“Critics of ‘degrowth’ economics say it’s unworkable – but from an ecologist’s perspective, it’s inevitable…
“Ecologists… see the human economy as a subset of the biosphere. Their perspective highlights the urgency with which we need to reduce our demands on the biosphere to avoid a disastrous ecological collapse, with consequences for us and all other species.”
“Global heating likely to hit world food supply before 1.5C, says UN expert…
“The world is likely to face major disruption to food supplies well before temperatures rise by the 1.5C target, the president of the UN’s desertification conference has warned, as the impacts of the climate crisis combine with water scarcity and poor farming practices to threaten global agriculture.”
“The Sriracha Shortage Is a Very Bad Sign.
“… to now see peppers in peril is its own special burn. Bred in some of the world’s warmest regions, chilis have long been a poster child of heat tolerance. They, more than so many other plants, were supposed to be okay.”
https://www.theatlantic.com/science/archive/2023/08/sriracha-shortage-hot-peppers-climate/675021/
“Rice Spike Is a Warning as Trade Barriers Multiply…
“Domestic concerns can still fire up global food prices in the blink of an eye. And this year, it’s an effect multiplied by fragile post-Covid supply chains, Black Sea upheaval and the return of the El Niño weather phenomenon. It could easily get worse, with implications for inflation, global nutrition and political instability.”
“Explainer: Why India is trying to tame rising wheat prices…
“Even a moderate rise in food inflation, which accounts for nearly half of the overall consumer price basket, tends to anger voters and gives easy ammunition to opposition parties to attack the government. Persistently high inflation helped BJP defeat the Congress party-led coalition in 2014 – the year when Modi first took over as prime minister.”
https://www.reuters.com/world/india/why-india-is-trying-tame-rising-wheat-prices-2023-08-14/
“Last year saw global wealth decline for the first time in 14 years as rampant inflation ate into the value of people’s assets.
“The total net wealth of the world’s 5.4 billion adults slipped by US$11.3 trillion to US$454.4 trillion in the year to December 2022, marking a decline of 2.4%, UBS and Credit Suisse reported on Tuesday.”
“Manager exposure to REITs [Real Estate Investment Trusts] is now at “Lehman levels” despite sentiment improving considerably in August, the Bank of America Global Fund Manager survey revealed.
“Cash levels in portfolios have plunged to a 21-month low, falling from 5.3% to 4.8% in a month, as the survey reported its least bearish views since February 2022.”
“The United States recorded its highest number of suicides last year, with more than 49,000 people taking their own lives in 2022, according to newly released government data.
“The Centers for Disease Control and Prevention (CDC) posted new data on Thursday suggesting suicides were becoming more common in the US than at any time since World War II.”
https://www.aljazeera.com/news/2023/8/11/us-records-highest-number-of-suicides-in-2022
“Demand for Lifeline services spiking to highest ever levels amid cost-of-living crisis [Australia]…
“Demand for Lifeline services in recent weeks has reached levels previously associated only with natural disasters, Christmas and Covid lockdowns, the executive director of the helpline has said, and cost-of-living pressures are the likely cause.”
“‘Waterfall effect’: Recession looms as more businesses face collapse.
“Australia is expected to tip into a recession in the next 12 months, driving up the rate of insolvencies in businesses as they struggle to cope with increasing costs. Up to 70 per cent of insolvency practitioners, lawyers, managers and corporate debt restructuring specialists believe there will be a recession over the next 12 months.”
“A million interest only mortgages come under UK watchdog scrutiny.
“Nearly half of people with interest-only mortgages may be too optimistic about their ability to pay the outstanding capital, Britain’s Financial Conduct Authority said on Tuesday. Interest-only mortgages are typically favoured by wealthier customers but sharp increases in Bank of England interest rates mean that borrowers face big hikes in monthly interest payments.”
“Bank of Ireland is facing a crisis after thousands of customers descended on ATMs yesterday evening attempting to take advantage of a major IT glitch.
