{"id":63098,"date":"2022-07-21T06:29:57","date_gmt":"2022-07-21T11:29:57","guid":{"rendered":"https:\/\/olduvai.ca\/?p=63098"},"modified":"2022-07-21T06:29:57","modified_gmt":"2022-07-21T11:29:57","slug":"those-who-the-gods-wish-to-destroy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=63098","title":{"rendered":"Those who the gods wish to destroy\u2026"},"content":{"rendered":"
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Those who the gods wish to destroy\u2026<\/a><\/h3>\n<\/div>\n<\/div>\n<\/div>\n
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The UK is already in a de facto recession \u2013 only the fiddling of the data to count GP appointments as a value-adding activity led to\u00a0a paltry 0.5 percent<\/a>\u00a0GDP growth in May.\u00a0 Discretionary spending has already plummeted, and it is only a matter of time before we see widespread business failures and debt defaults.\u00a0 Indeed, this is likely to be one reason why Britain is experiencing a wave of strikes \u2013 provoking a strike to save on energy costs and the wage bill was a common response to inflation in the 1970s and is likely to be one of the few similarities today (the big difference being that we no longer have nationalised industries, so nobody is going to give in to workers\u2019 demands).<\/p>\n

Internationally, there is a global dollar shortage \u2013 which the Federal Reserve is exacerbating \u2013 which threatens a\u00a0sovereign debt implosion<\/a>\u00a0beginning with developing economies dependent upon a single commodity for foreign exchange, but eventually dragging down any economy which trades in dollars\u2026\u00a0 which brings us to the ill-advised sanctions salad imposed on Russia and China in response to the war in Ukraine.\u00a0 This has brought forward the establishment of an alternative BRICS currency system which will cover around a third of global trade, and in the process crush the economies of Europe.\u00a0 As if that wasn\u2019t bad enough, Russia seems to be finally responding by halting its supply of gas to Europe, causing capital flight and industrial closures \u2013 including of the\u00a0wind turbine industry<\/a>\u00a0which is supposed to save the day \u2013 across the continent.<\/p>\n

In Britain, the \u201ccurse of oil<\/a>\u201d means that the unfolding collapse will be all the harder \u2013 since the 1980s, Britain\u2019s neoliberal governments have used oil and gas revenues to underwrite the explosion of debt \u2013 and profits for the few \u2013 generated in the City of London…<\/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":"

Those who the gods wish to destroy\u2026 The UK is already in a de facto recession \u2013 only the fiddling of the data to count GP appointments as a value-adding activity led to\u00a0a paltry 0.5 percent\u00a0GDP growth in May.\u00a0 Discretionary spending has already plummeted, and it is only a matter of time before we see […]<\/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":[124,303,1390,30640,820,2080,33024,3650],"class_list":["post-63098","post","type-post","status-publish","format-standard","hentry","category-economics","tag-central-banks","tag-fed","tag-monetary-policies","tag-the-consciousness-of-sheep","tag-uk","tag-united-kingdom","tag-us-dollartim-watkins","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63098","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=63098"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63098\/revisions"}],"predecessor-version":[{"id":63099,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63098\/revisions\/63099"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}