2 posts tagged with crisis by symbollocks.
Displaying 1 through 2 of 2.
Recently, John Michael Greer has been exploring a little known idea of the deceased economist E.F. Schumacher (a student of the oft-discussed Keynes). "Schumacher drew a hard distinction between primary goods and secondary goods. The latter of these includes everything dealt with by conventional economics: the goods and services produced by human labor and exchanged among human beings. The former includes all those things necessary for human life and economic activity that are produced not by human beings, but by nature. Schumacher pointed out that primary goods, as the phrase implies, need to come first in any economic analysis because they supply the preconditions for the production of secondary goods. Renewable resources, he proposed, form the equivalent of income in the primary economy, while nonrenewable resources are the equivalent of capital; to insist that an economic system is sound when it is burning through nonrenewable resources at a rate that will lead to rapid depletion is thus as silly as claiming that a business is breaking even if it’s covering up huge losses by drawing down its bank accounts." [more inside]
In a talk titled Definancialisation, Deglobalisation, Relocalisation given at The New Emergency Conference, Peak Oil activist and writer Dmitry Orlov (previously 1 2 3) shows how he has come to the conclusion that the oil price spike of summer 2008 was the trigger for the financial collapse that occurred later on in the fall. He goes on to summarize (from his point of view) pretty much everything that has been happening in the past year or so, and what he thinks is coming up next. [more inside]