{"id":58319,"date":"2021-06-20T06:12:08","date_gmt":"2021-06-20T11:12:08","guid":{"rendered":"https:\/\/olduvai.ca\/?p=58319"},"modified":"2021-06-20T06:12:08","modified_gmt":"2021-06-20T11:12:08","slug":"the-everything-death-spiral","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=58319","title":{"rendered":"The everything death spiral"},"content":{"rendered":"
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The everything death spiral<\/a><\/h3>\n<\/div>\n<\/div>\n<\/div>\n
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Inflation is back in the\u00a0establishment media headlines<\/a>, as prices are rising across the economy.\u00a0 But rather like generals fighting the last war, business and economic journalists are dusting off models of inflation last used in the early 1980s.\u00a0 The idea, for example, that \u201cinflation is always a monetary phenomenon\u201d worked well as a description of the crises of the 1970s when the class structure was flatter and simpler and when planet Earth still contained massive volumes of untapped resources; including decent reserves of energy-cheap energy.<\/p>\n

Throughout the post-war years \u2013 and largely as a consequence of energy-cheap energy \u2013 the workers\u2019 share of the profits from manufacturing and trade had risen.\u00a0 Various national versions of America\u2019s suburban dream became available to skilled and semi-skilled workers across the developed states.\u00a0 Where the wartime generation rented small terraced houses, the post-war generation bought roomy semi-detached homes.\u00a0 Where the wartime generation walked to work, the post-war generation drove a car or rode a motorbike.\u00a0 Where the wartime generation holidayed at a nearby seaside town, the post war generation took package holidays in Mediterranean resorts.<\/p>\n

Insofar as it existed at all, unemployment was a choice or a \u201cfrictional<\/a>\u201d period of a few weeks as workers moved from one employer to another. \u00a0Only those few with complex problems, such as disabled people, people with mental illness or people with drug or alcohol dependency tended to be long-term unemployed.\u00a0 And the lack of a pool of unemployed labour empowered trade unions by undermining management\u2019s ability to threaten the sack.\u00a0 If workers were fired they could easily find work elsewhere.\u00a0 And firms that sacked workers often struggled to find replacements.<\/p>\n

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

The everything death spiral Inflation is back in the\u00a0establishment media headlines, as prices are rising across the economy.\u00a0 But rather like generals fighting the last war, business and economic journalists are dusting off models of inflation last used in the early 1980s.\u00a0 The idea, for example, that \u201cinflation is always a monetary phenomenon\u201d worked well […]<\/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":[31147,309,426,538,31360],"class_list":["post-58319","post","type-post","status-publish","format-standard","hentry","category-economics","tag-consciousness-of-sheep","tag-fiat-currency","tag-inflation","tag-money-printing","tag-tim-watkins"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58319","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=58319"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58319\/revisions"}],"predecessor-version":[{"id":58320,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/58319\/revisions\/58320"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=58319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=58319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=58319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}