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Hence, the level of economic growth required to sustain such debt is at an all time high." People take out a loan with the expectation that there will be more money available in the future than there is now, not realizing that money is really just a symbol for oil, and there will not be more oil available in the future than there is now and they will have to default on their loan.
In the Republic of Venice, new blood was able to enter the higher levels of power.
"Job creation and job sustenance, which continue to plague many countries, are key to promoting development and eradicating poverty...
Access to jobs is even more crucial in the rural areas and for the poor thus making job security a social protection issue," Allah-Mensah said.
When the economy is expanding faster than the population and everyone benefits from the expansion, the majority of people feel their chances of getting ahead are positive. Instead of hard work being rewarded, "getting ahead" is redefined as "running in place to keep from falling behind".
But when the economy is stagnating, and those at the top are seen still amassing monumental gains, the majority realizes their chances of securing a better life are declining and frustration, anger and a disavowal of the corrupt status quo set in. One of my projects is to better understand what social, economic and cultural elements of empires enabled their rise and durability.
An overall "financial collapse" will further devastate our ability to implement alternative systems of energy since the capital needed to develop these alternatives will not be available. Everyone needs to commit to some unpleasant compromises now, in order to avoid even more unpleasant alternatives in the future . High energy prices, destabilizing resource wars, less than inspiring leadership, a possible currency collapse, - all will add to that.
In June 2005, the Bank of International Settlements (BIS), aka "the central banker's central bank", said that oil prices may well remain high for a prolonged period of time and that further rises may have more severe consequences than currently anticipated . It is not enough to focus solely on the price at the pump, more fuel-efficient forms of transportation, or alternative sources of energy.The next few years will strip away the illusions of "growth" and reveal which dominates our society and economy: privilege (sludgy toxic oil) or social mobility (clean refreshing water). Remember that our economy is falsely based on GDP, which rises even when we are paying for cleaning up for a climate disaster or fighting a rampant disease.Or cleaning up after oil spills, or not repaying loans made to unwise unconventional oil producers who produce at a high cost more than they can sell.Commoners could rise to power via commercial success or military service. but for every nation, is whether the ladder of social mobility is real or if it is largely propaganda.The Byzantine Empire offered multiple pathways to wealth and influence to the humbly born: the clergy, the army, trading, and service in the Imperial bureaucracy. In an economic crisis, who's piece of the pie gets trimmed to a sliver, and who's slice gets bigger?The World Bank's Senior Country Operations Officer, Dr Beatrix Allah-Mensah said Ghana needs to create 300,000 new jobs annually in order to meet its employment needs by the year 2020.