- The American Century isn’t over.
- Liberal capitalism works.
- The rogue states are parasites.
- The Old Left is dead.
- Nobody really understands the world economy.
- That goes double for financial markets.
- The Battle of Financial Markets is over; the Battle of State Finance has begun.
- The demographic crunch time is here.
- Culture matters.
- The politicization of economic governance is dangerous business.
In the case of Australia, I am far from sure that these are the lessons to be learned. Whilst Australia has fared, owing to its monopoly of mineral resources, fairly well, its appalling greenhouse emissions could mean disastrous consequences at least in the long term. Recent research, for instance, clearly shows:
- that wet-bulb temperatures above 31˚C never occurred pre-industrially
- that warm-blooded animals cannot handle wet-bulb temperatures above 35˚C
- that wet-bulb temperatures of 35˚C were widespread during the Paleogene and Mesozoic
- that, as the map shows, wet-bulb temperatures above 35˚C would occur over most of the world under a temperature increase of 10˚C (probable with underground coal gasification)
- that wet-bulb temperatures above 35˚C could occur regularly in parts of India by 2100 under likely global warming scenarios (especially with the development of underground coal gasification)
- that reptiles can handle wet-bulb temperatures as high as 45˚C or 10˚C in excess of normothermic mammals and birds, with the result that they were able to dominate over their more-evolved relatives for 150,000,000 years
It is time that these findings are printed - even if doing so involves fights with editors - in every local newspaper in growing car-dependent suburbs of Melbourne and Adelaide especially.