23 December 2008
Before all the Xmas BS gets in the way, an end-of-year essay of sorts is in order, especially so given the bumpy ride capitalism has bestowed on us this past twelve months. And the portents for 2009 look to be even worse as capitalism, desperate to shed over-valued assets, descends into the abyss.
Look at it this way: after the Crash of ‘29 and the launch of the New Deal, it took some six years to engineer the outbreak of WWII, the surefire way of literally burning up surplus capital in awesome quantities.
And if history has any lessons for us, some equivalent global conflagration is now in order. However, is this possible under these new circumstances and over what timescale can such a capitalist catastrophe be engineered?