How serious is the threat that current banking and financial systems pose to a stable, safe and secure future? Are there aspects that can be easily fixed, or is drastic reform needed? Is the state of the financial and banking sector such that it is a major global driver, and something that needs careful factoring into strategic considerations? This article by Dr Robert Howell covers his recent Wellington presentation and describes the likely risk of another 2008 financial crash, considers the effectiveness and efficiency of the current system, and evaluates whether the current system enables a solution to the threat of ecological collapse. Read more
The message from the two presentations was clear: first, urgent action on climate warming is required now. Avoidance of disastrous impacts is unlikely. Mitigation has past by as an option and only adaptation remains. Second Cheap energy will not be available in the future. This will lead to recessions and transition to an economy that requires much less energy.
The New Zealand economy and our ways of living will require transformation as we respond to both these eventualities. New Zealand is going to be hit by a double shot of reality and we will need to show some real leadership to develop the correct public policy and the political leadership to support it.