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Economics

The mission of this working group is to build sustainable economy and financial balance within resilient social ecologies.

Members

Corey Watts david hastings Elhadj Drame Gina Angiola Kathy Gilbeaux LintonWells
Maeryn Obley mdmcdonald Samuel Bendett

Aruba's Leader, Legislators Launch Hunger Strike

               

In this Sept. 25, 2009 photo, opposition candidate from the Aruban People's Party, Mike Eman, center left, and his wife Doina ride atop a jeep upon their arrival to a polling station in Oranjestad, Aruba. Prime Minister Eman and several legislators launched a hunger strike Friday, July 11, 2014, to protest what they say is meddling by the Dutch government in local financial affairs.(Photo: Pedro Famous Diaz AP)

usatoday.com - AP - July 12, 2014

ORANJESTAD, Aruba (AP) — Aruba's prime minister and several legislators have launched a hunger strike to protest what they say is meddling by the Dutch government in local financial affairs. . .

. . . The hunger strike comes after the Dutch government asked Aruba's governor to hold off on signing the 2014 budget into law pending an evaluation of it. The Dutch Caribbean island, which approved the budget two weeks ago, is facing a major deficit and its national debt represents 75 percent of its GDP.

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Puerto Rico’s Indebted Power Utility Adds to Island’s Problems

       

The Puerto Rico Electric Power Authority must repay $146 million over the next two months for a credit line used to buy oil to generate electricity.  Credit Dennis M. Rivera-Pichardo for The New York Times

dealbook.nytimes.com - by Michael Corkery - July 1, 2014

Puerto Rico’s electrical utility is running out of money and time to negotiate a deal with its lenders, part of a broad reckoning for an island that relies on Wall Street to finance some of its most basic functions.

The Puerto Rico Electric Power Authority must repay $146 million to Citigroup over the next two months for a credit line used to buy oil to generate electricity. It is also uncertain whether the authority will be able to renew a $550 million credit line from Scotiabank for fuel purchases, people briefed on the matter said.

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Recession Linked to More Than 10,000 Suicides in North America, Europe

But countries can take steps to reduce self-harm cases during economic downturns, researchers say

consumer.healthday.com

THURSDAY, June 12, 2014 (HealthDay News) -- The Great Recession that began in 2007 appears to have taken more than a financial toll: New research suggests that the economic downturn could be linked with more than 10,000 suicides across North America and Europe.

The study found that between 2008 and 2010, rates of suicide surged in the European Union, Canada and the United States. The increase was four times higher among men than women, according to the report published in the current issue of the British Journal of Psychiatry.

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University of Oxford - Recession 'link' with over 10,000 suicides in the West
http://www.ox.ac.uk/news/2014-06-12-recession-link-over-10000-suicides-west

China Says Climate Deal Hinges On Aid To Emerging Economies

      

A security guard uses a fan to keep cool as a heatwave continues in Shanghai on July 24, 2013. (PETER PARKS/AFP/Getty Images)

huffingtonpost.com - Reuters - by Alister Doyle - June 6, 2014

BONN, Germany, June 6 (Reuters) - China led calls by emerging economies on Friday for the rich to raise financial aid to the poor as a precondition for a United Nations deal to combat global warming.

Many countries at U.N. climate negotiations from June 4-15 have welcomed news this week that the United States plans to slash emissions from power plants, but emerging nations said cash was just as important to unlock progress.

"When the financing is resolved, this will set a very good foundation to negotiate a good agreement," China's chief negotiator Xie Zhenhua told delegates from about 170 nations.

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IMF Chief Says Banks Haven't Changed Since Financial Crisis

      

Christine Lagarde, the managing director of the IMF, presents her address to the Inclusive Capitalism Conference. Photograph: John Stillwell/AP

Christine Lagarde tells London conference banking sector is still resisting reform and taking excessive risks

theguardian.com - by Angela Monaghan - May 27, 2014

The head of the International Monetary Fund has warned that a persistent violation of ethics among bankers and rising inequality pose a major threat to growth and financial stability.

Christine Lagarde told an audience in London that six years on from the deep financial crisis that engulfed the global economy, banks were resisting reform and still too focused on excessive risk taking to secure their bonuses at the expense of public trust.

