Respect due to my namesake...
P
You could say I lost my faith in science and progress(great song, shame about the video...)
You could say I lost my belief in the holy church
You could say I lost my sense of direction
You could say all of this and worse but
If I ever lose my faith in you
There'd be nothing left for me to do...
From its extraction through sale, use and disposal, all the stuff in our lives affects communities at home and abroad, yet most of this is hidden from view. The Story of Stuff is a 20-minute, fast-paced, fact-filled look at the underside of our production and consumption patterns. The Story of Stuff exposes the connections between a huge number of environmental and social issues, and calls us together to create a more sustainable and just world. It'll teach you something, it'll make you laugh, and it just may change the way you look at all the stuff in your life forever.P
Only the Green party has approached this issue honestly, by accepting upfront that economic growth is the problem and that current levels of consumption cannot be sustained. It's time we called out the other parties on their failure to acknowledge, let alone tackle, this contradiction. And it's time we all recognised that consumption is the big issue.
Where do these times of monetary and market instability come from? There appears to be a limited number of fundamental mechanisms over and above human ignorance, greed and stupidity.
First, I would cite the fundamental tenets and assumptions of economic theory that are obviously wrong:
1) Infinite resources - Not true for the atoms on this finite planet.
2) Infinite markets - Not true for a finite population and ecosystem.
3) Linear channels - Nothing to do with markets is wholly linear.
4) Continuous growth - Was never, and never will be, possible
5) Known behaviours - People and markets are increasingly unpredictable.
6) Understandable - Probably beyond the grasp of humankind.
Second, I think we can identify a set of new and progressively growing factors of increasing influence:
1) Complexity - Managers and people no longer understand products.
2) Connectedness - Everything is now related and not isolated or standalone.
3) Scale - Everything is now huge and networked globally.
4) Machines - They perform more trades than people.
5) Fundamentally non-linear - Chaotic and probably beyond human control.
6) Short-termism - The focus is on the immediate and making money now.
7) Speed - ICT has improved speed and removed latency.The first set of factors set the scene for beliefs and the illusion of understanding, while the second present ideal components for the occurrence of one economic crisis after another. Perhaps the most critical, given (5) and (6), is the reduction of latency (7) as a prime factor in a world of non-linearity, chaos and strange attractors.
Read the full article here: Peter Cochrane's Uncommon Sense