The pendulum swung to an extreme of globalization, financialization, centralization and monopoly, all of which created extreme systemic fragility.
Here’s what to expect in the rapidly evolving New Normal: extremes become even more extreme as the status quo attempts to force compliance with its last-ditch schemes to preserve what was always unsustainable while painting a happy face on the stock market, the one thing they can push higher as the global economy unravels.
Cognitive dissonance? Yes. Schizophrenia? Sure. Crazy-making? Undoubtedly. So the default “solution” is petty Authoritarianism to ensure we only see approved narratives, that we focus on the happy-happy signal of the glorious stock market (best rally ever!), that we pay higher taxes without complaint, and so on.
And of course, buy, buy, buy and borrow, borrow, borrow, lest the flimsy house of cards collapse.
In the New Normal, systemic incompetence isn’t going to magically transform into competence, it’s going to reach new extremes of incompetence and self-serving hubris.
My term for servitude via debt and taxes is neofeudalism, and neofeudalism is the default setting of the New Normal as the super-wealthy can buy even more of the nation’s assets thanks to the Federal Reserve’s free money for financiers, leaving the peasantry the owners of debt rather than assets.
The only way to escape neofeudal servitude is to figure out some way to live on a fraction of what the conventional lifestyle requires, i.e. radical frugality. Radical frugality will also be a permanent part of the New Normal, either voluntary or imposed by circumstances.
In the New Normal, the pendulum will finally start moving away from globalization, financialization, centralization and monopoly to decentralized, relocalized economic activity, which is the core dynamic in doing more with less and regaining agency.
The winds are picking up, and the flimsy shacks of the Fed and Wall Street are no match for the real world.
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