Whatever the other failures of the U.S. government were, it had managed to print an excess of dollars which, combined with the collapse of trade and … - James Howard Kunstler

The racket was coming over what used to be our public radio station, WAMC out of Albany, but the familiar... voices... were long gone. Some febrile evangelist was railing from the Book of Revelation.

I don’t think the previous Dark Age that followed the collapse of Rome was quite the same as what we’re facing. That involved a profound and incremental series of losses in knowledge, technique, and the ability to do things, everything from making good pottery and concrete to ways of organizing work. Our situation now has much more potential for cultural damage, because our conditioning in technological progress is so extreme. The letdown may be awful when it becomes evident we’re not going to solve our energy problems with algae secretions, solar, wind, or other alternative fuel schemes–that we’re not going to run [high-energy things like] , the , , and the military on any combination of other energy systems. […] This has enormous potential for disrupting our sense of reality. It’s hard to predict the kinds of reaction[s] that this may generate, but I think you will have a society so profoundly disappointed by science and technology that it could propel us into a new dark age of superstition.

American life, with its twin engines of suburbanization and factory production of consumer goods for the […] world, became so quickly and obviously successful that a new consensus formed supporting the value of the dollar and its paper accessories in capital markets, chiefly stocks, and bonds. This is not to say that the securities markets boomed in the 1950s and 1960s—it took until then just to recover the value levels of the pre-1929 crash—but stocks and bonds did regain respectability, [and] legitimacy. Those who had lived through the Great Depression, meaning virtually all the men who had served in the wartime army, had very modest expectations about the role of finance in the postwar economy. In the 1950s and 1960s, Americans bought stocks for the annual dividends they paid, not to flip them for a quick profit. In fact, share prices remained […] very flat during this period. The whole notion of investment was different than it would become later in the twentieth century. In the 1950s and 1960s, stock and bond values were linked much more directly with the successful production of real goods. General Motors derived its profits and paid its dividends on the basis of auto sales, not as today, primarily from leveraging interest rates and other abstract numbers' games removed from the actual making of products. In sum, the public attitude about the role of finance was extremely conservative. Finance was not an “industry” per se, but a set of institutions designed to keep the idea of money and its accessories credible, […] to allow real industries to function.