“The bank notified customers early yesterday afternoon that there was an issue with its online app and personal banking website, after being flooded with complaints.”
“Russia Discusses Return to Capital Controls to Stem Ruble Slump…
“The proposal to mandate sales of export revenues was discussed at a meeting between the government and exporters on Monday… The Bank of Russia raised its benchmark rate to 12% from 8.5% on Tuesday after the ruble briefly broke through 100 to the dollar for the first time since March last year.”
“China central bank makes unexpected rate cut…
“In a Reuters poll of 26 market watchers conducted this week, 20 participants, or 77%, predicted that the central bank would leave the MLF rate unchanged. Only six respondents forecast a marginal rate reduction.”
https://www.investmentweek.co.uk/news/4122181/china-central-bank-makes-unexpected-rate-cut
“Chinese banks extended the smallest amount of lending since 2009 in July, signalling weak credit demand amid the country’s economic slowdown.
“New loans amounted to 345.9 billion yuan ($47.6 billion) in July, plunging 89% from 3.05 trillion yuan in June, data released by the People’s Bank of China on August 11 showed.”
“Chinese Shadow Bank Misses Dozens of Payments as Fallout Spreads.
“Zhongrong International Trust Co. missed payments on dozens of products and has no immediate plan to make clients whole, indicating troubles at the embattled Chinese shadow bank are deeper than previously known.”
“China stops releasing youth unemployment rates amid economic gloom
“Youth unemployment hit a record 21.3% in June, as a slew of disappointing figures in recent months reflected a slump in China, with its post-Covid rebound fading… The country’s top leaders have warned that the economy faces “new difficulties and challenges” as well as “hidden dangers in key areas”.”
https://www.theguardian.com/world/2023/aug/15/china-unemployment-rate-youth-economy
“Argentina Devalues Peso, Hikes Rates in Bid to Curb Market Chaos After Milei Upset.
“Argentina is hiking interest rates and devaluing its currency as assets went into free fall Monday after a populist who vowed to burn down the central bank won surprisingly strong support in a primary vote.”
https://uk.style.yahoo.com/argentine-markets-brace-turmoil-populist-034951416.html
“Nigeria inflation rises to 18-year high in July as reform effects linger.
“Nigeria’s annual inflation rose to its highest level in nearly two decades in July at 24.08% against 22.79% in June, worsening a cost-of-living crisis in Africa’s largest economy as President Bola Tinubu’s reforms continue to take effect.”
“Kenya reinstates fuel subsidy after months of violent protests.
“The [initial removal of the subsidy was] aimed at cutting government spending as the government seeks to get a handle on debt repayments that have forced it to deny market speculation about a possible default.”
“Sudan crisis: Situation ‘spiraling out of control,’ UN says.
“Four months into Sudan’s conflict, the situation is rapidly deteriorating with widespread displacement and the looming threat of famine, humanitarian organizations warned on Tuesday, urging immediate global action.”
https://www.dw.com/en/sudan-crisis-situation-spiraling-out-of-control-un-says/a-66542526
“At least 27 dead following clashes between rival factions in Libya…
“Fighting began Monday after the detention of the commander of the 444 Brigade, Mahmoud Hamza, as he attempted to travel through Tripoli’s main Mitiga airport. He was apprehended by a rival faction, the Special Deterrence Force, which controls the airport. The reason for his detention remains unknown.”
https://edition.cnn.com/2023/08/15/africa/tripoli-libya-clashes-intl-afr/index.html
“Hunger and food shortages remain a severe problem for millions in Yemen.
