Billions of dollars were hastily poured into the global banking system in a frantic attempt at financial stabilisation. So why has it not been possible to bring the same forces to bear in addressing world poverty and environmental crisis? In this take-no-prisoners analysis, Slavoj Zizek frames the moral failures of the modern world in terms of the epoch-making events of the first decade of this century. What he finds is the old one-two punch of history: the jab of tragedy, the right hook of farce. In the attacks of 9/11 and the global credit crunch, liberalism dies twice: as a political doctrine and as an economic theory. The election of Donald Trump only confirms the bankruptcy of a liberal order on its last legs. First as Tragedy, Then as Farce is a call for the left to reinvent itself in the light of our desperate historical situation. The time for liberal, moralistic blackmail is over.