Economic Analysts Nomi Prins and William Black: The Crisis Isn't Remotely Over
Please bear with the introduction in German followed by everything else in English.
Please bear with the introduction in German followed by everything else in English.
Many of us just turn off when confronted by looming predicaments, and why not? What in the world can we do? Quite a lot, says Carolyn Baker. Not to save civilization, but to prepare, in our hearts and minds, for its possible or impending decline.
But there are seldom-acknowledged factors external to financial and monetary systems that are effectively choking off efforts to restart growth. These factors, whose impacts are worsening over time, were briefly alluded to in the Introduction; here we will unpack them in more detail, discussing limits to oil and other energy sources, as well as to food, water, and minerals. We will also explore the increasing cost of industrial accidents and environmental disasters—and why, in the wide wake of global climate change, those costs are likely to escalate to the point that disaster avoidance and recovery will constitute a major portion of future government and private spending. Along the way, we will examine how markets respond to resource scarcity (it’s not a clear-cut matter of incrementally rising prices).
I think localisation really is two pieces – one is ownership and the other is proximity. The particular spread of local food ideas has given a lot of weight to the proximity issue – that is, that the distance between farm to table should be a short one – but I think it’s given short thrift to the ownership issues, and I consider it just as essential that localisation involve local ownership of every node of a shortened journey that a good or service travels to get to the end user.
In older, more traditional civilizations preceding our own, one finds a remarkable capacity for embracing paradox. In fact, paradox inhabited the psyches of indigenous cultures as if in their DNA, as exemplified in their art, literature, stories, and other cultural artifacts. It was not until the dawn of modernity, greatly facilitated by Rene Descartes’ dualistic perspective which became increasingly predominate in Western intellectual tradition, that either/or thinking triumphed.
One day, a fruit and vegetable seller was arrested in Tunisia, sparking social unrest, and a few weeks later the government of Egypt was set to topple. Such is the nature of complex, chaotic, and unpredictable systems. The stresses build for years and years, and nothing really seems to be happening, but then everything suddenly changes. Egypt is therefore emblematic of what we might expect in any complex system in which pressures are building, such as the US Treasury market.