{"id":64668,"date":"2023-01-09T09:23:25","date_gmt":"2023-01-09T14:23:25","guid":{"rendered":"https:\/\/olduvai.ca\/?p=64668"},"modified":"2023-01-09T09:23:25","modified_gmt":"2023-01-09T14:23:25","slug":"blackrock-says-were-all-doomed-its-being-optimistic","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=64668","title":{"rendered":"BlackRock says we\u2019re all doomed. It\u2019s being optimistic"},"content":{"rendered":"
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BlackRock says we\u2019re all doomed. It\u2019s being optimistic<\/a><\/h3>\n
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The world\u2019s largest asset manager has forecast systemic economic chaos. The reality is even worse<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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BlackRock predicts a lasting fall in living standards for the many, alongside huge profits for the few<\/p>\n<\/div>\n

| Maureen McLean\/Alamy Live News<\/figcaption><\/figure>\n<\/div>\n<\/div>\n

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The working assumption, for governments and central banks across the world, is that at some point soon everything will get back to \u2018normal\u2019 \u2013 our economies will return to either pre-pandemic or, sometimes, even pre-2008 crash levels.<\/p>\n

These beliefs are reinforced by media economics commentary and across political parties.<\/p>\n

But what if they\u2019re wrong? The world\u2019s largest asset manager, overseeing $10trn in assets across the globe, thinks we are, instead, entering a period of increased risk and uncertainty, defined by unavoidable recession and much higher inflation.<\/p>\n

BlackRock \u2013 a well-connected, influential and hugely profitable pillar of global capitalism \u2013 made the\u00a0predictions<\/a>\u00a0in its \u20182023 Global Investment Outlook\u2019 report.<\/p>\n

It states: \u201cThe Great Moderation, the four-decade period of largely stable activity and inflation, is behind us.\u201d<\/p>\n

Instead, BlackRock forecasts a new regime with a \u201cbrutal trade-off\u201d \u2013\u00a0falling living standards for the many becoming profits for the few.<\/p>\n

This reality, of a world undergoing fundamental transformations and disrupting our settled modes of existence, has so far barely entered the economic mainstream.<\/p>\n

For BlackRock to break with this consensus might, potentially, be one of the first signs of a broader shift in how major institutions in the Western economies view the world.<\/p>\n

Systemic chaos<\/b><\/p>\n

Annual food inflation in the UK rose to 13.3% \u2013\u00a0an all-time high \u2013 last month, according to trade body the\u00a0British Retail Consortium<\/a>, ahead of the official government figures out later this month.<\/p>\n

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

BlackRock says we\u2019re all doomed. It\u2019s being optimistic The world\u2019s largest asset manager has forecast systemic economic chaos. The reality is even worse BlackRock predicts a lasting fall in living standards for the many, alongside huge profits for the few | Maureen McLean\/Alamy Live News The working assumption, for governments and central banks across the […]<\/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":[2203,2310,33567,10696,13351,1264],"class_list":["post-64668","post","type-post","status-publish","format-standard","hentry","category-economics","tag-blackrock","tag-depression","tag-james-meadway","tag-open-democracy","tag-price-inflation","tag-recession"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64668","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=64668"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64668\/revisions"}],"predecessor-version":[{"id":64669,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64668\/revisions\/64669"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}