This article is brought to you by news and science centre CircleofBlue.org
In early November 2002, six years before Lehman Brothers melted down and the American economy came much too close to collapsing, John Cassidy wrote a prophetic article in the New Yorker magazine on ominous trends in US home mortgage financing.
Cassidy, one of the top US financial journalists, reported that softening housing prices, easy lending practices, and wage earners taking on more debt than they could possibly afford “could also mark the beginning of something much more serious”.
More than a decade later economists and financial analysts are again identifying powerful signals of economic distress, this time in the energy, mining, power-producing, and farm industries.
Converging economic, ecological, technological, and political trends are causing the turmoil. A good deal of the distress is linked to the Earth’s shifting hydrological conditions caused by climate change.