Canada’s national debt is rising. Greece is nearing bankruptcy. France has financial problems and was recently battered by a storm.
[re France: Link to story from The London Free Press]
In common? Maybe nothing.
But I did get thinking that our comfortable place in the world may be gradually changing, and intense weather events could be one factor that moves us toward larger, unmanageable debts - uncomfortable territory.
In The Little Green Handbook I read the following:
“According to Munich Re (insurance co.), global weather-related economic losses increased from $3 billion per year in 1980 to $80 billion per year at the end of the 20th century.
“Losses per decade increased from $86 billion for 1980 - 89 to $474 billion for 1990 - 99.” (pg. 102)
I went on to read that only a small percentage of the losses are covered by insurance, “but someone has to pay for them.”
So, should countries be more concerned about their national debts knowing that intense weather events are on the increase and, generally, someone has to pay?
I think so.
I went on to read the following:
“Prospects are not encouraging, because the losses are increasing much faster than income. Global weather-related losses per decade increased from $86 billion to $474 billion, or 450 per cent in the last two decades of the 20th century.
“However, gross world product (GWP) increased from $291 trillion per decade to $386 trillion, or 33 per cent, during the same period.
“GWP is still greater than the weather-related losses, but the losses are increasing much faster, and in time they might match global income.
“That would mean global bankruptcy.”
Yipes.
Okay, Canada is likely still in a very secure position financially, but high national debt could still put us in a vulnerable position if costly weather-related events add to our growing debt load.
In other words, my ‘live small and prosper’ philosophy should become national policy as soon as possible.
***
I’m willing to start a petition.
.
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