“Almost a decade of war in Yemen seems to be winding down. But in hospitals there, people are still struggling for their lives in the face of widespread hunger and food shortages.”
https://www.npr.org/transcripts/1193782361
“Syria is on the verge of economic collapse…
“In response to skyrocketing prices, shopkeepers from Latakia to Suweida were forced to close their establishments while importers suspended their imports… The rise in the price of fuel and diesel has impacted everything from agricultural production, electricity generation, heating, and transportation.”
https://www.newarab.com/opinion/syria-verge-economic-collapse
“Bangladeshi religious leader buried after violent protests…
“An estimated 50,000 people have attended the funeral of an influential religious leader in Bangladesh whose death in prison triggered mass protests… “We won’t let the blood of Sayedee go in vain,” supporters shouted.”
https://www.aljazeera.com/news/2023/8/15/bangladeshi-religious-leader-buried-after-violent-protests
“Solar Company Audit Finds Forced Labor in Malaysian Factory… The company, First Solar, said an internal review had found that subcontractors used unethical recruitment tactics and withheld pay from workers…
“US officials and human rights activists have become increasingly concerned about the use of forced labor in the manufacture of solar panels, most of which takes place in Asia.”
“The global refugee system is morally bankrupt – and could finish the West…
“…if there is a single volcanic problem that threatens to erupt into a populist uprising that reduces the European liberal tradition to ash, then it is the “unsolvable” issue of illegal immigration. It’s strange, then, that politicians on neither Left nor Right have come up with anything that remotely resembles a serious solution.”
You can read the previous “Economic” thread here. I’ll be back tomorrow with a “Climate” thread.
If you found value in this content, please help me continue this work by becoming a patron of my work via Patreon. And if you are already a subscriber or have donated – thank you! It is an enormous help as the cost-of-living crisis ratchets up here in the UK.
Im reading a lot of stuff about Russell Napier and his thesis that we are moving into an era of “financial repression”, which could ultimately kick the can (of economic meltdown) down the road for another decade or more.
Anyone here know more about this and able to explain it like “Financial repression for Dummies”?
“Financial repression means [governments] stealing money from savers and old people slowly. The slow part is important in order for the pain not to become too apparent.”
https://themarket.ch/interview/russell-napier-the-world-will-experience-a-capex-boom-ld.7606
“Degrowth” has become a fascinating node of collapse debate, and the first short piece highlighted here smacks around the critics of degrowtherism a bit, but with no comments allowed at The Conversation, what’s there to say?
And that’s the problem with groupthink projects like the internet, and the comments section approach to life. I think Adyashanti is a classic bullshitter, a would-be guru saying nothing that a generic Chatbot couldn’t come up with for free, but that’s not the belief of the groupthink here.
No problemo. Carry on, gang!
Martin , you are welcome to have your opinion of course when Justin links me a yotube that lifted his spirits back in the day . But when you call that group think… well..
I have read your “analysis ” of bad Europeans publishing poor poor immigrants the other day , and I have to say your arguments were the most bland , run off the mill, western european left liberal talking points I have heard all my life in Dutch, belgian and German cities and universities. So yes , carry on . There is enough group think and sheep behaviour for everyone to go around
Rain cant answer your question. Sorry for the loss of your Mathildas, I had the match on a screen while doing some writing, doesn’t compare to mens football
When you heard those “talking points” at the Dutch, Belgian, and German universities, which I assume was near Aachen, you must have been there as a shoeshine boy or there to repair the potholes. You must not have been allowed to be close enough to hear the professors and graduate students correctly.
Humans being ultra social, there will always be groupthink, not all bad, since consensus does produce some value.
The internet is well-placed to attract fake tough guys who can type their animosities to a fever pitch in complete anonymity, as well as promote guru-worship. The humming data centers across the world testify to the twin needs for this psycho- outlet.
I appreciate that you can come here after your daily rounds of yelling at the ocean for bringing people to your pristine tribal enclosure, but I wonder if rooting for your particular national team might be taxing you too much, since players of immigrant background seem to be taking it over, n’est pas?
““Degrowth” has become a fascinating node of collapse debate…”
The de-growth movement has also, at times, become yoked to a social justice movement, pressing for a fairer distribution of resources as part of the orchestrated shrinkage. Jason Hickel, for example, foresees an ‘economy that’s more just, more caring, and more fun’. I’ll let readers decide how likely that is, or whether it is even possible at all.
