Voodoo Economics Quotes

Raising interest rates is voo-doo. You can't deal with a global system problem by trying to solve it with this.

[[ ]] The story goes like this: Earth is captured by a technocapital singularity as renaissance rationalization and oceanic navigation lock into commoditization take-off. Logistically accelerating techno-economic interactivity crumbles social order in auto sophisticating machine runaway. As markets learn to manufacture intelligence, politics modernizes, upgrades paranoia, and tries to get a grip. The body count climbs through a series of globewars. Emergent Planetary Commercium trashes the Holy Roman Empire, the Napoleonic Continental System, the Second and Third Reich, and the Soviet International, cranking-up world disorder through compressing phases. Deregulation and the state arms-race each other into cyberspace. By the time soft-engineering slithers out of its box into yours, human security is lurching into crisis. Cloning, lateral genodata transfer, transversal replication, and cyberotics, flood in amongst a relapse onto bacterial sex. Neo-China arrives from the future. Hypersynthetic drugs click into digital voodoo. Retro-disease. Nanospasm.

Not too many years ago, the names of our perfumes bore testimony to such things. There was a popular scent called Tabu, there was Sorcery, My Sin, Vampire, Voodoo, Evening in Paris, Jungle Gardenia, Bandit, Shocking, Intimate, Love Potion, and L'Heure Bleue—The Blue Hour. Nowadays what do we find? Vanderbilt, Miss Dior, Lauren, and Armani, perfumes named after glorified tailors"—there were murmurs and gasps in the audience—"names that evoke not the poetic, the erotic, the magic, but economic status, social snobbery, and the egomania of designers. Perfumes that confuse the essence of creation with the essence of money. How much sustenance can the soul receive from a scent entitled Bill Blass?

Allen Ginsberg—sitting amid a huddle of Yippies off to the right—began chanting again, as he had all evening: “Hare Krishna Hare Krishna Krishna Krishna Hare Hare….” Ginsberg believed; he believed in everything—in democracy, in socialism, in communism, in anarchism, in Ezra Pound’s idealistic variety of fascist economics, in Buckminster Fuller’s technological Utopia, in D. H. Lawrence’s return to preindustrial pastoralism, and in Hinduism, Buddhism, Judaism, Christianity, Voodoo, astrology magic; but, above all, in the natural goodness of man.

Adam Smith, with his half-baked idea about a hidden hand that works the cotton looms, decides to use that as his central metaphor for unrestrained Free Market capitalism. You don’t need to regulate the banks or the financiers when there’s an invisible five-fingered regulator who’s a bit like God to make sure that the money-looms don’t snare or tangle. That’s the monetarist mystic idol-shit, the voodoo economics Ronald Regan put his faith in, and that middle-class dunce Margaret Thatcher when they cheerily deregulated most of the financial institutions. And that’s why the Boroughs exists, Adam Smith’s idea. That’s why the last fuck knows how many generations of this family are a toilet queue without a pot to piss in, and that’s why everyone we know is broke. It’s all there in the current underneath that bridge down Tanner Street. That was the first one, the first dark, satanic mill.

The country built on the virtue and the character and the strength of the American workingman circa 1955–65 was the ideal he meant to defend and restore: trade agreements, or trade wars, that supported American manufacturing; immigration policies that protected American workers (and, hence, American culture, or at least America’s identity from 1955 to 1965); and an international isolation that would conserve American resources and choke off the ruling class’s Davos sensibility (and also save working-class military lives). This was, in the view of almost everyone but Donald Trump and the alt-right, a crazy bit of voodoo economic and political nonsense. But it was, for Bannon, a revolutionary and religious idea.

You’ve heard of voodoo economics perhaps? Money magic is the most pervasive of all. Of course it would be, since money itself is the ultimate magic, a piece of paper that can do everything. Everyone wants good money magic, a way to win the lottery, gambling luck, an unexpected check in the mail, but the money magic of everyday life is more often bad. Win some money, get a bonus, have a little inheritance, and a major appliance will go out, the kid will get sick, a tire will go flat. Once you’re as poor as you were before the money arrived, life returns to normal. It’s as though there’s some kind of balance sheet that makes sure we stay at exactly the same level of prosperity all the time.

On taxes, he had repudiated his 1980 “voodoo economics” language. It was a large price to pay for political viability, for Bush had been right that tax cuts alone could not lead to long-term fiscal health. Together with a general failure to curb spending in the Reagan years, the supply-side view, with its emphasis on lower taxes, was driving up the federal deficits and debt. Reagan’s successor, whoever he might be, would be forced to reckon with unpaid bills and persistent shortfalls.