{"id":51978,"date":"2020-03-27T18:28:39","date_gmt":"2020-03-27T23:28:39","guid":{"rendered":"https:\/\/olduvai.ca\/?p=51978"},"modified":"2020-03-27T18:28:51","modified_gmt":"2020-03-27T23:28:51","slug":"forced-liquidation","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=51978","title":{"rendered":"Forced Liquidation"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/kunstler.com\/clusterfuck-nation\/forced-liquidation\/\">Forced Liquidation<\/a><\/h3>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">Historians of the future, pan-roasting fresh-caught June bugs over their campfires, may wonder when, exactly, was the moment when the financial world broke with reality. Was it when Nixon slammed the \u201cgold window\u201d shut? When \u201cmaestro\u201d Alan Greenspan first bamboozled a Senate finance committee? When Pets.com face-planted 268 days after its IPO? When Ben Bernanke declared the housing bubble \u201ccontained?\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If our reality is a world of human activity, then finance is now completely divorced from it for the obvious reason that, for now, there is no human activity. Everyone, except the doctors and nurses, and some government officials, is locked down. So, the only other thing actually still&nbsp;<em>out there<\/em>&nbsp;spinning its wheels is finance and, to those of us watching from solitary confinement, it is looking more and more like an IMAX-scale hallucination with Dolby sound.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How many mortals can even pretend to understand the transactions now taking place among treasury and banking officials? On their own terms \u2013 TALFs, Special Purpose Vehicles, Commercial Paper Funding Facilities, Repo Rescue Operations, \u201cHelicopter Money\u201d \u2013 stand as increasingly empty jargon phrases that signify increasingly futile efforts to paper over the essence of the situation: the world is bankrupt. It\u2019s that simple.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The world is locked down and in hock up to its eyeballs. It faces what the bankers euphemistically call,&nbsp;<em>ahem<\/em>, a \u201cwork-out,\u201d which is to say, a restructuring. The folks in charge are resisting that work-out with all their might, because it will change many of the conditions of everyday life (especially theirs), but it is coming anyway. When debt can\u2019t be paid back, money vanishes. Money isn\u2019t capital, but it represents capital when it is functioning. When it isn\u2019t functioning, it stops being money. Now the whole world realizes that the debt can\u2019t be paid back, will never be paid back\u2026 and that\u2019s the jig that\u2019s up.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Forced Liquidation Historians of the future, pan-roasting fresh-caught June bugs over their campfires, may wonder when, exactly, was the moment when the financial world broke with reality. Was it when Nixon slammed the \u201cgold window\u201d shut? When \u201cmaestro\u201d Alan Greenspan first bamboozled a Senate finance committee? When Pets.com face-planted 268 days after its IPO? When [&hellip;]<\/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":[952,936,449,4219,3650],"class_list":["post-51978","post","type-post","status-publish","format-standard","hentry","category-economics","tag-alan-greenspan","tag-bretton-woods","tag-james-howard-kunstler","tag-richard-nixon","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/51978","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=51978"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/51978\/revisions"}],"predecessor-version":[{"id":51980,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/51978\/revisions\/51980"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}