The elite can only continue to sustain itself by borrowing. That was what the crisis was about, borrowing. Obama’s basic demand was simple: let me borrow and borrow without limit. His ‘victory’, if so it can be called, is the victory of a bankrupt who has compelled his relatives to mortgage the farm so he can return to his losing streak at the casino.
. . . It has been argued and proved by natural disasters that the entire fabric of civilization is but nine meals from anarchy. After 3 days without food most people are willing to do anything to anybody to get a meal. The hard reality is that the current deficit system will inexorably create a situation when the grub literally runs out.
. . . [William Galston's OpEd at the WSJ] argues that the conservative insurgency is rooted in some kind of atavism; that it arises from a nostalgic hankering after an America long past in the face of new demography. Nothing could be further from the truth. The hell with demography. People would be just fine with changes in demography if only times were good. When times are bad homogeneity is irrelevant. Rats of the exact same breed will fight to the death over the last piece of cheese.
It’s the cheese that matters. The conservative insurgency is rooted in a lack of money. And so will the coming liberal one. The unrest is not driven by a desire to return to the past. On the contrary it is propelled almost entirely by the growing belief that there is no future.