Band-aid approach to fix ecological and economic ruin

10 04 2009

An excellent article by Andrew Simms (policy director of the New Economics Foundation) posted by the BBC:

It is like having a Commission on Household Renovation agonise over which expensive designer wallpaper to use for papering over plaster cracks whilst ignoring the fact that the walls themselves are collapsing on subsiding foundations.

While most governments’ eyes are on the banking crisis, a much bigger issue – the environmental crisis – is passing them by, says Andrew Simms. In the Green Room this week, he argues that failure to organise a bailout for ecological debt will have dire consequences for humanity.

“Nature Doesn’t Do Bailouts!” said the banner strung across Bishopsgate in the City of London.

Civilisation’s biggest problem was outlined in five words over the entrance to the small, parallel reality of the peaceful climate camp. Their tents bloomed on the morning of 1 April faster than daisies in spring, and faster than the police could stop them.

Across the city, where the world’s most powerful people met simultaneously at the G20 summit, the same problem was almost completely ignored, meriting only a single, afterthought mention in a long communiqué.

World leaders dropped everything to tackle the financial debt crisis that spilled from collapsing banks.

Gripped by a panic so complete, there was no policy dogma too deeply engrained to be dug out and instantly discarded. We went from triumphant, finance-driven free market capitalism, to bank nationalisation and moving the decimal point on industry bailouts quicker than you can say sub-prime mortgage.

But the ecological debt crisis, which threatens much more than pension funds and car manufacturers, is left to languish.

It is like having a Commission on Household Renovation agonise over which expensive designer wallpaper to use for papering over plaster cracks whilst ignoring the fact that the walls themselves are collapsing on subsiding foundations.

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