Why Ecological Revolution?

It is now universally recognized within science that humanity is confronting the prospect — if we do not soon change course — of a planetary ecological collapse. Not only is the global ecological crisis becoming more and more severe, with the time in which to address it fast running out, but the dominant environmental strategies are also forms of denial, demonstrably doomed to fail, judging by their own limited objectives. This tragic failure, I will argue, can be attributed to the refusal of the powers that be to address the roots of the ecological problem in capitalist production and the resulting necessity of ecological and social revolution.

The term “crisis,” attached to the global ecological problem, although unavoidable, is somewhat misleading, given its dominant economic associations. Since 2008, we have been living through a world economic crisis — the worst economic downturn since the 1930s. This has been a source of untold suffering for hundreds of millions, indeed billions, of people. But insofar as it is related to the business cycle and not to long-term factors, expectations are that it is temporary and will end, to be followed by a period of economic recovery and growth — until the advent of the next crisis. Capitalism is, in this sense, a crisis-ridden, cyclical economic system. Even if we were to go further, to conclude that the present crisis of accumulation is part of a long-term economic stagnation of the system — that is, a slowdown of the trend-rate of growth beyond the mere business cycle — we would still see this as a partial, historically limited calamity, raising, at most, the question of the future of the present system of production.1

When we speak today of the world ecological crisis, however, we are referring to something that could turn out to be final, i.e., there is a high probability, if we do not quickly change course, of a terminal crisis — a death of the whole anthropocene, the period of human dominance of the planet. Human actions are generating environmental changes that threaten the extermination of most species on the planet, along with civilization, and conceivably our own species as well.

What makes the current ecological situation so serious is that climate change, arising from human-generated increases in greenhouse gas emissions, is not occurring gradually and in a linear process, but is undergoing a dangerous acceleration, pointing to sudden shifts in the state of the earth system. We can therefore speak, to quote James Hansen, director of NASA’s Goddard Institute for Space Studies, and the world’s most famous climate scientist, of “tipping points…fed by amplifying feedbacks.”2 Four amplifying feedbacks are significant at present: (1) rapid melting of arctic sea ice, with the resulting reduction of the earth’s albedo (reflection of solar radiation) due to the replacement of bright, reflective ice with darker blue sea water, leading to greater absorption of solar energy and increasing global average temperatures; (2) melting of the frozen tundra in northern regions, releasing methane (a much more potent greenhouse gas than carbon dioxide) trapped beneath the surface, causing accelerated warming; (3) recent indications that there has been a drop in the efficiency of the carbon absorption of the world’s oceans since the 1980s, and particularly since 2000, due to growing ocean acidification (from past carbon absorption), resulting in faster carbon build-up in the atmosphere and enhanced warming; (4) extinction of species due to changing climate zones, leading to the collapse of ecosystems dependent on these species, and the death of still more species.3 Continue reading

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The Crisis of Credit Visualized

By the author: “The goal of giving form to a complex situation like the credit crisis is to quickly supply the essence of the situation to those unfamiliar and uninitiated. This project was completed as part of my thesis work in the Media Design Program, a graduate studio at the Art Center College of Design in Pasadena, California. For more on my broader thesis work exploring the use of new media to make sense of a increasingly complex world.”

See http://www.crisisofcredit.com

To watch this short animation in HD click here http://www.vimeo.com/3261363

Anti-Democratic Nature Of US Capitalism Is Being Exposed

By Noam Chomsky

THE SIMULTANEOUS unfolding of the US presidential campaign and unraveling of the financial markets presents one of those occasions where the political and economic systems starkly reveal their nature.

Passion about the campaign may not be universally shared but almost everybody can feel the anxiety from the foreclosure of a million homes, and concerns about jobs, savings and healthcare at risk.

The initial Bush proposals to deal with the crisis so reeked of totalitarianism that they were quickly modified. Under intense lobbyist pressure, they were reshaped as “a clear win for the largest institutions in the system . . . a way of dumping assets without having to fail or close”, as described by James Rickards, who negotiated the federal bailout for the hedge fund Long Term Capital Management in 1998, reminding us that we are treading familiar turf. Continue reading

How to Fix the Wall Street Mess

March on Wall Street

Demonstration on Wall Street

The richest 400 Americans — that’s right, just four hundred people — own MORE than the bottom 150 million Americans combined. 400 rich Americans have got more stashed away than half the entire country! Their combined net worth is $1.6 trillion. During the eight years of the Bush Administration, their wealth has increased by nearly $700 billion — the same amount that they are now demanding we give to them for the “bailout.” Why don’t they just spend the money they made under Bush to bail themselves out? They’d still have nearly a trillion dollars left over to spread amongst themselves!

Of course, they are not going to do that — at least not voluntarily. George W. Bush was handed a $127 billion surplus when Bill Clinton left office. Because that money was OUR money and not his, he did what the rich prefer to do — spend it and never look back. Now we have a $9.5 trillion debt. Why on earth would we even think of giving these robber barons any more of our money? Continue reading

Wall Street Socialists

By Amy Goodman

The financial crisis gripping the U.S. has the largest banks and insurance companies begging for massive government bailouts. The banking, investment, finance and insurance industries, long the foes of taxation, now need money from working-class taxpayers to stay alive. Taxpayers should be in the driver’s seat now. Instead, decisions that will cost people for decades are being made behind closed doors, by the wealthy, by the regulators and by those they have failed to regulate. Continue reading

A System Out Of Control

The bankruptcy of Lehman Brothers–with more financial institutions to follow, no one knows how quickly–is the product of greed and deregulation embraced by Republicans and Democrats alike.

A Wall Street trader watches as the stock market crashes in reaction to the bankruptcy of Lehman Brothers (Zuma)

A Wall Street trader watches as the stock market crashes in reaction to the bankruptcy of Lehman Brothers (Zuma)

THE LATEST chaos on Wall Street–the worst financial upheaval in the U.S. since the Great Depression of the 1930s–highlights not just the scale of the world financial crisis, but the needless destruction caused by the blind competition at the core of capitalism.

The Wall Street crisis will almost certainly make the current economic slump worse. A shadow banking system beyond the reach of regulators in the U.S. or any other country is crashing down, destabilizing the world financial system. Even before the latest crisis, Bill Gross of Pimco, a big money-management firm, warned that an uncontrolled liquidation of debt by financial institutions “can turn a campfire into a forest fire, a mild asset bear market into a destructive financial tsunami.”

The risk of such a catastrophe is growing. As hundreds of billions of dollars in financial assets vaporize, banks will be forced to raise interest rates to increase the amount of money they have in their reserves. This, in turn, will cut off credit to business and consumers alike, further choking an anemic economy. Continue reading