Courtesy of a reader…
The crab is the global economy heading inevitably into the ocean.
The dog represents the ineffectual actions of central banks to change the crab’s course. Notice how the actions do alter the crab’s short term movements, but it never loses its course or stops approaching the water. Also notice how the happy dog is completely oblivious to its own progressive and imminent failure.
The ocean is of course, the end of the game.