one reason the Golden Age of Piracy remains the stuff oflegend is that pirates of that age were so skilled at manipulatinglegends; they deployed wonder-stories—whether of terrifyingviolence or inspiring ideals—as something very much like weaponsof war, even if the war in question was the desperate and ultimatelydoomed struggle of a motley band of outlaws against the entireemerging structure of world authority at the time.

Golden Age economics ended. Golden Age assumptions did not. For 30 wonderful years, we had been unusually flush, and we got used to it, re-designing our institutions to assume unending increases in subsidized demand. This did not happen. The year it started not happening was 1975.