Last month the Power Finance Corporation of India (PFC) issued a so-called green bond in London. It is a 10-year green bond that raised USD 400 million paying a 3.75 percent semi-annual coupon and listed on London Stock Exchange's new International Securities Market (ISM).
On 28 September 2017, the “full money initiative” (The “Vollgeld” referendum) was discussed in the Council of States (Upper House) of the Swiss parliament. The Council rejected the arguments. Nonetheless, the plebiscite will go ahead next year.
In their press briefing of 28 September 2017, the United Nations Environment Programme (UNEP) provides a briefing about their so-called sustainable finance agenda, in which they not once mention the role of the sovereign or sovereign legal tender. One wonders what is wrong with the economists at UNEP. It is hugely disappointing to find that they are simply repeating the propaganda of capitalism instead of coming up with suggestions about how to abolish capitalism and replace it with positive money.
Catalonia has a long tradition of working class anarchism and trade union organisation. Combined with its regional economic strength and a politically literate public the will to self-determination of Catalans has once again pushed economics to the back burner in Europe and brought politics to the fore. In the same way Catalans understand the need for social institutions to change to adapt to man-made climate change, so they recognise how lacking in adaptive capacity the present State institutions in Europe are.
With the BJP government at the centre completely sold on private money creation aka capitalism, it is highly unlikely that Bihar will ever see the Rs. 7636 crore required from the Centre to provide immediate relief to victims of the August 2017 flood catastrophes.
Further to yesterday’s reports in the papers that a symposium was held in Patna about the effects of global warming on Bihar, there are many measures in addition to the one’s suggested by the politicians, or at least the ones reported in the papers, that would improve the people’s ability to cope with the effects, including the one I have been mentioning many times, namely reform of the money system. If politicians really had the interests of Biharis at heart they would not continue with the present money system that causes climate change and jobless growth, in other words, poverty.
A number of important decisions being taken by the Central government are going to have a serious negative impact on the job prospects of Biharis in the coming years.
This article is about two things. It is about how green capitalism is ruining the world. And about how if there is to be a future for the human race then we need money to be created in such a way and according to such rules that ecology is conserved and enhanced.
The 8-year loan from the World Bank to the Government of Bihar was approved on 8th December 2015 to close on 31st March 2023. The World Bank Board report at which they approved the Bihar Kosi Basin Development loan is titled “Converting Adversity into Opportunity”.
The other day someone asked me to explain why high interest rates are no good for the Indian economy. The same day another friend in a discussion about money laughed at the outright absurdity of economists pretending to understand banking and investment. Finally, there is the fun and games of the fascinating new use of the term de-growth in the newspapers.
The earth is now in the era of full-blown runaway climate change. Extreme weather events like in Bihar are affecting 10 million people in one shot in several regions of the world simultaneously. Land use change caused by capitalist farming practices and natural resource exploitation combined with feedbacks from the climate system are speeding up the process exponentially and making the impacts worse every year.
The floods came on the 12th of August 2017, quite unexpectedly without any warning. It had been raining and apparently, the waters from various rivers came all of a sudden due to breeches in various river banks and embankments. Many bridges are broken and there is practically no communication in the district, except for the BSNL mobile services.
Every day there are new financial products marketed by capitalists who are determined to get a risk-free future for private capital even as they drive up earth’s temperatures to beyond what humans can endure.