{"id":53834,"date":"2020-06-23T16:01:19","date_gmt":"2020-06-23T21:01:19","guid":{"rendered":"https:\/\/olduvai.ca\/?p=53834"},"modified":"2020-06-23T16:01:21","modified_gmt":"2020-06-23T21:01:21","slug":"the-financialization-of-the-end-of-the-world","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=53834","title":{"rendered":"The financialization of the end of the world"},"content":{"rendered":"\n

The financialization of the end of the world<\/a><\/h3>\n\n\n\n

For those who are fans of cartoons from The<\/em> New Yorker<\/em> magazine and consistent readers of this blog, you might be able to guess my two favorite cartoons. In the first one<\/a>, a man in a coat and tie stands at a podium and tells his unseen audience the following: “And so, while the end-of-the-world scenario will be rife with unimaginable horrors, we believe that the pre-end period will be filled with unprecedented opportunities for profit.”<\/p>\n\n\n\n

In the second<\/a>, a man in a tattered suit sits cross-legged near a campfire with three children listening to him intently as he says this: “Yes, the planet got destroyed. But for a beautiful moment in time we created a lot of value for shareholders.”<\/p>\n\n\n\n

Now, in the you-can’t-make-this-stuff-up category, financial writer Paul Farrell used the caption from the first cartoon in a 2015 piece<\/a> for MarketWatch<\/em> entitled: “Your No. 1 end-of-the-world investing strategy.” The subheading is: “How to pick stocks for the near term when long-term trends say collapse is near.” The subhead actually seems like it might be another caption from a New Yorker<\/em> cartoon (or possibly one from The Onion<\/a><\/em>). Why exactly would you invest in stocks\u2014as opposed to seeds of food crops and sturdy garden implements\u2014”when long-term trends say collapse is near”? But I’ll put that down to bad headline writing.<\/p>\n\n\n\n

In Farrell’s defense, he frequently used his column in MarketWatch<\/em> to warn his readers of the coming collapse of modern civilization if we don’t change our ways. He was obliged to give investment advice, of course, because that’s what the column was for.<\/p>\n\n\n\n

Few other investment gurus are as intellectually honest as Farrell. Among prominent investment managers, only Jeremy Grantham comes close to understanding the scope of the challenges we face. Grantham wrote\u00a0a piece in 2013<\/a>\u00a0called “The Race of Our Lives” that outlines the myriad challenges humans face. He starts with a discussion of the fall of civilizations. (He\u00a0updated his views<\/a>\u00a0in 2018.)<\/p>\n\n\n\n

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

The financialization of the end of the world For those who are fans of cartoons from The New Yorker magazine and consistent readers of this blog, you might be able to guess my two favorite cartoons. In the first one, a man in a coat and tie stands at a podium and tells his unseen audience the following: “And […]<\/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":[4752,5220,4967],"class_list":["post-53834","post","type-post","status-publish","format-standard","hentry","category-economics","tag-kurt-cobb","tag-marketwatch","tag-resource-insights"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53834","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=53834"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53834\/revisions"}],"predecessor-version":[{"id":53835,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/53834\/revisions\/53835"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=53834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=53834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=53834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}