{"id":66211,"date":"2023-11-24T07:29:26","date_gmt":"2023-11-24T12:29:26","guid":{"rendered":"https:\/\/olduvai.ca\/?p=66211"},"modified":"2023-11-24T07:29:26","modified_gmt":"2023-11-24T12:29:26","slug":"financing-the-end-of-modernity","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=66211","title":{"rendered":"Financing the End of Modernity"},"content":{"rendered":"
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Financing the End of Modernity<\/a><\/h3>\n

How financialization heralds the end of the industrial age<\/strong><\/p>\n

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That didn\u2019t worked out as intended\u2026 Who would\u2019ve thought? Photo by\u00a0micheile henderson<\/a>\u00a0on\u00a0Unsplash<\/a><\/figcaption><\/figure>\n<\/div>\n

Western neoliberal economies are on the brink of a steep economic decline. Barring an energy \/ productivity miracle a prolonged and deep recession is clearly on the horizon. While mainstream pundits keep \u201cinforming\u201d the public how GDP was actually growing in the past decades (except for a few brief moments), and how the G7 is still the top economic power block, the real economy of goods and services tells a completely different story. Growth\u200a\u2014\u200ain the sense of real economic output\u200a\u2014\u200ahas stopped 18 years ago in the West, and conditions are now ripe for a rapid contraction. A sobering assessment of the real economy\u200a\u2014\u200ain which your humble blogger is still actively involved\u200a\u2014\u200ahas become due. Buckle up.<\/em><\/p>\n

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As long time readers might already know by heart: money is not the economy, energy is. Money is but a claim on energy and resources. Everything we mine, grow, manufacture and consume takes energy to produce. No energy, no production, no services. The more we produce \/ consume the more energy is used up. And while it may seem like that rich countries have somehow decoupled their economies from energy use (ie managed to grow GDP much faster than energy consumption), in fact the opposite is true. All they did was send their high energy intensity manufacturing and mining abroad, then imported all they needed using their overvalued currencies, thus becoming more independent on foreign trade than ever.<\/p>\n

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The public, together with it\u2019s ruling elite, was led down the primrose path with GDP, and now a reckoning is in short order.<\/p>\n<\/div>\n

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

Financing the End of Modernity How financialization heralds the end of the industrial age That didn\u2019t worked out as intended\u2026 Who would\u2019ve thought? Photo by\u00a0micheile henderson\u00a0on\u00a0Unsplash Western neoliberal economies are on the brink of a steep economic decline. Barring an energy \/ productivity miracle a prolonged and deep recession is clearly on the horizon. While […]<\/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":[150,353,4549,3666,536,6979,32578],"class_list":["post-66211","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-collapse","tag-gdp","tag-gross-domestic-product","tag-modernity","tag-money","tag-ruling-elite","tag-the-honest-sorcerer"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/66211","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=66211"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/66211\/revisions"}],"predecessor-version":[{"id":66212,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/66211\/revisions\/66212"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=66211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=66211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=66211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}