It’s Not Late-Stage Capitalism. It’s Late-Stage Fiat Today

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We’re not in the throes of late-stage capitalism; we’re living through the late stages and the death rattle of the post-1971 fiat system. Mistaking the two (and basing solutions or policies on this mistake) is a recipe for counterproductive interventions and missed opportunities.

Never in my life have I felt a more pressing sense that we are approaching the end of something; that, to paraphrase William Butler Yeats, the metaphorical center cannot and is not holding. I think this sensation of approaching finality, of historical transition and of fraying order has saturated and informed our politics as well.