’s way of thinking, the law was long overdue. (Of course she was ready to use the press when it served her purposes, regularly sending information to relatives and asking them to get it published in friendly gazettes.) Back in April she had predicted to her sister Mary that the journalists “will provoke measures that will silence them e’er long.” Abigail kept up her drumbeat against newspapers in letter after letter, grumbling, “Nothing will have an effect until Congress pass a Sedition Bill, which I presume they will do before they rise.” Congress could not act fast enough for the First Lady: “I wish the laws of our country were competent to punish the stirrer up of sedition, the writer and printer of base and unfounded calumny.” She accused Congress of “dilly dallying” about the Alien Acts as well. If she had had her way, every newspaperman who criticized her husband would be thrown in jail, so when the Alien and Sedition Acts were passed and signed, Abigail still wasn’t satisfied. Grumping that they “were shaved and pared to almost nothing,” she told John Quincy that “weak as they are” they were still better than nothing. They would prove to be a great deal worse than nothing for John Adams’s political future, but the damage was done. Congress went home. So did Abigail and John Adams.

It is ironic that Keynesianism originated as a weapon to combat depression, but became universally accepted and "successful" only during (and because of!) the postwar expansion. At the first sign of renewed world recession, Keynesian theory has proved itself to be a snare and a delusion that has gone into immediate bankruptcy. The resulting "post-Keynesian synthesis" is also the theoretical reason for the reactionary exhumation of the simplistic, neoclassical, and monetarist economic theory of the 1920s. This revival of old theory is highlighted by the award of Nobel prizes in economics to Friedrich von Hayek, whose theoretical work was done before the Great Depression, and Milton Friedman, whose lone voice echoed in the wilderness until the new world economic crisis put his unpopular and antipopulist theories on the agenda of business board rooms and government cabinet rooms in one capitalist country after another. The real reason for the recent interest in fifty-year-old theories is that capital now wants them to legitimize its attack on the welfare state and "unproductive" expenditures on social services, which capital claims to need for "productive" investment in industry, including armaments.

Age of Extremes" delivers its fundamental argument in the form of a periodisation. The ‘short 20th century’ between 1914 and 1991 can be divided into three phases. The first, ‘The Age of Catastrophe’, extends from the slaughter of the First World War, through the Great Depression and the rise of Fascism, to the cataclysm of the Second World War and its immediate consequences, including the end of European empires. The second, ‘The Golden Age’, stretching approximately from 1950 to 1973, saw historically unprecedented rates of growth and a new popular prosperity in the advanced capitalist world, with the spread of mixed economies and social security systems; accompanied by rising living standards in the Soviet bloc and the ‘end of the Middle Ages’ in the Third World, as the peasantry streamed off the land into modern cities in post-colonial states. The third phase, ‘Landslide’, starting with the oil crisis and onset of recession in 1973, and continuing into the present, has witnessed economic stagnation and political atrophy in the West, the collapse of the USSR in the East, socio-cultural anomie across the whole of the North, and the spread of vicious ethnic conflicts in the South. The signs of these times are: less growth, less order, less security. The barometer of human welfare is falling.

Also, even when people feel they know nothing, they typically know a bit and that bit should tip them away from maximum uncertainty, at least a bit. The astrophysicist J. Richard Gott shows us what forecasters should do when all they know is how long something—a civil war or a recession or an epidemic—has thus far lasted. The right thing is to adopt an attitude of “Copernican humility” and assume there is nothing special about the point in time at which you happen to be observing the phenomenon. For instance, if the Syrian civil war has been going on for two years when IARPA poses a question about it, assume it is equally likely you are close to the beginning—say, we are only 5% into the war—or close to the end—say, the war is 95% complete. Now you can construct a crude 95% confidence band of possibilities: the war might last as little as 1/39 of 2 years (or less than another month), or as long as about 39 × 2 years, or 78 years. This may not seem to be a great achievement but it beats saying “zero to infinity.” And if 78 years strikes you as ridiculously long that is because you cheated by violating the ground rule of you must know “nothing.” You just introduced outside-view base-rate knowledge about wars in general (e.g., you know that very few wars have ever lasted that long). You are now on the long road to becoming a better forecaster. See Richard Gott, “Implications of the Copernican Principle for Our Future Prospects,” Nature

evangelicals overestimate our size and influence as a movement.

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.

With each younger generation, evangelicals account for less of their generation.

This problem was disguised for a time. Most Americans continued to buy as if their incomes had continued to rise. They did this by going deeply into debt. But when the debt bubble burst in 2008 the game was up. Without enough buyers, companies shed workers. The Great Recession began.

Billy Graham’s crusades likely marked the peak of mass evangelism.

met in a harborside convention center in Vancouver to figure out how to save the world’s exploding cities from disaster. The world had little inkling of the great recession slouching on the horizon, yet the prognosis was bleak. The problem? On the one hand, cities were pumping out most of the world’s pollution and 80 percent

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 big economic news isn’t the slow return of jobs. It’s the continuing drop in pay. Most of the jobs we’ve gained since the Great Recession pay less than the jobs lost during it. An analysis from the National Employment Law Project shows that the biggest losses were in jobs paying between $19.05 and $31.40 an hour; the biggest increases have been in jobs paying an average of $9.03 to $12.91 an hour.

Bryan was now paid by Merrick to stand on a platform of another kind, erected over the water, and speak not of the gold standard but of the Gold Coast.

Coral Gables was successful from the start.

THIS IS A book about financial crises. It is about the events that bring them about. It is about why governments and markets respond as they do. And it is about the consequences.     It is about the Great Recession of 2008–09 and the Great Depression of 1929–1933, the two great financial crises of our age. That there are parallels between these episodes is well known, not least in policy circles. Many commentators have noted how conventional wisdom about the earlier episode, what is referred to as “the lessons of the Great Depression,” shaped the response to the events of 2008–09.

Not just convincing converts, but making disciples? Not just filling the seats in auditoriums, but training the souls of transformed individuals? Are we valuing the quality of our discipleship more than the quantity of our attendance? Jesus’ words and life reveal that evangel-followers can know whether they are succeeding or failing by this: whether new growing disciples are being made or not.

This book is about the causes of our stationary state. It is inspired by Smith’s insight that both stagnation and growth are in large measure the results of ‘laws and institutions’. Its central thesis is that what was true of China in Smith’s day is true of large parts of the Western world in our time. It is our laws and institutions that are the problem. The Great Recession is merely a symptom of a more profound Great Degeneration.