Image: Engraving of the Women's March on Versailles, 5 October 1789.
Joseph Sternberg, WSJ political economics column; in London; in re: Protest in general, income inequality, safety. Mass anger, twitter mob, Internet shaming, firing editors for wrong-think. Outrage has always been a source of political capital. We have an outrage hyperinflation right now. Each portion becomes worth less, so need more and more to maintain the level. People trying to generate more outrage to cut through social media noise.
Cancel culture, “wokeness” never takes yes for an answer. Once Greenspan called a bubble “irrational exuberance.” Are we in a bubble-bldg phase? Yes, an outrage bubble. People can leverage it into speaking contracts, publishing. TV appearances. Now, there’s so much you have to tune some of it out. Bubbles collapse when no one says it’ll go higher. One way may be when people realize you can't buy anything with this money any more. Already won’t buy social peace. When will companies stop giving in to twitter mobs?