Faith and hope or fear and worry?
Obama campaigned on a platform of hope, which seems to have resonated with many people in the U.S. I know I was certainly inspired by his vision. But I am starting to get a feel for what is really asked of us at this point in history. The past 8 years were a period of intense fear mongering and that fear has permeated deep within the world psyche, especially in the U.S. Fear and worry are not things that get turned on or off like a light switch. They sink deeper and deeper, chilling our aspirations and dreams and casting a pall, turning vibrant colors into flat greys. Much like a hard winter, it takes a prolonged period of warmth for the deep chill to disappear.
That is like what is happening in the U.S. right now. The fear mongering has ended, but it will take time for us to warm up and remember our hopes and dreams. This will happen automatically gradually, but I also think we are called to choose hope, even when the evidence may not fully support it. This requires a cultivation of faith, which is easier said than done.
It is clear our global economy is struggling. Volcker says we may be facing something worse than the Great Depression, and that is very, very bad. This could be something to fear and worry about, but fear paralyzes and makes it harder to get to work making things better. That is why it is important to choose hope and cultivate faith. These are the things that will get us moving in the right direction most quickly, and the faster we work the less suffering there will be.
There is no going back to the old new economy. It is likely that oil is peaking or has peaked, and that will create a major drag on the economy. In addition, the economy of a few years ago was an addict's fever dream and had something to do with sustainability or reality.
We must not try to recreate what has been lost. In reality, what has been lost was not that great. It was an unsustainble bubble. Mass materialism, conspicuous consumption, vapid self-indulgence. I say good riddance to that. BUT the realignment will be painful for many, unfortunately, but there is little way around it. What we do not need another bubble and crash. Trying to re-establish the production and consumption levels of the past is a mistake and will doom us to cleaning up another mess in a few years. We have to face up to reality.
As I mentioned above, there is really only one thing to do. Get busy remaking a sustainable economy and a more balanced future. I think we will see people living more localized existences, probably making less money but having more time for community, and using that time for community projects that benefit everyone participating. This will be a time of coming together to remake a system that works, which will be satisfying in itself. I suspect people will be growing more of their own food, and reconnecting with the joy of fresh, local food. We will see much more renewable energy and community-level and region-level self-sufficiency. Global trade and information sharing will continue, but only those things that are really needed and cannot be produced locally.
The banks will probably need to be nationalized, because they were at the heart of the old economy and they are so insolvent with so many overinflated assets that no one wants to buy. We have way more financial capacity than we will need and many banks should fail, and a few of the best should be reformed and strengthened. We do need to restore lending to stimulate business investment, but we are already seeing that simply giving the banks more cash will not increase lending. This is another reason for nationalization. We need banks that have the national interest at heart and are willing to lend in those areas that are truly going to stimulate the economy. The stimulus will make a difference, but it will not be enough. We need to invest as much as possible as quickly as possible in the energy infrastructure of the future that will allow the economy to get started again. With an energy source secured, business will be able to begin to work again.
At a personal level, letting go of fear and worry and choosing hope and faith will be essential for preserving our happiness through this hard time. If we hold on to fear and worry, we will only end up torturing ourselves and those we care about. Fear will not make us more successful: it will slow us down and make us miserable in the interim. Choose hope. Have faith.

