–Aren’t there better stories to tell our people?
At one extreme, we have this: After three decades of grounding (down) macroeconomics into microeconomics, there are the legion of still-breeding Lord Voldemorts and their trillions in wealth destruction. At the other extreme are stories about the Mad Hatters, where the worst possible thing you can do when things get bad is to save for when things go worse and the best possible thing to do is to spend wads of money you don’t have.
–My counter-story starts this way:
You don’t know it, but each dollar bill talks about its actual uses. The economy is stone-dumb to any of this, assuming the dollar bills behind follow the dollar bills ahead, as if those ahead must know what they’re doing.
If the economy could listen, it would have instead that dollar bills are all about these different disjointed uses, not imitation or anything like a continuous long term. In the chatter of dollar bills there’s just other chatters.
Now, if the economy weren’t so dumb it might insist that this can’t go on. But dollar bills are saying, in their cacophonous way, that the buck doesn’t stop–here or anywhere. Always-late capitalism has been going on for so long, it’s more likely what stops first will not be late capitalism but calling it that. . .