The mid-1990s did not seem to me as the right time to voice such ideas. The United States was celebrating its so-called Cold War victory, getting over its Vietnam syndrome by bombing Iraq back to the Stone Age, and the foreign policy wonks coined the term “hyperpower” and were jabbering on about full-spectrum dominance. All sorts of silly things were happening. Professor Fukuyama told us that history had ended, and so we were building a brave new world where the Chinese made things out of plastic for us, the Indians provided customer support when these Chinese-made things broke, and we paid for it all just by flipping houses, pretending that they were worth a lot of money whereas they are really just useless bits of ticky-tacky. Alan Greenspan chided us about “irrational exuberance” while consistently low-balling interest rates. It was the “Goldilocks economy” – not to hot, not too cold. Remember that? And now it turns out that it was actually more of a “Tinker-bell” economy, because the last five or so years of economic growth was more or less a hallucination, based on various debt pyramids, the “whole house of cards” as President Bush once referred to it during one of his lucid moments. And now we can look back on all of that with a funny, queasy feeling, or we can look forward and feel nothing but vertigo.

Dmitry Orlov
February 13, 2009
Social Collapse Best Practices
[I had a conversation with a friend earlier this week and he was of the opinion (pharaphrasing) we went from “it was too early to shoot the bastards to it’s too late to do any good and it’s just a matter of riding things out as best we can as we auger into the ground”.

I can’t say that I have any factual basis to refute his assessment.–Joe]