Archive for October 29th, 2008

Wall Street, you ain’t seen nothing yet: the real credit crunch

Wednesday, October 29, 2008

The financial credit crunch amounts to peanuts when compared with the situation on the ground -

the reckless consumption of “natural capital” is endangering the world’s future prosperity, with clear economic impacts including high costs for food, water and energy.

Some environmental economists have being doing some calculations -

the cost of natural decline dwarfs losses on the financial markets. [...] “So whereas Wall Street by various calculations has to date lost, within the financial sector, $1-$1.5 trillion, the reality is that at today’s rate we are losing natural capital at least between $2-$5 trillion every year.”


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