|John Fullerton, the founder and president of the Capital Institute, sees the global economy heading for a crash that would dwarf the subprime crisis and the Great Depression. He also envisions a future where the economy is based not on consumption and competition for resources but on personal well-being. An essential finding that drives his work is what he calls the 'stranded asset problem.' Fullerton explains the extraordinary challenge of the $20 trillion carbon bubble. Randy Wray has described the current state of the commodities market as the biggest speculative bubble of all time, but the carbon bubble is even greater. In order to avoid catastrophic global warming, the Carbon Tracker Initiative found, we need to keep 80 percent of known carbon reserves buried in the ground.By Fullerton's estimates, this unburnable carbon is valued at $20 trillion...
Read the rest of the story HERE:
OpedNews volunteer from 2005 to 2013.
Amanda Lang was a wonderful member of the Opednews team, and the first volunteer editor, for a good number of years being a senior editor. She passed away summer 2014.
|The views expressed herein are the sole responsibility of the author
and do not necessarily reflect those of this website or its editors.