Told You So

A headline in the NYTimes informs us that

The official statistics say that the financial crisis is behind us. It’s not.

Because, as somebody said in a very good book she published on the subject over a year ago, it’s not a financial crisis. The collapse of the real estate and lending markets in 2008 was just a tiny little symptom of a large-scale transformation of the world economy and the attendant ‘structures of feeling.’

The GDPs might grow, the unemployment might go down, the stock market might be as perky as ever but nobody feels like “the crisis is over” because we have been using the wrong word to describe what’s happening. It’s like a major tectonic shift that awakens a dormant volcano. The eruption of the volcano might stop but the tectonic plates that shifted won’t go back.

Said I in my book a long time ago.

And then people say that the Humanities have no use for real life. Has anybody here encountered a better space to talk about all this in a clear, meaningful way than this blog?

I submitted an article today on feminist theory but it’s all about this stuff, too, because that’s what I really care about. And in Germany I’ll be harping on the same thing.

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One thought on “Told You So”

  1. We are so overdue for another recession. But that’s not the point. As the WSJ reported over the weekend, the AI Revolution (artificial intelligence) is already upon us. Kai-Fu Lee says, “The AI revolution will be of the magnitude of the Industrial Revolution — but probably larger and definitely faster.” Economic dislocation caused by AI will be enormous. Earthquake is not a bad metaphor. His book will be published next week: “AI Superpowers: China, Silicon Valley and the New World Order.” You could read a little more about it at my blog.

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