Niall Ferguson: China, the U.S. and the Economic Crisis

by matttbastard

ForaTV:

Harvard historian Niall Ferguson warns that the greatest danger of the current financial crisis could be the possible collapse of economic relations between China and America.

Watch full video here.

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Quote of the Day: The Power of Illusions

by matttbastard

 

There is one thing about Henry Kissinger, the ultimate cynical Realpolitiker, that strikes the eye of all observers: How utterly wrong most of his predictions were. To take only one example, when news reached the West about the 1991 anti-Gorbachev military coup, he immediately accepted the new regime (which ignominiously collapsed three days later) as a fact. In short, when socialist regimes were already a living dead, Kissinger was counting on a long-term pact with them.

The position of the cynic is that he alone holds some piece of terrible, unvarnished wisdom. The paradigmatic cynic tells you privately, in a confidential low-key voice: “But don’t you get it that it is all really about (money/power/sex), that all high principles and values are just empty phrases which count for nothing?” What the cynics don’t see is their own naivety, the naivety of their cynical wisdom that ignores the power of illusions.

The reason Obama’s victory generated such enthusiasm is not only the fact that, against all odds, it really happened, but that the possibility of such a thing to happen was demonstrated. The same goes for all great historical ruptures. Recall the fall of the Berlin Wall: Although we all knew about the rotten inefficiency of the Communist regimes, we somehow did not “really believe” that they will disintegrate. Like Kissinger, we were all too much victims of cynical pragmatism.

[…]

The true battle begins now, after the victory: The battle for what this victory will effectively mean, especially within the context of two other much more ominous signs of history: 9/11 and the financial meltdown. Nothing was decided by Obama’s victory, but his victory widens our freedom and thereby the scope of our decisions. But regardless of whether we succeed or fail, Obama’s victory will remain a sign of hope in our otherwise dark times, a sign that the last word does not belong to “realist” cynics, be they from the Left or the Right.

– Slavoj Žižek, Why Cynics Are Wrong: The sublime shock of Obama’s victory

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