Joe Romm — Global Ponzi Scheme Revisited: How Climate Inaction Betrays Our Children And Future Generations

We need to combine the critique of financial Ponzi with resource and environmental Ponzi, and see them as related. Both involve negative externalities based on rent-seeking behavior. They are directly related to MMT in the MMT is concerned with both availability of real resources and monetary economics, which includes finance.

“We created a way of raising standards of living that we can’t possibly pass on to our children,” said Joe Romm, a physicist and climate expert who writes the indispensable blog climateprogress.org. We have been getting rich by depleting all our natural stocks — water, hydrocarbons, forests, rivers, fish and arable land — and not by generating renewable flows.

“You can get this burst of wealth that we have created from this rapacious behavior,” added Romm. “But it has to collapse, unless adults stand up and say, ‘This is a Ponzi scheme. We have not generated real wealth, and we are destroying a livable climate …’ Real wealth is something you can pass on in a way that others can enjoy.” [from an interview of Joe Romm by Thomas Friedman]

There are two related issues here. The first is climate change, which the overwhelming evidence suggests artificial warming resulting from carbon-based fuels as a significant causal factor if not the chief cause.

The second is environmental pollution, which is a health and quality of life issue in addition to an economic one, along with resource depletion which is not renewable in a timely way, costing the future.

Climate Science
Global Ponzi Scheme Revisited: How Climate Inaction Betrays Our Children And Future Generations
Joe Romm

Ponzicrats: What you Get When You Cross Gold + Melamine + Plutocrats

China Purchases A Record 100 Tons Of Gold In April From Hong Kong

Good luck with that. May be getting desperate, as they run out of ideas?

Gold may be seen as a good personal hoarding strategy for some, but only for local reasons that are always bad for the aggregate. It's basically giving into to private paranoia that further coordination won't be possible.  For aggregates, it's better - by far - to hoard coordination capabilities.

Aka, Chinese economy in the final stages of the largest Ponzi scheme ever devised

Conclusion? There's evidence that it's been 3.5 billion years since life appeared upon planet Earth, and "2 steps forward, 1 step back" is still the reality.

China will be fine, eventually, but ONLY after all the Benedict Arnold Plutocrats run off to Switzerland with all the gold. Then the serfs can get on with organizing on a larger scale.