Consuming our future…….

13 03 2017

Hat tip to Sam who left the link to this “Must Hear” podcast.

From the ABC RN website….:

Only lowering our living standards will achieve sustainable growth. That’s the message from Satyajit Das, a former financier who anticipated the GFC. Debt, energy consumption, housing affordability or superannuation – it’s all based on a financial system that’s in fact a completely fictional model. This model was always doomed to fail – eventually.

Beyond growth as we know it – How can we stop consuming our future? was presented by The Rescope Project. 4 February 2017

Image result for Satyajit Das

Satyajit Das

From 1977 to 1987, Das worked in banking with the Commonwealth Bank, CitiGroup and Merrill Lynch. From 1988 to 1994, Das was Treasurer of the TNT Transport Group.

 

Das is the author of Traders, Guns & Money and Extreme Money and reference books on derivatives and risk-management. He lives in Sydney, Australia.

Extreme Money was long-listed for the Financial Times/Goldman Sachs Business Book of the Year AwardThe Economist reviewed the book, stating that “Satyajit Das is well-placed to comment, having worked both for investment banks and as a consultant advising clients on their use of complex financial products”, however, “the book could have easily been 150 pages shorter without losing its thrust.”

A Banquet of Consequences was released in Australia in 2015. It was released in the United States in 2016 as The Age of Stagnation to avoid it being confused as a cookbook.

Das is a regular commentator on LNL (Late Night Live) on RN (ABC radio’s Radio National), hosted by Phillip Adams.

https://radio.abc.net.au/search?service_guid=RN-bia-20170309-8298030

OR download the mp3 file as I did with your favorite software…..

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10 responses

13 03 2017
Dr Bob Rich

Mike, “lowering our living standards” is emotionally loaded to imply suffering, going backward. Instead, we can liberate ourselves from the invented wants that keep us unhappy.
Deliberately doing with less stuff is a true liberation, and leads to contentment.

13 03 2017
mikestasse

I know…….. I didn’t write that, nor do I think Das even says so after two listenings…… must’ve been something the ABC put up.

13 03 2017
rabiddoomsayer

This message was needed a generation, or two, ago. Civilization is beyond reform and is going away. While millions will die before civilization is gone, billions will die after.

The human population is in a state of massive overshoot and overshoots always correct. While the preindustrial ecosystem might have been able to support a billion it is now thoroughly degraded and the human carrying capacity is probably in the millions.

Those in power cannot imagine another system and will fight to retain control ultimately destroying all that they value and even the meaning of what they value. The rats and mice will not care how many ones and zeros once existed on long dead computers.

13 03 2017
Idiocracy

“sustainable growth” – I jusk fucking love that word!

13 03 2017
ejhr2015

Mr Das is completely in error when on the topic of unfunded liabilities, like future pensions. Paying for them is off balance sheet, as he says. but even so we are not paying today for today’s pensions from savings made previously. A monetary sovereign government never has to save or borrow its own currency. It just creates what it needs through buying its debts – debt free! There is NO SUCH THING as an unfunded liability for a national MS government.

13 03 2017
mikestasse

Until NOBODY can afford to buy government bonds, or their yields are so low no one wants them…..

13 03 2017
ejhr2015

Sorry, that’s not relevant to the fact. Anyway the government sells bonds as “corporate welfare”. As they have no need to borrow the only reason for bonds is to take money out of the economy, like taxes do. The “welfare” is just the investors having their bonds [investments] in a safe place earning interest for the privilege. Bank bonds raise money, government bonds don’t.
It’s not necessary to get lost in a long winded economic argument here. A bit off topic. It’s just that Das is wrong in using liabilities as a factor in our unfortunate future. But the talk was a good one elsewhere.

14 03 2017
mikestasse

Bank bonds raise money, government bonds don’t.

So then, how come wikipedia states….:

The first ever bond issued by a national government was issued by the Bank of England in 1694 to raise money to fund a war against France.

14 03 2017
ejhr2015

The BoE was not part of the government until after WW2. It was a commercial operation. Also Governments could not create metal money and had to borrow to fund wars. Back then they were still working out the economics.

22 03 2017
Michael

Only cancer talks about sustainable growth…

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