Home » Economics (Page 21)

Category Archives: Economics

Olduvai
Click on image to purchase

Olduvai III: Catacylsm
Click on image to purchase

Post categories

Post Archives by Category

The Meltdown of Commercial Real Estate

The Meltdown of Commercial Real Estate

Commentary
In case you’ve still got money in a bank, Bloomberg is warning that defaults in commercial real estate loans could “topple” hundreds of U.S. banks.

Leaving taxpayers on the hook for trillions in losses.

The note, by senior editor James Crombie, walks us through the festering hellscape that is commercial real estate.

To set the mood, a new study predicts that nearly half of downtown Pittsburgh office space could be vacant in four years. Major cities such as San Francisco are already sporting zombie-apocalypse downtowns, with abandoned office buildings baking in the sun.

So what happened?

The Fed’s yo-yo interest rates first flooded real estate with low rates and cheap money. Which were overbuilt.

Then came the lockdowns, which forced millions to figure out new workday patterns. People liked foregoing the long commute (not to mention the free money). Despite every effort, downtown businesses have not been able to get all workers back.

These days, everyone talks about hybrid models of working, some in-person and some remote. But judging from observation, remote is winning. In any case, even a 30 percent reduction in the footprint of office space once the leases are renewed could topple the entire sector.

The restaurant and retail sectors of downtown feel the pinch, with more closures all the time. Adding to the pressure are absurd levels of inflation and ever-riskier streets on matters of personal security. Put it all together and there is ever less reason to slog to the office.

When the Fed panic-hiked interest rates in the 2021 inflation, that put trillions of commercial real estate underwater even without other factors. Add to that crime, inflation, plus remote work, and you have a dangerous mix that could topple cities as we know them.

…click on the above link to read the rest of the article…

Wealth Gap And The Road To Serfdom

Wealth Gap And The Road To Serfdom

One of the most interesting conundrums is the surging wealth gap in America. Despite two of the largest bull markets in history since 1980, most Americans struggle with making ends meet and are unprepared for retirement. Such a reality starkly differs from the belief that rising asset prices benefit the masses.

For example, in a recent St. Louis Federal Reserve Bank analysis, total household wealth was $139.1 trillion, covering 131 million families. Of that total wealth, 74% was owned by just 13.2 million families, or roughly 10% of the population.

Wealth Distribution

Notably, this measure of wealth includes the equity of the family’s home. While home equity is essential, it is not readily spendable without taking on debt to extract the value. Therefore, Americans’ “liquid wealth” is far more unequally distributed. However, such is hard to fathom given the endless parade of media and social media influencers extolling the virtues of “building wealth through investing.”

Interestingly, that survey came after the Government injected nearly $5 trillion into the economy, a massive surge in deficit spending, and the Fed’s $120 billion monthly injections doubled asset prices from the March 2020 lows. Unsurprisingly, in February, Fidelity published its latest analysis showing the number of retirement accounts with balances of more than $1 million surged toward a record. To wit:

The number of seven-figure 401(k) accounts at Fidelity Investments jumped 20% in 2023’s final quarter to 422,000, marking a sharp recovery from the previous quarter’s 7.7% drop.

Gains in the stock market helped swell retirement balances last year as the S&P 500 advanced 24% following 2022’s 19% decline. The impressive run was powered in large part by the so-called “Magnificent 7” stocks that now make up roughly 30% of the market-cap weighted S&P 500 Index. The only time when the ranks of 401(k) millionaires at Fidelity was higher was in 2021’s fourth quarter, when there were 442,000 such accounts. Elsewhere, the number of seven-figure IRAs is at a record 391,600 accounts.” – Bloomberg

…click on the above link to read the rest of the article…

Today’s Contemplation: Collapse Cometh LXXXVI–Energy Future, Part 2: Competing Polities and Geopolitical Stress


Today’s Contemplation: Collapse Cometh LXXXVI

December 28, 2022 (original posting date)

Chitchen Itza, Mexico. (1986) Photo by author.

Energy Future, Part 2: Competing Polities and Geopolitical Stress

Part 2 of my multi-part contemplation on our energy future.


It’s difficult to make predictions, especially about the future.
-various attributions (e.g., Niels Bohr, Samuel Goldwyn, Yogi Berra, Mark Twain, Nostradamus)

As I argued in Part 1, energy underpins everything including human societal complexities. And the more energy humans have at their disposal, the greater the complexities and their concomitant ‘quality of life’ (not for all, but for those with greatest access/exposure)[1]. Being a ‘finite’ resource, the difficulty (impossibility?) in sustaining this ‘prosperity’ is self-evident — or at least it should be[2].

As walking, talking apes that communicate via stories we have weaved many tales of how we will sustain our complex living arrangements and the energy ‘slaves’ that make this possible[3]. In our quest to reduce anxiety-provoking thoughts we have, for the most part, ignored/denied the implications of dwindling resources — especially energy — and the implications of this for our future[4].

The more dominant and mainstream narratives argue we can or will transition to low-/zero-carbon technologies with nary a hiccup[5]. Our ingenuity guarantees this — or at least the snake oil salesmen marketing their wares and standing to profit handsomely from these tales do[6].

While I believe we will indeed attempt this (primarily because the ruling caste that guides/influences the narratives that we tend to believe in and allocates our society’s resources towards actions/efforts that helps to meet their overarching goal — the control/expansion of the wealth-/extraction-generating systems that provide their revenue streams and thus positions of power/prestige — will make it so), all it will likely accomplish (besides creating some comforting stories to share and huge profits for our already insanely wealthy few) will be the exacerbation of our fundamental predicament: ecological overshoot[7].

This means the speeding up of the drawdown of our resources (both ‘non-renewable’ and ‘renewable’) and the magnification of the concomitant ecological systems destruction[8] — more on this in a future post.

Speeding up the drawdown of resources (especially some that are only or primarily found in far-off locations from the sociopolitical centres that ‘require’ them to support their complexities, and ‘controlled’ by others) feeds into another unfortunate propensity of human complex societies: competition between polities.

In their detailed computer analyses of how a species that pursues growth on a finite planet might fair in a future of biogeochemical limitations, Meadows et al. highlight that two of the symptoms of overshooting the natural environmental carrying capacity are increasing conflicts over resources/sinks and declining respect for government as it uses its ‘power’ to maintain/increase the share of declining ‘wealth’ for the ruling elite — primarily by disproportionately allocating resources towards its military and industry, and away from the majority of its citizens[9].

