Best of the Week
Most Popular
1.Dow Stock Market Trend Forecast 2015 by Nadeem Walayat - Nadeem_Walayat
2.Gold And Silver – Forget The News. Silver $12 – 14? Gold $1,000 – 1,100? 5 - Michael_Noonan
3.A TOP Formation In Apple Inc. - Crash Condition Signal Recorded - David Harris
4.Gold Gets Safe Haven Bids But COMEX Has Stopping Power - GoldSilverWorlds
5.The Swiss 10-Year Bond Illustrates Central Banks` Flawed Monetary Policy - EconMatters
6.Exponential Explosions in Debt, the S&P, Crude Oil, Silver and Consumer Prices - DeviantInvestor
7.“Forgive Us Our Debts” – Only Way To Prevent Economic Meltdown - GoldCore
8.Is Russia Planning a Gold-Based Currency? - Marcia Christoff-Kurapovna
9.Stock Market Trend Forecast 2015 Video - Nadeem_Walayat
10.Gold GDX ETF Technical Analysis - Austin_Galt
Last 5 days
GGD Going for Mexican Gold - 27th Feb 15
Foreign Real Estate Is the New Swiss Bank Account - 27th Feb 15
10 Reasons Washington Has War Fever - 27th Feb 15
Gold and the Euro Tragedy, Iraq 3.0, Ukraine Conflict Three Ring Circus - 27th Feb 15
Deepak Chopra - New Age Genius or Bullshit Expert? - Video - 27th Feb 15 - Videos
New Greece Drachma Revealed Amid Bank Runs - Greeks Buy Gold Sovereigns - 27th Feb 15
Will Month Long Stocks Rally Continue? - 27th Feb 15
The Only Public Hedge Fund You Should Own - 27th Feb 15
UK House Prices Trend 2015 and the May General Election - 27th Feb 15
Why America is Ungovernable - The Republicans’ Civil War - 27th Feb 15
Gold vs Gold Stocks: Bullish Anomaly Developing? - 27th Feb 15
I Heart Capitalism, Nasdaq Stocks, Then And Now - 27th Feb 15
The Fed’s History of Assassination - 27th Feb 15 i
Gold Bull Market Forecast - Money Will Rotate Into These Dead Investments - 27th Feb 15
"Audit the Fed"? We've Already Done That (Well, Kind of) - 26th Feb 15
Forget Peak Oil; Worry About Peak Demand - 26th Feb 15
Currency Wars, Again - 26th Feb 15
The Fed Waited Too Long: Here Comes Inflation - 26th Feb 15
Investing Inertia Won’t Keep Your Cash Safe - 26th Feb 15
The Net Neutrality Scam - 26th Feb 15
Will Conservatives Out of Control Immigration Crisis Boost UKIP Election 2015 Prospects? - 26th Feb 15
EU Warns Ireland and Euro Zone of Debt Dangers - 26th Feb 15
Commodity Prices Set To Plunge Below 2008 Lows - 26th Feb 15
Ukraine Hyperinflation as Currency Plunges 44% in One Week! - 26th Feb 15
The State of the Global Markets 2015 - 53 Page Report - 26th Feb 15
NASDAQ New 15 Year High - Stock Market Death By Overdose - 25th Feb 15
12 Reasons Why Barry Ritholtz and Many UK Experts Are Mistaken On Gold - 25th Feb 15
Sugar Commodity Price To Sweeten Up - 25th Feb 15
Investor Profits from China 2,000-Year Unstoppable Trends - 25th Feb 15
How to Borrow Cheaply from a Government-Owned Bank - 25th Feb 15
Debt Be Not Proud - 25th Feb 15
Liberal Democrat Election Blood Bath - Could Nick Clegg Lose Sheffield Hallam? - 25th Feb 15
Wheat Commodity Price Technical Trend Forecast - 24th Feb 15
Bitcoin Price Might Stay below $250 - 24th Feb 15
Another Important Stock Market Inflection Point Approaching - 24th Feb 15
Gold: The Good, Bad, and Truly Ugly - 24th Feb 15
Eurozone Gold Holdings Increase to 10,792 Tonnes As “Reserve of Safety” Amidst Crisis - 24th Feb 15
Bird Doo; Yellen Goes to Congress - 24th Feb 15
Is Gold Investing Risk Free? - 24th Feb 15
The Bull Case For Gold Price 2015, and the Bear - 24th Feb 15
Europe - The Intersection of Three Crises - 24th Feb 15
Gold Price Just Needs More Time - 24th Feb 15
Gold Price Downtrend Looks Set to Continue - 23rd Feb
Silver Price Depressing Downtrend Will Eventually End - 23rd Feb 15
5 Reasons Why You Should Sell Amazon Stock - 23rd Feb 15
Global System Catastrophe Is Key Threat To Human Civilisation - 23rd Feb 15
Greece Crisis Yields Ideal Market Opportunities - 23rd Feb 15
Gold and Silver Stocks or General Stock Market Indices? - 23rd Feb 15
Swimming With Sharks: Goldman Sachs, Schools and Capital Appreciation Bonds - 23rd Feb 15
Stock Market - The Fed Still Has Your Back - 23rd Feb 15
Soybean Commodity Price Technical Outlook - 23rd Feb 15
Gold Weekly COTs and More - 23rd Feb 15
Stock Market New Highs With Weak Breadth - 23rd Feb 15
Greece Surrenders to Troika - 22nd Feb 15
This Greek Tragedy is a Global Farce - 22nd Feb 15
Copper Commodity Price Technical Outlook - 22nd Feb 15
U.S. Dollar and Investing in Gold Stocks - 22nd Feb 15
Is Putin's Russia Ready For Total Economic War With the West? - 22nd Feb 15
Stock Market New All Time Highs - 22nd Feb 15

