On Friday, September 17, the US Federal Reserve blinked in the face of unrelenting, global economic malaise. This private bank, which possesses the monopoly to print US money, had promised to raise interest rates a paltry 1/4-percent, after seven years of near-zero interest intended to revive the US economy. Corporations had used the free money to buy their own stocks, fattening their own net worth and boosting the US stock markets, but this "growth" was an illusion. Faced with mounting debt, crashing international markets, and national defaults in Europe, the bankers lost their nerve.
A foodscaped neighbourhood: Ecological economics is possible, but it will be nothing like industrial economics. Avanchets estate, Geneva, Switzerland. © Yan Arthus-Bertrand
One may fairly wonder: Who cares?... Read more >