Since the neoliberal era began in the 70s, there's been one of these roughly every 10 years, usually near turnover of the new decade, and it used to be that the west's crisis was preceded a few years by one in Asia, but now they're just global.
The first energy crisis in 1973,
The '79 energy crisis that continued into the 80s,
The Japanese Asset Price bubble and the Early 90s recession,
The Asian financial crisis and the Dot-com bubble bursting,
The global late 2000s crisis,
Since the initial crash in 2020, the world's governments have basically just been sticking band-aid after band-aid over everything while sticking their fingers in their ears and going "lalalalala" which has somehow to date prevented it from fully crashing. As soon as they run out of steam on that, shit's going to hit the fan.
You literally cant explain to people that cyclic decadal crises arent a feature of human existance, they totally stem from capitalism. Capitalist realism is so baked in that people cannot conceive of any alternative that's better - even something as simple as imagine a future where growth is more controlled and there arent crashes all the time that wipe out your savings and kick you out of a job.
And every time it happens, people believe that it can never happen again. I remember people in '07 and early '08 once the instability had already started rearing its head saying "no no, that could never happen again! They passed Sarbanes-Oxley so businesses won't get overvalued or pop, besides we were hardly affected here in Canada!" and then wham, wow, it happened again!
Per my parents, people were equally shocked that the early 90s recession happened, and the recovery from that recession was just the dot-com bubble which went on to pop in the 2000s and the beginnings of the housing bubble which went off in the US in '08 and is still rising here in CA.
Since the neoliberal era began in the 70s, there's been one of these roughly every 10 years, usually near turnover of the new decade, and it used to be that the west's crisis was preceded a few years by one in Asia, but now they're just global.
The first energy crisis in 1973,
The '79 energy crisis that continued into the 80s,
The Japanese Asset Price bubble and the Early 90s recession,
The Asian financial crisis and the Dot-com bubble bursting,
The global late 2000s crisis,
Since the initial crash in 2020, the world's governments have basically just been sticking band-aid after band-aid over everything while sticking their fingers in their ears and going "lalalalala" which has somehow to date prevented it from fully crashing. As soon as they run out of steam on that, shit's going to hit the fan.
There was the 2001 economic crash after 9/11. Bush literally telling people to buy hamburders to be patriotic.
Yeah, that kinda fits in with the Dot-com bubble in the early 2000s, this shit really is just like every 7-10 years that everything explodes.
Sure my house collapses with me inside every 7 years but every time after I rebuild it exactly the same way it turns out fine for six
You literally cant explain to people that cyclic decadal crises arent a feature of human existance, they totally stem from capitalism. Capitalist realism is so baked in that people cannot conceive of any alternative that's better - even something as simple as imagine a future where growth is more controlled and there arent crashes all the time that wipe out your savings and kick you out of a job.
And every time it happens, people believe that it can never happen again. I remember people in '07 and early '08 once the instability had already started rearing its head saying "no no, that could never happen again! They passed Sarbanes-Oxley so businesses won't get overvalued or pop, besides we were hardly affected here in Canada!" and then wham, wow, it happened again!
Per my parents, people were equally shocked that the early 90s recession happened, and the recovery from that recession was just the dot-com bubble which went on to pop in the 2000s and the beginnings of the housing bubble which went off in the US in '08 and is still rising here in CA.