Topic: Debt

Latest

[ Episode #67 // Bubble and Beyond ]

Oct 16 2013

A massive pile of accumulated debts and a global credit bubble are tearing apart our politics and societies. As illusory wealth continues to evaporate, a battle ensues between creditors that lent too much and a rapidly growing class of debt serfs. With the ability for reform appearing increasingly futile, a systemic crisis has created paralysis on the edge of an abyss. What do the examples of previous indebted empires tell us? Can we create an alternative to a neoliberal philosophy that ends in neofeudalism?

In Extraenvironmentalist #67 we discuss the implications of the bursting global credit bubble with economist and historian Michael Hudson. Our conversation covers many of the themes in Hudson's new book, The Bubble and Beyond which covers the process of quantitative easing, neofeudalism and more. Then we speak with Nate Hagens, the former lead editor of the Oil Drum and an expert on global resource depletion. Nate describes why the relationship between energy and debt will increasingly lead to defaults as slowing growth means debts won't be serviced.

// Books

The Bubble and Beyond by Michael Hudson

// News and Other Items Discussed

Michael Hudson's website
Collapse and the Changing Face of Suicide submitted by Robin
Iceland running out of cash to pay foreign debts
IMF's Hilarious forecasts for a return to growth

// Extended Clips (in order of appearance)

[Break] - 30m

Countrywide commercial
Bernanke was wrong
Alan Greenspan on Irrational Exhuberance
Alan Greenspan - "There is no chance of default."
Days away from collapse - US default could bring global chaos
Greg Palast on Max Keiser about Obama
Countdown to US Government Default
Obama - "US Pays Its Bills."

[End]

Clarke and Dawe - Same Special Subject as Everyone Else

// Music (in Order of Appearance)

Jump the Curb - Forever Blowing Bubbles via Jump the Curb
Shania Twain - Ka Ching! (The Simon and Diamond Bhangra Mix)
Monster Rally - Palm Village via Bandcamp
Notorious B.I.G. - Mo Money Mo Problems (Woody's Produce Remix) via Youtube
Imagine Dragons - On Top of the World (RAC Mix) via Oh So Fresh
Bee Gees - Tragedy (Forever Kid Remix) via This Song is Sick

// Production Credits

Our correspondent and editor Kevin via Sustainable Guidance Youtube Channel

This show was supported by donations from our generous listeners:

Ronald in Texas
Sally in Australia (Happy birthday to Maxence!)
Mr. Smith in Massachusetts
Carla in the Quebec

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[ Episode #59 // Financialized Education ]

May 7 2013

Mini Episode

The amount of college debt is skyrocketing in the United States while job opportunities sought by graduates are dwindling. Costly undergrad and graduate degrees used to be the passport to a middle class lifestyle but are now leading to a growing number of indebted youth who are bitter about their time in higher ed. Have modern ideas of higher education been so deeply shaped by the logic of the financial sector that we won't find an alternative? What methods of self-learning can we use to gain skills while avoiding the debt burden of a university education?

In Extraenvironmentalist #59 we speak with critical theorist Max Haiven about the financialization of higher education and how it has limited our imagination. Max discusses the Edufactory Collective and how we can't separate the university from the transformations underway in global capitalism. Then, we talk to Kio Stark about her recent book Don't Go Back to School: A Handbook for Learning Anything to discuss how successful self-learners were able to master skills without going through institutions of higher education.

// Extended Clips (in order of appearance)

[Break] - 32m20s

Michael M'Gonigle - Montreal Degrowth Conference
Generation Jobless: Spain's Disenchanted Youth
Charles Eisenstein on Higher Ed as interviewed in Vancouver

[End]

Bill Hicks on the University of Houston

// Music (in Order of Appearance)
Beat Connection - Saola (ODESZA Remix) via Soundcloud
MSMR - Fantasy (NICITA Remix) via The Orange Press
Steel Train - You Are Dangerous (RAC Remix) via Caveman Sound
Jeff Spec ft. NaRai - Stop via Bandcamp
Airbird & Napolian - In the Zone via Gorilla vs. Bear
Travelling Day - Smoking Dog via Soundcloud

// Production Credits

Kevin via Sustainable Guidance Youtube Channel

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[ Episode #56 // So Much Magic ]

Feb 12 2013

Mini Episode

// Duncan's Photos From His Canalers Adventures
[nggallery id=2 width=400]

Maintaining the complexity of our civilization requires a consistent input of net energy and a stable climate. We've already experienced the first few years of a long emergency through economic stagnation and contraction, financial fraud and a lack of meaningful political momentum. Can we expect advances in technology to make a useful contribution to solving modern challenges or are we headed for a technological time out? Are we approaching a magic moment when those oppressed by debt refuse to pay?

In Extraenvironmentalist #56 we speak with James Howard Kunstler about his recent book, Too Much Magic: Wishful Thinking, Technology and the Fate of the Nation. Jim talks about how the magnitude of corruption in our financial system revealed since 2008 has been even greater than he could have imagined. We ask Jim about his views on the rapidly changing landscape of higher education and how to think about its future. Then, Duncan Crary tells us about his years of podcasting on the Kunstlercast and his new podcast A Small American City. Duncan tells us about life on the inland waterways of New York and about pioneering a new American way of life in the small towns abandoned over the second half of the 20th century.

// Music (in order of appearance)

Aretha Franklin - One Step Ahead (DiscoTech Edit) via The Burning Ear
Django Django - Default (Mr Mitsuhirato Edit) via Soundisstyle
Harry Belafonte - Jump In The Line (John Bourke's Bmore Remix) via Et Musique Pour Tous
The Killers - Runaway (RAC Mix) via Soundcloud
Spin Doctors - Two Princes (G Templeton & Branded James Remix) via Youtube

// Extended Clips (in order of appearance)

[Break] - 40m
Paul Krugman: We Are on The Brink of a Technology Revolution That Will Transform Our Economy
The Superbowl Blackout
US Hides Real Debt, In Worse Shape than Greece

[Additional Resources]

A Small American City Podcast
Canalers
New Economy Summit at The University of British Columbia, April 5th and 6th

// Production Credits

Kevin via Sustainable Guidance Youtube Channel

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[ Episode #55 // Degrowth ]

Jan 16 2013

Mini Episode

Decades of material growth have left us with a limited imagination for alternatives. Now that we've hit the point of diminishing returns for additional economic growth, can we decolonize our mind? In the developed world, is it possible to improve our quality of life while decreasing our standard of living? Could it be possible to degrow our economies in a way that creates a happier and healthier society while creating a true alternative for the undeveloped world?

In this epic length episode #55 of The Extraenvironmentalist we cover the Montreal Degrowth Conference from May 2013. We hear from a number of degrowth academics and activists about the ideas in the movement. Through more than twelve interviews we speak with Peter Brown, Michael M'Gonigle, Josh Farley, David Suzuki, Bill Rees, Mary Evelyn Tucker, Janice Harvey, Charles Hall, Gail Tverberg, Juliet Schor, Joan Martinez-Alier and Erik Assadourian. Then, we recap 2012 by hearing from Gregor MacDonald about the IEA's headline grabbing scenario for a United States that produces more oil than Saudi Arabia and Jeremy Grantham's recent eyebrow raising report on resource scarcity. We close out with a preview of our 2013 interviews.

// Index

Peter Brown on degrowth - 6m
Michael M'Gonigle on education - 17m
Josh Farley on money and alternatives to GDP - 26m
David Suzuki on localism - 43m
Bill Rees on denial - 53m
Mary Evelyn Tucker on a new narrative - 1h06m
Janice Harvey on culture change - 1h12m
Charlie Hall on energy return - 1h27m
Gail Tverberg on peak oil - 1h43m
Juliet Schor on working less - 1h5om
Joan Martinez-Alier on ecological economics - 2h6m
Erik Assadourian on degrowth - 2h15m
Gregor Macdonald on the IEA, claims about US oil production and Jeremy Grantham - 2h38m

You can find the individual degrowth interviews on our video page at http://vimeo.com/extraenvironmentalist

// Music (in order of appearance)

Tor - Glass and Stonevia Earmilk
Electric Guest - Awake (Dennis Rivera Remix) via Soundisstyle
Marvin Gaye vs. Pryda - Too Busy Thinking About Leja via Soundcloud
Marvin Gaye - Anger (Jeremy Sole edit) via Soundcloud
American Authors - Believer via Youtube
Adele - Skyfall (Dorsh Remix) via Indieshuffle
Plastic Plates - Things I didn't Know I loved (Bufi Remix) via Et Musique Pour Tous
Young-Wonder - To You via The Music Ninja
Emancipator - Minor Cause via Earmilk

Special thanks to Nathan at Southern Energy and Resilience for transcribing this episode!

