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Green New Deal working paper by Dr Louise Crossley
“The Global Financial Crisis (GFC), whatever the arcane details of its components such as sub-prime mortgages, CDOs, CDSs, AAA ratings and so on, is essentially a crisis caused by human greed fuelled by unsecured financial credit, which resulted in overshoot and collapse of the global financial system. In this, it is a potent warning of, and an almost perfect metaphor for, the looming overshoot and collapse of the global ecological system. The causes of the Global Ecological Crisis (GEC) are the same as of the GFC — human greed fuelled by unsecured ecological credit. Easy credit enabled consumers and producers to live beyond not only their financial means, but also beyond the means of the global environment, mortgaging the Earth as well as their houses. And dire though the GFC is, the GEC threatens overshoot and collapse of the life support systems of the planet as a whole, not just of the “wholly owned subsidiary” which is the economy.”
Read Dr Crossley’s working paper, written to provide a background for developing state/local green new deal strategies in preparation for the Green New Deal conference on 24-25 October in Melbourne.
Green New Deal working paper, May 2009
