I did this podcast last week. I don't have a transcript. This is one to watch.
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Thanks. It popped up on my feed a couple of days ago, and I sent the link to a friend. Conversation format works well for longer pieces.
And this, Richard. https://new-normal.com/chemical-companies/ineos-bond-price-slide-confirms-chemicals-are-in-crisis/?utm_source=mailpoet&utm_medium=email&utm_source_platform=mailpoet&utm_campaign=hi-subscriber-firstname-or-subscriber-lastname-or-default-subscriber-here-s-the-latest-post-on-the-new-normal-blog_1
Wow….that’s a real trend.
I have regular discussions with CEFIC. The EU chem ind is in crisis – mostly due to the cost both of energy (gas & elec) and feedstock – largely gas. The reaction of the European Commission is……they don’t know what to do. There is no industrial strategy, there is some spending on projects – “to make EU industry “more competitive” eh? But it’s not just the chem sector – non-ferrous metals – Commission last year invited project proposals from the non-ferrous-metals sector – not one project was funded etc etc.
Macron is correct: “Europeans are the only ones not to protect their own companies and their own markets, when the other countries don’t respect the level playing field. This is why we have to be much more realistic. If we want to protect our chemical industry, our industries – because they are being literally killed.”
Expressed another way, free trade is dead. Charity starts at home and Europe need to look after its own. The imbeciles in the Commission are still wedded to the neol-libtrard fantasy of markets (our market which art in heaven) and free trade – dead. Dead as a Norwegian parrot. Personally, I’d tie the salaries of the Commission imbecilies to the success of EU chem industry – that would focus minds.
A wide ranging and challenging podcast but with a serious message on the incoherence of our politics and its outcomes – like answering the question Richard Murphy asks – what new products has Ai delivered? None and yet it has so far taken in the region of £21b of investment!!!
I don’t understand the argument here, the key part of the argument being that a collapse in the valuations of AI companies, OpenAI for example, will have effects on the rest of the economy which will lead to the rest of the economy suffering a collapse of some size. Logically the liquidation of OpenAI in my example because it failed should only lead to the economy going back to where it was before OpenAI arrived on the scene. At worst.
Contrast that to the insistence, from yourself I believe, that AI could be successful in displacing millions of jobs world wide without adding any net value and a lot of unemployed people to the labour pool. And that this could lead to a degree of economic collapse.
I wonder if you simply hate new technologies being set free to achieve where the customer takes them. I do too as an old man who liked things in the old days, but I’m not going to argue for both teams in the same Camp Nou.
Billions will be lost.
Much of the investment in shares is with borrowed money.
AI companies owe billions to banks.
And they will not fail individually but collectively.
And the stock market will crash to.
So there is banking contagion. And then a collapse in confidence. 2008 could look like a garden fete compared to this.
‘Steven Gerrard’ evidently does not know about the shadow banking system and how it impacts on the high street, nor how the losses will be ‘socialised’. As you rightly point out, it’s not just AI that is the problem; it is how it is being set up that is the problem – there is a bubble, and we know what happens to them. Well, except Steven it seems.
Steven Gerrard
Perhaps we should talk about something you are able to understand. was Frank Lampard a better England midfield player than you?
🙂
This is one of those cases where I noticed the name after posting…
Underestimated climate risks could undermine global financial system, warn actuaries and scientists
Policymakers and financial institutions are underestimating climate risks that could undermine the global financial system, according to a new report from the Institute and Faculty of Actuaries (IFoA) and University of Exeter (UofE).
Links?
Link as requested
https://greenfuturessolutions.com/news/parasol-lost/
Policymakers and financial institutions are underestimating climate risks that could undermine the global financial system, according to a new report from the Institute and Faculty of Actuaries (IFoA) and University of Exeter (UofE).
The Parasol Lost report warns that global temperatures are accelerating faster than predicted, driven by a loss of ‘aerosol cooling’, a hidden sunshade effect created by air pollution which has offset around 0.5°C of warming. This hidden sunshade is now receding as pollution is being cut down, particularly by shipping regulations.
The faster rate of warming is also explained by the Earth’s sensitivity to greenhouse gases (‘climate sensitivity’), which recent studies suggest could be towards the upper end of scientific estimates.
The report warns that, without action, global warming is now likely to reach 2°C before 2050, a level associated with catastrophic impacts on societies and economies worldwide – with major disruption to water and food systems, migration, and human health.
This raises the risk of climate-driven inflation, financial shocks, and the withdrawal of insurance from high‑risk areas much sooner than many expect which, in turn, increases the chance of widespread financial instability and ‘Planetary Insolvency’ – the risk of societal and economic collapse from the loss of nature’s critical support systems.