NakedCapitalism.com argues here that China’s economic slowdown will continue and produce a financial crisis that will have global effects, and we’ll likely feel some pain too in North America.

As with the United States and its financial crisis in 2008, the problem isn’t Federal but private debt, which, ramping up, usually presages a debt crisis.

To shore up its economy, China may start spending a lot more on its military, which is worrisome. There’s not much else it can do as for years China’s booming industry has been producing overcapacity it won’t be able to absorb for years.
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A new NASA study indicates the record-breaking drought gripping California may be the beginning of a mega-drought that will turn the American Southwest and Great Plains into a dustbowl.

Thanks a lot, global warming.

Click here to learn more.
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Fascinating short TED Talk by Jared Diamond on why societies collapse. He cites five factors: resource depletion, climate change, relations with neighboring friendly societies, relations with neighboring hostile societies, and political, economic and social factors enabling society to enact change.

He also addresses a common question about collapse, which is why don’t people see the signs of collapse and do something about it. His answer is that a society can’t save itself when the short-term interests of the ruling elites conflict with the long-term interests of the society, particularly when the elites are able to insulate themselves from what is happening. Diamond warns that this condition is particularly applicable to the United States.

Makes you think. Watch it here: