We are living on borrowed time. Since the bailouts of 2007-08, the U.S. and world economies have ceased to be functional. Certainly, there are profitable manufacturers, in China and this country, making money by selling real products, but the “commanding heights” of the world economy (to borrow a phrase from V.I. Lenin) are the great financial institutions, and they continue to be on the public dole to the tune of tens of trillions of dollars. When they are allowed to borrow money from the federal treasury at zero percent interest, and loan it out at much higher rates, that in itself is a form of dole. And for the most part, these financial institutions invest in paper securities rather than real investments, which paper money is mostly in the hands of the financial institutions, which are insolvent, which rely on the public dole, and so on and on in an infinite loop.
No society, even one as technologically advanced and wealthy on the macro level as ours, has the resources to sustain this loop forever. The economy will come crashing down. And the rulers of our present society are not stupid, they must know this. Repressive as our current society is, what is going on now cannot be called fascism. Classical fascism presumed a functioning economy. Indeed, it was seen by the dictators of the 1930s as a way to revive the economy through corporatism and militarism. The present economy is designed to fail. Only the date is uncertain. Ecologically, too, our indiscriminate use of resources is heading us to the abyss. Corporate and right wing political leaders have launched a campaign to deny the existence of global warning which they know is taking place. They continue to push for nuclear power after Fukushima, for undersea drilling in the Arctic after the BP Gulf catastrophe. Ironically, it may be only a total economic crash which can stop the unfolding ecological disaster.
All of society must ultimately crumble under our current system, even the highest levels of the elite are not immune. And our present rulers must know this, they are not stupid. How can this be happening? How can it be explained? Even short-term greed does not seem a sufficient explanation for how an entire governmental and economic structure can be oblivious to reforming and regulating itself.
Maybe John Lennon had an answer: