Financial Crises and Narcissism…J. R. Nyqist!

Friday, December 30, 2011
By Paul Martin

FinancialSense.com
12/29/2011

As we approach the end of 2011 there is much to consider. The capitalist world is suffering a series of financial crises. Many nations are hopelessly in debt, including the United States; currencies are losing value; businesses are going under or struggling; the European financial system is crumbling before our eyes, and many experts think the worst is yet to come. The politicians in Europe and America have not faced up to the crisis. Current policies appear to resemble a series of delaying actions. Looking back on the first decade of the twentieth century we may ask ourselves whether these economic troubles are related to moral and cultural failings.

Most everyone over fifty years of age realizes that society has changed dramatically during the past fifty years. Technological change has been the least of it, though technology has made its contribution. But more fundamentally, our common attitude to life and its meaning has gone through an almost total revolution. Rising narcissism (tracked by scientists like Jean Twenge and W. Keith Campell) shows that we live in the Age of Entitlement. To quote from Twenge and Campbell’s book, The Narcissism Epidemic, narcissism entails “a very positive and inflated view of self. Narcissists believe they are better than others, lack emotionally warm and caring relationships, constantly seek attention, and treasure material wealth and physical appearance.”

It turns out that narcissism is nothing new. There was an outbreak of narcissism in ancient Greece during the second century B.C. In those days, people wanted to enjoy their lives. They did not want the responsibility of raising children. We are told by the historian Polybius that all of Greece suffered “a dearth of children … owing to which the cities were denuded of inhabitants….” This also triggered “a failure of productivity.” Polybius explained that “this evil grew upon us rapidly, and without attracting attention, by our men becoming perverted to a passion for show and money and the pleasures of an idle life, and accordingly either not marrying at all, or, if they did marry, refusing to rear the children that were born, or at most one or two out of a great number….”

The Rest…HERE

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