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

The State of the Global Markets 2015

9/11 – A Fourth Turning Perspective

Politics / US Politics Sep 11, 2010 - 12:40 PM GMT

By: James_Quinn

Politics

Best Financial Markets Analysis ArticleThe four turnings comprise a quaternal social cycle of growth, maturation, entropy, and death (and rebirth).  In a spring like High, a society fortifies and builds and converges in an era of promise.  In a summer like Awakening, it dreams and plays and exults in an era of euphoria.  In an autumnal Unraveling, it harvests and consumes and diverges in an era of anxiety.  In a hibernal Crisis, it focuses and struggles and sacrifices in an era of survival.  When the saeculum is in motion, therefore, no long human lifetime can go by without a society confronting its deepest spiritual and worldly needs. - The Fourth Turning



 
Nine years after the attack on the World Trade Center the mood of the country has transformed dramatically. I watched the horror on a TV in a conference room at work with my colleagues. I remember being in a daze for a few days after the attack. When it became unambiguous that Osama bin Laden masterminded the attacks and was being protected by the Taliban in Afghanistan, I wanted justice. The entire world rallied around the US. There was worldwide support for the United States' right to attack Afghanistan and kill the perpetrators.

In the days immediately following the attacks, there were many memorials and vigils around the world. In addition, pictures were placed all over Ground Zero. A witness described being unable to "get away from faces of innocent victims who were killed. Their pictures are everywhere, on phone booths, street lights, walls of subway stations. Everything reminded me of a huge funeral, people quiet and sad, but also very nice. Before, New York gave me a cold feeling; now people were reaching out to help each other.”

There was a feeling of unity in the country for a brief shining moment. If the year had been 2007, rather than 2001, that unity may have been sustained. Anyone who had read Strauss & Howe's 1997 book The Fourth Turning was likely trying to figure out if the 9/11 attacks were the trigger for the Fourth Turning. But it was too soon. As Strauss & Howe relate in the book, a turning can be sudden or subtle:

"The gateway to a new turning can be obvious and dramatic (like the 1929 Stock Crash) or subtle and gradual (like 1984’s Morning in America).  It usually occurs two to five years after a new generation of children starts being born.  The tight link between turning gateways and generational boundaries enables each archetype to fill an entire phase-of-life just as the mood of an old turning grows stale and feels ripe for replacement with something new."

Unraveling Culture

The Unraveling, which had begun in 1984, had not run its course by September 11, 2001. Turnings generally last for 20 to 25 years. In 2001, we were only 17 years into the Unraveling. The mood of the country had not developed to the point where a consensus could be built to address a national Crisis. We had been attacked, but our very existence as a nation had not been threatened. The 9/11 attacks heightened the feeling of anxiety in the country and put us on the path towards a great Crisis. Strauss & Howe explained the phases of an Unraveling in the book:   

"An UNRAVELING begins as a society-wide embrace of the liberating cultural forces set loose by the Awakening.  People have had their fill of spiritual rebirth, moral protest, and lifestyle experimentation.  Content with what they have become individually, they vigorously assert an ethos of pragmatism, self-reliance, laissez faire, and national (or sectional or ethnic) chauvinism.

