"Sharing the Pain: The Emotional Politics of Austerity"
Jeremy Gilbert

“Keep Calm and Carry On” was the fashionably arch, post-ironic catchphrase for Phase One of the Financial Crisis. Its popularity as a motif first on posters and then on every conceivable kind of merchandise peaked during the period following the critical moment in September 2008 when Lehman Brother collapsed and the entire international banking system teetered on the edge of an abyss.

Technically, this was a piece of nostalgic kitsch. The design came from an obscure home office poster prepared in 1939 for use if the Nazis had invaded the UK. Given such an eventuality, ground combat in the coastal regions would have placed considerable physical and emotional demands on the the rest of the country, and the poster was designed to steady the national nerves should those trying circumstances arise. Thankfully, they never did, and the poster was not distributed during the war, but was rediscovered and reproduced for its comedy value only in 2000, becoming a popular ironic decoration in many workplaces during the early years of the twenty-first century. It’s a powerful image: on the one hand, a clichéd yet outmoded expression of ‘traditional’ English stoicism, on the other hand an example of emotional exhortation by the state, whose almost Orwellian tones render it both anachronistic and vaguely sinister.

The peculiarity of such a slogan in today’s unstoical world - where we are all supposed to value ‘emotional literacy’ over reticence and calm resolve - and its apparent naiveté in the face of the perpetual crisis of late capitalism, are certainly enough to raise a smile in anyone. But it’s hardly hilarious enough for that to explain its extraordinary popularity. To understand the latter, I suggest, we have to consider the ways in which this slogan - ‘keep calm and carry on’ - condenses and expresses perfectly the parameters and constituent elements of the whole affective regime through which emotional responses to the crisis of neoliberalism are being organised by powerful forces today.

End of the Recession? Who’s Kidding Whom? Immanuel Wallerstein

The media are telling us that the economic “crisis” is over, and that the world-economy is once more back to its normal mode of growth and profit. On December 30, Le Monde summed up this mood in one of its usual brilliant headlines: “The United States wants to believe in an economic upturn.” Exactly, they “want to believe” it, and not only people in the United States. But is it so?

Bowles-Simpson: The Unequal Marriage of Reaganomics and RubinomicsPeople's Pension Eric Laursen

The Bowles-Simpson plan isn't a fair and equitable way to reduce the long-term federal deficit, whatever its co-authors might claim. In fact, it's the biggest proposed experiment in supply-side economics since early Reagan.