Presenting my theory of the crisis behind all the other crises

Most people see today’s problems as separate

The housing crisis is one thing. Immigration is another. Low birth rates, stagnant wages, job losses and the rise of populism are treated as disconnected events that just happen at the same time

My theory is different: these are not separate problems. They are symptoms of a system built during the 1970s, 80s and 90s

To understand why, look back at the crisis of the 1970s. The postwar economic model was breaking down. Inflation, energy shocks and labor unrest convinced many that governments could no longer manage the economy effectively

The response is usually described as the triumph of free markets. But there is another way to see it. Elites concluded that key economic decisions should be protected from everyday politics. Governments seemed too unpredictable and too willing to change the rules

So a new system was built around permanent rules. Central banks became independent, financial markets were deregulated, trade agreements limited national flexibility and Europe transferred economic power to shared institutions

Crucially, these changes were not presented as ideology but as necessity. The message was not “this is better” but “this is how a modern economy must work”

For decades, the system appeared successful. Inflation fell, trade expanded and wealth grew. People stopped seeing these arrangements as political choices and began treating them as facts of life

This is the core of my theory. While the system worked, its side effects accumulated beneath the surface

Free capital sent money wherever returns were highest. Housing became a financial asset. Companies moved production abroad. Economic policy became embedded in institutions that were difficult to change

Growth masked these tensions for years. But as economies slowed, the cracks became visible. Younger generations discovered that despite studying more and working harder, they struggled to buy a home, leave their parents’ house or start a family

People do not live inside institutions, they live with their consequences. That is why political anger focuses on housing, immigration, living costs and lost industrial jobs

From this perspective, Trump, Brexit and European populism are not the cause of the crisis. They are its consequence. They reflect a growing belief that the system built after the 1970s no longer delivers

The tension is rising because elites still view these institutions as the foundation of stability, while many voters increasingly see them as obstacles to solving obvious problems

This is the central conflict of our time. It is not simply left versus right. It is a clash between those who believe a system designed for 1975 still works and those who believe it lies at the root of today’s problems

The real question is not which party will win the next election. It is whether institutions built for a world that no longer exists still make sense today

The debate is intense because people are no longer sure of the answer