In fact, [the political-economic system] is in the midst of a massive transformation process, a deep-seated change to our critical and debt-ridden system, which is suited to making us poor and destroying our prosperity, social security and democracy, and in the midst of an upheaval taking place behind the backs of those in charge.
A great bet is underway, a poker game with stakes in the trillions, between those who are buying time with central bank money and believe that they can continue as before, and the others, who are afraid of the biggest credit bubble in history and are searching for ways out of capitalism based on borrowed money.
Great. Yet it just says what we all know when we dare to think about it.
We're broke. Europe is broke. China is broke. The system will end.
I'd suggest this isn't just a financial system, but, as the above article suggests, a transformation of the world civilization. It's not like the Great Depression, it's more like the Renaissance or Reformation or the Industrial Revolution: one civilization is dying, another will take its place.
That's the real message of the election: There is no electoral majority of any significance either for either stimulus economics or cutback economics. Obama has no mandate; he merely was better in rousing his base for one day. Romney, even if he had squeaked out a "victory," would have had no backing for trying to reverse our headlong plunge toward the abyss.
We don't have the vision and/or guts to make the choices that could save us; so the crash will come.
Maybe there isn't a way. Maybe we've gone too far; maybe as has been said democracy ends when 50.1 percent of the voters realize they can plunder the rich and the public treasury. Maybe the mass delusion that we can magically create wealth is too widespread.
My main consolation is that the change will uproot many of the delusions that have sprouted up. My main fear is that history shows this is never, ever, a peaceful process.
We believe we can wish wealth into being; we believe we can wish into being the moral
rules we would prefer to have.
In either case it's as if we could by our regulations and slogans end the law of gravity, and fly wherever we wish.
We can't. So we will have to pay the price. Glenn Reynolds (Instapundit) likes to quote a Kipling poem that, I predict, will be as prophetic of the 21st century as "The Second Coming" was of the murderous 20th:
I have some optimism that will indeed be purged of our insanities and will come out better. Alas, I am probably too old to have much hope of seeing that day.