16 September 2015, The Daly News, What is Wrong with a Zero Interest Rate? The stock market took a dip, so the Fed will likely continue to keep the interest rate at zero, in conformity with its goal of supporting asset prices by quantitative easing. What is wrong with a zero interest rate? Doesn’t it boost investment, growth, and employment? There are many things wrong with a zero interest rate. Remember that the interest rate is a price paid to savers by borrowing investors. At a zero price, savers will save less and receive less return on past savings. Savers and pensioners are penalized. At a near zero price for borrowed funds, investors are being subsidized and will invest in just about anything, leading to many poor investments and negative returns, furthering the economy’s already advanced transition from economic to uneconomic growth. Zero interest promotes an infinite demand for savings with zero new supply. But the “supply” is provided artificially by the Fed printing money. Read More here
Category Archives: PLEA Network
16 September 2015, The Guardian, Stopping fracking won’t stop climate change. I am neither pro nor anti-fracking, but green campaigners must look beyond future threats and tackle the present impacts of fossil fuels if we are to combat climate change…. My concern with the current debate about fracking stems not from any love of the technology but from the fact that it is currently absorbing people’s time and energy fighting potential future impacts, when all around us are far worse existing activities, such as burning Russian coal in 1960s’ power stations. It seems some in the green movement work on the basis that their best chances of making a difference lie in stopping threats that have yet to happen, rather than the impacts that are already with us. Anti new road protests, anti GM, anti incinerators, anti biofuel, anti new nuclear, even stopping the building of the new Kingsnorth coal fired power station – all are examples of this brand of campaigning. Done well they can penetrate the political discourse and change the debate. The problem, however, with whipping up fear of future threats is that it can also lead to fixed ideological positions being adopted in the absence of any actual evidence of harm, and, unless we start blocking the things that are already happening, we risk locking ourselves into the flawed and damaging system we have today. This is of particular concern because it is not just the green movement that has learned the game of how to stop new things from happening. Stoking nimbyism can carry risks for all who seek action on global issues. Read More here
11 September 2015, The Conversation, Ignored by the government, shrunk by resignations – where now for Australia’s Climate Change Authority? Bernie Fraser’s resignation as chairman of Australia’s Climate Change Authority has left many wondering what is left of it and what its future might be. Established three years ago as part of the climate change package negotiated by the previous parliament’s Multi-Party Climate Change Committee, the Authority was formed to serve as the principal source of climate policy advice to the federal government, particularly on the issue of emissions targets. Championed by the then Greens deputy leader Christine Milne, it was modelled closely on Britain’s Committee on Climate Change. The Authority is legislated to have nine part-time members, including the Chief Scientist ex officio. When the Abbott government was elected two years ago it expressed its intention to abolish the Authority along with the rest of the Labor government’s climate policy architecture. Unlike the former Climate Commission, which had a public education role (and since losing government backing has morphed into the independent Climate Council), the Authority was established by legislation as a statutory authority. The government could not obtain sufficient support in the Senate to abolish the Authority. In particular, Palmer United Party leader Clive Palmer struck a deal with the government in which he would support thecarbon tax repeal but not the abolition of the Climate Change Authority. With the Authority saved, Palmer said he wanted the government to instruct it to assess whether Australia should have an emissions trading system at some time in the future, and what conditions should trigger its introduction, taking special note of the policies of Australia’s major trading partners. The government agreed to Palmer’s request to extend funding for the Authority. Continued funding was essential in order to sustain the Authority’s secretariat, based in Melbourne, which at its peak reached around 35 but now stands at around 25. On its formation the Authority attracted some of the best and brightest to work for it. Read More here
11 September 2015, The Independent, Refugee crisis: Is climate change affecting mass migration? John Kerry painted an apocalyptic vision of climate change last week as he addressed a global warming conference in Alaska. “You think migration is a challenge in Europe today because of extremism, wait until you see what happens when there’s an absence of water, an absence of food, or one tribe fighting against another for mere survival,” the US secretary of state warned. Few experts would argue with Kerry’s analysis of the future, but some would argue his vision is already upon us. The current refugee crisis marks a watershed moment in the history of global warming because it’s the first wave of emigration to be explicitly linked to climate change, according to one leading scientist, who predicts rises in temperature and increasingly extreme weather will unleash many more mass movements of people in the future. Professor Richard Seager acknowledges that there is much more to the Syrian uprising than the climate, but says that global warming played a key role in creating the conditions that fuelled the civil war behind the refugee emergency. “Syria was destabilised by 1.5 million migrants from rural communities fleeing a three-year drought that was made more intense and persistent by human-driven climate change, which is steadily making the whole eastern Mediterranean and Middle East region even more arid,” says Professor Seager, of Columbia University in New York, who published a report into the role of climate change in the Syrian conflict in March. Read More here
Beyond the fighting and fanaticism, another long-term threat menaces the world’s troubled regions.