A wave of revulsion rolls around the world. Approval ratings for incumbent leaders are everywhere collapsing. Symbols and slogans trump facts and nuance. One in six Americans now believes that military rule would be a good idea. From all this I draw the following, peculiar conclusion: no country with a McDonald’s can remain a democracy.
Nafeez Ahmed writes: A new research study by HSBC on global oil supply shows that the bulk of the world’s oil production has peaked and is now in decline. Welcome to a new age of permanent economic recession driven by our ongoing dependence on dirty, expensive, difficult oil — unless we choose a fundamentally different path.
Western liberal democracies dominate the top rankings of progress indices. But are they the best models of development when their standard of living is unsustainable and their quality of life is, arguably, declining? Only when environmental impacts are given significant weight, as in the Happy Planet and Sustainable Society indexes, does this ranking change substantially.
Live Mint reports: Agriculture is likely to be the worst affected by the note ban, because 1) The policy coincided with harvest of kharif crops, and farmers are facing difficulty selling it. 2) Lack of cash must have posed difficulty in sowing of rabi crops. 3) Unlike other sectors, farm output is perishable in nature.
From The New York Times: …It is impossible to imagine a world without global connections: They have always existed, and no place has escaped their formative influence. But this does not mean that there is any inherent merit in interconnectedness, which has always been accompanied by violence, deepening inequalities and the large-scale destruction of communities.
Gail Tverberg writes: Underlying problems are sufficiently severe that we seem to be headed for a crisis far worse than 2008. Our fundamental problem is that neither high nor low energy prices are now able to keep the world economy operating as we’d like it to. Increased debt can’t seem to fix the problem either.
A new study released by Oxfam ahead of the World Economic Forum meeting shows that just 57 billionaires in India now have same wealth ($ 216 billion) as that of the bottom 70 per cent population of the country. Globally, just 8 billionaires have the same amount of wealth as the poorest 50 per cent.
As 2017 dawns, in a great many ways, modern industrial civilization has flung itself forward into a darkness where no stars offer guidance and no echoes tell what lies ahead… We’re not discussing the end of the world; events like those that can be found repeated many times in the histories of other failing civilizations.
What lies ahead for the economy this year? Will there be a global economic collapse as predicted by many or will the early positive signs in stock markets around the world continue? While focused on the U.S., this compilation by Daisy Luther of forecasts by 12 leading experts has implications for the entire global economy.
The digital economy is a design for atomisation, for separation… Imposing the digital economy through a “cash ban” is a form of technological dictatorship, in the hands of the world’s billionaires. Economic diversity and technological pluralism are India’s strength and it is the “hard cash” that insulated India from the global market’s crash of 2008.
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.
To try to solve the energy problem, we use approaches that involve increasing complexity, including new technology and globalization. As we add more and more complexity, these approaches tend to work less and less well. In fact, become problems themselves, tending to redistribute wealth toward the top, increasing “overhead” for the economy as a whole.
Devinder Sharma writes: After a month of demonetisation, the picture in the rural areas remains too bleak. I know of villages where the farmers had to return empty handed even after seven days of queuing up. As a TISS study points out, nearly 81 per cent of the villages do not have access to banking.
Ugo Bardi writes on Cassandra’s Legacy: The essence of propaganda, as it is well-known, is not so much telling lies, but presenting only one aspect of the truth. That’s true also for the depletion debate. Saying that a certain resource will last decades, centuries, or more is not a lie, but not the truth, either.
Colin Todhunter writes: Data from the Multi-dimensional Poverty Index indicates that 20 years ago, India had the second-best social indicators among the six South Asian countries, but now it has the second worst position. Bangladesh has less than half of India’s per-capita GDP but has infant and child mortality rates lower than that of India.
Shankar Gopalakrishnan writes: Demonetisation’s biggest impact will be on the distribution of resources within the economy, whatever happens to the economy as a whole. Demonetisation’s a giant vacuum, sucking up the resources of the weak and delivering them to the powerful, while acting like it’s doing the opposite. More importantly, this transfer will be permanent.
Live Mint reports: The richest 1% of Indians now own 58.4% of the country’s wealth, according to the latest data on global wealth from Switzerland based Credit Suisse Group AG. In the last two years, the share of the top 1% has increased at a cracking pace, from 49% in 2014 to 58.4% in 2016.
Andreas Malm writes: Mainstream climate discourse is positively drenched in references to humanity as such, human nature, the human enterprise, humankind as one big villain driving the train. Enter Naomi Klein, who in ‘This Changes Everything’ lays bare the myriad ways in which capital accumulation pour fuel on the fire now consuming the earth system.
Acclaimed journalist P. Sainath reports from rural Maharashtra: The “Modi masterstroke”, a term contrived by assorted anchors and other clowns on television to hail an unbelievably stupid action, is spreading agony and misery in its wake across the countryside. If there’s been any stroke, it’s the one the heart of the rural economy has suffered.
When we get our story wrong, we get our future wrong. Much like the Trans-Pacific Partnership “trade deal”, everything we’re told about capitalism and our economy is a pack of lies. Time for a new story, says preeminent scholar and critic of corporate globalization, David Korten, the best-selling author of ‘When Corporations Rule the World’.