Dr. Doom Roubini has grown even more pessimistic since he put a 60% probability of a U.S. double dip in 2012 just about three weeks ago. Business Day reported that speaking at a press conference in Johannesburg on Sep. 20, Roubini now says, “The US is already in a recession although it will not admit it.” and that the rest of the world would not be insulated from the effects of another global meltdown. (Clip Below)
I would like to point out a little bit of insanity. On the one hand, most people don’t really like their jobs; at least, they wouldn’t do them unless they were paid to. On the other hand, we are seeking to create yet more of these jobs — not because we need more stuff on this earth, but simply in order that they have money to live. We already have enough stuff. Why is the only way to distribute it seem to involve the production of even more of it?
In fact, for several months the world has experienced an almost unbroken succession of geopolitical, economic and financial shocks which, according to LEAP/E2020, constitute the warning signs of a major traumatic event that we analyze in this issue. At the same time the international system has now passed the stage of structural weakening to enter a phase of complete decay where old alliances are breaking down, whilst new communities of interest are emerging very quickly. Finally, any hope for significant and lasting global economic recovery has now evaporated (1) whilst the Western pillar’s indebtedness, especially the US, has reached a critical level unparalleled in modern history (2).
Fortunately, many governors are addressing their state’s structural deficits head on. Unfortunately, there is a lack of collective appreciation for how painful this process will be.
Worcester Polytechnic Institute in Worcester, MA invited Rex Tillerson, CEO of ExxonMobil, to give the commencement speech at its 2011 graduation ceremonies on May 14. When students heard this, many were surprised and upset. As Linnea Palmer Paton of Students for a Just and Stable Future put it in a letter to the college president, “[W]e, as conscientious members of the WPI community and proud members of the Class of 2011, will not give [the Exxon CEO] the honor of imparting … his well-wishes … for our futures … when he is largely responsible for undermining them.” The students then invited Richard Heinberg, Senior Fellow of Post Carbon Institute, to give an alternative commencement speech. After a few days of negotiations, the college administration agreed to give Heinberg the podium immediately after the main ceremony. Many students chose to walk out during Tillerson’s address. This is what Richard Heinberg had to say.
They weren’t murderers or anything; they had merely stolen more money than most people can rationally conceive of, from their own customers, in a few blinks of an eye. But then they went one step further. They came to Washington, took an oath before Congress, and lied about it. Thanks to an extraordinary investigative effort by a Senate subcommittee that unilaterally decided to take up the burden the criminal justice system has repeatedly refused to shoulder, we now know exactly what Goldman Sachs executives like Lloyd Blankfein and Daniel Sparks lied about. We know exactly how they and other top Goldman executives, including David Viniar and Thomas Montag, defrauded their clients. America has been waiting for a case to bring against Wall Street. Here it is, and the evidence has been gift-wrapped and left at the doorstep of federal prosecutors, evidence that doesn’t leave much doubt: Goldman Sachs should stand trial.
The cars are coming off the rails. This is a big market move and a signal that Apmex and many others see Fukushima’s impact on the global economy, our civilization, and the Old Paradigm. Put another way, they see pm’s going absurdly hot very shortly which is exactly what I have written about consistently for over a decade. This fits with my analysis predicting immediate (there is no better term) apocalyptic events. Having left a record of maybe three million words I have never used that word before.
A particularly annoying question I am often asked and have come to hate is: “How do I invest my money for it to survive financial, political and commercial collapse?” The short answer is: “Nohow. Money will not survive collapse; not yours, not anyone else’s.” But that answer is not acceptable, because accepting it would require a profound loss of faith—faith in money, a profound Götterdämmerung for a civilization based on the worship of money.
People of conscience face two crucial challenges today: (1) Telling the truth about the dire state of the ecosphere that makes our lives possible, no matter how grim that reality, and (2) remaining committed to collective action to create a more just and sustainable world, no matter how daunting that task. It’s not an easy balancing act, as we struggle to understand the scope of the crisis without giving into a sense of hopelessness.