She said: "The behaviour of the financial sector has not changed fundamentally in a number of dimensions since the crisis.

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Climate Change Will Hurt Nations' Credit Ratings, S&P Warns

            

Credit-rating agency Standard & Poor's warns that climate change will have a negative effect on credit ratings. | Fotosearch Value via Getty Images

huffingtonpost.com - by Sara Gates - May 17, 2014

Add credit ratings to the list of things climate change might ruin.

According to a recent report released by Standard & Poor's Ratings Services, rising global temperatures will put downward pressure on sovereign credit ratings. The international credit-rating firm warns that poorer countries and nations with already low ratings will be hit the hardest by the effects of climate change.

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sigma - No 01/2014 Natural Catastrophes and Man-Made Disasters in 2013

submitted by Tim Siftar

swissre.com

According to the latest sigma study, global insured losses from natural catastrophes and man-made disasters were USD 45 billion in 2013, down from USD 81 billion in 2012. Of the 2013 insured losses, USD 37 billion were generated by natural catastrophes, with hail in Europe and floods in many regions being the main drivers.

(CLICK HERE FOR ADDITIONAL INFORMATION AND LINKS TO THE STUDY)

What does the biggest free trade deal in history mean for the environment?

“No standard in Europe will be lowered because of this trade deal; not on food, not on the environment, not on social protection, not on data protection,” EU trade commissioner Karel De Gucht said in February, before meetings this week in Brussels to negotiate the details of the Transatlantic Trade and Investment Partnership (TTIP). Photograph: Georges Gobet/AFP

Image: “No standard in Europe will be lowered because of this trade deal; not on food, not on the environment, not on social protection, not on data protection,” EU trade commissioner Karel De Gucht said in February, before meetings this week in Brussels to negotiate the details of the Transatlantic Trade and Investment Partnership (TTIP). Photograph: Georges Gobet/AFP

theguardian.com - March 14th, 2014 - Karl Mathiesen

Both the EU and US are adamant TTIP will not affect both regions’ environmental protection standards. But green groups, forewarned by past experiences of free trade agreements, are incredulous.

Ecological Footprint of Consumption Compared to Biocapacity

This map compares each country's total consumption Footprint with the biocapacity available within its own borders.

Many countries rely, in net terms, on the biocapacity of other nations to meet domestic demands for goods and services. For example: Japan imports Ecuadorian wood to make paper; Europe imports meat fed on Brazilian soy; the United States imports Peruvian cotton; and China obtains lumber from Tanzania.

  • World Total Biocapacity: 1.78 gha per capita
  • World Ecological Footprint of Consumption: 2.7 gha per capita (i.e. we are using more resources than the Earth can provide.)

Currently less than 20 percent of the world's population living in countries that can keep up with their own demands.

What is a global hectare (gha)?

A global hectare is a common unit that encompasses the average productivity of all the biologically productive land and sea area in the world in a given year. Biologically productive areas include cropland, forest and fishing grounds, and do not include deserts, glaciers and the open ocean.

Data source: Global Footprint Network's 2010 Edition.

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Nasa-Funded Study: Industrial Civilisation Headed for Irreversible Collapse?

      

This Nasa Earth Observatory image shows a storm system circling around an area of extreme low pressure in 2010, which many scientists attribute to climate change. Photograph: AFP/Getty Images

Natural and social scientists develop new model of how 'perfect storm' of crises could unravel global system

(SEE LINKS TO SUPPORTING DOCUMENTATION BELOW)

theguardian.com - by Nafeez Ahmed - March 14, 2014

A new study sponsored by Nasa's Goddard Space Flight Center has highlighted the prospect that global industrial civilisation could collapse in coming decades due to unsustainable resource exploitation and increasingly unequal wealth distribution.

Noting that warnings of 'collapse' are often seen to be fringe or controversial, the study attempts to make sense of compelling historical data showing that "the process of rise-and-collapse is actually a recurrent cycle found throughout history." Cases of severe civilisational disruption due to "precipitous collapse - often lasting centuries - have been quite common."

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