And while his focus is upon pre/historical sociopolitical collapse, as opposed to ecological systems collapse (although ecological breakdown certainly has contributed to past societal collapses), archaeologist Joseph Tainter argues in his text The Collapse of Complex Societies that past collapses have occurred in two different political situations: a dominant state in isolation or as part of a cluster of peer polities[10]. With global travel and communication, the isolated dominant state has disappeared and only competitive peer polities now exist.

Such polities tend to get caught up in spiralling competitive investments as they seek to outmaneuver each other in their quest for control/influence and evolve greater complexity together. The polities caught up in this competition increasingly experience declining marginal returns on their investments in this strategy and must divert ever-increasing amounts of energy/resources leading to increasing economic weakness — especially for those outside of the ruling caste.

Withdrawing from this spiral or collapsing is not an option without risking being subsumed by a competitor. It is this trap of competition that will continue to drive the pursuit of complexity regardless of human/environmental costs and the impact upon dwindling resources. Incentives and economic reserves can support this situation for a lengthy period, as witnessed by the Roman and Mayan experiences where centuries of diminishing returns were endured, but not forever.

Ever-increasing costs and ever-decreasing marginal returns typify peer polities in competition. This ends in either domination by one state and a new energy subsidy, or collapse of all. As Tainter concludes:

“Collapse, if and when it comes again, will this time be global. No longer can any individual nation collapse. World civilization will disintegrate as a whole. Competitors who evolve as peers collapse in like manner.” (p. 214)

It would seem one of the consequences of our diminished energy future will be increased tension between competing polities. And this competition will be primarily about energy/resource reserves. In fact, a number of analysts have predicted that the globe is heading for (or is already engaged in) significant geopolitical stressors, if not resource wars[11].

William Catton Jr. also discusses this trajectory towards increasing geopolitical tension in Overshoot: The Ecological Basis of Revolutionary Change[12]. He argues that we are fated to continue our self-destructive proclivities as long as we fail to understand them. While we have learned to be civil over the centuries, particularly since the leveraging of fossil fuels began and net surplus energy has led to an explosion of growth and ‘wealth’, the concomitant population irruption and the pressure compounded by technology have led to a degradation of these relationships and have become increasingly competitive.

Humans have reacted in pressure-increasing ways that has created a further diminishing of carrying capacity making our overshoot situation even worse. War-like rhetoric has increased as population pressures have. Wars are a useful leverage point for the ruling caste to target the ‘other’ as redundant, as opposed to ourselves who ‘deserve’ our energy-intensive way of life and the resources required to maintain it.

“In a habitat that was not growing any larger, the continuing increase in either our numbers, our activities, or our equipment would ultimately induce more and more antagonism. Our routine pursuit of legitimate aspirations as individual human beings, as breathing, eating, drinking, traveling, working, playing and reproducing organisms, would increasingly entail mutual interference.” (p. 224)

Here we have competition over finite resources that is leading to a quickening of the drawdown of these resources. These diminishing resources are being allocated to this spiralling pursuit of competition while the consequences — both economic deterioration for the majority of humans and ecological destruction of the planet — are ignored/denied and/or rationalised away by way of narratives that argue the very instruments of our demise (increasingly complex and resource-dependent technologies) must be pursued with all the expediency we can muster.

Our conundrum is becoming ever-more wicked in its complexity.

In Part 3 I will explore some of the issues for human societies of this increasing geopolitical competition.


[1] See this, this, this, this, and/or this.

[2] Fossil fuels are finite in the sense that the flow from the existing stocks in the form of extraction far, far exceeds their replenishment rate which is estimated at millions of years. See this.

[3] See this, this, and/or this.

[4] See this, this, this, this, and/or this.

[5] See this, this, this, and/or this.

[6] See this, this, this, this, this, and/or this.

[7] See this, this, this, and/or this.

[8] See this, this, this, this, and/or this.

[9] See this and/or this.

[10] See this and/or this.

[11] See this, this, this, this, and/or this.

[12] See this and/or this.

Today’s Contemplation: Collapse Cometh LXXXV–Energy Future, Part 1


Today’s Contemplation: Collapse Cometh LXXXV

December 21, 2022 (original posting date)

Chitchen Itza, Mexico. (1986) Photo by author.

Energy Future, Part 1

A short introductory contemplation to a multipart one on our energy future[1].


It’s difficult to make predictions, especially about the future.
-various attributions (e.g., Niels Bohr, Yogi Berra, Mark Twain)

Energy[2]. It is the fundamental component necessary for all physical, chemical, and biological processes. So life…hell, the universe appears impossible without it[3].

While all forms of energy are ultimately important to human life, it is the bioenergetic and food energy aspects that are perhaps most salient[4]. For human complex societies that require energy inputs to ‘power’/support the organisational structures that help to create and sustain our varied and numerous complexities, it is the transformation of various energy sources into ‘usable’ forms that is vital[5].

As Vaclav Smil writes at the beginning of his 2017 text, Energy and Civilization: A History:

“Energy is the only universal currency: one of its many forms must be transformed to get anything done. Universal manifestations of these transformations range from the enormous rotations of galaxies to thermo- nuclear reactions in stars. On Earth they range from the terra-forming forces of plate tectonics that part ocean floors and raise new mountain ranges to the cumulative erosive impacts of tiny raindrops (as the Romans knew, gutta cavat lapidem non vi, sed saepe cadendo — A drop of water hollows a stone not by force but by continually dripping). Life on Earth — despite decades of attempts to catch a meaningful extraterrestrial signal, still the only life in the universe we know of — would be impossible without the photosynthetic conversion of solar energy into phytomass (plant biomass). Humans depend on this transformation for their survival, and on many more energy flows for their civilized existence. As Richard Adams (1982, 27) put it,

We can think thoughts wildly, but if we do not have the wherewithal to convert them into action, they will remain thoughts. … History acts in unpredictable ways. Events in history, however, necessarily take on a structure or organization that must accord with their energetic components.

The evolution of human societies has resulted in larger populations, a growing complexity of social and productive arrangements, and a higher quality of life for a growing number of people. From a fundamental biophysical perspective, both prehistoric human evolution and the course of history can be seen as the quest for controlling greater stores and flows of more concentrated and more versatile forms of energy and converting them, in more affordable ways at lower costs and with higher efficiencies, into heat, light, and motion.”

In this energy-transforming quest, fossil fuels have become the most critical and fundamental energy source to our modern, industrialised and exceedingly complex global society. As can be seen in the graph below, it is estimated that fossil fuel-based energy (i.e., coal, oil, and natural gas) is responsible for 80+% of our current energy needs that support our many varied complexities from transportation and food production to industrial production and communications.

Evidence suggests there is no current substitute — at density or scale — for the energy provided by fossil fuels[6]. We continue to be exposed to countless promises and potential technological ‘breakthroughs’ to replace them (especially when it comes to ‘clean/green’ energy sources, or should I say non-renewable, renewable energy-harvesting technologies), but the cold hard fact is that our dependence upon fossil fuels continues and is actually increasing, even when one zooms in on the past twenty years when ‘renewables’ have been pursued with ‘gusto’ as shown in the following graph (although not as much fervor as some would like and argue for — ignoring/rationalising away the ecological systems destruction that would accompany such a ‘war effort-like’ push).

All of the ‘renewables’ we have adopted have been additive to our fossil fuel dependency. They have not supplanted any — or at least minimally — fossil fuel extraction or use[7]. In fact, it could be argued that they have increased it due to their dependency upon fossil fuel-based industrial processes[8].

Add to this that there is convincing evidence that we have encountered significant diminishing returns in our extraction of fossil fuels[9]. This can be seen in our need to increase continually the energy and resource inputs towards accessing and extracting these fuels (e.g., deep sea drilling, hydraulic fracturing, bitumen refinement).

This necessity necessarily has an impact on the net energy that we have for supporting our complexities. We are increasingly having to put more and more energy/resources into fossil fuel extraction and refinement resulting in less and less energy/resources leftover to maintain our complex systems, let alone have any leftover to pursue growth as we have the past century or more[10].

So, we have a finite resource that is requiring greater energy/resource inputs to access and retrieve but that we depend significantly upon with no comparable replacement — to say little about the ecological systems destruction accompanying all of this (‘renewables’ and fossil fuels alike).

This is an obvious conundrum. Where do we go from here is what a number of people want to know…and I will explore this further in Part 2.


[1] Please note that I am not an ‘expert/academic/researcher/etc.’ in the topics discussed but an avid ‘student’ of them as I try to make sense of how and why events are unfolding the way they are. This is why I have included quite a number of references (to those who may be considered ‘experts) to my thoughts. Declaring this, I am also wary of the term ‘expert’ in light of criticisms such as those expressed by Philip Tetlock, Nicholas Nassim Taleb, and others: see this, this, this, this, and/or this. The views expressed, therefore, are part of my personal journey of understanding; they could be accurate but they might not be…in the end, I believe we all believe what we want to believe.

[2] See this.

[3] See this, this, this, this, and/or this.

[4] See this and this.

[5] See this, this, this, this, this, this, this, and/or this.

[6] See this, this, this, and/or this.

[7] See this, this, this, this, and/or this.

[8] See this, this, and/or this.

[9] See this, this, this, this, this, this, this, and/or this.

[10] See this, this, this, this, this, this, and/or this.

Today’s Contemplation: Collapse Cometh LXXXIV–Chasing Perpetual Growth On a Finite Planet

Today’s Contemplation: Collapse Cometh LXXXIV

December 16, 2022 (original posting date)

Chitcen Itza, Mexico. (1986) Photo by author.

Chasing Perpetual Growth On a Finite Planet

A very brief contemplation (as I work on some longer ones) that shares my response to the following billboard that was shared on the Degrowth Facebook group I am a member of:

The insanity of such a message on a finite planet should be self-evident to all but sadly this is simply not so. I have found that the overwhelming majority of people actually don’t pause whatsoever to consider how absolutely ridiculous such messages are.

Most (all?) are so caught up in relatively meaningless distractions or real-life personal crises that the ruling caste’s misleading narratives surrounding perpetual growth and our technological ingenuity to bypass hard biogeochemical limits are accepted as gospel truth. And it doesn’t help that humans have a tendency to defer/obey ‘experts/authority’ and participate heartily in groupthink.

Combine these cognitive ‘distortions’ with the fact that the products of growth (e.g., new infrastructure, additional services, etc.) are visibly and quickly perceived yet the negative impacts of our attempts to sustain our exponential growth can be readily externalised and/or take many years to materialise, and it is near impossible to make accurate attributions regarding causal relationships.

But as Meadows et al. argue in The Limits to Growth: when response delays occur in an exponential growth environment, overshooting a system’s capacity to sustain itself is common as well as the collapse that inevitably follows. It’s simply a matter of time and pursuing business-as-usual behaviours…

Infinite growth. Finite planet. What could possibly go wrong?

Today’s Contemplation: Collapse Cometh LXXXIII–Ruling Class Endgame For Everything: Wealth Generation and Wealth Extraction


Today’s Contemplation: Collapse Cometh LXXXIII

December 9, 2022 (original posting date)

Chitchen Itza, Mexico. (1986) Photo by author.

Ruling Class Endgame For Everything: Wealth Generation and Wealth Extraction

Todays’ contemplation has been once again prompted by a great article posted by The Honest Sorcerer, this time the second part of some observations regarding the complex and evolving European energy and economic situation.


Well said!

One of the things I have come to believe is that the ruling caste of our world is driven primarily by one overarching motivation: the control/expansion of the wealth-generation/-extraction systems that provide their revenue streams and thus positions of power and prestige.

Everything is leveraged towards this endgame. EVERYTHING!

The political/media arm of this caste spins/markets their policies/actions in ways to give the impression that they serve the masses, but this is simply a epiphenomena of their machinations. While some — even perhaps a majority — of their ‘ill-gotten’ wealth is directed towards ‘public’ services, much is siphoned off and directed up the power/wealth structures inherent in all complex societies to individuals/families within the privileged class. It is a skimming/scamming operation that takes no prisoners and encompasses all of society’s systems; in particular, our socioeconomic one where our financial institutions create credit/money-from-thin-air and then ‘invest’ it or charge interest for its use.

As the world’s current dominant hegemon, the United States does this ‘better’ and more broadly than everyone else.

What we seem to be experiencing with economic sanctions, energy infrastructure sabotage, false flag attacks, significant transfers of armaments and other military support, and finger pointing when events arise whose responsibility is in question, is a concerted effort by the United States and certain allies to not simply justify/rationalise/spin (re)actions but to assert and attempt to sustain its dominant role in global wealth-extraction/-generation.

