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Archive for September 15th, 2008

bounce

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The incessant, miraculous deferral of the catastrophic rupture, the long-awaited break. Always a bounce. That’s the thing about abstraction – that’s the thing about it’s marvellous ability to keep the story rubbing along. Come on now, try not to think jouissance. Try not to think interminable foreplay, a ten year tease. The rewewed high street shops, the cost of a terraced house, the dip and peak of oil. The end of the story will never arrive.

Today like many days, the futures numbers were in, the European markets had spoken, the crowds had delivered their wisdom, the columnists had typed – braving a bit of hysteria, the ever-reasonable had allowed a soupcon of panic into their columns. The disaster metaphors had circled, abroad and in our skulls. Perfect storm, category 5, smoke rising over lower manhattan, past the window at speed. And then the historical comparisons: Like the 1980s, but bigger. Like the 1930s, only worse.

It will never arrive, the collapse. It will never arrive because they will not let it. That is the thing about abstraction, storytelling. But also, the nationalization of failure, counterfeit, false paper, the spoils of ill-fought battle, the moral hazard. Something else will fail, the currency, the state, the national welfare, but not this.

The EKG is not broken; it’s the patient that’s undead.

Written by adswithoutproducts

September 15, 2008 at 2:42 pm

cage match

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CNBC:

“This is a perfect storm in a perfect storm,” said Justin Urquhart Stewart, investment director at 7 Investment Management. “It’s a return to pure capitalism, the survival of the fittest — government can’t and won’t bail everybody out.”

That’s the spirit! Get off your welfare-engorged asses and fight like the rest of us!

Written by adswithoutproducts

September 15, 2008 at 1:52 pm

Posted in catastrophe, markets