{"id":57337,"date":"2021-03-30T19:05:56","date_gmt":"2021-03-31T00:05:56","guid":{"rendered":"https:\/\/olduvai.ca\/?p=57337"},"modified":"2021-03-30T19:05:56","modified_gmt":"2021-03-31T00:05:56","slug":"do-you-believe-in-magic","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=57337","title":{"rendered":"Do You Believe in Magic?"},"content":{"rendered":"
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Do You Believe in Magic?<\/a><\/h3>\n<\/div>\n
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The people pretending to run the world\u2019s financial affairs do. The more layers of abstract game-playing they add to the existing armatures of unreality they\u2019ve already constructed, the more certain it becomes that they will blow up all the support systems of a sunsetting hyper-tech economy that now has no safe lane to continue running in.<\/p>\n

Virtually all the big nations are doing this now in desperation because they don\u2019t understand that the hyper-tech economy is hostage to the deteriorating economics of energy, basically fossil fuels, and oil especially. The macro mega-system can\u2019t grow anymore. We\u2019re now in the de-growth phase of a dynamic that pulsates through history, as everything in the universe pulsates. We attempted to compensate for de-growth with debt, borrowing from the future.<\/p>\n

But debt only works in the youthful growth phases of economic pulsation, when the prospect of being paid back is statistically favorable. Now in the elder de-growth phase, the prospect of paying back debts, or even servicing the interest, is statistically dismal. The amount of racked-up debt worldwide has entered the realm of the laughable. So, the roughly twenty-year experiment in Central Bank credit magic, as a replacement for true capital formation, has come to its grievous end.<\/p>\n

Hence, America under the pretend leadership of Joe Biden ventures into the final act of this melodrama, which will end badly and probably pretty quickly. They are about to call in the financial four horsemen of apocalypse: 1) Modern Monetary Theory (MMT), 2) a command economy, 3) Universal Basic Income (UBI, \u201chelicopter\u201d money for\u00a0the people<\/em>), and 4) the \u201cBuild Back Better\u201d infrastructure scheme.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n

money, monetary theory, modern monetary theory, debt, money printing, james howard kunstler, clusterfuck nation, magic, degrowth, growth<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Do You Believe in Magic? The people pretending to run the world\u2019s financial affairs do. The more layers of abstract game-playing they add to the existing armatures of unreality they\u2019ve already constructed, the more certain it becomes that they will blow up all the support systems of a sunsetting hyper-tech economy that now has no […]<\/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":[2,3],"tags":[14964,195,203,391,449,17443,17970,6541,536,538],"class_list":["post-57337","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-clusterfuck-nation","tag-debt","tag-degrowth","tag-growth","tag-james-howard-kunstler","tag-magic","tag-modern-monetary-theory","tag-monetary-theory","tag-money","tag-money-printing"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57337","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=57337"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57337\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}