So You Don't Understand Macroeconomics...

... but are looking for a theory of the financial crisis that you can flaunt? How about this?

No sphere of high culture is implicated in the fall of the affluent society in the same way art is. Yesterday I commented on the resistance to melancholy, the flight from reality, that enabled art in our time to promote the fantasy of an unlimited market. Some have called the system that has now fallen "offshore capitalism"; perhaps another description is "post-modern capitalism". In post-modern capitalism, secondary markets created a counter-reality that was unfettered by production. The economy was run like a theme park. It's obvious how deeply involved in that daydream was the art of the last 20 years, which so gleefully rejected anything that might tie it to the slow, patient, tedious stuff of real creativity.

That should see you through your next cocktail party. People might even think you're insightful.