Sukumar Muralidharan reports on Catch News: This year’s economic survey is a catalogue of crises. For one thing, it records that the situation in agriculture has been dismal on account of two successive years of poor monsoons. This is only the fourth time in 115 years that such a misfortune has hit the Indian economy.
Financial bubbles arise when asset prices inflate above what incomes can sustain. The mathematical reality is that the current over $200 trillion in debt and perhaps another $500 trillion of un(der)funded liabilities really cannot ever be paid back under current terms. In order for these obligations to be reset to a reality-based level, something has to give.
Common Dreams reports: A new analysis, published in Science Advances journal, reveals that global water scarcity is a far greater problem than previously thought, affecting 4 billion people—two-thirds of the world’s population. Previous analyses looked at water scarcity at an annual scale, and had found that water scarcity affected between 1.7 and 3.1 billion people.
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.
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.
Sajai Jose Alexis Tsipras, the first Left Greek Prime Minister. Credit: SpaceShoe/Flickr, CC 2.0. Cover image of old woman in Athens is also by Spaceshoe Greece has become the first developed country to default on an International Monetary Fund loan, itself a fraction of a €323 billion national debt – equivalent to more than 175% of the country’s
If We Release a Small Fraction of Arctic Carbon, ‘We’re Fucked’: Climatologist From Vice.com Recently, scientists have made a disturbing discovery in the Arctic Ocean: They saw “vast methane plumes escaping from the seafloor,” as the Stockholm University put it in a release disclosing the observations. The plume of methane—a potent greenhouse gas that traps