{"id":63614,"date":"2022-09-27T08:51:44","date_gmt":"2022-09-27T13:51:44","guid":{"rendered":"https:\/\/olduvai.ca\/?p=63614"},"modified":"2022-09-27T08:51:44","modified_gmt":"2022-09-27T13:51:44","slug":"all-will-be-fine","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=63614","title":{"rendered":"All Will Be Fine!"},"content":{"rendered":"
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All Will Be Fine!<\/a><\/h3>\n<\/div>\n
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Economic collapse simply cannot happen to Europe<\/strong><\/p>\n<\/div>\n

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Y<\/span>ou all know this feeling running under the title \u2018this cannot happen to me\u2019<\/em>. During normal times it does have a certain usefulness to it, protecting one from falling into panic and overreacting all sorts of possible problems. It also makes life look smooth and easy by making one believe that someone somewhere will take care of things, so one can continue with Business As Usual forever.\u00a0\u2018The sky is not falling \u2014 it didn\u2019t fall last time either \u2014 so all you Chicken Littles just shut up and get back to work.<\/em>\u2019<\/p>\n

Needless to say, this feeling has devastating effects in face of a real disaster \u2014 be it a car accident, a natural disaster, or a stock market crash for that matter. Thomas E Drabek, author of the book\u00a0Human system responses to disaster: an inventory of sociological findings (1986)<\/em><\/a>\u00a0<\/em>coined the term for this phenomenon and called it\u00a0normalcy bias.<\/em>\u00a0It is one of many cognitive biases, which leads people to disbelieve or minimize threat warnings. According to its\u00a0definition<\/a>\u00a0(with my\u00a0emphasis\u00a0<\/em><\/strong>added):<\/p>\n

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Normalcy bias is a psychological state of\u00a0denial\u00a0<\/strong>people enter in the event of a disaster, as a result of which they underestimate the possibility of the disaster actually happening, and its effects on their life and property.\u00a0Their denial is based on the assumption that if the disaster has not occurred until now, it will never occur.<\/strong><\/p>\n<\/blockquote>\n

Sounds familiar? If not,\u00a0Wikipedia<\/a>\u00a0cites a number of examples:<\/p>\n

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As for events in world history, the normalcy bias can explain why, when the volcano\u00a0Vesuvius<\/a>\u00a0erupted, the residents of\u00a0Pompeii<\/a>\u00a0watched for hours without evacuating. It can explain why thousands of people refused to leave New Orleans as\u00a0Hurricane Katrina<\/a>\u00a0approached and why at least 70% of\u00a09\/11<\/a> survivors spoke with others before leaving…<\/p>\n<\/blockquote>\n

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

All Will Be Fine! Economic collapse simply cannot happen to Europe You all know this feeling running under the title \u2018this cannot happen to me\u2019. During normal times it does have a certain usefulness to it, protecting one from falling into panic and overreacting all sorts of possible problems. It also makes life look smooth […]<\/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":[5],"tags":[1330,6464,5210,32578],"class_list":["post-63614","post","type-post","status-publish","format-standard","hentry","category-geopolitics","tag-denial","tag-denial-of-reality","tag-normalcy-bias","tag-the-honest-sorcerer"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63614","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=63614"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63614\/revisions"}],"predecessor-version":[{"id":63615,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63614\/revisions\/63615"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}