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In Europe, too, things seemed to be going well. In particular, the introduction of the euro in 1999 was widely hailed as a step toward closer political as well as economic integration — toward a United States of Europe, if you like. Some of us ugly Americans had misgivings, but initially they weren’t widely shared.
Of course, it wasn’t all puppies and rainbows. There was, for example, already a fair bit of proto-QAnon-type conspiracy theorizing and even instances of domestic terrorism in America during the Clinton years. There were financial crises in Asia, which some of us saw as a potential harbinger of things to come; I published a 1999 book titled “The Return of Depression Economics,” arguing that similar things could happen here; I put out a revised edition a decade later, when they did.
Still, people were feeling pretty good about the future when I began writing for this paper.
Why did this optimism curdle? As I see it, we’ve had a collapse of trust in elites: The public no longer has faith that the people running things know what they’re doing, or that we can assume that they’re being honest.
It was not always thus. Back in 2002 and ’03, those of us who argued that the case for invading Iraq was fundamentally fraudulent received a lot of pushback from people refusing to believe that an American president would do such a thing. Who would say that now?
In a different way, the financial crisis of 2008 undermined any faith the public had that governments knew how to manage economies. The euro as a currency survived the European crisis that peaked in 2012, which sent unemployment in some countries to Great Depression levels, but trust in Eurocrats — and belief in a bright European future — didn’t.
It’s not just governments that have lost the public’s trust. It’s astonishing to look back and see how much more favorably banks were viewed before the financial crisis.
And it wasn’t that long ago that technology billionaires were widely admired across the political spectrum, some achieving folk-hero status. But now they and some of their products face disillusionment and worse; Australia has even banned social media use by children under 16.
Which brings me back to my point that some of the most resentful people in America right now seem to be angry billionaires.
We’ve seen this before. After the 2008 financial crisis, which was widely (and correctly) attributed in part to financial wheeling and dealing, you might have expected the erstwhile Masters of the Universe to show a bit of contrition, maybe even gratitude at having been bailed out. What we got instead was “Obama rage,” fury at the 44th president for even suggesting that Wall Street might have been partly to blame for the disaster.
These days there has been a lot of discussion of the hard right turn of some tech billionaires, from Elon Musk on down. I’d argue that we shouldn’t overthink it, and we especially shouldn’t try to say that this is somehow the fault of politically correct liberals. Basically it comes down to the pettiness of plutocrats who used to bask in public approval and are now discovering that all the money in the world can’t buy you love.
So is there a way out of the grim place we’re in? What I believe is that while resentment can put bad people in power, in the long run it can’t keep them there. At some point the public will realize that most politicians railing against elites actually are elites in every sense that matters and start to hold them accountable for their failure to deliver on their promises. And at that point the public may be willing to listen to people who don’t try to argue from authority, don’t make false promises, but do try to tell the truth as best they can.
We may never recover the kind of faith in our leaders — belief that people in power generally tell the truth and know what they’re doing — that we used to have. Nor should we. But if we stand up to the kakistocracy — rule by the worst — that’s emerging as we speak, we may eventually find our way back to a better world.