Caption: ‘Refugees arriving on Lesbos, Greece, last month: the billions of dollars fleeing emerging economies are not accompanied by harrowing images. Photograph: Iakovos Hatzistavrou/AFP/Getty Images.‘
“China manufactured more cement from 2010-13 than the US had produced over the entire 20th century. It could not last and so it is proving.”
Epic link on our imminent collapse: “The world economic order is collapsing and this time there seems no way out.” All this without considering the collapse of our biosphere which is progressing contemporaneously.
“Europe has seen nothing like this for 70 years – the visible expression of a world where order is collapsing. The millions of refugees fleeing from ceaseless Middle Eastern war and barbarism are voting with their feet, despairing of their futures. The catalyst for their despair – the shredding of state structures and grip of Islamic fundamentalism on young Muslim minds – shows no sign of disappearing.
“Yet there is a parallel collapse in the economic order that is less conspicuous: the hundreds of billions of dollars fleeing emerging economies, from Brazil to China, don’t come with images of women and children on capsizing boats. Nor do banks that have lent trillions that will never be repaid post gruesome videos. However, this collapse threatens our liberal universe as much as certain responses to the refugees. Capital flight and bank fragility are profound dysfunctions in the way the global economy is now organised that will surface as real-world economic dislocation.” Article continues at link, above.