December 10, 2011

The Age of Thirst in the American West

from TomDispatch:



The Age of Thirst in the American West
Coming to a Theater Near You: The Greatest Water Crisis in the History of Civilization

By William deBuys


Consider it a taste of the future: the fire, smoke, drought, dust, and heat that have made life unpleasant, if not dangerous, from Louisiana to Los Angeles. New records tell the tale: biggest wildfire ever recorded in Arizona (538,049 acres), biggest fire ever in New Mexico (156,600 acres), all-time worst fire year in Texas history (3,697,000 acres).

The fires were a function of drought. As of summer’s end, 2011 was the driest year in 117 years of record keeping for New Mexico, Texas, and Louisiana, and the second driest for Oklahoma. Those fires also resulted from record heat. It was the hottest summer ever recorded for New Mexico, Texas, Oklahoma, and Louisiana, as well as the hottest August ever for those states, plus Arizona and Colorado.

Virtually every city in the region experienced unprecedented temperatures, with Phoenix, as usual, leading the march toward unlivability. This past summer, the so-called Valley of the Sun set a new record of 33 days when the mercury reached a shoe-melting 110º F or higher. (The previous record of 32 days was set in 2007.)

And here’s the bad news in a nutshell: if you live in the Southwest or just about anywhere in the American West, you or your children and grandchildren could soon enough be facing the Age of Thirst, which may also prove to be the greatest water crisis in the history of civilization. No kidding. ................(more)

The complete piece is at: http://www.tomdispatch.com/post/175475/tomgram%3A_william_debuys%2C_the_parching_of_the_west/#more (follows a brief intro)

December 6, 2011

Dean Baker: Will an Incompetent European Central Bank Be Allowed to Wreck the World Economy?

Published on Tuesday, December 6, 2011 by The Guardian/UK
Will an Incompetent European Central Bank Be Allowed to Wreck the World Economy?

by Dean Baker


The world is eagerly waiting to see if the European Central Bank (ECB) will take the steps needed to save the euro. Specifically, is the ECB prepared to act as a central bank and guarantee the sovereign debt of the countries in the eurozone as the lender of last resort ordinarily does in a crisis?

If not, there is little doubt what the outcome will be. The austerity being imposed on country after country will slow GDP growth and throw workers out of jobs. Higher unemployment will worsen deficits, since it means less tax revenue coming in and more unemployment benefits and other transfers being paid out. Higher deficits will cause investors to worry about the solvency of the government, leading interest rates to rise.

This gives us the famous downward spiral that already sank Greece's economy and government. It will soon sink Italy and Spain – unless the ECB starts acting like a central bank. The fallout from disorderly defaults from these two countries will cause banks throughout the eurozone to become insolvent, leading to another post Lehman-type freeze-up of the financial system.

The end result will be a second recession and another sharp spike in unemployment, not just in the eurozone, but almost certainly across the globe. The finances and the economies of the eurozone are too intertwined with the rest of the world to envision a meltdown that doesn't also push the rest of the world into recession. At the end of this story, the euro itself is likely to be placed in the dustbin of history, another failed monetary experiment. ................(more)

The complete piece is at: http://www.commondreams.org/view/2011/12/06-2