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[ Episode #50 // Markets By Other Means ]

Oct 1 2012

Mini Episode

Developed nations find themselves stuck in economic quicksand as the status quo is maintained through debts on sovereign balance sheets. Over the last few decades of rapid economic expansion, each country bet on the continued story of globalization that narrates Tom Friedman's dreams each night. As the developing world sees our folly, will they choose a different path? Do their informal markets signal a true alternative to centrally planned economies? Or is the System D economy a symptom of complexity collapse in a world where seven billion humans are fighting for basic necessities?

In Extraenvironmentalist #50, Robert Neuwirth tells us how supply meets demand in the informal markets employing as many as 2/3 of the world's population. Does this System D economy provide the blueprint for an economic system that could exist in developed nations as governments breakdown from debt overhangs and peak complexity? Robert tells us about his journeys through the global trade networks of System D as he wrote the Stealth of Nations in Paraguay, Nigeria, China and more. Then, international business man of mystery Simon Black [1h 11m] joins us to talk about his travels to as many as 60 nations each year. He updates us on the breakdown of Europe and the United States while describing the economic optimism he's seeing in Africa, Southeast Asia and South America. Last of all, John Michael Greer [2h 03m] takes a break from his hiatus on The Archdruid Report to answer your questions.

You can follow Robert's writings online @robertneuwirth and his blogs on Squatter Cities and the System D economy.

// Music (in order of appearance)

Civil Twilight - River (Ra Ra Riot Remix) via The Music Ninja
Bob Seger - Night Moves (Niko Pusch Bootleg Remix) via Soundcloud
Michael Jackson - We're Almost There (DJ Spinna Remix) via Et Musique Pour Tous
Elle Goulding - Anything Could Happen (Blood Diamonds Remix) via Salacious Sound
Van She - Idea of Happiness (Robotaki Remix) via Too Many Sebastians

// Extended Clips (in order of appearance)

[Break] - 30m
Robert Neuwirth reads fromThe Stealth of Nations

// Production Credits
Kevin via Sustainable Guidance Youtube Channel
Chris Hehn // Graphics Work

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[ Episode #49 // Developing Breakdown ]

Sep 14 2012

Mini Episode

Central banks are undertaking unprecedented actions to keep the monetary system from unraveling. Despite unlimited Quantitative Easing and wealth transfers between Europe's economies, growth has yet to return and debt is demanding to be serviced. This process is stretching the banking system to its limit. What happens when the pretense is dropped and money loses its full faith and credit? As the global economy continues its slowdown, are there people preparing for life after the global credit system falls apart?

In Extraenvironmentalist #49 we speak with Dmitry Orlov about the developing systemic breakdown threatening to destroy the global credit system. Dmitry describes his view of the mortal blow to globalized trading and discusses ideas of how society would transform after it evaporates. We ask Dmitry about those who may be best prepared for the financial system to go broke. To find out more about people prepared for a world without money, we speak with photographer Lucas Foglia [1h 19m] who tells us what it was like to capture the lives of those dropping out of society for his book A Natural Order. After we hear from the people in Lucas' work, we play a discussion from CNBC with Marc Faber [1h 52m] where he echoes the sentiments of Dmitry and those living off the grid.

// Music (in order of appearance)
The Kooks - Runaway (Lonsdale Boys Club Remix) via Golden Scissors
Richard House and the Five Fellows - You Can Do a Lot of Living on a Credit Card via WFMU
Imagine Dragons - Radioactive via The Music Ninja
POP ETC - Everything is Gone via Et Musique Pour Tous
Corb Lund - Down on the Mountain via Corb Lund
Muse - Unsustainable via Soundcloud

// Extended Clips (in order of appearance)

[Break] - 25m
Andy Zaltzmann on the Global Economy

[End]
Frank as recorded by Lucas Foglia

// Production Credits

Josh Balik // Production Assistance
Chris Hehn // Graphics Work

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[ Episode #39 // Debunking Economics ]

Apr 22 2012

Mini Episode

Roughly 90% of the world's economics professionals failed to see the current economic crisis forming on the horizon of the early 21st century. Many of them are now striving for stability through policies of refinancing and quantitative easing. While this class of economic thinkers have driven the planet's policies for decades, their faulty logic is being exposed by structurally high unemployment and failing banks. Ben Bernanke and Mario Draghi are using central bank policies to prop up a system that's imploding due to heavy debt burdens by using national deficits for attempts to accelerate private debt accumulation once again. Could one of the few economists that predicted the current financial crash outline a path forward for educating the next round of economists while providing an alternative to austerity?