While personal satisfaction is high, public trust ebbs amid a fragmenting culture, harsh debates over values, and weakening civic habits.  The sense of guilt (which rewards principle and individuality) reaches its zenith.  As moral debates brew, the big public arguments are over ends, not means.  Decisive public action becomes very difficult, as community problems are deferred.  Wars are fought with moral fervor but without consensus or follow-through.

Eventually, cynical alienation hardens into a brooding pessimism. During a High, obliging individuals serve a purposeful society, and even bad people get harnessed to socially constructive tasks; during an Unraveling, an obliging society serves purposeful individuals, and even good people find it hard to connect with their community.  The approaching specter of public disaster ultimately elicits a mix of paralysis and apathy that would have been unthinkable half a saeculum earlier.  People can now feel, but collectively can no longer do." - The Fourth Turning

The Clinton years were divisive and cynical. You knew the country was adrift, but no one could harness the power of the realm to take on the impending challenges. The nation divided into Blue states and Red States. The Moral Majority raged against the Godlessness of the country. The 2000 Presidential election was an example of a country deeply divided, fragmented and unable to agree on anything. The election was essentially a draw, and a partisan Supreme Court picked the winner. It seemed like the country was divided as never before. But, a student of history would have recognized the same issues, dilemmas and foul mood in the 1760s, 1850s and 1920s. Strauss and Howe documented the prior Unravelings in US history:

"The mood of the current Culture Wars era seems new to nearly every living American but is not new to history.  Around World War I, America steeped in reform and fundamentalism amidst a floodtide of crime, alcohol, immigration, political corruption, and circus trials.  The 1850s likewise simmered with moral righteousness, shortening tempers, and multiplying “mavericks.”  It was a decade, says historian David Donald, in which “the authority of all government in America was at a low point.”  Entering the 1760s, the colonies felt rejuvenated in spirit but reeled from violence, mobs, insurrections, and paranoia over the corruption of official authority." - The Fourth Turning

The country went to war with a moral fervor, which quickly dissipated. There was no follow through, as bin Laden was allowed to escape. The appearance of unity in the country was wiped away with the invasion of Iraq under false pretenses. Americans became more cynical after 9/11. Instead of addressing the visible financial catastrophe set in motion by political promises made decades ago, Americans deluded themselves with visions of faux wealth created by the Federal Reserve inflating the largest bubble in history. President Bush did not demand shared sacrifice after 9/11. He instructed the American people to defeat the terrorists by leasing a Mercedes SUV; buying a 6,000 sq ft McMansion with 10 rooms, granite countertops, Jacuzzis, and a home theater, financed with 0% down; and taking your ultimate dream vacation in the Caribbean paid for with one of your 10 credit cards.

While Americans binged on credit and ignored the disastrous future that awaited them with the approaching Fourth Turning, a brooding pessimism began to blanket the country. A national paralysis overtook the populace regarding vital issues. The popping of the housing bubble from 2006 through 2008 revealed massive fraud on the part of Wall Street bankers; corrupt politicians, bought off by corporations, in Washington DC; inept bungling regulators; millions of morons wanting to be led astray; and a Federal Reserve that provided the cheap credit to fuel the mass delusion. The complete meltdown of the financial system in September 2008 will be viewed as the catalyst for the current Fourth Turning. The transition from Unraveling to Crisis has transpired.

Crisis Deepening

"A CRISIS arises in response to sudden threats that previously would have been ignored or deferred, but which are now perceived as dire.  Great worldly perils boil off the clutter and complexity of life, leaving behind one simple imperative: The society must prevail.  This requires a solid public consensus, aggressive institutions, and personal sacrifice." - The Fourth Turning

The current Crisis is deepening day by day. The ninth anniversary of 9/11 is revealing the dramatic mood change of the country. In the days following 9/11 there was little anger against the religion of Islam. President Bush went to a mosque and declared that Islam was a religion of peace. He said forcefully that anyone who attacked Arab or Muslim Americans in some kind of twisted attempt at revenge for 9/11 would be met with the full force of American law. Most right minded Americans agreed with President Bush. After 9 years of waging wars against Muslims, in which victory is unachievable, Americans are weary, agitated and ready to lash out.

