News update

Bad loans will worsen if economy falters: RBI
Indian Express
The Reserve Bank of India (RBI) has warned that the asset quality of scheduled commercial banks may worsen from the current level if the macroeconomic conditions deteriorate drastically. The central bank’s latest Financial Stability Report has also raised red flag on connected banks triggering a contagion and sought more disclosures and accountability in big-ticket corporate debt restructuring (CDR).

Oil’s Swift Fall Raises Fortunes of U.S. Abroad
Andrew Higgins, New York Times
A plunge in oil prices has sent tremors through the global political and economic order, setting off an abrupt shift in fortunes that has bolstered the interests of the United States and pushed several big oil-exporting nations — particularly those hostile to the West, like Russia, Iran and Venezuela — to the brink of financial crisis.

Five energy surprises for 2015
Kurt Cobb, Resource Insights
The coming year is likely to be as full of surprises in the field of energy as 2014 was. We just dont know which surprises! I am not predicting that any of the following will happen, and they will be surprises to most people if they do. But, I think there is an outside chance that one or more will occur, and this would move markets and policy debates in unexpected directions.=

Weve Been Incorrectly Predicting Peak Oil For Over a Century
Matt Novak, Paleofuture
The authors lists a number of failed predictions about oil depletion and argues that the idea of peak oil has contributed to climate change more than any other meme of the 20th century. Rather than making the case for alternative energy sources, too many people believed that it would be a problem that eventually sorted itself, which it wont. Also read the lively debate triggered by the article, in the comments section.

A Roadmap to Global Burning: Notes for Understanding the Lima Outcome
Pablo Solón, Common Dreams
The “Lima call for climate action” which came out of the recent UN climate talks, establishes a roadmap to a post-2020 agreement that will be weaker than the ongoing Cancun Agreement (for 2012-2020), and it lays a foundation for an even worse agreement in Paris in 2015, says Solon, former Bolivian ambassador to the United Nations.

What climate change asks of us
Margaret Klein, The Climate Psychologist
Climate change is a crisis, and crises alter morality. Climate change is on track to cause the extinction of half the species on earth and, through a combination of droughts, famines, displaced people, and failed states and pandemics, the collapse of civilization within this century. This is an unprecedented moral responsibility, and we are by and large failing to meet it.

Review: The Great Transition The New Paradigm
Nafeez Ahmed, Degrowth 2014 blog
Worried about the shit hitting the fan on climate change and other major crises? Good. Because those crises prove that civilization is in the midst of a phase shift to new forms – and we’ve got the opportunity, right now, to ride the wave of five interlinked revolutions in information, food, energy, finance and ethics, to co-create a new way of being that works for everyone. (This is a review of University of Turin economist Prof Mauro Bonaiutis new book, The Great Transition. Read Part 1 of the review: The End of Growth?)

Leading archaeologist says world civilization approaching collapse
PBS Hews Hour
Arthur Demarest, one of the world’s leading archaeologists, studies the collapse of ancient civilizations, from Greece and Rome to the Maya and Aztecs. In this interview with Ted Fischer, a professor of anthropology at Vanderbilt University, he says I see most of the symptoms of societies on the brink of collapse, not just in the U.S., but in the tightly interconnected societies of Western civilization – now essentially world civilization, and gives detailed reasons why.

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