A brewing sovereign debt crisis threatens to engulf as many as sixty-one countries in debt distress over the coming year. Aid flowing from the global North—which carries the most responsibility for the atmospheric carbon stock—to the global South—which bears the brunt of its impacts—must be dramatically scaled up. Despite professing the need for global climate solutions, governments in the more prosperous countries have responded to this threat with lassitude and indifference, as evidenced by the slate of unambitious, unserious, and demonstrably ineffective responses issued from their recent summits. Meanwhile, democratic deficits within the institutions of multilateral governance show the difficulty of grappling with the pronounced asymmetries in our international financial architecture. Even the most ambitious reforms slated for discussion at week’s Summit on a New Global Financing Pact in Paris fail to confront the fundamental role of debt in that asymmetrical architecture.
Climate Crisis
Reuters: Thousands of activists block London roads to demand action on climate change
For those of you who might have missed it, their were activites throughout Europe in protest at the inaction of politicians and the EU with regard to global warming, many of them blocking traffic in […]
Economics
Reuters: Spanish manufacturing shrinks in June at fastest rate in six years – PMI
As Juan Laborda writes here the Spanish government under pressure from the EU is leading Spain into a recession. Read here
Economics
Branko Milanović – The Real Pandemic Danger Is Social Collapse
As the Global Economy Comes Apart, Societies May, Too Read here
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