by Charles Hugh Smith
Of Two Minds
It’s tough to pay for an Olympics when 95% of your supposed “wealth” has vanished.
In the modern era (1896-present), the Olympics have only been cancelled in wartime: 1916 (World War I), 1940 and 1944 (World War II). But world war is not the only circumstance that could derail the Olympics; a global crisis in energy, finance or geopolitics could send the risks and costs of the Olympics beyond the reach of most participants.
[…] The key to understanding the odds of an Olympic cancellation is Liebig’s Law of the Minimum, which states states that “growth is controlled not by the total amount of resources available, but by the scarcest resource.”
As I have outlined elsewhere, the three resources that will become increasingly scarce globally going forward are: