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It Takes a Village to Maintain a Dangerous Financial System
It Takes a Village to Maintain a Dangerous Financial System
Abstract: I discuss the motivations and actions (or inaction) of individuals in the financial system, governments, central banks, academia and the media that collectively contribute to the persistence of a dangerous and distorted financial system and inadequate, poorly designed regulations. Reassurances that regulators are doing their best to protect the public are false. The underlying problem is a powerful mix of distorted incentives, ignorance, confusion, and lack of accountability. Willful blindness seems to play a role in flawed claims by the system’s enablers that obscure reality and muddle the policy debate.
1. Introduction
“If it takes a village to raise a child, it takes a village to abuse a child.”1
The financial system is meant to facilitate efficient allocation of resources and help people and businesses fund, invest, save and mange risks. This system is rife with conflicts of interests. Reckless practices, if uncontrolled by market forces and effective rules, can cause great harm. Most of the time, however, the harm from excessive risk in banking is invisible and the culprits remain unaccountable. They rarely violate the law.
In this chapter I focus on the excessive use of debt in banking that creates unnecessary fragility and distortions. The Great Financial Crisis of 2007-2009 exposed the ineffectiveness of the relevant regulations in place at the time. Yet even now and despite the crisis, the rules remain inadequate and flawed. Policymakers who repeatedly fail to protect the public are not accountable partly because false claims obscure reality, create confusion and muddle the debate.
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Taking a Bite Out of Plastic Waste: New Research Offers Unexpected Promise as Permaculture Hack
Taking a Bite Out of Plastic Waste: New Research Offers Unexpected Promise as Permaculture Hack
Reducing plastic pollution has seemed a daunting prospect, until now. Can the tiny Mealworm bite off more than we can chew?
According to the U.S. Environmental Protection Agency (EPA), Americans alone throw away 25 billion Styrofoam cups each year. Styrofoam is a common polystyrene product, which is a type of plastic. These materials pose a significant challenge to environmental health because they are created with robust molecular chains that tend to give them an unusually durable life span of between 500-1000 years. That means the Styrofoam coffee cup you just threw out this morning will be sitting in a landfill or floating on an ocean 500 years from now, potentially endangering ground water and animal life well into the future.
More plastic has been produced in the last ten years than during the entire last century, resulting in enough such waste thrown away each year to circle the earth four times. According to the United Nations Environmental Programme, annual global consumption of these materials has soared from an average 5.5 million tons in the 1950s to roughly 300 million tons in 2013, with an average four percent per annum increase in recent years.
Paradoxically, the key to solving one of the largest challenges to good environmental health – and promoting sustainable waste management practices in general – could be held by the tiny mealworm, the larvae form of the darkling beetle. A pair of research papers just published in Environmental Science and Technology reveals groundbreaking findings that offer both progressive recycling solutions and regenerative potential to even the most micro-permaculturalists.
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