We are not in the clutches of late capitalism; We are witnessing the late stages and death rattles of the post-1971 fiat system. Confusing the two (and basing solutions or policies on that error) is a recipe for counterproductive intervention and missed opportunities.

Never in my life have I had a more urgent feeling that we are nearing the end of something; that, to paraphrase William Butler Yeats, the metaphorical center cannot and will not hold. I think this sense of approaching finality, historical transition and unraveling of order has also permeated and influenced our politics.



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