Gail Tverberg writes: The Politically Correct (PC) worldview has been called the “religion of success”. In this post, I explain why many popular (or politically correct) understandings are just plain wrong. I cover many controversial topics, including environmentalism, peer-reviewed literature, climate change models, and yes, religion. I expect that the analysis will surprise almost everyone.
A 100 actions of protest will be held across the country between May 1 – 7, 2017 to mark the 50th anniversary of the establishment of the ADB, highlighting the gross human rights violations, loss of livelihood, and environmental destructions caused by the ‘development model’ being pushed by ADB and its ilk, using public money.
Steve Keen, Professor of Economics at Kingston University London, is a long time critic of conventional economic thought, and is also developing an alternative dynamic approach to economic modelling. In this interview with Steven Sackur on BBC HardTalk, he tackles the prospect for a debt-deflation on the back of the enormous private debts accumulated globally.
Monetary historian Mike Maloney says in this podcast: Within the next few years you’re going to see probably the greatest crash in history. I have often said that the crisis of 2008 was just a speed bump on the way to the main event. We are in the process right now of seeing this unwind.
In this four part series titled No Economic Bullets Left?, former investment banker Satyajit Das sets out why it will be difficult for the world economy to get back to previous levels of growth. The first part looks at the failure of fiscal policies of governments around the world, and why available policy tools cannot address the underlying problems.
The essential argument of Satyajit Das’ new book is: “The 2008 crisis showed that perpetual growth is an illusion. It exposed the high debt levels, credit-driven consumption, global imbalances and excessive financialisation that underpinned an unsustainable economic model, coinciding with an emerging scarcity of energy, food and water, and increasing evidence of climate change impact.”
Investment banker turned author Satyajit Das writes: There are a number of potential triggers to a new crisis, but it will not be a single factor but an unexpected concatenation of events that result in a financial crisis. With existing political elites seen as captured by the wealthy elite, electorates are turning to political extremes.
Gail Tverberg writes: We are experiencing a world economy that seems to be reaching limits, but the symptoms are not what peak oil groups warned about. Instead of high prices and lack of supply, we are facing indirect problems brought on by our high consumption of energy products. I have called it a double pump problem.
We have identified two different limits to globalization. One has to do with limits on the amount of goods and services that developed countries can absorb before those imports unduly disrupt local economies. The other occurs because of the sensitivity of many developing nations to low commodity prices, because they are exporters of these commodities.
Gail Tverberg writes: Economists have put together models of how an economy works, but these models were developed years ago, when the world economy was far from limits. These models may have been reasonably adequate when they were developed, but there is increasing evidence that they don’t work in an economy that is reaching limits.
Author Mark Weisbrot says: “Behind almost every prolonged economic malfeasance there is some combination of outworn bad ideas, incompetence and the malign influence of powerful special interests”. Unfortunately, such nightmares are repeated in other places because even if the lessons are learned, they are not taken to heart, by “the people who call the shots”.
Keith Dicker writes: Why is the world in an economic funk? The answer is quite simple: Private Capital does not like the actions by central banks and governments, and is withdrawing their money from the global economy. And it is heading towards the center of the earth. Yes, it really is as simple as that.
T Sabri Öncü writes: Some insist that the global economy is in “secular stagnation,” but the facts suggest we may be entering the “worst” depression in history. Global markets have been on a slippery slope since 2007, and things have only been getting worse. The picture looks dismal, no matter which theoretical lens one uses.
Gail Tverberg writes: We are about to see a substantial disruption to the economy, as oil limits, as well as other energy limits, cause the economic supercycle to contract. Whether its Peak Oil, the Limits to Growth, or the Debt Supercycle, the underlying problem is the same – we’re reaching the limits of a finite world.
Gail Tverberg explains the correlation between rates of GDP growth and growth in energy supply. For decades, energy has been becoming more costly to obtain, but instead of accepting lower GDP growth, we have been using debt to fund further energy extraction. That strategy has diminishing returns, and we are close to the moment of reckoning.
Satyajit Das writes in The Times of India: Policy makers have sold the future for a precarious, short-lived stability. There is a striking similarity between the problems of the financial system, irreversible climate change and shortages of vital resources like oil, food and water… The world is remarkably unprepared for the crisis that is unfolding.
5 reasons why Tibet’s melting ice is a disaster for India, Europe and US Nihar Gokhale, Catch News Did you know that rivers originating in Tibet’s glaciers supply water to 1.3 billion people? That’s equivalent to the entire population of India. But these glaciers are fast disappearing due to global warming. Tibet’s sustainability is crucial
What is Saudi Arabia not telling us about its oil future? Kurt Cobb, Resource Insights What if the Saudis are acting now to undermine U.S. and Canadian oil production because they realize that Saudi production will soon reach a peak? What if the Saudis fear that energy efficiency, fuel substitution (say, toward natural gas), and