The Denouement (Updated)
William N. Grigg - September 15, 2008
Hail comrades well met: In this famous 1911 editorial cartoon, Karl Marx is rapturously greeted on Wall Street and taken to the bosom of Carnegie and Rockefeller. This tidily sums up the relationship between Wall Street corporate socialists and the non-housebroken Marxist revolutionaries who are their distant kin.
Denouement (n) — The unraveling of a plot; a catastrophe….
From Webster’s Unabridged Dictionary (1913)
There is something supernally appropriate to the fact that, in order to find the most suitable definition for just right word to describe the ongoing crisis of the financial system, we have to refer to a dictionary published in 1913.
We are now into the second year of the unraveling of the world financial system. It could be described as the Great Denouement (or final act) of a plot that began in 1913, when Congress created the Federal Reserve System, aka the Focus of Evil in the Modern World. So far the effects of the unraveling have had minimal impact on the larger economy.
This is about to change.