With Kevin Rudd in Washington meeting Barack Obama, and the new Geithner Plan seemingly hostage to the insta-reaction of the markets, punditocracy and economists alike, it’s worth pausing to cast an eye over an argument by Ian Leslie in The Guardian:
In an attempt to capture the experience of living in the age of mass media, the cultural critic Frederic Jameson talked of being trapped in a “perpetual present”. Bombarded with endless information, images from the past and dreams of the future, we live each day as if it’s our first and our last.
Jameson’s diagnosis may be hyperbolic, but those who followed 2008 election will have at least an inkling of what he was getting at. During the primaries and the general election, it was difficult to discern the underlying state of the race from the media coverage, because all that seemed to matter was WHAT’S HAPPENING RIGHT NOW.
Almost every day, a new story would tear through the media ecosphere, gathering velocity and heat as it went, dominating the chatter on the web and on TV and radio. Hillary didn’t tip a waitress! Obama said something about lipstick on a pig! SARAH FRICKIN’ PALIN! Within hours of any “incident”, headlines blared, pundits pronounced, bloggers unloaded, campaigns sniped and counter-sniped. Each media node would feed off every other node, creating what scientists call “positive feedback”, the most familiar example of which is what you get when you move a live microphone too close the speaker: an ear-splitting noise.
Leslie argues that, actually, not much happened in the US general election campaign. I think that’s right – there are probably only a few events which could be pinpointed that actually shifted the dynamics and momentum of the thing. Leslie concentrates on the “media ecosphere”. But I wonder if what we’re seeing here is not also “fast capitalism” – the speeding up of the circulation of money, the value cycle, and the short termism that drives both share markets (often very short term indeed – as with short selling) and all the craziness that led to the bust of the boom. Maybe this phenomenon is the underlying cause of the crisis. Since Leslie invokes Fredric Jameson, one might well surmise or propose that the contemporary mediasphere reflects the “cultural logic of late capitalism”. If that’s the case, what is to be done? Take a deep breath and a longer view? That’s in essence the Keynesian road. But is it enough?





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