Thursday, June 21, 2018

Three Blind Men and the Greatest Depression

There is no shortage of collapse prognosticators that never tire of prognosticating that a financial calamity is right around the corner. I am not one of them; what I try to do is not prognosticate but explain. I take collapse to be something real—something that my readers can observe for themselves, if they care to look—and what interests me is its inner workings.

That said, when three famous figures simultaneously announce that financial collapse is around the corner, I suppose we should start paying attention. To me, it doesn’t even matter if their opinions are right or wrong, if they have their facts straight, or whether they are good or bad people. That’s all quite irrelevant. What’s relevant is that if enough high-visibility individuals say that financial collapse is around the corner, then, given the reach and the force of their utterances, they no longer function as mere expressions of opinion but as speech acts that transform the state of the world—of the various mechanisms of international finance, in this case, from humming right along to getting ready to seize up.

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