Yestewrday, October 6, 2007 marked the day during which the world economy went into its overdraft form for the year 2007. Overdraft, is the term applied to describe the date that the world economy starts eating into its capital as a result of its production activities each year. It is to be noted that the "ecological overdraft" day for 2006 was not reached until October 9, 2006 and that 2005 coincided with October 12, 2005. These rough estimates are computed annually by the New Economics Institute of London and they show that we need the resources of 5.9 planets if all the citizens of the world were to live as we do in the US.
It is unconscionable in such a state of affairs to promote world trade and especially the Intra Industry Trade segment. This is the trade when say we export 100,000 cases of wine to Australia and turn around and import 100,000 cases of Australian wine. To me that is sheer ecological madness.
Another aspect of world trade that goes unreported on is the real story behind the rising carbon dioxide emissions in China.It is unquestionable that the Chinese have become the number one carbon emitters in the world but that is only because we and the Europeans have shifted so much of our production to China. As a result it appears that our carbon footprint has stabilized when in essence we have merely shifted the burden to the Chinese. Global problems call for global solutions shifting the problem to other states does not make it go away.
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