It’s been a while since I’ve written anything. I’m feeling kind of sucker punched by the economic and political situation. I’ve been doing a lot of reading about the economic crisis. Yet I really can’t get a handle on how to begin to grasp what needs to be said to move the political discourse forward, at least in my mind. Not that I’ve moved it forward or could move it forward in anyone else's mind. I really don’t harbor such grandiose kinds of illusions. But as Jodi Dean at the icite blog said, are we “in a situation of such global volatility that there isn’t a cohesive locus for thinking about it.” That is, how do we “frame,” contextualize and locate the vantage point of an illuminating perspective.
It certainly doesn’t do me any good to worry about my retirement account. I’ve decided to just ride out the storm and hope there’s something left standing when it’s over. I can’t even dream that I would have anything to contribute to resolve or solve the international economic crisis. Even if I had the economics background enabling me to analyze the situation, I’m sure I wouldn’t be any more confident or convincing than the beating around the bush I’ve heard over the past few weeks from the “experts.”
I’ve never heard so many experts with such sterling credentials say so little to throw new light on the situation. Undoubtedly the debates that Bernanke, Paulson and the likes have in the room behind the Boardroom, I probably couldn’t even begin to understand. I just can’t help believe and have faith in the possibility that in a democracy there should be some better attempt to educate regarding and to communicate about what’s happening to us economically.
Economics Professor Cristian Ioan Tiu of SUNY, Buffalo said, “Why can’t we take all we know about risk aversion and translate it into prudence? … This crisis is built on the foundation of financial illiteracy.” [Chronicle of Higher Education, 10/10/08] I’m not sure if he meant the illiteracy of the majority of the populace or actually the illiteracy of even the experts, or, of course, both.
If the business model of Wall Street itself is bankrupt, as some have suggested, then someone needs to shake up Wall Street undoubtedly way beyond the controls now being imposed which don’t seem to be much more than kind of giving the fox limited times and conditions under which he gets to continue to ravage the hen house.
Possibly however it’s not just the business model but the very idea that the international economy can be “managed” that has been exhausted. If in fact globablization has made us inextricably inter-dependent, then the fulcrum for carrying out management mandates may not exist. Haven’t we reached the point where the international economy itself must be democratized given that the theoretical leverage and/or the practical wisdom doesn’t seem to exist that can unify the global players for the good of the international communities. And shouldn’t we begin the renovation of the educational system which until now leaves most of us unable to fathom the language and practices of a financial system that leaves us helpless and hopeless to participate politically even if we were sufficiently democratized to do so.