Ten Minutes After the Titanic Struck the Iceberg
Ten minutes after the iceberg had opened six of the ship's 16 watertight compartments, it was not at all apparent that the mighty vessel had been fatally wounded, as there was no evidence of damage topside. Indeed, some eyewitnesses reported that passengers playfully scattered the ice left on the foredeck by the encounter.Read the whole thing.
But some rudimentary calculations soon revealed the truth to the officers: the ship was designed to survive four watertight compartments being compromised, and could likely stay afloat if five were opened to the sea, but not if six compartments were flooded. Water would inevitably spill over into adjacent compartments in a domino-like fashion until the ship sank.
I think this perfectly describes the present. Our financial system seems "unsinkable," yet the reliance on debt and financialization has already doomed it, whether we are willing to believe it or not.
Labels: Suicide of the West