The creation of govt.bonds are a nifty way of keeping the Ponzi scheme alive in Australia, yet the prediction of another GFC is anticipated within the next five years. Then the crash happens. However, the bigger picture is both China and India whose population aspire to the "assets" which us Westerners have at the sacrifice of a few days' pay. Recently China's economic growth for the year was claimed to be "only" 6%.
But, of course, the bigger bigger picture is that of water shortage. Saw a four-corners programme on a young lady who has taken on herself a big mission explaining why this is the case. Once the limits to economic growth were considered to be what we were capable of digging out of the ground, but then innovation enables us to overcome such perceived shortages. However, is it now going to be desalination of the ocean which will supply adequate water?
Even though China's population growth is still a positive, but a declining one, it is from a very high base. Also India's. Where does it stop? Why are we so ignorant, that we consider that economic growth within an exponentially growing world population is not worthy of concern when we live on a planet of limited resources? There surely has to be a limit where Malthus's concern becomes ours but, by then, it will be too late. This is now the time, surely and, even then, we may have outstayed our earth's resources.
