*Depth of Field: Film Screening and Community Event at Community Hall, Kitsilano Neighbourhood House
March 21, 2024 from 5pm to 8pm
Vancouver's Leader in Transition toward Strong, Resilient, Complete Communities
Debt and the Future of Banking
As LIBOR, OIS, and CDS spreads--all ways banks have of borrowing money short term from each other--have begun to skyrocket again to levels last seen shortly after the Wall Street meltdown of fall 2008, the world's addiction to debt continues to undermine the most vital commodity in the global economy, trust. This time it is no longer hedge funds and investment banks whose credit has come up short, but nations themselves.
Each backed by the full faith and credit of millions or even hundreds of millions of taxpayers--who have no choice but to pay up--nations are hardly big risks, and their bond yields are among the lowest in the market.
Not any more.
From the richest to the poorest nations on earth, each and every one is facing skyrocketing debt despite the lowest interest rates in decades, which makes servicing high levels of debt far less expensive, and debt-creating. But rates are rising and investor appetites have soured for the kinds of financial shenanigans that Greece pulled with Goldman Sachs or nearly every nation and even provinces, such as BC, have played with off-balance sheet borrowing and P3 contracts.
Yes, the jig is up, and the financial wizards have proven that focussing on money-creation, rather than value-creation, is not a sustainable endeavor.
In fact, it may prove terminal for the global capitalist economy as we once knew it. Mercantilism will once again rear its ugly head, protectionism begin to divide the global village, and self-sufficiency will once again mean something important.
It will be a rough ride for many, but those communities with resilience and the capacity to "live lightly" will survive without trouble, and in fact thrive in ways never envisaged, by finding enjoyment in what we have rather than what we might be able to buy.
What do you think is happening in the global economy? How safe do you think Canadian banks really are? Will the Canadian dollar once again tumble, driving up both inflation and interest rates as we head into a deep recession? Will people once again start talking about the "Misery Index," the term used in the late 1970s for the sum of the unemployment and inflation rates?
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*Depth of Field: Film Screening and Community Event at Community Hall, Kitsilano Neighbourhood House
March 21, 2024 from 5pm to 8pm
Ongoing Activities
Interested in getting involved or volunteering with Village Vancouver? check out http://www.villagevancouver.ca/page/volunteering-1.
Regular activities:
Interested in participating in a VV garden? We have collaborative gardens/garden spaces in 5 neighbourhoods. Contact us at gardening@villagevancouver.ca. Gardening now in progress. New gardeners welcome (space allowing).
Kits Village Recycling Depot (Kits Community Centre) Next depot: Thursday, June 15th
Main St. Village monthly gatherings (1st Tuesdays Little Mountain Neighbourhood House) Currently on hold due to COVID
Permaculture Vancouver Meetups (3rd Wednesdays VV McBride Park Fieldhouse (sometimes elsewhere) Next meetup: Special date Thursday, July 29th
West End Community Potluck/WE Urban Garden Club (3rd Sundays West End Community Centre, in July and August 4th Thursdays - July 22nd and August 26th.
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