Rapidly rising and falling global markets are throwing the world into turmoil. The instability our societies were supposed to control has risen to the forefront. Will the incredible debt piles sitting underneath the flags of Western economies rip social fabrics into fits of unrest like the current riots in London? Before the first major financial shock of the Great Contraction in 2007, the US Government ran an annual budget deficit of only $200 billion per year. During the economic stagnation of years since that deficit is now at $1.4 trillion and quickly rising with more economic decline on the way. What happens when interest payments on this debt overtake federal income in the next few years? Are we all satisfied with sacrificing for an economic system that merely reinforces the status quo of power and greed?
In Extraenvironmentalist #20 we speak with economist Manfred Max-Neef about his career in economics during which he created development models based on fundamental human needs as opposed to power and greed. Manfred recently published Economics Unmasked: From Power and Greed to Compassion and the Common Good which leads us to discuss how universities are failing in their ability distribute a model of the world that can provide for human needs during and after the failure of capitalism. We discuss Manfred's concern that the US is sitting on a ticking time bomb of civil unrest as economic circumstances become rapidly more dire for its inhabitants. How can the American public recognize the possibilities of a debt collapse the rest of the world is actively discussing if our media is steering the collective conversation towards trivia? After we decide to put off a bank run for now, machines end up declaring their intention for the American Presidency in 2012, though with a terrible record of job creation.
// Music (in order of appearance)
Gauntlet Hair - Top Bunk via The Music Ninja
Yin Yang Twins - Shake (Celebration Mash Up) via Youtube
M83 - Midnight City (Christian Strobe Remix) via Too Many Sebastians
Vacationer - Trip via Everybody Taste
Aloe Blacc - I Need A Dollar (Cee-Roo Mix) via SoundCloud
Star Wars - Imperial March (TA Dubstep Mix) via Youtube
// Extended Clips
Who Killed Economic Growth? via @postcarbon