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Money and the Turning of the Age

Charles Eisenstein

This article is fourth in a series, and draws on background covered in "Money: A New Beginning," Part 1 and 2, and "Money and the Crisis of Civilization."

As the economic meltdown proceeds to its next phase, we begin to see the unreality of much that we thought real. The verities of two generations become uncertain, and despite a lingering hope that a return to normalcy is just around the corner -- in "the third quarter of 2009" or "by the middle of 2010" -- the realization is dawning that normal isn't coming back.

When faced with an abrupt shift in personal reality, whether the death of a loved one, or the Gestapo coming into town, human beings usually react first with denial. My first response when tragedy hits is usually, "I can't believe this is happening!" I was not surprised, then, that our nation's political and corporate leaders spent a long time denying that a crisis was underway. Consider some quotes from 2007: "The country's economic fundamentals are sound," said George W. Bush. "I don't see subprime mortgage market troubles imposing a serious problem. I think it's going to be largely contained," said Treasury Secretary Paulson. "A recession is unlikely." "We are experiencing a correction in the housing sector." "America is not in recession." "It is likely that housing prices won't recover until early 2009."

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