Here I am reminded of a passage by Noam Chomsky from his 2003 book, Hegemony or Survival: America’s Quest for Global Dominance:

Those who want to face their responsibilities with a genuine commitment to democracy and freedom — even to decent survival — should recognise the barriers that stand in the way. In violent states these are not concealed. In more democratic societies barriers are more subtle. While methods differ sharply from more brutal to more free societies, the goals are in many ways similar: to ensure the ‘great beast,’ as Alexander Hamilton called the people, does not stray from its proper confines. Controlling the general population has always been a dominant concern of power and privilege…Problems of domestic control become particularly severe when the governing authorities carry out policies that are opposed by the general population. In those cases, the political leadership may…manufacture consent for its murderous policies.

As we continue to bump into the hard reality of biogeophysical limits to growth on a finite planet and the diminishing returns that inevitably result, I expect we will witness much more of this consent manufacturing — along with concomitant ‘devolution’ towards increased tyranny across the globe, but especially within the alliance of the United States and its supporters that repeatedly claim to be fighting for liberty and democracy.

We will likely also experience increased intervention in various sociocultural arenas but especially the economic realm, particularly as it pertains to increasing exponentially the creation of fiat currency (possibly in digital form) to ‘paper’ over out-of-control price inflation — which will likely be ‘controlled’ via continuing statistical manipulations of its measurement (if its measurement continues at all), with the ‘success’ of fighting it spread far and wide by the propaganda arms of the State.

The situation is no better in the nations that are challenging US hegemony. Controlling one’s domestic population, through overt force or covert narrative manipulation, is — as Chomsky points out above — a dominant concern of the ruling caste in every complex society in order to garner necessary support from the hoi polloi.

These machinations and legitimisation activities, however, are completely and totally unsustainable upon a finite planet for they require constant energy and material resource inputs. And in a world experiencing ever-increasing stress due to constant expansion of the human experiment (both on a resource extraction and an ecological systems destruction front), things appear to be approaching a significant inflection point.

Here I will close with a review of what archaeologist Joseph Tainter argues in his 1988 book The Collapse of Complex Societies with regard to peer polities caught in a competitive spiral while encountering the inevitable phenomenon of diminishing returns and the probability of global sociopolitical collapse.

Collapse today is neither an option nor an immediate threat. Any nation vulnerable to collapse will have to pursue one of three options: (1) absorption by a neighbor or some larger state; (2) economic support by a dominant power, or by an international financing agency; or (3) payment by the support population of whatever costs are needed to continue complexity, however detrimental the marginal return. A nation today can no longer unilaterally collapse, for if any national government disintegrates its population and territory will be absorbed by some other.”

Past collapses have occurred in two different political situations: a dominant state in isolation or as part of a cluster of peer polities. With global travel and communication, the isolated dominant state has disappeared and only competitive peer polities now exist — this, of course, will eventually change as our complex global systems breakdown due to energy shortages.

Such polities tend to get caught up in spiraling competitive investments as they seek to outmaneuver others and evolve greater complexity together. The polities caught up in this competition increasingly experience declining marginal returns and must invest ever-increasing amounts leading to greater economic weakness.

Withdrawing from this spiral or collapsing is not an option without risking being subsumed by a competitor. It is this trap of competition that will continue to drive the pursuit of complexity regardless of human/environmental costs. Incentives and economic reserves can support this situation for a lengthy period as witnessed by the Roman and Mayan experiences where centuries of diminishing returns were endured.

Ever-increasing costs and ever-decreasing marginal returns typify peer polities in competition — a negative feedback loop that a State’s ruling caste will not abandon for fear of losing their privilege/power. This ends in either domination by one state and a new energy subsidy, or collapse of all.

Collapse, if and when it comes again, will this time be global. No longer can any individual nation collapse. World civilization will disintegrate as a whole. Competitors who evolve as peers collapse in like manner.”

Be it from ecological overshoot (the root cause of all the above) or sociopolitical machinations of our ruling caste, the writing would seem to be on the wall for this latest hominid experiment we have, in a self-congratulatory manner, termed ‘wise man’…


The Fed’s Dovish Twist – Only Surprising on the Surface

The Fed’s Dovish Twist – Only Surprising on the Surface

Rate Cuts, Money Printer Go Brrr, and Biden

“The Federal Reserve is not only too big to fail, it’s too big to be held accountable.”

~ Thomas Massie

Last week at its Federal Open Market Committee (FOMC) meeting, the Fed made it clear that it will go back to stoking inflation.

Leaving the Fedspeak aside, here’s the gist: The Fed wants to cut interest rates three times this year, each time by 0.25%, with the goal of reaching a range between 4.55% to 4.75%.

That’s the plan for 2024. But the Fed’s expectation is to lower them even further in 2025 and 2026.

Now, this is quite a turn… and quite an odd one at that in terms of the timing. First, you’ve got the stock market recently hitting all-time highs. Gold and Bitcoin are also hovering near their all-time highs.

And hold on a second, isn’t the Fed supposed to be fighting inflation? Didn’t it come in pretty hot recently?

It did.

The PCE (or Personal Consumption Expenditures) — the Fed’s preferred gauge for measuring inflation — jumped by 0.4% in January, hitting its fastest pace in almost a year.

The inflation report for December was not great either.

Leaving aside the fact that the whole core PCE thing is a sham because it excludes food and energy (the two things Americans depend on the most), the Fed, being all “data-dependent,” is shrugging off the data it doesn’t like.

Alright, that’s pretty noteworthy on its own, but that wasn’t the only jaw-dropping news from the Fed last week.

It came from Fed Chair Jerome Powell himself, who suggested that the central bank could ease quantitative tightening (QT) “fairly soon.”


…click on the above link to read the rest of the article…

Expect a Financial Crisis in Europe With France at the Epicenter

The EU never enforced its Growth and Stability Pact or Maastricht Treaty rules. The crisis is coming to a head with France and Italy in the spotlight. The first casualty will be Green policy.

Image composite by Mish from the European Commission Compliance Tracker

Compliance Rules

  1. Deficit rule: a country is compliant if (i) the budget balance of general government is equal or larger than -3% of GDP or, (ii) in case the -3% of GDP threshold is breached, the deviation remains small (max 0.5% of GDP) and limited to one year.
  2. Debt rule: a country is compliant if the general government debt-to-GDP ratio is below 60% of GDP or if the excess above 60% of GDP has been declining by 1/20 on average over the past three years.
  3. Structural balance rule: a country is compliant if (i) the structural budget balance of general government is at or above the medium-term objective (MTO) or, (ii) in case the MTO has not been reached yet, the annual improvement of the structural balance is equal or higher than 0.5% of GDP, or the remaining distance to the MTO is smaller than 0.5% of GDP.
  4. Expenditure rule: a country is complaint if the annual rate of growth of primary government expenditure, net of discretionary revenue measures and one-offs, is at or below the 10-year average of the nominal rate of potential output growth minus the convergence margin necessary to ensure an adjustment of the structural budget deficit in line with the structural balance rule.

Deficit Disaster Zones

France and Italy are major disasters right now on the budget deficit rule. France has a budget deficit of 7 percent and Italy 5 percent.

France needs to reduce its deficit by a whopping 4 percent of GDP!

Neither Italy nor Greece should have been allowed in the EMU (European Monetary Union – Eurozone) in the first place.

…click on the above link to read the rest of the article…

Today’s Contemplation: Collapse Cometh LXXXII–Government: Constantly Forsaking Our Ecological Systems to Chase the Perpetual Growth Chalice


Today’s Contemplation: Collapse Cometh LXXXII

December 7, 2022 (original posting date)

Chitchen Itza, Mexico. (1986) Photo by author.

Government: Constantly Forsaking Our Ecological Systems to Chase the Perpetual Growth Chalice

Todays’ contemplation has been prompted by the usual shenanigans of government. In this case, the government of my home province of Ontario, Canada.


As regular readers of my posts are acutely aware, I have a strong belief that the primary guiding principle/motivation of our ruling caste is the control/expansion of the wealth-generation/-extraction systems that provide their revenue streams and thus positions of power and prestige. Everything they touch is leveraged towards this goal.

Not surprisingly, the political elite within this caste always twist/market their actions/policies that serve to meet the above principle as a social service for the masses because regardless of their power/influence they continue to require the ‘support’ of the hoi polloi so as to avoid revolution/overthrow (they are, after all, hugely outnumbered and depend upon the non-elite for their labour and taxes). If the masses were ever to come to the realisation that our governments are, for all intents and purposes, little more than criminal organisations using their positions and power to funnel wealth from national ‘treasuries’ to their families and ‘friends’, and create legislation that strengthens this corruption, the reaction could be, well, who knows…history suggests it doesn’t end well for some of the elite.

As archaeologist Joseph Tainter points out in The Collapse of Complex Societies, the activities surrounding legitimising the status quo power/wealth structures is common in any society in order for the political system to survive. While coercion can ensure some compliance, it is a more costly approach than moral validity. States tend to focus on a symbolic and scared ‘centre’ (necessarily independent of its various territorial parts), which is why they always have an official religion, linking leadership to the supernatural (which helps unify different groups/regions). This need for such religious integration, however, recedes — although not the sense of the scared — once other avenues for retaining power exist. In modern nation states, this ‘sacred’ has become ‘government’; an organisational structure whose existence and necessity is rarely questioned.

It is for the reason of enhancing/maintaining government legitimacy that domestic populations are constantly exposed to persuasive narratives that paint its sociopolitical ‘leaders’ as beneficent servants of the people — thank you narrative control managers (especially the legacy media) for this. This recurring phenomenon rings true throughout time and regardless of the form of government.

Back to the target of this contemplation…


My provincial government has recently opened up a bit of a hornet’s nest around the expansion of housing upon significantly ecologically-sensitive lands of the Oak Ridges Moraine[1] that had been ‘protected’ from such exploitation since 2005 by a legislative act of our provincial parliament[2]. The narratives around the ‘protection’ of this area are interesting to peruse[3].

There has been a flurry of media articles and social media posts revealing the cronyism between the current government and certain landowners that stand to profit handsomely from this policy shift[4] — many of whom purchased the land in question in just the past few years. And while these revelations are interesting and serve to confirm my bias regarding the ruling caste, this is not what I wish to focus upon.

I want to talk a bit about the Overton Window[5] or ‘controlled opposition[6]’ that I have noticed in my province around this issue and the related notion of growth, especially population growth and its concomitant impact on the environment and ecological systems.

Virtually every article and citizen comment I’ve read around this issue responds in a relatively tightly closed worldview that assumes a few things, particularly that growth is not only beneficial but must and will occur. Since it is good and will continue, the ‘debate’ becomes one of urban sprawl verses densification.

It would be best, the argument goes, for the environment and ecological systems if we were avoid expanding into this ‘Greenbelt’ and to contain our growth within tightly-packed urban centres. This perspective is heralded far and wide but especially by so-called environmentally-minded groups/individuals.

For example, the Greenbelt Foundation — an “organization solely dedicated to ensuring the Greenbelt remains permanent, protected and prosperous” — argues that “Growing in more compact ways, relying more on intensifying existing urban areas and creating dense, mixed-use new communities can reduce long-term financial commitments and ensure better fiscal health now and for generations to come.”[7]

None realise that increasing density does not necessarily equate to environmental soundness since it is the numbers of people that leads to the most significant drawdown of finite resources, not necessarily how they are distributed — particularly in ‘advanced’ economies where consumption is significantly higher than other economies. Yes, small and walkable communities do tend to show a decrease in certain resource needs but one cannot keep packing more and more people into tight spaces and argue the environment and ecological systems are ‘saved’ in such a scenario.

The many cons of densification are ignored. Such as the ‘heat island effect’ that increases energy consumption, the increased economic activity and consumption that tends to accompany dense urban centres, and traffic congestion that can cause emissions increases — to say little about the social pathologies and negative health impacts found in higher density settlements, such as the increased prevalence of anxiety/depression or the speed with which epidemics can spread[8].

Nowhere does one read a challenge to the very foundation of this interpretive lens that growth is good and inevitable. Nowhere is a discussion of halting growth or, God forbid, reversing it (i.e., degrowth). Growth MUST continue, and this pertains to both economic and population growth.

Growth is of course a leverage point for our ruling caste. It is used, in my opinion, to continue to expand the wealth-generation and -extractions systems but also, and perhaps more importantly, to maintain the Ponzi-like nature of our financial/economic systems. It is, however, as are all policies/actions, marketed as the means to ensure our prosperity.

Here I am reminded of a passage from Donella Meadows’s text Thinking in Systems: A Primer (2008):

…a clear leverage point: growth. Not only population growth, but economic growth. Growth has costs as well as benefits, and we typically don’t count the costs — among which are poverty and hunger, environmental destruction and so on — the whole list of problems we are trying to solve with growth! What is needed is much slower growth, very different kinds of growth, and in some cases no growth or negative growth. The world leaders are correctly fixated on economic growth as the answer to all problems, but they’re pushing with all their might in the wrong direction. …leverage points frequently are not intuitive. Or if they are, we too often use them backward, systematically worsening whatever problems we are trying to solve.”

The thinking outlined above by Meadows regarding negative growth and pushing in the wrong direction is completely foreign to the discussions I am witnessing on the expansion into Ontario’s ‘Greenbelt’. None dare challenge the mythical narrative that growth is good and inevitable. Such out-of-the-box thinking is not allowed. If such a thought is shared, the speaker is marginalised or ignored by most.

This is particularly so if one enters the kryptonite-like morass that is population growth in ‘advanced’ economies where such growth is ensured by skimming people from other countries — spun as a social service to the world’s needy — but is really about keeping the financial/economic Ponzi from collapsing because domestic populations are not reproducing fast enough[9].

And here I am reminded of another text passage, this time by Noam Chomsky in The Common Good (1998)[10]:

“In general, the mainstream media [everyone] all make certain basic assumptions, like the necessity of maintaining a welfare state for the rich. Within that framework, there’s some room for differences of opinion, and it’s entirely possible that the major media are toward the liberal end of that range. In fact, in a well-designed propaganda system, that’s exactly where they should be. The smart way to keep people passive and obedient is to strictly limit the spectrum of acceptable opinion, but allow very lively debate within that spectrum — even encourage the more critical and dissident views. That gives people the sense that there’s free thinking going on, while all the time the presuppositions of the system are being reinforced by the limits put on the range of the debate.” ~Noam Chomsky

This appears to be the crux of the matter when it comes to many issues. The ruling caste, with the help of the mainstream media and others, circumscribe the range of the debate. This provides cover for the ultimate endgame — in the issue over the Greenbelt expansion it is the accommodation of population expansion through the construction of millions of homes (and it matters not whether these are on ecologically-sensitive lands or not in the long run) from which the ruling caste will undoubtedly make billions of dollars in profits…while the finite resources necessary to support this growth become more rare and costly to extract/process, and the environment and ecological systems upon which we depend continue to experience disruption and destruction.

We are continually fed a mythical narrative about growth and then set to debate and argue each other over how to accommodate it while ignoring the only way that might help to mitigate — at least marginally — our ecological overshoot predicament: degrowth.


[1] See this, this, this, and/or this.

[2] See this.

[3] See this, this, and/or this.

[4] See this, this, this, this, this, this, this, and/or this.

[5] See this, this, and/or this.

[6] See this, this, and/or this.

[7] See this.

[8] See this, this, and/or this.

[9] See this, this, this,

[10] Hat tip to Erik Michaels who reminded me of this passage in his latest writing, that I highly recommend.

Today’s Contemplation: Collapse Cometh LXXXI–Diminishing Returns On Investments In Complexity


Today’s Contemplation: Collapse Cometh LXXXI

December 4, 2022 (original posting date)

Chitchen Itza, Mexico. (1986) Photo by author.

Diminishing Returns On Investments In Complexity

Another very brief contemplation prompted by The Honest Sorcerer’s latest writing regarding our energy predicament.


What you have described so well is perhaps the conundrum faced by every complex society throughout history: diminishing returns on investments in complexity.

This phenomenon appears to apply to almost everything in the human realm but most importantly resource extraction and use as you suggest.

We do tend to put into action the easier and cheaper solutions to our perceived problems with those, in turn, adding to our complexity and creating even more problems that need even more attention (i.e., energy and other resources).

I have argued before and continue to believe that the ‘best’ use of our remaining energy resources would be to encourage local communities to become self-sufficient (especially in terms of potable water procurement, food production, and regional shelter needs) but perhaps even more importantly decommission those complexities that pose significant risk to present and future species.

As I wrote some time ago: “Three of the more problematic [complexities] include: nuclear power plants and their waste products; chemical production and storage facilities; and, biosafety labs and their dangerous pathogens. The products and waste of these complex creations are not going to be ‘contained’ when the energy to do so is no longer available. And loss of this containment will create some hazardous conditions for human existence in their immediate surroundings at the very least — in fact, multiple nuclear facility meltdowns could potentially put the entire planet at risk for all species.”)

I believe ‘simplification’ is coming but am highly doubtful it will be through much if any ‘coordinated’ effort by our ruling caste. As many who have studied our predicament have argued, it will be Nature that imposes the ‘solution’ to this conundrum that is humanity and we will have little to say about it.

As walking, talking apes that tend to deny reality and believe in ‘magic’, we will continue to weave comforting narratives that our human ingenuity and concomitant technological prowess can save us from ourselves.

Imagination, however, is not reality and while we can think up all sorts of possibilities the starkness of physical laws and biological principles stand firmly in the path ahead preventing our magic from having any real impact — except, perhaps, to exacerbate our predicament.


Dominoes Falling As Biden Admin Deals With Twin Energy Crisis In Russia, Middle East 

Dominoes Falling As Biden Admin Deals With Twin Energy Crisis In Russia, Middle East 

A twin crisis is unfolding for the Biden administration as the US tax-payer-funded Ukrainian military bombs key crude refineries deep within Russian territory with suicide drones. The administration has pleaded with the Ukranians to halt strikes on Russian energy infrastructure as this will only contribute to tightening global supplies and push energy prices higher, as well as inflation in the US, hurting Biden’s re-election odds.

Now for the other crisis that’s unfolding in the Middle East: US Vice President Kamala Harris told ABC’s “This Week” that a major attack on the Gazan city of Rafah, where more than a million Palestinians have sought refuge, “would be a huge mistake.”

“We have been clear in multiple conversations and in every way that any major military operation in Rafah would be a huge mistake,” Harris said.

She added: “I have studied the maps – there’s nowhere for those folks to go. And we’re looking at about a million and a half people in Rafah who are there because they were told to go there.”

Harris was asked whether there would be “consequences” from the US on an Israeli counteroffensive in Rafah. She responded, “I am ruling out nothing.”

This comes as The Jerusalem Post said Israeli Prime Minister Benjamin Netanyahu and other senior officials say an operation into the southern Gazan city is “imminent.”

Bloomberg quoted Israeli intelligence that estimate about 5,000 to 8,000 Hamas fighters are in Rafah.

As we’ve explained before, in the note titled Terrified” Joe Biden Demands Ukraine Halt Strikes On Russian Refiners As It Is Sending Oil Prices Surging,” Biden’s foreign policy has been and always been about crude markets.

…click on the above link to read the rest…

Port Of Baltimore Paralyzed After Container Ship Strike Collapses Bridge

Port Of Baltimore Paralyzed After Container Ship Strike Collapses Bridge

Update (0645 ET):

A massive container ship chartered by Maersk and moving outbound from the Port of Baltimore struck the Francis Scott Key Bridge around 0130 ET. The bridge collapse has paralyzed a large swath of the largest inland port on the East Coast. The port is ranked 9th for total dollar value of cargo and 13th for cargo tonnage among US ports.

Governor Wes Moore released a statement on the collapse, declaring a State of Emergency in Maryland:

“My office is in close communication with US Transportation Secretary Pete Buttigieg, Baltimore Mayor Brandon Scott, Baltimore County Executive Johnny Olszewski, and the Baltimore Fire Department as emergency personnel are on the scene following the collapse of the Francis Scott Key Bridge. I have declared a State of Emergency here in Maryland and we are working with an interagency team to quickly deploy federal resources from the Biden Administration. We are thankful for the brave men and women who are carrying out efforts to rescue those involved and pray for everyone’s safety. We will remain in close contact with federal, state, and local entities that are carrying out rescue efforts as we continue to assess and respond to this tragedy.” 

Chief Kevin Cartwright, the Baltimore City Fire Department’s director of communications, told Fox Baltimore that at least 20 people and several vehicles had fallen into the river.

*   *   *

Shocking footage is coming from Baltimore City, home to one of the nation’s largest marine ports. It shows a container ship striking the 1.6-mile-long Francis Scott Key Bridge and collapsing it

Here’s another view of the container ship strike.

“This effectively shuts down the Port of Baltimore completely. I’m truly speechless,” one X user said. 

Fox Baltimore’s Olivia Dance describes the scene as “devastating.”

…click on the above link to read the rest…

What Happens When There’s Nobody Left to Save Us?

What Happens When There’s Nobody Left to Save Us?

Passively waiting for centralized powers to “save us” from their own excesses is not a solution.

It’s no exaggeration to say that our way of life depends on somebody somewhere saving us from the excesses that are the bedrock of our way of life. What excesses, you ask? There are none. This is true in one sense: all the excesses have been normalized by previous “saves”: whenever the bedrock excesses threaten to collapse under their own weight, the Federal Reserve or the Federal government rush in to save us from the excesses they’ve created.

Stripped of artifice, the bedrock excess that has been completely normalized is to goose consumption by borrowing from future earnings and resources. As long as growth is eternal, this works great: we can always pay more interest on ever-expanding debt with future earnings because those will be inevitably be even larger than the interest due.

Creating money out of thin air is another mechanism that achieves the same goal: goosing consumption via boosting the value of assets to generate a “wealth effect” that lifts all boats. This is also predicated on the eternal expansion of earnings, so wage earners can afford to consume as new money ceaselessly devalues the purchasing power of existing money (what we call inflation).

The problem is these “saves” only work if the interest rate is eternally near-zero and the costs of production are eternally declining: as long as it costs almost nothing to borrow more money into existence and production costs continue to drop, enabling consumers to afford more goodies even as the purchasing power of their wages declines, then all is well.
…click on the above link to read the rest…

Today’s Contemplation: Collapse Cometh LXXX–Ignoring Ecological Systems Destruction


Today’s Contemplation: Collapse Cometh LXXX

November 28, 2023 (original posting date)

Chitchen Itza, Mexico. (1986) Photo by author.

Ignoring Ecological Systems Destruction

This contemplation shares a response of mine to another within an ongoing discussion regarding a Facebook post by Clean Energy Canada[1] highlighting one of Canada’s major energy companies’ offshore wind farm projects. This ‘think tank’ out of Simon Fraser University in British Columbia, Canada works “…to accelerate Canada’s clean energy transition by sharing the story of the global shift to renewable energy, clean technology, and sustainable industries…”[2]


The energy dilemma our species has found itself immersed in is much, much more complex than just fossil fuels versus non-renewable, renewable energy-harvesting technologies (NRREHT) — aka ‘renewables’ — and about energy-return-on-energy-invested (EROEI). Mind you, the numbers you provide for various EROEI seem rather generous towards renewables and not in line with numbers I have seen[3]; of course, there is much disagreement amongst analysts about not only the numbers pertaining to EROEI but how to best evaluate them. And while EROEI is an important concept and analytical tool for evaluating the potential benefit:cost ratio of fuels, focusing solely upon it and related measurements/analyses often if not always leads to a neglect of the very real ecological consequences of human energy use and the significant extractive and industrial processes associated with it.

And this plight we find ourselves in as we explore (and disagree about) alternatives to fossil fuels is certainly much more complicated than just the focus upon the atmospheric loading due to carbon emissions that most concentrate upon.

Research suggests biodiversity loss, land-system change, and biogeochemical flows are three planetary limits we have more drastically surpassed compared to atmospheric pollution-loading and subsequent changes to climate[4]. These aspects of our ever-increasing impact upon the planet are invariably overshadowed by the clarion calls to reduce carbon emissions and transition to low- or no-carbon technologies.

‘Renewables’ may be marginally better in certain aspects, but they are also less better in others; for example, the energy density of certain fossil fuels is far, far better than solar/wind that must be stored in batteries[5]. They also require storage technologies (and thus materials) whose production wreak havoc upon our ecological systems[6]. This observation should in no way be construed as support for fossil fuels.

Regardless of these observations, my initial and subsequent assertions were to focus attention upon misuse of the term ‘clean energy’.

The terms ‘green’, ‘clean’, and ‘sustainable’ when referring to the products of the energy complex are bold-faced lies and this is what I was pointing out. These are marketing/propaganda terms meant, when it gets right down to it, to sell stuff. But also to advance an idea — an idea that allows people to continue consuming and also feel good about such consumption while simultaneously dispensing with the notion that consumption and the associated penchant to chase the infinite growth chalice is bad for the planet — an increasing concern over the past few decades but increasingly denied/ignored by many because it can all be done with ‘green’ growth via ‘clean’ technologies (oxymorons if ever there were ones).

The ecological damage that we continue to perpetrate upon the planet in our attempts to sustain our complex energy-intensive conveniences (that we have come to depend upon as we’ve lost the skills/knowledge to be locally self-sufficient) via non-renewable, renewable energy-harvesting technologies is for the most part completely and utterly left out of the propaganda/marketing we are exposed to; or, rationalised away by the fanciful narratives weaved about ‘clean’ technologies.

These comforting narratives, much like everything else, are leveraged by the ruling caste and profiteers (and there is much overlap between these two groups) to meet their primary motivation: control/expansion of the wealth-generation/-extraction systems that provide their revenue streams and thus power and wealth. And the narrative control managers that work with and on behalf of these groups know full well that significant psychological mechanisms (e.g., reduction of cognitive dissonance, obedience/deference to authority, groupthink, etc.) can be activated to support such stories.

Some have argued that the industrial processes necessary for these technologies (especially the battery components for storage, the scale necessary to replace fossil fuel power, and the massive electrical infrastructure required) is as bad as that created by our use of fossil fuels — to say little about the observation that we lack the finite resources to do this[7].

While we continue to argue over ‘solutions’ for addressing climate change (i.e., fossil fuels vs renewables in order to reduce carbon emissions), we fail to recognise that this particular conundrum is just one of the symptoms of ecological overshoot.

So rather than addressing our fundamental predicament we seek to attempt to solve one of its many consequences, and in a way that exacerbates overshoot. We ignore the ongoing and massive ecological systems destruction and compound it via marginal improvements in technology not realising that it is our technology that has placed us in overshoot.

We weave stories to tell each other that no sacrifices are necessary (especially within so-called ‘advanced’ economies) and that we have the ingenuity to ‘solve’ anything thrown our way.

And rather than confronting our predicament, admitting the scale of its impending consequences for our (and likely every other) species, and getting down to discuss the really hard choices we need to be making, we continue to not only rationalise away the anxiety-provoking thoughts such an approach would lead to but ‘allow’ the worst of us to ‘control’ our collective future.


[1] It is clear that the algorithms that track my social media interactions recognise my interest in energy issues and periodically place in my Facebook feed these type of posts.

[2] While I have neither the time nor inclination to attempt a ‘forensic audit’ of the funding of this ‘think tank’, it seems self-evident that it’s part of a growing ‘industry’ to market ‘clean’ energy products via the notion that these are ‘green’ and ‘sustainable’ (even if they’re not) and receives substantial financial support from the ‘clean energy’ industry.

[3] See this, this, this, and/or this.

[4] See this.

[5] See this.

[6] See this, this, this, and/or this.

[7] See this.

Today’s Contemplation: Collapse Cometh LXXIX–Non-Renewable Renewable Energy-Harvesting Technologies (NRREHT): A Paradox For Our Times?

Today’s Contemplation: Collapse Cometh LXXIX

November 24, 2022 (original posting date)

Chitchen Itza, Mexico. (1986) Photo by author.

Non-Renewable Renewable Energy-Harvesting Technologies (NRREHT): A Paradox For Our Times?

A short contemplation after reading Richard Heinberg’s latest article and the apparent paradox that is evident in the musings of a number of writers in the energy-ecology nexus.

Paradox: “…having qualities that seem to be opposites” (Reference)

In his latest post, that highlights the failings of the ‘renewable’ energy transition, Richard Heinberg seems to be arguing in terms of contradictory assertions, and ones which I am not sure can be overcome — at least, not without exacerbating our primary predicament of ecological overshoot[1].

On the one hand he points out the significant failings, limitations, and negative consequences of NRREHT, but on the other argues for our pursuing them at great haste so as to attain a ‘soft landing’ for our species’ inevitable energy descent.

For example:
1) Greenhouse gas emissions continue to increase despite an increase in NRREHT (in other words, their distribution/use is supplementing continued economic growth/consumption);
2) NRREHT require continued and increased use/extraction of non-renewable resources that are already demonstrating declining marginal returns (i.e., their scarcity is already apparent);
3) There is competing evidence/data regarding the availability of materials/minerals as to whether even a single generation of NRREHT can be produced to substitute for fossil fuel energy;
4) The energy costs of recycling suggests even in a best-case scenario NRREHT simply kicks-the-can-down-the-road for industrial civilisation;
5) NRREHT continue to require industrial production processes that degrade the environment and destroy ecological systems — perhaps just at a slightly less intensive rate.

While he does also argue for a significant powering-down of our energy-intensive ways — perhaps the easiest and most straightforward means of slowing down the speed of our destruction — I fear the concerted push for NNREHT he also argues for does little but, via A LOT of denial and bargaining, simply kicks-the-can-down-the-road in terms of confronting our predicament (especially as it pertains to significant and necessary fossil fuel inputs as well as the negative impacts upon ecological systems and mineral resource communities/regions).

My sense is that despite all the obvious pitfalls of NNREHT and significant negative consequences (particularly ecological) they will continue to be pursued with this strategy sold/marketed as the ‘solution’ to transitioning from fossil fuels.

This will not be the first time that our ruling caste and profiteers have leveraged a ‘crisis’ to enrich themselves…but it may well be the last.


A handful of other views/comments within the energy-ecology nexus regarding ‘renewables’ (in no particular order and all have some great insights/arguments):
Gail Tverbergthisthisthis, and/or this.
Simon Michauxthisthisthis, and/or this.
Ugo Bardithisthisthis, and/or this.
Alice Friedemannthisthisthis, and/or this.
Peak Prosperity (Chris Martenson/Adam Taggert): thisthisthis, and/or this.
The Honest Sorcererthisthisthis, and/or this.
Erik Michaelsthisthisthis, and/or this.
Raúl Ilargi Meijerthisthisthis, and/or this.
Rob Mielcarskithisthisthis, and/or this.
John Michael Greerthisthisthis, and/or this.
Tim Watkinsthisthisthis, and/or this.
Tim Morganthisthisthis, and/or this.
Kurt Cobbthisthisthis, and/or this.
Mike Stassethisthisthis, and/or this.
Charles Hugh Smiththisthisthis, and/or this.
Nate Hagensthisthisthis, and/or this.

Another view on Heinberg’s article can be found here.


[1] See thisthisthisthis, and/or this.

Olduvai IV: Courage
Click on image to read excerpts

Olduvai II: Exodus
Click on image to purchase

Click on image to purchase @ FriesenPress