Of course that is not true. In a very literal sense, recession, boom and bust are an intrinsic part of the capitalist model. It feels a bit more extreme than usual this time and it has perhaps been exacerbated in its magnitude and its speed by technology and new forms of debt, but what we are experiencing right now is still just a part of the cycle. It is no consolation to the man with no job that he is part of the cycle, but it is important to be aware of it all the same. At least it gives us a hope that this too will pass.
Brendan O’Connor is quoting Slavoj Zizek today, indicating that we live in interesting times. But this paragraph was the most striking. Here, O’Connor, perhaps without knowing, delivers a fairly vulgar Marxist, perhaps Trotskyist (thinking here about how for Trotsky boom and bust was like capitalism breathing in and out)
analysis of recent events, the only difference being his judgement that although capitalism’s crises get ever more severe and extreme, this is just something we have to live with. The expectation that ‘this too will pass’ will, by the logic of capitalism he has correctly identified, be met, only with an even bigger crisis, though this is something he greets with equanimity, if we’re being charitable. It would be uncharitable to say he hasn’t a notion what he’s talking about.