I dislike a lot of the way that George Friedman phrases things in his most recent post at RealClearWorld. For example, the use of the word “generational” here:
The year 2008 is appearing to be a defining moment in history, like 1991, 1945, and 1929. It is a generational shift in the way the world works.
The intervals between the four different years are 16, 46, and 17. Either there’s something missing or “generational” is just a misnomer. And this:
An economic boom creates vast inefficiencies, as huge amounts of surplus cash flow into the hands of people who don’t spend that money on food, clothing, and shelter, but rather invest it to make more money. Most of the time this works, as the investment, with decisions made by individuals rather than the state, generates wealth and jobs.
simply reflects a misunderstanding of the business cycle and economic booms. That’s just not how they work.
However, I think the general thrust of the article is right and he’s saying something worthy of consideration. Something serious is happening and it’s happening worldwide. It hasn’t completely unfolded yet. It might be the end of this most recent round of globalization. It’s hard to say.
Here’s his conclusion:
The world after 1929 changed and was never the same. That is true today. All regimes have shifted the way they operate, most democratic elites have been stunned by the changes, and their contempt for the incivility of their challengers is not enough to maintain the status quo.
