Waiting is a large part of life in modern society where we are taught to defer pleasure and "save" for the future. Retirement 401 K's, stocks, college education, all incapsule our hopes for deferred pleasure. We no longer live for the day or in the moment. Waiting for the economic collapse to change our lives hopefully for the better but in many ways for the worse is an entirely new type of waiting. We have already discussed one way we can shape perhaps what will be a more egalitarian society through education. The relentless changes continue, as I was reminded of this by a letter to Mike Shedlock on his blog.
I have felt for some time since the economic crisis first showed its depth that we're in for massive social changes probably leading to a full scale socialized economy or alternatively crisis and social chaos. I felt also that we had little choice - - the present social and economic relationships are deconstructing themselves apace - - but that there is a lot to like in the potential for new social relationships and that it was not too late to shape our future in a positive way. One of the reasons I see massive change as inevitable is that a crisis this deep was and can not be simply economic, a question of manipulating savings or changing some other economic behavior, but has deep cultural and moral roots. Obviously our thinking will only slowly catch up to this reality with time but for those visitors here who still have doubts and think we can return to the old ways of doing business I'd like them to read this letter taken from Mike Shedlock's site
- Though Mike is a conservative/libertarian he too will per force catch up to the social implications in terms of the more cooperative relations that society will need to get through the crisis, though it may take a little longer for someone so committed to the individualist creed as Mish:
I’m a longtime reader and always enjoy your take on things. Your article on the failed auction of the mansion in Florida points out a change I think we are facing: huge, overly ostentatious homes are dinosaurs. I am a builder, not working for the past two years because I don’t like to work and lose money, but I was recently tempted by a “bargain” property here in the Portland area.
The bargain property is a ten thousand square feet home on 1.4 acre lot in the most prestigious gated community around. It is appraised at $3.5 million, has a $2.7 million mortgage, is bank owned by a mortgage company in bankruptcy, and the price has kept dropping until it is now at $900,000.
The home has been empty for two years with no heat or water, the beautiful yard is now out of control, the wood windows are all dry rotted from neglect, and as much as I would love to take on a project like that (I truly do love the challenges of building) I can’t see ending up with a 10,000 square foot home with a tax bill of $41,000 and huge utility bills. Who will ever want to live in a home like this again? I considered offering $600,000, but decided to walk away, not wanting to own it at any price.
The times they are a changing.
Total USA Debt
8 months ago