{"id":47992,"date":"2019-08-26T17:34:15","date_gmt":"2019-08-26T22:34:15","guid":{"rendered":"https:\/\/olduvai.ca\/?p=47992"},"modified":"2019-08-26T17:34:17","modified_gmt":"2019-08-26T22:34:17","slug":"globalization-just-peaked","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=47992","title":{"rendered":"Globalization Just Peaked"},"content":{"rendered":"\n

Globalization Just Peaked<\/a><\/h3>\n\n\n\n
\"\"\/<\/a>
Joan Miro\u00a0The farmer\u2019s wife\u00a0<\/strong>1923<\/figcaption><\/figure>\n\n\n\n

In Jackson Hole on Friday, Bank of England\u2019s outgoing governor Mark Carney talked about a Synthetic Hegemonic Currency (SHC) that the world \u2018must\u2019 create, and I thought: that sounds as creepy as anything Halloween. Now, Carney is a central banker as well as a former Giant Squid partner, hence a certified cultist, but still.<\/p>\n\n\n\n

He even mentioned Facebook\u2019s Libra \u2018currency\u2019 as some sort of example for something that should replace the US dollar internationally. And that replacement is allegedly needed because countries are hoarding dollars. And\/or \u201cprotecting themselves by racking up enormous piles of dollar-denominated debt.\u201d Whichever comes first, I guess?!<\/p>\n\n\n\n

I\u2019ve read quite a few comments on Carney\u2019s speech, but far as I\u2019ve seen they all ignore one aspect of it: the current shape and form of globalization. See, Carney can see only one thing: more centralization, more things moving more in the same direction. Remember, he\u2019s the man who with Michael Bloomberg in 2016 wrote \u201cHow To Make A Profit From Defeating Climate Change\u201d<\/strong><\/a>. Aka things are worth doing only if they make you richer.<\/p>\n\n\n\n

It\u2019s a state of mind that works fine when you\u2019re inside a system and an echo chamber, when you\u2019re a central banker or a corporate banker. But there\u2019s nothing that indicates it\u2019s a useful state of mind when the system you\u2019re serving must undergo change. What is as true when it comes to climate change as it is for changing the entire global economy. Carney\u2019s got blinders on.<\/p>\n\n\n\n

World Needs To End Risky Reliance On US Dollar: BoE\u2019s Carney <\/strong><\/a><\/p>\n\n\n\n

Carney [..] said the problems in the financial system were encouraging protectionist and populist policies. [..] Carney warned that very low equilibrium interest rates had in the past coincided with wars, financial crises and abrupt changes in the banking system. <\/em><\/p><\/blockquote>\n\n\n\n

 \u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Globalization Just Peaked In Jackson Hole on Friday, Bank of England\u2019s outgoing governor Mark Carney talked about a Synthetic Hegemonic Currency (SHC) that the world \u2018must\u2019 create, and I thought: that sounds as creepy as anything Halloween. Now, Carney is a central banker as well as a former Giant Squid partner, hence a certified cultist, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[15711,17358,951,1784,26599,370,26600,13924,1085,5177,3222,10522],"class_list":["post-47992","post","type-post","status-publish","format-standard","hentry","category-economics","tag-carney","tag-crypto","tag-currency","tag-exports","tag-giant-squid","tag-globalization","tag-henry-ford","tag-raul-ilargi-meijer","tag-sdr","tag-the-automatic-earth","tag-trade-war","tag-trump"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/47992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=47992"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/47992\/revisions"}],"predecessor-version":[{"id":47993,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/47992\/revisions\/47993"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}