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Economy
Monday Kunstler - The Dismal Science and Reminder On Friendly Aliens From The Past
2026-08-25
A few key paragraphs from the middle:
All these ways of seeing our world converge dynamically in the current historical moment: this Fourth Turning, or Long Emergency — however you label it — in the arc of our techno-industrial order of things. A lot of these things are coming apart now, and in astounding ways, and it remains to be seen what we will do with these broken and discarded parts, and whether any of it can be put back together in a satisfactory way. Here in the USA, we act all this out these days with Trump and Trumpism and the Left with its Leftism.

Mr. Trump recognizes the brokenness and, being primarily a builder, seeks to rebuild according to first principles of the USA (Make America Great Again) — meaning, back to the Hamiltonian doctrine of an economy based on the production of things (of real value). The catch there is that it comes with baggage of Hamiltonian finance, which is the creation and use of debt with government assistance.

Now it happens that a primary feature of this Fourth Turning crisis in our techno-industrial order is excessive complexity that produces diminishing returns — that is, makes things worse rather than better. And a lot of this excessive complexity lodges itself in finance, because using operations that few people can understand serves beautifully in the engineering of frauds and swindles. Financial frauds and swindles, in turn, muddle the verity of money — in which finance is enacted — and things denominated in money — securities and so forth, all based fundamentally in debt. So, the net effect of such debauched finance leads to a great deal of insecurity and anxiety over money.

Which is where the Trumpian rebuild is dangerously vulnerable, especially as we enter the fall season, when the leaves flutter down and markets like to crash. Everybody and his uncle watching things financial predict an imminent crackup in these markets as the rackets and hallucinations that magically levitate them dissolve in foul mists of reveal. For instance, the acid trip of artificial intelligence (AI).
Posted by:NoMoreBS

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