Year: 2011

Argentina learns not to pampa financiers

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As the credit noose tightens, it is not surprising that commentators are seeking examples of countries who found their way out of unrepayable debts – and lived to tell the tale. In the case of Argentina, whose debts at the time of its default in 2001 were $81bn. – a record for the time although dwarfed by current debts – life after debt has proved to be a very positive experience.

Economic awakening: Corn can’t grow like money grows

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I don’t hear anyone explicitly suggesting that the culprit in our economic woes is money interest even though all of our major religions, particularly Christianity and Islam, insisted for centuries that interest on money was immoral. ALL interest on money was usury. And supporting that view, philosophers and writers from every culture and era cautioned over and over again the folly of borrowing money.

ECONOMY: Money and Energy

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Money and energy have always been linked. For example, a gold currency was essentially an energy currency because the amount of gold produced in a year was determined by the cost of the energy it took to extract it. If energy (perhaps in the form of slaves or horses rather than fossil fuel) was cheap and abundant, goldmining would prove profitable, and a lot of gold would go into circulation enabling more trading to be done.

Occupy Wall Street and FDR’s four freedoms

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The GA, and the break-out groups that meet in the Atrium at 60 Wall Street are blessed with the Quaker tools now refined by waves of protest movements: the Suffragettes, Satyagraha, Lunch Counter Sit-Ins, No-nukes Affinity Groups, and Battle in Seattle. What doesn’t work? Violence. Power Trips. Hierarchies. What works? Good facilitation, timekeeping, note-taking, hand-signs, open agenda, global café, conflict transformation, consensus. What came out of the conventions at the turn of the 18th to 19th Century was protection of slavery, disenfranchisement of women, ethnic cleansing of Native Americans and the preservation of an elite ruling class, especially the banksters. What will emerge from this process may also be flawed when seen in hindsight centuries hence, but it will be progressively less so.

Selling the oil illusion, American style

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US production of crude oil peaked in 1970 at 9.637 mbpd (million barrels per day) and has been in a downtrend for 40 years. Recently, however, there’s been a tremendous amount of excitement at the prospect of a “new era” in domestic oil production. The narratives currently being offered come in the following three forms: 1) the US has more oil than Saudi Arabia; 2) the US need only to remove regulatory barriers to significantly increase production; and 3) the US can once again become self-sufficient in oil production, dropping all imported oil to zero.

Richard Douthwaite 1942-2011

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Richard Douthwaite, economist, environmentalist, co-founder of Feasta and much-loved colleague and friend, died on Monday November 14th after a long illness. We will miss his unique and far-ranging intellect, the clarity of his thought and writing, his warmth and his laughter.

Funeral arrangements will be posted on the Feasta website.

The Paris-Berlin-Moscow axis back again

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To minimal serious coverage in the media and on the internet, the Nord Stream was inaugurated in Lubmin on Germany’s Baltic Coast on Nov. 8 in the presence of Pres. Medvedev of Russia and the prime ministers of Germany, France, and the Netherlands, plus the director of Gazprom, Russia’s gas exporter, and the European Union’s Energy Commissioner. This is a geopolitical game-changer.

What is Nord Stream? Very simply, it is a gas pipeline that has been laid in the Baltic Sea, going from Vyborg near St. Petersburg in Russia to Lubmin near the Polish border in Germany without passing through any other country. From Germany, it can proceed to France, the Netherlands, Denmark, Great Britain, and other eager buyers of Russia’s gas.