Published on TomDispatch.com, by Tom Engelhardt, February 17, 2009.
It turns out that you don’t want to be a former city dweller in rural parts of southernmost Australia, a stalk of wheat in China or Iraq, a soybean in Argentina, an almond or grape in northern California, a cow in Texas, or almost anything in parts of east Africa right now. Let me explain …
… Burning Questions
Right now, the global economic meltdown has massively depressed fuel prices (key to farming, processing, and transporting most crops to market) and commodity prices have generally fallen as well, including food prices. Whatever the future economic weather, however, that is not likely to last.
So here’s a burning question on my mind:
We’re now experiencing the extreme effects of economic bad “weather” in the wake of the near collapse of the global financial system. Nonetheless, from the White House to the media, speculation about “the road to recovery” is already underway. The stimulus package, for instance, had been dubbed the “recovery bill,” aka the American Recovery and Reinvestment Act, and the question of when we’ll hit bottom and when — 2010, 2011, 2012 — a real recovery will begin is certainly in the air.
Recently, in a speech in Singapore, Dominique Strauss-Kahn, head of the International Monetary Fund, suggested that the “world’s advanced economies” — the U.S., Western Europe, and Japan — were “already in depression,” and the “worst cannot be ruled out.” This got little attention here, but President Obama’s comment at his first press conference that delay on his stimulus package could lead to a “lost decade,” as in Japan in the 1990s (or, though it went unmentioned, the U.S. in the 1930s), made the headlines.
If, indeed, this is “the big one,” and does result in a “lost decade” or more, here’s what I wonder: Could the sort of “recovery” that everyone assumes lies just over a recessive or depressive horizon not be there? What if our lost decade lasts long enough to meet an environmental crisis involving extreme weather — drought and flood, hurricanes, typhoons, and firestorms of unprecedented magnitude — possibly in some of the breadbasket regions of the planet? What will happen if the rising fuel prices likely to come with the beginning of any economic “recovery” were to meet the soaring food prices of environmental disaster? What kind of human tsunami might that result in?
Once we start connecting some of today’s drought dots, wouldn’t it make sense to try to connect a few of the prospective dots as well? After all, if you begin to imagine what the worst might look like, you can also begin to think about what might be done to mitigate it. Isn’t that more sensible than looking the other way? … (full long text).
Links for some economic blogs:
The Prosperity Mandate: A Sustainable Economic Recovery Plan;