Investors could lose $4.2tn because of climate change, report warns

Investments in fossil fuel companies face serious risk from global warming, research by the Economist Intelligence Unit shows

Sourced through Scoop.it from: www.theguardian.com

Greek debt crisis is small beer compared to these figures, but still most capitalists will fight tooth and nail to prevent the dramatic measures needed – we need carbon austerity and different structural reforms.

See on Scoop.itThe Great Transition

The end of capitalism has begun

The modern day external shocks are clear: energy depletion, climate change, ageing populations and migration. They are altering the dynamics of capitalism and making it unworkable in the long term. They have not yet had the same impact as the Black Death – but as we saw in New Orleans in 2005, it does not take the bubonic plague to destroy social order and functional infrastructure in a financially complex and impoverished society.

Once you understand the transition in this way, the need is not for a supercomputed Five Year Plan – but a project, the aim of which should be to expand those technologies, business models and behaviours that dissolve market forces, socialise knowledge, eradicate the need for work and push the economy towards abundance. I call it Project Zero – because its aims are a zero-carbon-energy system; the production of machines, products and services with zero marginal costs; and the reduction of necessary work time as close as possible to zero.

Sourced through Scoop.it from: www.theguardian.com

Absolute must-read article from Paul Mason in the Guardian on the transition to a post-growth, post-capitalist society.

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Fossil fuel industry must ‘implode’ to avoid climate disaster, says top scientist

‘The age of carbon is over’ and a transition to a greener economy is inevitable, says Hans Joachim Schellnhuber, adviser to the German government and Pope Francis

Sourced through Scoop.it from: www.theguardian.com

These ‘fossils’ are not going to organise this implosion themselves. Divestment campaigns is needed but more radical strategies are asked for (law suits?).

See on Scoop.itThe Great Transition

Greece needs a Plan C: for the commons and communal solidarity

Whatever the outcome of the referendum, tough times are ahead. To survive, Greek society will need to reinvigorate the commons and communal solidarity.

Sourced through Scoop.it from: roarmag.org

Written before the No referendum and Tsipras surrender to the politico-financial complex, this article shows the correct way for Greece: a plan C for a radical transformation of the economy based on communal action from below.

Syriza’s mistake: to accept the austerians framing of the alternatives.

See on Scoop.itThe Great Transition

The ideologues of the Eurozone

The problem for the Euro project is that it has become captured by an economic ideology, and austerity is that ideology’s principle weapon. A self-confident and mature Eurozone would be able to tolerate diversity, rather than trying to crush any dissent. A Eurozone captured by an ideology will insist there is but one path, and that the imperative of austerity is too important to accommodate democratic wishes. Pursuing that ideology has brought the Eurozone to the brink, where it is prepared to force out one of its uncooperative members. Critics of austerity are not trying to destroy to Eurozone, but save it from the grip of this self-destructive ideology.

Sourced through Scoop.it from: mainlymacro.blogspot.co.uk

Brilliant must-read analysis by Simon Wren-Lewis on how the austerity fundamentalist are killing the European project.

See on Scoop.itThe Great Transition

A World Without Work

We’re pretty good at noticing the immediate effects of technology’s substituting for workers, such as fewer people on the factory floor. What’s harder is anticipating the second-order effects of this transformation, such as what happens to the consumer economy when you take away the consumers.

Sourced through Scoop.it from: www.theatlantic.com

Brilliant must-read analysis of the coming ‘post-work’ society in The Atlantic.

See on Scoop.itThe Great Transition

The real challenge this week is to save the eurozone — FT.com

Europe’s leaders will have the unique opportunity to commit two mistakes in a single week. On Monday, Europe’s leaders will decide on the future of Greece. On Thursday and Friday, they will meet again to discuss, among other things, the future governance of the eurozone. The latter is more important in the long run: a healthy eurozone may even withstand a Greek exit from the single currency and prosper. But a crippled eurozone would be no less crippled if Greece were to remain a member. A dual failure would be a disaster.

Sourced through Scoop.it from: next.ft.com

Pretty pessimistic analysis by Wolfgang Munchau (FT) on Grexit and the future of the eurozone

See on Scoop.itThe Great Transition

Economics vs. the Economy

Economic theories, though social constructions, can reflect reality to varying degrees. In the face of dire environmental challenges, adopting a realistic theory is key to the survival of global civilization. The neoliberal emphasis on limitless growth and monetary flows, a relic of nineteenth century thinking, abstracts away from biological conditions. By contrast, ecological economics—as distinct from environmental economics, which remains wedded to the neoliberal growth paradigm—understands the economy as…

Sourced through Scoop.it from: www.greattransition.org

Brilliant theoretical essay by ecological footprint founder William Rees but ending with unjustified optimism.

See on Scoop.itThe Great Transition

Greek debt crisis is the Iraq War of finance

Guardians of financial stability are deliberately provoking a bank run and endangering Europe’s system in their zeal to force Greece to its knees

Sourced through Scoop.it from: www.telegraph.co.uk

One of the best article on the real hidden agenda of the EU’s financial elites. ‘The EU is worried about political “moral hazard”, about what Podemos might achieve in Spain, or the eurosceptics in Italy, or the Front National in France, if Syriza is seen to buck the system and get away with it.’

See on Scoop.itThe Great Transition

Amartya Sen: The economic consequences of austerity

There can be little doubt that Europe has needed, for quite some time, many serious institutional reforms – from the avoidance of tax evasion and the fixing of more reasonable retiring ages to sensible working hours and the elimination of institutional rigidities, including those in the labour markets. But the real (and strong) case for institutional reform has to be distinguished from an imagined case for indiscriminate austerity, which does not do anything to change a ­system while hugely inflicting pain. Through the bundling of the two together as a kind of chemical compound, it became very difficult to advocate reform without simultaneously cutting public expenditure all around. And this did not serve the cause of reform at all.

Sourced through Scoop.it from: www.newstatesman.com

Absolutely brilliant must-read analysis by Amartya Sen of Europe tragic austerity obsession

See on Scoop.itThe Great Transition

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