“Group of 20 countries agree to increase clean energy but reach no deal on phasing out fossil fuels.
“Group of 20 leaders have agreed to triple renewable energy and try to increase the funds for climate change-related disasters but maintained the status quo with regards to phasing out carbon spewing coal.”
“Biden Says Climate Change Poses Greater Threat Than Nuclear War…
“The president added “we’re going to be in real trouble” if, in the next decade or two, warming goes above the 1.5C temperature increase that scientists consider a tipping point for increasing the chances of extreme weather events.”
“Climate Systemic Risks Are Mounting [picture from Greek floods].
“Climate change is not only destroying lives and livelihoods, but also introducing new systemic risks to the financial system and the broader economy. The warning signs of another 2008-scale financial crisis are flashing red across multiple economic sectors, and behind them looms the collapse of Earth’s natural systems.”
“The Permanent Crisis Economy. We’re still living in 2008… Fifteen years after the 2008 global financial and economic meltdown, many say that America has recovered well…
“But while a building may look sturdy from the outside, what holds it up is what matters. Over the past decade and a half, politicians from both parties, with Federal Reserve help, doubled down on their pre-2008 economic strategy: they rebuilt the American economy on cheap debt.”
https://www.city-journal.org/article/the-permanent-crisis-economy
“Bank of England bond sales creating a ‘selling gold at the bottom’ moment…
“Among all the central banks, the Bank of England has been the most aggressive in selling the bonds purchased to bolster the economy during the quantitative easing era, according to Christopher Mahon of Columbia Threadneedle… “Selling bonds on this scale has never been done before, nor has it been tried when bond markets have had to digest the ramifications of both high inflation and substantial rate hikes,” he said…”
“With sinking savings and investment, Britain risks becoming like Argentina…
“We have singularly failed to save enough to pay for old age… signs of degradation are everywhere to be seen. And not just in crumbling infrastructure and a public sector which on multiple fronts no longer seems to function. The macro-economic picture also looks increasingly disturbing…”
“Millions of parents in Britain are struggling with their mental health, a survey suggests, amid the rising cost of living, a lack of childcare and fewer support services.
“Sixty-one per cent of respondents revealed concerns about their mental health, with those on lower incomes most likely to be affected, a poll for the charity Unicef UK found.”
“How British chicken got caught in the country’s economic storm…
“More than most other products, the industry’s problems encapsulate not only the fragility of the UK’s food systems but the issues plaguing the broader economy: inflation, labour shortages and rising wages.”
https://www.ft.com/content/534bbf26-13da-4515-b30f-9e1a8c4e7c9e
“TUC complains to UN watchdog over ‘undemocratic’ UK anti-strike law…
“The government introduced the laws after a year of the biggest wave of industrial action seen in Britain in three decades, in which a range of employees – including rail workers, warehouse and port workers, Royal Mail employees, junior doctors, teachers and barristers – went on strike in protest over pay and working conditions.”
“Rishi Sunak tells G20: UK will resist ‘hair shirt’ policies on net zero pledge.
“Rishi Sunak has said he will resist “hair shirt” policies designed to reduce carbon emissions and achieve Britain’s net zero pledge, amid an intensifying Tory row over the party’s commitment to tackling the climate crisis. Tensions have been growing within the party all summer over its green policies…”
“Investors and unions press Labor [Australia] to invest $100bn to compete in global green economy.
“The Albanese government is being pushed to provide an extra $100bn over 10 years to boost jobs and reduce emissions including through investments in clean industries and manufacturing of renewable energy components.”
“The Inflation Crisis Is Fraying Europe’s Climate Consensus…
“Polls show most European voters want action on climate change as heat waves, wild fires and floods make the impact of emissions ever clearer — but they’re reluctant to bear the cost of switching to less-polluting technology.”
“Dutch police detain 500 activists on second day of climate protests.
“Dutch police on Sunday said more than 500 climate activists had been detained on a second consecutive day of protests against government subsidies for the fossil fuel industry. Hundreds of protesters marched on the A12 highway into The Hague around midday, ignoring warnings from authorities not to block the major traffic artery into the Dutch seat of government.”
“Germany’s Stop-Start Economic Motor Is Probably in Reverse Again…
“The country that was formerly Europe’s motor now finds itself braking its growth, wincing from the headwinds of poor demand in China and a lingering energy crisis. Bundesbank President Joachim Nagel was last week forced to refute the suggestion that the country once again deserves the “sick man of Europe” label…”
“ECB grapples with knife-edge decision on interest rates…
“There are potential pitfalls for the ECB in whichever decision it makes: keeping rates on hold invites criticism that it is giving up too early in the fight against inflation, but raising them risks making a looming economic downturn worse.”
https://www.ft.com/content/6c48a776-8801-49ac-a1c4-8f7f2cd77ce3
“Polish zloty’s fall highlights tricky balancing act of central banks.
“The Polish zloty has fallen nearly 3 per cent against the euro since the National Bank of Poland’s shock decision to slash interest rates on Wednesday, highlighting the delicate balancing act that central bankers face in trying to shore up growth while inflation remains high.”
https://www.ft.com/content/aa5b9752-7c49-457e-964f-26d906f2e115
“Russia Set To Slash Diesel Exports In September.
