How Economic Growth is Destroying the Environment

Growing Pains: The Ecological Costs of an Insatiable Economy

Al Jazeera (2019)

Film Review

This film begins by linking the new concept of GDP (Gross Domestic Product) introduced after World War II) with the popular myth that ever increasing GDP is a magic formula for preventing recessions and depressions and the mass unemployment and misery that accompany them.

Following the second world war, western countries experienced three decades of 8% GDP growth, resulting in near full employment and massive expansion of their middle class.

Unfortunately by the 1970s, most of western society had acquired all the cars, TVS, fridges and washing machines they could ever use; growth stalled and unemployment started to rise again. It was around this time the elite round table group Club of Rome* first questioned whether unlimited growth was possible on a finite planet.

In the 1980s, Wall Street’s answer to stalled growth was monetarism, a belief they could stimulate growth and prevent recessions by deregulating the the financial industry and simply controlling the money supply.

Instead of relying on the production of goods and services to increase growth, western economies began relying on the creation and trading of financial products (credit cards, mortgages, currency exchange, commodities futures, debt-based bonds, options and other derivatives) to keep the economy ticking over.

This seems to to work pretty well until 2008. Global growth collapsed that year and never really recovered.

The film directly challenges, from several perspectives, the pro-growth hype put out by various financial gurus. First they look at the heart breaking ecological damage wreaked by skyrocketing growth in Brazil’s Amazon rain forest. Next they examine evidence that the creation and trading of financial instruments is actually glorified gambling and speculation (in which winners have become fabulously wealthy at the expense of most of the middle class). And finally they talk to psychologists who challenge Wall Street’s claim that human beings have an endless desire to accumulate more useless stuff.

In my view the film’s major weakness is its failure to link the pressure for perpetual growth to our debt-based monetary system. At present, contrary to popular belief**, private banks create 97% of our money out of thin air when they issue loans (see An IMF Proposal to Ban Banks from Creating Money). This results in an ever increasing debt spiral, which can only be repaid via continuously increasing economic growth.


*See The Steady State Economy Movement

**When polled, most people in western countries express the belief that all money is issued by government.

The film can’t be embedded for copyright reasons but can be viewed free at the Al Jazeera website Growing Pains

The Mythology of Science and Technology

Pandora’s Box: A Fable from the Age of Science

Directed by Adam Curtis (1992)

Film Review

Pandora’s Box is Curtis’s first documentary (at least that I can find on YouTube) about the history of perception management, mass indoctrination and collective thought control. His films, a treasure trove of the hidden history that is censored in our schools, offer a unique perspective on the role of government and media in manipulating the way we view ourselves and our relationship with society and the ruling elite.

First appearing on BBC television in 1992, the six-part series explores the collusion between engineers, corporate oligarchs and the public relations industry to hoodwink the industrialized world into believing science and technology would solve all the world’s problems. It was a process that granted a dangerous amount of power to pseudo-rational engineer/technocrats – who in many instances proved far less rational than the general population.

As Curtis demonstrates in Part 1, a parallel process occurred in the non-capitalist Soviet Union under Stalin.

Part 1 The Engineer’s Plot – concerns the powerful impetus to electrify and industrialize the Soviet Union after the 1917 Bolshevik Revolution. Lenin, who believed industrialization was vital to the success of Communism, was famous for the dictum: “Communism is Soviet power plus electrification.”

Part 2 To the Brink of Eternity – concerns the development of Game Theory at the Rand Corporation (a right wing think tank closely allied with the Pentagon and US intelligence) and whiz kids like Kennedy’s Secretary of Defense Robert McNamara who nearly led us into a global nuclear holocaust. Clips depicting McNamara’s use of Game Theory to manage the Vietnam War are particularly comical.

Part 3 The League of Gentleman – concerns the capture of British economic policy by Milton Friedman’s pseudo-scientific monetarism under Margaret Thatcher. This would result in the total decimation of Britain’s manufacturing base and skilled workforce (and economy).

Part 4 Goodbye Mrs Ant – concerns the glorification of the chemical industry after World War II, resulting in the total contamination of the environment (and our bloodstreams) with DDT and similar synthetic pesticides. Curtis also traces the backlash against this environmental destruction that started with Rachel Carson’s 1962 Silent Spring and culminated with the birth of the ecology movement at the University of Wisconsin in 1968.

Part 5 Black Power – concerns the destructive myth perpetuated by Wall Street and the World Bank that massive technology projects would magically solve the problem of third world poverty. Curtis specifically examines the massive Volvo damn project the World Bank funded for Ghana (and Kaiser Aluminum) in 1960. And how shameless exploitation by Kaiser (and the collapse in the world cocoa price) left the country worse off than ever.

Part 6 A is for Atom – concerns the massive snow job the nuclear power industry did on the US, British and Russian public in promoting nuclear energy as a totally safe and cheap form of virtually unlimited energy. According to Curtis, nuclear engineers knew as early as 1958 that nuclear power was far more expensive than other energy sources – and would require massive government subsidies. They also knew by the early sixties that standard safeguard features were unreliable in preventing nuclear accidents. When they pointed this out to the Atomic Energy Commission, the government bureaucrats decided too much money had been invested in nuclear power to admit they were wrong.