{"id":54091,"date":"2020-07-11T08:34:32","date_gmt":"2020-07-11T13:34:32","guid":{"rendered":"https:\/\/olduvai.ca\/?p=54091"},"modified":"2020-07-11T08:45:04","modified_gmt":"2020-07-11T13:45:04","slug":"the-bottoms-falling-out","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=54091","title":{"rendered":"The Bottom\u2019s Falling Out"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.theautomaticearth.com\/2020\/07\/the-bottoms-falling-out\/\">The Bottom\u2019s Falling Out<\/a><\/h3>\n\n\n\n<p>Imagine you\u2019re standing across the street from a house that\u2019s on the verge of falling apart, a condemned building, an edifice devoured by rot from bottom to top. Now imagine you see a construction crew arriving to repair it, and they start to fix the roof. You would think that\u2019s not much use if the walls, floor and foundation are just one wolf\u2019s huff and puff away from collapse.<\/p>\n\n\n\n<p>Still, that is what the world\u2019s central banks are doing today: they \u201cfix\u201d the top by bailing out banks and allege that somehow that will fix the rest of the edifice too. In that same analogy, while central banks prop up banks, governments try to support the walls, by bailing out businesses. Again, while the floors and foundations keep on rotting away. And when the floors cave in, so of course will the walls, just like the roof.<\/p>\n\n\n\n<p>There may appear to be some logic to all this, but it\u2019s only the \u201cinner logic\u201d of an economic and political ideology that deals exclusively with how things should be, not how they are. Of course it\u2019s nice to have a shiny new roof, and strong walls. But neither have any value if there are no more floors to support them.<\/p>\n\n\n\n<p>This is what is happening today to our economies and societies. The 2008 crisis wasn\u2019t bad enough to expose the failures of the \u201cinner logic\u201d of the system, but the fallout of COVID19 will be. And it\u2019s not the virus that does it all, or the lockdowns, they merely expose a system that\u2019s been rotting for many years without its floors and foundations ever being repaired.<\/p>\n\n\n\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bottom\u2019s Falling Out Imagine you\u2019re standing across the street from a house that\u2019s on the verge of falling apart, a condemned building, an edifice devoured by rot from bottom to top. Now imagine you see a construction crew arriving to repair it, and they start to fix the roof. You would think that\u2019s not [&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":[2674,2809,63,30000,21487,7662,124,150,30001,8222,488,29428,30003,24543,30002,856,30004],"class_list":["post-54091","post","type-post","status-publish","format-standard","hentry","category-economics","tag-automatic-earth","tag-bailouts","tag-banks","tag-bottom","tag-building","tag-businesses","tag-central-banks","tag-collapse","tag-foundations","tag-great-financial-crisis","tag-loans","tag-lockdowns","tag-ppp","tag-raul-ilargi-meijer-2","tag-roof","tag-virus","tag-walls"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54091","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=54091"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54091\/revisions"}],"predecessor-version":[{"id":54092,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54091\/revisions\/54092"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=54091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=54091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=54091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}