Contrast the reaction of Americans after 9/11 with the recent issue of converting a Burlington Coat factory store into a Muslim community center two blocks from Ground Zero. The mainstream media has been full of vitriol and anger regarding an issue that would have gotten no press in 2002. There have been protests, counter-protests, accusations and lies spread across the airwaves. The anti-Muslim feeling in the country is palpable. A nut-job pastor with a flock of 50 people threatens to burn the Koran and sets off a firestorm across the globe. The reaction to this inconsequential knucklehead would have been non-existent in 2002. The mood of the country has clearly changed. The anger building against the ruling elite on Wall Street and in Washington DC is real. Average Americans feel betrayed by politicians, bankers and corporate America. The Tea party movement is a reflection of that anger. The country certainly hasn't reached a consensus about which direction the country needs to move, but we are still in the early stages of the Fourth Turning. A threat to our very existence will reveal itself in the near future and generate the consensus necessary to meet the threat.

What is beyond a doubt is that the country is facing extreme peril as it tries to maneuver its way through an economic Depression, a looming peak oil crisis, unresolved long-term fiscal obligations, and antagonism from countries throughout the world. The cycles of history do not reveal the exact nature of the Crisis ahead, but previous Crisis periods give us a flavor of what to expect. Based on our previous Crises periods and knowing which national issues have been ignored for decades, the likely threats to confront the nation over the next decade include:

  • Continued reduction in the national wealth of Americans as home prices drop another 20% and the stock market loses another 30% of its value.
  • A National Debt approaching $20 trillion within the next 5 years, potentially resulting in massive interest expense payments and/or a collapse of the USD.
  • The demographic headwinds of a rapidly aging population combined with the gutting of industrial America by corporate chieftains insures that the American economy will be stuck in low gear. The result will be a steady decline in the American standard of living.
  • When the Central Bank experiment in fiat currency fails within the next 5 years, a hyperinflationary depression is likely. 
  • The diminishing supply of cheap, easily accessible oil will fundamentally change American society. The entire suburban sprawl existence of America, with 260 million automobiles and food trucked from 1,500 miles to grocery stores will disappear practically overnight.
  • The wrenching changes which will be required to localize, combined with the loss of wealth, will likely lead to social chaos, possible revolt, and the use of U.S. military forces against citizens of the United States. Geographic fragmentation of the country is a distinct possibility.
  • The desperate need for oil will provoke wars for precious resources. The Middle East is likely to turn into a battlefield. The combatants are unknown at this point, but China and Russia are likely to be involved. With the proliferation of nuclear weapons, an escalation could lead to a catastrophic worldwide conflagration.

Fourth Turnings always sweep away the old order and replace it with a new order. There is no guarantee that the new order will be better. It could be far worse. As we honor those who lost their lives on September 11, 2001 we need to brace ourselves for the storm ahead. The clouds are gathering and the time of great sacrifice is approaching. There are no guarantees from God that the United States will always prevail. We have gone far off course this time. I trust we can rise to the challenge.

“History offers no guarantees. Obviously, things could go horribly wrong – the possibilities ranging from a nuclear exchange to incurable plagues, from terrorist anarchy to high-tech dictatorship. We should not assume that Providence will always exempt our nation from the irreversible tragedies that have overtaken so many others: not just temporary hardship, but debasement and total ruin. Losing in the next Fourth Turning could mean something incomparably worse. It could mean a lasting defeat from which our national innocence – perhaps even our nation – might never recover.”  - The Fourth Turning

Join me at www.TheBurningPlatform.com to discuss truth and the future of our country.

By James Quinn

quinnadvisors@comcast.net

James Quinn is a senior director of strategic planning for a major university. James has held financial positions with a retailer, homebuilder and university in his 22-year career. Those positions included treasurer, controller, and head of strategic planning. He is married with three boys and is writing these articles because he cares about their future. He earned a BS in accounting from Drexel University and an MBA from Villanova University. He is a certified public accountant and a certified cash manager.

These articles reflect the personal views of James Quinn. They do not necessarily represent the views of his employer, and are not sponsored or endorsed by his employer.

© 2010 Copyright James Quinn - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

James Quinn Archive

© 2005-2015 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Free Report - Financial Markets 2014