Max Keiser “On the Edge” interviews Nicole Foss from “the automatic earth” explain ‘austerity’ and the necessity for banks and governments to sell assets in a vain attempt to collateralise the existing $1 quadrillion derivative debt. The impossibility of this happening in a flatlining global economy will re-ignite the fear that stopped the world in 2008.
“They can’t get ahead of the curve; everything they’re doing is too little too late, and when fear is in control then you have a downward spiral and it won’t stop until deleveraging has run its course. Until the small amount of remaining debt is acceptably collateralized to the few remaining creditors, and we’re absolutely nowhere near that point at the moment, we’re far closer to a top than a bottom.”
Nicole Foss has also presented a ‘book length’ article, one of the most comprehensive I have read explaining why a global transformation to renewables is not going to happen.
This Radio WORT-FM broadcast included a “stellar” guest list including. RICHARD HEINBERG, DMITRY ORLOV, NICOLE FOSS, and JAMES H KUNSTLER. Dmitry Orlov left early and Naom Chomsky took part. His sections have been removed from the replay below. The complete podcast can be found at ; http://archive.wort-fm.org/ Look for the Jan 2 “A Public Affair” podcast
This is the first film of 5 produced by Nicole Foss about the Peak Oil and Economic Crisis we are currently facing. The other 4 are in the main body of the post. The Automatic Earth’s co-editor Illargi has an interview in the “Words” section as an MP3.
In the new economy there were 3 types of people The have’s, The have not’s, And the have-not-paid-for-what-they-have’s.
It should also be remembered that a United Nations Report from February 2011, the “World Economic and Social Survey 2011” has put the financial cost of “repowering” the Green economy with renewables at between $15-20 TRILLION. This is discussed in the second post on this blog