Clearly some policy-makers like the sound of it:
“In October… Giorgos Kallis, Julia Steinberger and Jason Hickel were awarded 9.9 million euros by the European Research Council (ERC) for a project titled Pathways towards post growth deals. This constitutes the largest ever sum of funding for a degrowth research project.”
https://degrowth.info/en/blog/degrowth-awarded-an-erc-grant-an-interview-with-giorgos-kallis
Sok Harmon, I didnt even watch the game forgot about it…, which we call soccer,not football which is something else here.
Soccer is popular here mostly at amateur community level, we dont even have a national professional leagues in men’s or women’s soccer, college players for international competition teams. but neither the men “Socceroos” nor women “Matildas” do all that well internationally. So Matildas did very, very well to get as far as they did, and a nation of little girls had lots of smiles for awhile 🙂
Kids play a lot of soccer, and back in the day, I did my time as a soccer mum 🙂
What we call football, is actually two separate sports, both with big national professional league competitions. AFL or Australian Rules football which is the most popular nationwide, and has both mens and womens leagues, and Rugby League also very popular but mostly in the eastern states. Saturdays are AFL and Sundays are League. Coming up the Grand Finals .. and often the big stadium finals for each league is on the same weekend.
But me, I dislike sports, not my kinda thing. I grew up in an AFL mad family, and thought I must have been adopted because I didn’t share the family trait of sports insanity 🙂
Changing my alias to: No Filter
What’s the total carbon footprint & the total amount of trash produced by all sports globally?
Adult Clever Apes playing games that children play while other adult Clever Apes spectate could be called childish, while the only habitat they have to play in is being destroyed. Some baboon brains never grow up. I’m waiting for AGW to bring down all sports.
Those that were cheering for the winning side yell: ‘WE WON!”,more childishness. Well I didn’t see you assholes on the field of play, scoring.
I’m getting pissed off at the unpleasant truth.
Some of us are getting too old to score on any field of play. 😉
Panopticon – thank you so much for that link! Its much easier to understand what Napier means, than the places I was digging.
QUOTE:”Back in 2008, the world economy came to the brink of a deflationary debt liquidation, where the entire system was at risk of crashing down. We’ve known that for years.
We can’t stand normal, necessary, cyclical recessions anymore without fearing a collapse of the entire system. So the level of debt – private and public – to GDP has to come down,
and the easiest way to do that is by increasing the growth rate of nominal GDP.
That was the way it was done in the decades after World War II.” UNQUOTE
More State intervention – a way of bringing down the debt bubbles slowly,
as I suspected – a way of “kicking the can down the road”. Again 🙂
But won’t make headlines…
“That was the way it was done in the decades after World War II.”
That was an era of abundant energy surplus, plenty of untapped resource potential and less pressing ecological constraints. In the current context, this is ‘deck chairs on the Titanic’ stuff, just shifting risk around an increasingly vulnerable system.
Pan – On the Australian info links, I see the business failures are concentrating in the construction industry, adding to our “Housing Crisis” in the cities especially. And the Lifeline increase, is probably also related to urban housing crises, and rural farmers/businesses/communities going under with the the multiple CC disasters over the last several years.
Fed govt is trying (for a second time) to establish a legislated 5-year capital investment fund arrangement with the State govts, for housing construction to increase supply, but the Greens keep blocking it in the Senate, wanting extra conditions like mandatory rent freezes etc.
But its these companies (and related businesses) which are going broke the most, with both materials shortages (import supply chain blocks, increasing costs etc) as well as skilled labour shortages.
Some are hanging on by their fingernails waiting on this promised fed govt housing $$$ package to help them stay afloat with guaranteed work contracts. Govt also increasing skilled worker immigration with new fast-track visas etc, and increasing subsidised apprenticeship training places.
Regarding Argentina and Milei: he’s not a populist, he’s a rancid fascist.