The Wages of Fear
November 10, 2013·0 comments
Fear, once internalized by institutions, becomes permanent. The emergency policies created to fight 9/11 and the 2008 financial crisis were justified by specific, immediate threats. Today those threats are largely neutralized. Yet the NSA apparatus expands, monetary emergency measures persist, and the bureaucratic structures supporting them only grow deeper.
• The immediate threats that justified these programs have been defeated. Al Qaeda is a shadow of itself, its sponsors eliminated or in retreat. The deflationary spiral that threatened the financial system never materialized. The original enemies are no longer the active concern they once were.
• Emergency policies don't scale back once the emergency passes. Instead, new bureaucratic and judicial structures emerge to support and expand them. What began as a targeted response has become a permanent institution with its own logic and momentum.
• The language of war and extremism now pervades institutions on both sides of the political spectrum. Leaders speak of preventing deflation, terrorism, and economic decline in the same terms militarists use to justify preemptive strikes. The rhetoric is identical, but the enemy has become conceptual rather than concrete.
• You cannot defeat a concept the way you defeat a nation. General Deflation will never surrender. Potential threats to security will always exist in some form. This transforms emergency policy into a permanent state of war against an enemy that can never be vanquished.
• The gap between the original threat and the current scope of response keeps widening. If these are truly permanent policies, have we accepted that we're fighting an endless war? Or have we allowed fear itself to become the justification for power that no longer needs defending?
Subscribe Today to Read More
Unlock instant access to this and hundreds of other evergreen essays that explore the world of narrative through hard science and human wisdom.
- Make more informed decisions as an investor and citizen.
- See through the nudges of Big Politics and Big Media.
- Become a better consumer of news.
- Maintain your autonomy of mind in a swarm of narratives.
- Join a community of more than 100,000 truth-seekers.
Looking for Deeper Insights?
Unlock exclusive market intelligence, trade ideas, and member-only events tailored for investment professionals and active investors with Perscient Pro.
VISIT PRO
DISCLOSURES
This commentary is being provided to you as general information only and should not be taken as investment advice. The opinions expressed in these materials represent the personal views of the author(s). It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. Any action that you take as a result of information contained in this document is ultimately your responsibility. Epsilon Theory will not accept liability for any loss or damage, including without limitation to any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Consult your investment advisor before making any investment decisions. It must be noted, that no one can accurately predict the future of the market with certainty or guarantee future investment performance. Past performance is not a guarantee of future results.
Statements in this communication are forward-looking statements. The forward-looking statements and other views expressed herein are as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and there is no guarantee that any predictions will come to pass. The views expressed herein are subject to change at any time, due to numerous market and other factors. Epsilon Theory disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein. This information is neither an offer to sell nor a solicitation of any offer to buy any securities. This commentary has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Epsilon Theory recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.
Comments
Start the discussion at the Epsilon Theory Forum...