In Extraenvironmentalist #39 we speak with Steve Keen about how neoclassical economics controls the ways our governments think. Steve draws on themes from the second edition of his book that exposes neoclassical economics and its faulty logic, Debunking Economics. In the first half of the interview, we draw on a technical understanding of where neoclassical economics has gone wrong and where the economies of the Eurozone are headed through following the path of austerity. In the second half, we talk about modern debt jubilees and retooling economics education. After which, Jennifer Baichwal joins us at the 95' mark to talk about her newest film, Payback, based on Margaret Atwood's book about debt and debtor relationships. Last of all, Seth and I recall our recent gig at Jackson Hole.

// Music (in order of appearance)
Vacationer - Good as New via The Swill Merchants
Niia - Mad World via The Music Ninja
Mark Foster, Kimbra, A-Trak - Warrior via Hard Candy
Dragonette - Let It Go (The Knocks Remix) via KickKickSnare
Ibrahim Ferrer - Ay Candela (Henry Krinkle Remix) via International Beat Forum

// Extended Clips (in order of appearance)
[First Break] - 35'40"
Austerity Suicides
Greeks in Despair
This is War: Italy Burns Paintings to Protest Austerity
Greek Town Develops Alternative Currency
[Second Break] - 67'40"
Bernanke Impresses Students at GWU
Steve Keen on Ponzi Schemes
Krugman Knocked Out of Neoclassical Orbit by Steve Keen
[End]
Michael Hudson - INET Talk on the Politics and Economics of Restructuring

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[ Episode #38 // Hard Times ]

Mar 17 2012

Mini Episode

Debt is placing a stranglehold on the global economy, restricting the ability for growth to occur at a rate fast enough to prevent the monetary system from unraveling. To delay a massive deleveraging, governments are turning on the central bank taps to fill the system with liquidity. With severe structural issues that continue to avoid inclusion in the political discourse, can ordinary people prepare to maintain control over their assets to ensure success of future decentralization initiatives? How is preparing for this world different for our generation than for our parents?

In Extraenvironmentalist #38 we talk about living in hard times with Nicole Foss of The Automatic Earth. Nicole tells us about the Canadian housing bubble and why the initial collapse might just be faster than the one America experienced in 2005. Seth and I ask about what life was like in the Great Depression and how the process of labor exploitation may continue into the near future. We ask Nicole if misunderstandings about economic collapse could have us preparing for the wrong thing.

Also, we get to meet our blog editor Louisa Clarence-Smith who tells us about WWOOFing and her experiences working on farms in Scotland and Italy.

For more from The Automatic Earth, check out our interview with TAE writer Ashvin Pandurangi back in XE #13.

// Music (in order of appearance)
St. Lucia - All Eyes on You via Soundcloud
Cody ChestnuTT - Under the Spell of the Handout via Indieshuffle
Phil Collins - In The Air Tonight (Cosmo Black Remix) via Hard Candy
Alpine - Hands (Goldroom Remix) via Fader
ANDREYA TRIANA – Lost Where I Belong (Banks Remix) via Aerial Noise

// Extended Clips (in order of appearance)
[First Break]
Sunshine and Eclipse
Rioting Across America During the Great Depression
Stories From the Great Depression
[Second Break]
Making a Difference: Rebuilding From a Tornado
Bill McKibben: Rebuilding Community
[End]
Jiddu Krishnamurti - Fear

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[ Episode #29 // Creating Wealth ]

Nov 22 2011

Mini Episode

Occupy Wall Street has directed our attention to the extreme concentration of wealth resulting from decades of policy designed to trickle down prosperity. Through using a single type of bank debt currency, we allocate our labor and resources to benefit a global elite instead of our communities. Can we engage our local leaders and municipal governments to break this currency monoculture? Can global examples of currency ecology provide a map for improving educational experiences, enhancing the arts and building resilience to the fragility of central bank finance mechanisms?

