Wednesday, August 10, 2011
Reading List: The Day the Dollar Died
- Galt, John [pseud.]. The Day the Dollar Died. Florida: Self-published, 2011.
- I have often remarked in this venue how fragile the infrastructure of the developed world is, and how what might seem to be a small disruption could cascade into a black swan event which could potentially result in the end of the world as we know it. It is not only physical events such as EMP attacks, cyber attacks on critical infrastructure, or natural disasters such as hurricanes and earthquakes which can set off the downspiral, but also loss of confidence in the financial system in which all of the myriad transactions which make up the global division of labour on which our contemporary society depends. In a fiat money system, where currency has no intrinsic value and is accepted only on the confidence that it will be subsequently redeemable for other goods without massive depreciation, loss of that confidence can bring the system down almost overnight, and this has happened again and again in the sorry millennia-long history of paper money. As economist Herbert Stein observed, “If something cannot go on forever, it will stop”. But, when pondering the many “unsustainable” trends we see all around us today, it's important to bear in mind that they can often go on for much longer, diverging more into the world of weird than you ever imagined before stopping, and that when they finally do stop the débâcle can be more sudden and breathtaking in its consequences than even excitable forecasters conceived. In this gripping thriller, the author envisions the sudden loss in confidence of the purchasing power of the U.S. dollar and the ability of the U.S. government to make good on its obligations catalysing a meltdown of the international financial system and triggering dire consequences within the United States as an administration which believes “you never want a serious crisis to go to waste” exploits the calamity to begin “fundamentally transforming the United States of America”. The story is told in a curious way: by one first-person narrator and from the viewpoint of other people around the country recounted in third-person omniscient style. This is unusual, but I didn't find it jarring, and the story works. The recounting of the aftermath of sudden economic collapse is compelling, and will probably make you rethink your own preparations for such a dire (yet, I believe, increasingly probable) event. The whole post-collapse scenario is a little too black helicopter for my taste: we're asked to simultaneously believe that a government which has bungled its way into an apocalyptic collapse of the international economic system (entirely plausible in my view) will be ruthlessly efficient in imposing its new order (nonsense—it will be as mindlessly incompetent as in everything else it attempts). But the picture painted of how citizens can be intimidated or co-opted into becoming collaborators rings true, and will give you pause as you think about your friends and neighbours as potential snitches working for the Man. I found it particularly delightful that the author envisions a concept similar to my 1994 dystopian piece, Unicard, as playing a part in the story. At present, this book is available only in PDF format. I read it with Stanza on my iPad, which provides a reading experience equivalent to the Kindle and iBooks applications. The author says other electronic editions of this book will be forthcoming in the near future; when they're released they should be linked to the page cited above. The PDF edition is perfectly readable, however, so if this book interests you, there's no reason to wait. And, hey, it's free! As a self-published work, it's not surprising there are a number of typographical errors, although very few factual errors I noticed. That said, I've read novels published by major houses with substantially more copy editing goofs, and the errors here never confuse the reader nor get in the way of the narrative. For the author's other writings and audio podcasts, visit his Web site.
Posted at August 10, 2011 21:45