We've used the analogy before, in particular to describe what happened
to the Roman Empire during the latter days of its existence. Looking
around various economies in the world today, the same analogy once again
comes to mind. One might say that what we see these days is analogous
to the more advanced stages of hypothermia.
Early hypothermia may show in nothing more than cold feet, in itself an amusing analogy perhaps. But a body that is exposed to extreme cold over longer periods of time will at some point start to exhibit symptoms such as frostbite, which are the result of the core of the body trying to save itself at the cost of the periphery, the extremities. Typically, a human body, for instance, will lose its toes first because the heart can no longer pump enough blood (heat) to them and at the same time keep the body's core above a minimum temperature.
In our economies we see the same pattern. It is not generally looked at or even recognized, however, since 99% of us live in denial of the possibility that such a thing would even be an option. This is a direct consequence of the fact that, first, all major news makers and decision makers reside in the core, and second, that saving that core while letting the extremities die off is somehow seen as a good thing. Post-crisis policies around the globe are directed at saving the financial system, not the people the crisis has pushed into poverty. Since these people are not seen as crucial to the survival of the core, and the system as a whole, they are - almost ritually - sacrificed on the system's economic altar.
http://www.theautomaticearth.com/Finance/the-global-economy-suffers-from-hypothermia.html
Early hypothermia may show in nothing more than cold feet, in itself an amusing analogy perhaps. But a body that is exposed to extreme cold over longer periods of time will at some point start to exhibit symptoms such as frostbite, which are the result of the core of the body trying to save itself at the cost of the periphery, the extremities. Typically, a human body, for instance, will lose its toes first because the heart can no longer pump enough blood (heat) to them and at the same time keep the body's core above a minimum temperature.
In our economies we see the same pattern. It is not generally looked at or even recognized, however, since 99% of us live in denial of the possibility that such a thing would even be an option. This is a direct consequence of the fact that, first, all major news makers and decision makers reside in the core, and second, that saving that core while letting the extremities die off is somehow seen as a good thing. Post-crisis policies around the globe are directed at saving the financial system, not the people the crisis has pushed into poverty. Since these people are not seen as crucial to the survival of the core, and the system as a whole, they are - almost ritually - sacrificed on the system's economic altar.
http://www.theautomaticearth.com/Finance/the-global-economy-suffers-from-hypothermia.html
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