In Extraenvironmentalist #29 we speak with Gwendolyn Hallsmith and Bernard Lietaer about Creating Wealth: Growing Local Economies with Local Currencies, their recent book on how to implement complimentary currency systems while creating intentional cities with money ecosystems. We cover examples of complimentary currencies in Brazil (saber), the United States (time banking), Switzerland (WIR), Belgium, Lithuania and Uruguay (C3) to demonstrate how alternative forms of money can help to enhance our education, business and sense of community. Could the WIR be the reason for Switzerland's stability? Are there ways to retool education funding that could help us realize our dreams?

Note: Justin's poor understanding of French led to him mis-speaking Bernard's last name, it should be said Liet-ya instead of Liet-air

// Music (in order of appearance)
John Lee Hooker - (Money) That's What I Want
The J's - The Sound of Money via WFMU's Beware of the Blog
Sharon Jones - Money via This is Real Music
The Drums - Money (Chad Valley Remix) via Niteversions
Mr. Little Jeans - The Suburbs (Cry Wolf Remix) via The Music Ninja

// Extended Clips (in order of appearance)
Debt Diets and Riots: Euro Lose Lose via RT
Greeks Abandon Cash Resort to Bartering via RT
Annie Leonard - Story of Broke
Enslaved to banks US students drawn to join Occupy
Chris Hedges Speaking at OWS

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[ Episode #25 // Saving Money ]

Oct 5 2011

Mini Episode

Is it more practical to learn permaculture than to earn a business degree? As financial markets sell off around the globe and world leaders scramble to prevent national defaults from collapsing the global economy, today's youth are certain to live through a massive shift in the monetary paradigm. An education system that prepared us to receive jobs in a consumer economy injured our ability to truly learn and now we face the insult of entering a bleak job market. Is money real or is it based on societal myths? Can a monetary system built on collaboration rather than competition create a society that amplifies the positive aspects of human nature? As Mike Ruppert says: until we change the way money works, we change nothing.

In Extraenvironmentalist #25 we speak with Charles Eisenstein about his new book Sacred Economics which explains how to save the concept of money from being subject to our outdated understanding of human nature and simplistic mechanistic models of the physical world around us. While the social unrest sweeping from Cairo to Athens to Barcelona to New York is disrupting monetary dynamics can it also create an applicable positive vision? Charles explains how a negative interest currency and an economic model that integrates equity and ecology can end what we perceive to be the human nature emphasized by our current currency. Can we accept that the failure of money isn't the end of the world but that it is an opportunity to reorganize?

// Music (in order of appearance)
Zeds Dead - Coffee Break via The Music Ninja
MGMT - All We Ever Wanted (Bauhaus Cover) via Stereogum
Michita - November via Earmilk
HEALTH - Goth Star (Pictureplane Cover) via Gorilla vs. Bear
Beatles - Eleanor Rigby (Butch Clancy Remix) via Dubtunes

// Extended Clips
Fiat Money via Renegade Economist
Trader Interview on BBC
Occupy Boston

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[ Episode #20 // Debt Unmasked ]

Aug 9 2011

Mini Episode

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

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[ Episode #19 // Crash Course ]

Jul 27 2011

Mini Episode

The debt crisis engulfing American political discourse is just the realization of a financial and economic reality that has been playing out for several years resulting from decades of economic policy. Now that the unsustainable nature of our national economy can no longer be ignored how will ordinary people in the United States handle such an awakening? Does this divergence from consumption, saving for retirement and planning to buy a house present a unique chance for our generation to have a new definition of what constitutes a meaningful life? Even if the US avoids default in the next few months, are we just postponing a larger crisis down the road?

In Extraenvironmentalist #19 we speak with Chris Martenson about The Crash Course, his video series that introduces the economic, energy and environmental challenges of the near future. Chris has also just released The Crash Course as a book that comprehensively details the core issues facing our planet and modern industrial economies. We talk with Chris about his transition from medical researcher and corporate executive into sustainability advocate and economic journalist. Our discussion covers his predictions for the currently unfolding debt crisis in Washington, DC that threatens to bring America to default and the ability for our generation to take advantage of the numerous opportunities we'll be presented with in the tumultuous times ahead. All while Seth enjoys a delicious garden fresh tomato.

// Music (in order of appearance)
Gramatik - Moar Jive via The Music Ninja
John Denver - Country Roads (Pretty Lights Remix) via Sunset in the Rear View
Note: we think it's so nice we used it twice; as it's also in #18
Widowspeak - Wicked Game (Chris Isaak Cover) via IndieShuffle

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