The headline from Bloomberg says it all: ‘US Stocks Gain on Bets China Will Stimulate Economy.’ Keynesianism definitely prevails. Even after numerous and disastrous boom and bust cycles, the people (and especially Wall Street investors) beg for another bubble, surely knowing that another bust will necessarily follow. Rita Nazareth writes:
U.S. stocks advanced, snapping a five-day decline for the Standard & Poor’s 500 Index, amid growing speculation on China’s economic stimulus measures and as American jobless claims fell more than forecast last week.
…“The possibility of more Chinese stimulus is real,” said Peter Jankovskis, who helps manage more than $3 billion at Oakbrook Investments in Lisle, Illinois. “That does provide some hope to the market.”
Russian professor and geo-political theorist Alexander Dugin addresses this Western rush ‘towards the abyss’ in his first English-language book The Fourth Political Theory (see SNN’s articles on this book here and here). He writes on page 30:
The current global economic crisis is just the beginning. The worst is yet to come. The inertia of postliberal politics is such that a change of course is impossible…. Moving from crisis to crisis and from one bubble to the next, the globalist economy and the structures of post-industrial society only make mankind’s night blacker and blacker. It is so black, in fact, that we gradually forget that it is night-time. ‘What is light?’ people ask themselves, never having seen it. For example, at the time of the eruption of the 2008 financial crisis, thousands of Americans held a demonstration, asking for the government for yet another economic bubble. Could they be any more blunt?