Large-scale corporate enterprise has brought humankind much material comfort in two centuries but at the price of fantastic unintended consequences (… - James Howard Kunstler

In the face of the things like the , the scare, the , and other disasters that eroded the notional value of financial paper, homeownership itself was now turned into a magical generator of unearned riches for both borrowers and lenders. It was consistent with the Las Vegas-ization of the national moral sense, chiefly the increasingly popular belief at every level of American life that it really was possible to get something for nothing. Anyone could see this in the easy public acceptance of gambling as okay and the proliferation of casinos everywhere in the land. Not even the evangelical Christians seemed to mind. There is no such thing as intrinsic value in a house. A huge percentage of the public has now put its net worth into something that… isn't an investment. Apart from false econometrics of rising house valuations and the leverage that affords for raising cash within the context of the current lending rackets, a house is much more of a consumer product than an investment, especially the kind of houses built in recent decades in America, namely stapled-together boxes made of particle board and plastic cladding that require continual reinvestment in petty cash and labor for upkeep, and will probably not hold their value, even if well cared for, because of poor locational choices. A house on a one-acre lot in a subdivision in , thirty-two miles from downtown Washington, […] a magnificent thing to behold today, with a soaring lawyer foyer entrance, a restaurant-grade kitchen, and an inground pool out back. But if there is less gasoline to power up the fleet of cars necessary to service it, and no natural gas to heat the thousand-square-foot cathedral-ceilinged lawyer foyer, then chances are that the house is going to be a liability rather than an asset.

In America, after the crash of 1929, the loss of faith in various forms of credit represented by abstract instruments of finance translated into a persistent lack of money—that is, a means of exchange— and the institutions devised to create it stood in disrepute. People could buy very little. Business stagnated. Companies would not hire workers when there was so little demand for products. It was a vicious cycle and it had vicious side effects. Another way of looking at the financial debacle of the 1930s is an ecological view such as ’s metaphor of the industrial economy as a “detritus ecosystem.”
Catton argues that the human race living off the “drawdown” of nonrenewable fossil fuel resources is the equivalent of the algae in a pond enjoying a temporary rush of nutrients in one brief season. Catton’s analogy can be applied and extended to clarify the Great Depression in the context of ecological economics. After the crash of 1929, something… definitely changed in America. But the puzzling part is that the “nutrients in the form of cheap oil—the plenty” Roosevelt spoke of—still flowed. So why did the economic environment become so intractably unhealthy? From an ecological view, the Great Depression represented the effects of severe socioeconomic pollution” produced by the oil-fueled boom of the 1920s, and this “pollution” had the effect of “poisoning the financial ecosystem and consequently killing off financial “organs” that people had come to depend on in order to “thrive” (i.e., to grow wealthy and reproduce). Specifically, the “pollution” killed off the organs that generated credit and turned it into money. This systemic “pollution” of the financial ecosystem harmed the industrial environment enough to temporarily quash any further exuberant “growth.” There was no human die-off but there was a die-off of expectations and a reduction in [the] carrying capacity of the U.S. economy.
Is it fair to say that the by-product of zealous oil use literally converts into such an abstract form of "pollution" capable of poisoning what amounts to a social consensus? This must return us to the idea of entropy. Entropy is the spending down of energy and its translation into negative by-products. […] Air pollution is one expression of entropy. But so is social disorder. So is [the] institutional breakdown. Bodily death is another. These negative by-products of entropy can become interchangeable as entropy progresses, depending on any combination of variable conditions and circumstances. A careful reading of twentieth-century history would bear this out. In the modern era, entropy has been expressed in conditions as seemingly unrelated as war, industrial pollution, pornography, mass political murder, the shattering of a consensus about the value of money, and incompetent parenting. The introduction of high entropy into a given system is profoundly destabilizing in many ways.

We're building our own New Jerusalem up the river. It's a world made by hand, now, one stone at a time, one board at a time, one hope at a time, one soul at a time.