“Amid refinery maintenance and rising domestic fuel prices, Russia is set to cut its diesel exports from its ports on the Baltic and Black Seas by nearly 25% in September compared to the export plans for August, Bloomberg reported on Friday, quoting industry data it had seen.”
“Residents of Mayotte Island, France’s overseas territory, on Saturday organized a rally to protest against the water shortage on the island.
“The residents demanded a solution to the “water crisis” which has been going on for months, Franceinfo reported… The island has repeatedly experienced periods of drought for many years…”
“Egypt inflation hits record high of nearly 40%.
“It comes immediately after the previous record of 38.2 percent was recorded in July, and over a year into an unrelenting economic crisis that has seen the currency shed half its value against the US dollar since early last year.”
https://www.france24.com/en/live-news/20230910-egypt-inflation-hits-record-high-of-nearly-40
“Social unrest warning for South Africa as budget cuts loom.
“The government might have to cut back on spending for social services due to budget constraints, which could lead to social unrest and increased frustration with the status quo. This is according to economist and head of policy analysis at the Centre For Risk Analysis Chris Hattingh.”
“‘We need food and shelter’: farmers flee for their lives as terrorists attack villages in Mali.
“There was no warning. The raiders came late in the night, shouting and shooting. The unarmed farmers of Bujo had no chance to defend themselves, and those who were too slow to flee died.”
“At least 35 people have been killed after a crowded market in Sudan’s capital was hit with “explosive weapons”, a medical charity says.
“Médecins Sans Frontières (MSF) described it as “carnage”, saying that more than 60 people had also been wounded in the attack. Local residents say a military aircraft bombarded the Qouro market in southern Khartoum on Sunday.”
https://www.bbc.co.uk/news/world-africa-66745734
“Darfur refugees recount ethnic violence as Sudan’s civil war reignites genocide fears.
“ADRÉ, Chad — Barely five months ago, this parched patch of land sat largely empty, next to the nearby town of Adré, home to a few thousand people. Today, it takes almost a half-hour by car to cross the packed settlement, where more than 200,000 civilians who fled the civil war in neighboring Sudan have taken refuge.”
https://www.nbcnews.com/news/world/darfur-refugees-genocide-sudan-civil-war-chad-rcna103707
“The number of people arriving in Ethiopia due to the conflict in Sudan has reached 78,598, said the UN Office for the Coordination of Humanitarian Affairs (OCHA).
“As of Aug. 29, as many as 78,598 crossings have been made by returnees, refugees and asylum seekers from conflict-affected Sudan to its neighboring country Ethiopia, the OCHA said in its latest update issued Friday.”
https://english.news.cn/20230909/e16d3b1c41214b59aa0e1459a4bbb326/c.html
“Saudis use ‘sportswashing’ to paint over alleged killings… Instead of providing refuge, the country’s border force has been murdering Ethiopian refugees…
“While hundreds of Africans are murdered or dehumanised at the border and in Saudi homes, Saudis are pouring billions into a different set of Africans — football stars such as Sadio Mané, Édouard Mendy, Kalidou Koulibaly and Hakim Ziyech.”
https://mg.co.za/africa/2023-09-09-saudis-use-sportswashing-to-paint-over-alleged-killings/
“Shipping industry legal action surges as Ukraine war drives ‘emotive’ disputes…
“Sanctions on trading certain goods with Russia and the increased danger to vessels in the Black Sea region, as well as pressure to mitigate a fall in earnings amid a widespread economic slowdown, were behind the tensions, shipping lawyers say.”
https://www.ft.com/content/44ce5d55-ecbe-430f-9bc1-f1a1ed0c2df5
“The US and China Are Waging a Cold War That Is Truly MAD…
“A major crisis over Taiwan would have immediate and dire financial consequences before a shot was even fired. But to assume that this prospect will prevent an escalation from Cold War II to World War III risks making the same mistake as the nuclear theorists of the 1960s — who were blissfully unaware of just how close mutually assured destruction had come over Cuba.”
“Nato to launch biggest military exercise since cold war.
“It will start in spring next year and is expected to involve between 500 and 700 air combat missions, more than 50 ships, and about 41,000 troops, Nato officials said. It is designed to model potential manoeuvres against an enemy modelled on a coalition led by Russia, named Occasus for the purposes of the drill.”
https://www.ft.com/content/6c7a6941-2e0c-46d0-baf5-f53b681d2936
“Scientists find new strains of influenza A virus in pigs, potentially posing a pandemic risk.
“Scientists from Duke-NUS Medical School and their collaborators have uncovered several previously unknown strains of swine flu viruses that have been circulating unnoticed in Cambodian pig populations over the past 15 years, potentially posing a pandemic risk. The strains include viruses that have been passed by humans to pigs…”
https://phys.org/news/2023-09-scientists-strains-influenza-virus-pigs.html
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.
How can any countries economy survive when it has so many Socialists?
https://twitter.com/jefftimmer/status/1670073857204539394?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1670177119740080131%7Ctwgr%5E7b68ba479681ff835c58ab86385c78894db6650c%7Ctwcon%5Es3_&ref_url=https%3A%2F%2Fwww.democraticunderground.com%2F100218017030
Never misses a chance to ram economic, political or religious delusions down the throat of the hypocritical self-deceptionalists.
Correction – “Never miss a..” Should have used different handle: Unfiltered Independent.
Clarification – “self-deceptionalists” is poetic lysense