“The events of 2008 massively confirmed the suspicion raised by America’s selective interventions in the emerging market crises of the 1990s and following the dot-com crisis of the early 2000s...In the event of a major financial crisis that threatened ‘systemic’ interests, it turned out that we lived in an age not of limited but of big government, of massive executive action, of interventionism that had more in common with military operations or emergency medicine than with law-bound governance. And this revealed an essential but disconcerting truth, the repression of which had shaped the entire development of economic policy since the 1970s. The foundations of the modern monetary system are irreducibly political.”
I remember several times as a little boy feeling deeply frightened by world events: the 1967 Yom Kippur War, the assassination of Martin Luther King, and the shooting two months later of Robert Kennedy. I can still picture myself sitting in synagogue and listening to Rabbi Martin Rosenberg speak about the possibility that Israel might cease to exist, and I also remember waiting for the school bus feeling deeply upset after RFK was shot. I didn’t really understand what was going on, but I could tell by the reactions of my parents and other adults and television news reports that our lives were threatened. As an adult, I felt that way on 9/11and also get that feeling every time there is a mass shooting (especially a school shooting) or terrorist attack. That feeling came back during the 2008 financial crisis, even though I predicted it and was prepared for it, when I sat for months with a pit in my stomach. There are dark forces in the world and sometimes they triumph, at least until good men regroup and battle back.
Watching our politics in 2018, I feel that way again.